What we’re reading (12/29)
“The Coming Tech-Driven Productivity Leap” (Axios). “The coronavirus pandemic hit the global economy hard in 2020, but the economy may be close to consolidating years of technological advances — and ready to take off in a burst of productivity growth.”
“‘You Checked Tesla The Most’: Robinhood Recaps From A Volatile Year” (New York Times). “In 2020, wild fluctuations in the stock market caused by the pandemic turned millions of people into opportunistic investors. After stocks plunged in March, experienced traders and Nasdaq novices poured their dollars into buzzy tech companies like Tesla and Zoom, as well as businesses bludgeoned by Covid restrictions, including airlines, restaurants and cruises. To reflect a year of volatility and impulsive investments, Robinhood, the popular trading app that has spurred controversy by marketing itself to young people, released a year-end data dump for its users.”
“As 2021 Approaches, Watch Out For A Y2K-Style Stock-Market Correction, Says Strategist” (MarketWatch). “With just a handful of trading days before the year finishes, our call of the day says investors need to brace for a bumpy start to 2021 if we close out the year with stock-market records.”
“JPMorgan Is Acquiring A Major Credit Card Rewards Business In A Bet That Travel Will Rebound Next Year” (CNBC). “JPMorgan Chase has agreed to purchase one of the biggest third-party credit card loyalty operators in a bet that pleasure travel will rebound sharply after the coronavirus pandemic subsides, CNBC has learned.”
“SEC Accuses 23-Year-Old Crypto Hedge Fund Founder Of Fraud” (Reuters). “The U.S. Securities and Exchange Commission has sued a 23-year-old Australian hedge fund founder in Manhattan federal court for allegedly defrauding investors in his $92.4 million cryptocurrency arbitrage fund.”
