Tuesday morning articles
Crypto Is Just a ‘Hot Ball’ of Momentum-Chasing Money: This is what happens in the absence of fundamentals. (Bloomberg)
Inside the High-Yield Spread: High yield is not pricing a recession. (Verdad)
Shopper Rebellion Against Higher Prices Helps Slow Inflation: Companies are hitting the brakes on price increases after wary consumers limit their buying; ‘They want to save money and raising prices is not an option.’ (Wall Street Journal)
This 22-year-old is trying to save us from ChatGPT before it changes writing forever: ChatGPT is an interactive chatbot powered by machine learning. The technology has basically devoured the entire Internet, reading the collective works of humanity and learning patterns in language that it can recreate. All you have to do is give it a prompt, and ChatGPT can do an endless array of things. The technology is both awesome — and terrifying. (NPR)
Are we too worried about misinformation? “Resist trying to make things better”: A conversation with internet security expert Alex Stamos. (Vox)
Is This a New Bull Market? A ray of light has been shining through the dark clouds of inflation. And with that, stocks have come back to life. The median stock in the Russell 3000 is up 33% from its 52-week low, with energy and healthcare leading the way. (Irrelevant Investor)
Stock gains since bear market lows: Netflix: up 99% , Roblox: up 66%, Coinbase: up 65%, Nvidia: up 62% (Jon Erlichman)
This Changes Everything for Hedge Fund Managers: “The higher the cost of money, the lower the competition,” says Avenue Capital’s Marc Lasry on the risk-free rate. (Institutional Investor)
How Much Income Do You Need to Be Rich? Based on the 2019 Survey of Consumer Finances, what are the top 10%, top 5%, and top 1% of household incomes in the U.S.? We take a high level overview of how much income the highest earning households make so that you can determine for yourself what it means to be rich (Of Dollars And Data)
Globalization Isn’t Dead. But It’s Changing. Multinational companies still want cheap and efficient markets, but they also want safety. That’s why they’re rerouting the pathways of global trade and finance. (Wall Street Journal)
China’s Reopening Is the Boost the Flagging World Economy Needs: The easing of Covid restrictions will unleash pent-up demand for commodities, consumer goods and travel. (Businessweek)
What Exactly Is Going On With Tesla? Dana Hull: In 2022, Tesla lost 65 percent of its value. Not shocking—a lot of big tech companies also saw their shares get decimated. But when the share price is down that [much], and it happens to be a year where Elon Musk also bought Twitter, and it happens to be a year when there’s just a lot of questions about what he is doing—is he really focused on Tesla or not?—the sentiment shifts, and so you’ve seen negative sentiment creep into the market. (Slate)
Obamacare Is Everywhere in the Unlikeliest of Places: Miami. A decade after the Affordable Care Act’s federal health insurance marketplace was created, its outsize — and improbable — popularity in South Florida persists. (New York Times)