What we’re reading (12/28)
“The Bull-And-Bear Case For 2023” (DealBook). “Wall Street as a whole hasn’t been so divided about the prospects for the next year since the global financial crisis, reflecting deep uncertainty over U.S. monetary policy, corporate profits and a wider debate about whether the world’s biggest economy will fall into recession. The average forecast expects the S&P 500 to end 2023 at 4,009, according to Bloomberg, the most bearish outlook since 1999. But the predictions range from a low of 3,400 to as high as 4,500, representing [the widest dispersion since 2009].”
“Wall Street’s Bankers Brace For Big Pay Cuts, But Bosses Don’t Want Whining” (Wall Street Journal). “Fees from advising on deals, stock offerings and bond sales are down more than 40% from this time last year, wiping out more than $50 billion in revenue, according to data from Dealogic. That is the biggest year-over-year dollar decline on record, worse even than in the financial crisis.”
“Why So Many Accountants Are Quitting” (Wall Street Journal). “More than 300,000 U.S. accountants and auditors have left their jobs in the past two years, a 17% decline, and the dwindling number of college students coming into the field can’t fill the gap.”
“To See The Weakness Of The ‘Inflation’ Argument, Walk The Aisles Of Whole Foods” (RealClear Markets). “For the purposes of this write-up, the question that emerges from expensive groceries and nosebleed sunscreen is whether the relatively high costs at a grocery chain where more and more Americans shop is indicative of ‘inflation.’ Aren’t rising prices inflation? Actually, no. To say they are inflation is like saying suntans cause the sun to shine. Causation is plainly reversed. At best, higher prices are a consequence of inflation, not a driver. With Whole Foods and its relatively higher prices, it’s important to stress that there’s no inflation to speak of.”
“Southwest Ruined Holiday Flying Almost All By Itself, Data Shows” (Insider). “Southwest canceled 2,694 flights on Tuesday, accounting for 84% of all US cancellations that day, according to data from flight-tracking site FlightAware. The data shows that in total, 3,210 flights into, out of, or within the US were canceled on Tuesday. Spirit came in second place in terms of US flight cancellations, cutting 102 flights.”
