What we’re reading (12/25)
Merry Christmas!
“Are You Sure You Want To Go Back To The Office?” (New York Times). “When I talked to dozens of analysts, H.R. experts, architects, consultants, real estate agents and office furniture designers, the consensus was clear: The future of office work is flexibility. At one end of that flexibility spectrum, there will be fully ‘distributed’ companies like the software maker GitLab, with no headquarters and employees scattered across the world. At the other, there’ll be more old-fashioned organizations that demand face time in the office, but whose belief in the infeasibility of remote work has been permanently undercut. And then there’s the vast, corporate in between.”
“Covid-19 Caused Chaos For Investors In 2020. These Hedge Funds Earned Billions.” (Wall Street Journal). “For the year through November, stock picking hedge funds posted their best performance relative to the total-return of the S&P 500 since 2010, according to data provider HFR, earning 11.9%. Their strong showing in 2020 partly reversed their underperformance relative to a portfolio of stocks and bonds over a one, three, five and 10-year period, according to Goldman Sachs Group Inc.”
“Some NYSE Operations To Return To Remote Work Amid Case Surge” (NBC News). “Some New York Stock Exchange workers will return to remote working amid a surge in Covid-19 cases in the largest city in the U.S. ‘On Monday, December 28, 2020, in response to changes in the NYC-area public health conditions, NYSE Designated Market Makers (DMMs) will temporarily return to remote operations (with limited exceptions),’ the NYSE said in a statement on Tuesday.”
“Biden’s Post-Election Stock Market Bump Is Easily Beating Trump’s” (CNN Business). “The Biden era is off to a roaring start on Wall Street, even surpassing the euphoria following President Donald Trump's upset victory in 2016. The S&P 500 has surged 10% since Election Day to all-time highs. That nearly doubles the 5.5% rally during the same post-election period in 2016.”
“Michael Jackson’s Neverland Ranch Sold To Billionaire” (ABC News). “Michael Jackson’s Neverland Ranch in California has found a new owner in billionaire businessman Ron Burkle. Burkle views the 2,700-acre property in Los Olivos, near Santa Barbara, as a land banking opportunity, his spokesman said Thursday in an email. The Wall Street Journal reports the property was sold for $22 million to Burkle, an associate of the late pop star and co-founder of the investment firm Yucaipa Companies. The asking price of the property was $100 million in 2016 then dropped to $67 million a year later.”
