My morning train WFH reads:
• How America’s 1% came to dominate stock ownership: Market’s tenfold gain since 1990 mostly has gone to the richest part of the population. (Financial Post) •
• The Lisa Cook Case Could Be the Whole Ball Game: If the Supreme Court lets Trump replace Cook with a loyalist, he might soon achieve a full-blown takeover of the Federal Reserve. (The Atlantic) see alsoTrump just did the one thing the Supreme Court said he can’t do: Trump’s decision to fire Federal Reserve governor Lisa Cook is a test of the Republican justices’ submissiveness. (Vox)
• In Which I Return to ETF.com: It’s weird, because ETF.com has been built, sold, remodelled and reconfigured about a half dozen times since then, with pieces of the business ending up everywhere from FactSet Data Systems to CBOE global markets, and yet the brand remains a central pivot-point for the ETF ecosystem. (Nadig.com)
• How People Invested Before The Internet Was A Thing: Let me tell you what investing was like for retail investors before the internet changed everything. (The Onveston Letter)
• Data, Custom Indexing Reshape Public Equity Portfolios: Investors are increasingly seeking to customize their investments to their specific mandates. (Chief Investment Officer)
• Some debts aren’t worth paying back. Ever heard of ‘zombie debt’? (Washington Post)
• Fearing Customs Chaos, DHL Joins Others in Suspending U.S. Shipments: The halt by one of the world’s largest couriers comes after President Trump eliminated an exemption on tariffs levied on imported goods valued under $800. (New York Times) see also The Real Reason Americans Worry About Trade: Behind the pushback to global trade is a deep economic anxiety that a meager social safety net has caused in the United States. (New York Times)
• Invasive Beasts of the Florida Wild. Iguanas and pythons are everywhere in the state. One Instagram-famous hunter is out to stop them. (Businessweek)
• Young Voters Who Swung Right Are Already Regretting It: Trump convinced voters under 35 — especially men — to give him a chance. They are souring on what they see. (Bloomberg)
• Photos show revelers taking part in Tomatina, the tomato-throwing festival in Spain: This year marks the 80th anniversary of the eye-catching Tomatina festival in which people fling overripe tomatoes at each other. Lore says it began in 1945 for local children but these days it draws an international crowd. (AP News)
Be sure to check out our Masters in Business this week with Mark Zandi, chief economist of Moody’s Analytics, a subsidiary of Moody’s Corp. Dr. Zandi is a cofounder of Economy.com, which Moody’s purchased in 2005. He currently hosts the “Inside Economics” podcast.
The “Sell America” Trade Was Basically Only in April
Source: Apollo
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