Monday morning news drop
The Market Is Wrong, Bro: Stocks go up, stocks go down, and confirmation bias. The market isn’t wrong. It’s just the market. The only thing “right” or “wrong” is how we respond to the market. Be wary of assuming that profitable price movement confirms your ideas, and don’t dismiss every dip as the market being irrational. (Young Money)
Twenty Lessons Learned Memes are not fundamentals. You didn’t know this was going to happen. You don’t know what’s going to happen next. Cash is not trash. Past performance is not indicative of future performance — Past behavior is. Investing is hard. (Irrelevant Investor)
Elon Musk’s Fixer Is Quietly Tending the World’s Biggest Fortune: Jared Birchall is the right-hand man who does everything from lining up Twitter deal financing to digging up dirt on adversaries. (Bloomberg)
The Turkish Drone That Changed the Nature of Warfare: The Bayraktar TB2 has brought precision air-strike capabilities to Ukraine and other countries. It’s also a diplomatic tool, enabling Turkey’s rise. (New Yorker)
On Japan’s Front Lines: For millions of Japanese, confrontation between the U.S. and China is already a reality. Japan Is the Front Line of a U.S.-China Conflict (Businessweek)
The Children Left Behind by Long Covid: As the world pretends the pandemic is over, at least a half-million children in the U.S. are struggling with the mysterious disease. (Businessweek)
Covid deaths no longer overwhelmingly among the unvaccinated as toll on elderly grows Experts say numbers show importance of boosters — and the risks the most vulnerable still face (Washington Post)
Are NFTs really art? Collectible and cartoonish, these digital multiples, traded in cryptocurrency, confer membership of an exclusive club – sometimes literally. But do they have any aesthetic value? A critic weighs in. (The Guardian)
Wait, Trader Joe was a real guy? Turns out Trader Joe was a real guy, and his shrewd instincts led him to create a counter-culture grocery empire. (CNN)
An illustrated history of the iPod and its massive impact The iPod grew out of Steve Jobs’ digital hub strategy. Life was going digital. People were plugging all kinds of devices into their computers: digital cameras, camcorders, MP3 players. (Cult of Mac)