Thursday morning news drop
Inflation rises again, to new 39-year high of 8.1% Cost of living increasing at its fastest pace in decades (CBC)
The Dollar Is Extremely Strong, Pushing Down the World: The value of the U.S. dollar is the strongest it has been in a generation, devaluing currencies around the world and unsettling the outlook for the global economy as it upends everything from the cost of a vacation abroad to the profitability of multinational companies. (New York Times)
How long bear markets typically last—and how you should think about investing during this one: Going back to the end of World War II, the U.S. stock market has experienced 13 bear markets (including the current one). In the previous 12 bear markets, the average loss was –32.7%. It took the stock market an average of around 12 months to go from the peak of the market to the bottom. It then took roughly 21 months on average to go from the bottom back to the previous peak.(Wealth of Common Sense)
Active Managers Are Proving Their Worth Right Now. Will It Last? Active managers’ performance during downturns is “usually not as good as they say, not as persistent as they say, and not as important to their long-term success as they would lead you to believe,” says Morningstar’s Jeff Ptak. (Institutional Investor)
The Haves and the Have-Yachts: Luxury ships attract outrage and political scrutiny. The ultra-rich are buying them in record numbers (New Yorker)
The Lucid Air Grand Touring Makes the Tesla Model S Feel Kinda Pointless: With better build quality, nicer materials and vastly superior battery range, the Air makes the Model S seem old, cheap and outdated. (Jalopnik)
GM Will Finally Have a Rival to Tesla’s Model Y With Blazer EV Chevy SUV built on new battery platform to debut in a year Battery capacity gives GM edge in getting models out: analyst. (Bloomberg)
As heat waves hit U.S. and Europe, leaders split on climate change While Europeans talk of tackling climate change, near-record summer heat in Oklahoma, Texas and South Dakota has not shifted the politics (Washington Post)
The New Numbers on Music Consumption Are Very Ugly: And it’s not just the dominance of old songs—the whole creative culture is losing its ability to innovate. But why? (The Honest Broker)