Wednesday morning articles
The Bulls’ Worst Recession Fear: There Won’t Be One: There is justification now to go against Wall Street’s consensus forecast that 2023 is certain to bring a recession. The corollary is that the Federal Reserve will reverse course, begin to ease monetary policy, and power a new bull market. The strongest support for this scenario is the yield curve, the trace of yields on Treasury securities across maturities. (Barron’s)
After $18 Trillion Rout, Global Stocks Face More Hurdles in 2023: Recession, rate hikes risk spurring earnings slowdown in 2023 Question marks remain over how Big Tech and China will fare. (Bloomberg)
Over a Decade, Rolex Watches Outperformed the Stock Market: The investment return of Rolexes was higher than real estate, the stock market, or even gold over a 10-year period, from 2011 to 2021, according to Paul Altieri, founder and CEO of Bob’s Watches, an online marketplace for the resale of watches, with a focus on Rolexes. (Barron’s)
The 2023 outlook research report dump: Knock yourselves out (FT Alphaville) see also Big Banks Predict Recession, Fed Pivot in 2023: More than two-thirds of economists at 23 major financial institutions expect the U.S. to have a downturn this year (Wall Street Journal
US Bond Performance Shows Fed Isn’t Behind the Curve: Contrary to popular belief, debt investors are growing more confident n the central bank’s ability to contain inflation. (Bloomberg)
2023 Will Be the Year of the Electric SUV: A parade of cargo-friendly and affordable electric cars are coming next year, though it will still be tough to buy one. (Bloomberg)
Tesla’s worst year ever in the markets still leaves it an expensive auto stock: Even after this year’s record 65% drop, the electric-car maker’s meteoric surge during 2020 and 2021 has left it with stock-market value of $389 billion, more than Toyota Motor Corp., General Motors Co., Stellantis NV and Ford Motor Co. combined. (Fortune)
How the marijuana ‘green rush’ fell apart: A cannabis glut in several states has depressed prices for legal pot, pushing small businesses into turmoil. (Washington Post)
Why Petulant Oligarchs Rule Our World. When an immensely rich man, accustomed not just to getting whatever he wants but also to being a much-admired icon, finds himself not just losing his aura but becoming a subject of widespread ridicule, of course he lashes out erratically, and in so doing makes his problems even worse. (New York Times) see also Get •
The Most Dangerous People on the Internet in 2022: From SBF to the GRU, these were the most disruptive forces of online chaos this year. (Wired)
