Thursday morning news drop
Hot Canadian housing markets call for a policy response The resilience of Canada’s housing market—in the face of a global pandemic and resulting severe economic shock—has been nothing short of extraordinary. But with activity and prices headed for the stratosphere, what was initially viewed as a positive development is now causing some hand-wringing. In this note, we address some common questions about the situation and potential policy responses. (RBC)
The Worst Type of Sell-Off Maybe this is a buying opportunity. Or maybe there is still time to sell. How you think about these things depends on your past experiences, your style of investing, your timeframe, and a whole host of other items. I think the risk I’m taking today will be rewarded in the future, but I’m ready for more pain tomorrow. (Irrelevant Investor)
Institutional Investors Have Been Influenced by Reddit — But They Still Don’t Trust It One in five investors surveyed by Brunswick said they made a trade, changed a recommendation, or altered a position because of the WallStreetBets subreddit. (Institutional Investor)\
Started From the Bottom It’s been one year since the market bottomed during the coronavirus crash on March 23, 2020. I remember that day well because it was the same day I published this blog post explaining why it can be so lucrative to buy during a crisis. Yes, publishing this on the day of the bottom was pure luck, but my bullish stance wasn’t. (Of Dollars and Data)
The Story Behind the Iconic Bass-Smashing Photo on the Clash’s London Calling Pennie Smith was not a fan. Maybe that’s what made her the perfect photographer for The Clash. She wasn’t even particularly in love with the most famous shot of her career — the iconic photo of bassist Paul Simonon raising his Fender Precision at New York’s Palladium, seconds before smashing it to bits. “I said, ‘it’s completely out of focus,’” Smith remembers of the image when Joe Strummer insisted on using it for the cover of legendary double-LP London Calling. “But Joe wouldn’t have it. He said, ‘That one is the photo.’” (Open Culture)