What we’re reading (11/12)
“Is The Stock Market Rally About To Rev Up?” (Wall Street Journal). “FOMO in the stock market is back. A lightning-fast rebound has driven the S&P 500 up in nine of the past 10 sessions and 7.2% over the past two weeks, the best such stretch of the year. Now, many investors are betting the rally has legs. Some have piled into funds tracking U.S. stocks, while others have abandoned trades that would profit in times of market turmoil. Many have slashed bearish wagers against the S&P 500 and tech-heavy Nasdaq-100 index, fearful of getting caught flat-footed if the big gains continue.”
“Welcome To Hochatown, The Town Created By Airbnb” (New York Times). “But the company’s [AirBnB’s] report also contained a data point that is reverberating through Airbnb boom towns like Hochatown: For the first time since the pandemic recovery, Airbnb’s supply of rental homes is outpacing demand, with supply increasing 19 percent year over year, compared to just 14 percent for demand. That gap can spell disaster for hosts, particularly those who bought houses at the peak of the market with the idea of renting them out. In extreme cases, they are being forced to sell at a loss.”
“Ray Dalio’s Response To ‘The Fund,’ A New Book That Dissects Bridgewater Associates” (Institutional Investor). “Dalio and Bridgewater, which threatened legal action against Copeland and his publisher before the book came out, blasted it Tuesday. In a LinkedIn post, Dalio said the book is ‘another one of those sensational and inaccurate tabloid books written to sell books to people who like gossip. The only thing that’s different about this one is that it’s about me and Bridgewater.’ The billionaire went on to say that Copeland applied for a job at Bridgewater and was rejected before he went on to become a reporter who ‘made a career of writing distorted stories about me and Bridgewater.’ Dalio has said similar things in the past about Copeland and his unfavorable reporting about the founder and the firm. Copeland is an award-winning investigative journalist for The New York Times, who previously spent 10 years covering hedge funds for The Wall Street Journal and worked at Institutional Investor.”
“Your 401(k) Is Falling Behind. Here’s What You Should Do.” (Wall Street Journal). “As tempting as it may be to meddle with your investments, history suggests most investors have a lousy record of timing the market. Financial advisers say the vast majority of Americans should stick to time-tested advice and simply do nothing.”
“36-Hour Shifts, 80-Hour Weeks: Workers Are Being Burned Out By Overtime” (NBC News). “From firehouses and police stations to hospitals and manufacturing plants, workers say they are being required to work increasing overtime hours to make up for post-pandemic worker shortages — leaving them sleep-deprived, scrambling to cover child care duties, and missing birthdays, holidays and vacations. While the extra hours can provide a financial boost, some workers say the trade-off is no longer worth it as they see no end in sight to a problem that has now lasted for several years.”
