What we’re reading (10/16)
“Why Some People Invest And Others Don't” (Morningstar). “The research found that some obvious factors were at play in whether people invest or not, such as income and age. But what's different about this study was its examination of what's going on inside of people's heads, including their self-identity as an investor, the emotions they feel around investing, and their focus on preventing bad outcomes or achieving good ones.”
“Goldman Sachs Profit Rises On Deal Bonanza” (Wall Street Journal). “Goldman Sachs Group Inc. on Friday reported a 60% jump in profit and a 26% increase in revenue, beating analysts’ expectations. The Wall Street titan rounded out earnings season for the biggest U.S. banks, all of which reported double-digit profit gains. JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc. and Wells Fargo & Co. released some of the money they had set aside to deal with pandemic losses, a sign of their confidence in the bumpy economic recovery.”
“Why The IMF Is Intrinsically Conservative And Hard To Reform” (Marginal Revolution). “Successful international economic orders typically have been based on a fair degree of hegemony, whether it was the British-led gold standard of the 19th century, or the more recent post-World War II American dominance. Once you realize that, a lot of the current questions about the IMF answer themselves rather automatically. The real issue isn’t how to improve the IMF, but how we are going to cope as current hegemonies continue to lose their sway.”
“D.C. Mayor Muriel Bowser: ‘Bet On Cities’ Coming Out Of The Pandemic” (Fortune). “Washington, D.C., has been the site of multiple tumultuous events in the past year and a half, between a post-election insurrection on Jan. 6 at the U.S. Capitol and the economic fallout of the pandemic. D.C.'s mayor, Muriel Bowser (D), has dealt with it all as a working mother. But as the country strives to come out of the pandemic, she's also hopeful D.C. will be the site of something more positive: opportunity for business owners.”
“Rising Rents Are Fueling Inflation, Posing Trouble For The Fed” (New York Times). “As buyers bid up prices on single-family homes and condominiums, many people who would have otherwise moved toward homeownership found themselves unable to afford it, increasing demand for apartments and home leases. Rents have been further boosted by the large number of people searching for places with more space and home offices during the pandemic, and as millennials in their late 20s and early to mid-30s look for more autonomy.”
