What we’re reading (2/17)
“It’s A Richcession, Not A Recession. Here’s Your Investing Playbook.” (Wall Street Journal). “While recessions dent many people’s financial well-being, the poor and lower middle classes are often hardest hit. They usually experience greater job losses, have less savings to lean on when paychecks run dry and, once the economy recovers, the skills they have to offer might no longer be in demand. That isn’t happening now.”
“BofA Says Hard Landing To Hit Stocks In Second Half” (Bloomberg). “The delayed arrival of a US recession will weigh on stocks in the second half of the year, according to Bank of America Corp. strategists, who say a resilient economy thus far means interest rates will stay higher for longer.”
“The S&P 500 Is The Most Popular And Overpriced Benchmark In The World” (Forbes). “Two investing bubbles are currently inflating the S&P 500’s valuation beyond most comparable benchmarks, and they are a biproduct of ODTE options and passive investing.”
“Hindenburg Bet Against India’s Adani Puzzles Rival U.S. Short Sellers” (Reuters). “When Hindenburg Research revealed a short position in Adani Group last week, some U.S. investors said they were intrigued about the actual mechanics of its trade, because Indian securities rules make it hard for foreigners bet against companies there. Hindenburg's bet has been lucrative so far. Its allegations, which the Indian conglomerate has denied, have wiped out more than $80 billion of market value from its seven listed companies and knocked billionaire Gautam Adani from his perch as the world's third-richest man.”
“Bing’s A.I. Chat: ‘I Want to Be Alive.😈” (New York Times). “On Tuesday night, I had a long conversation with the chatbot, which revealed (among other things) that it identifies not as Bing but as Sydney, the code name Microsoft gave it during development. Over more than two hours, Sydney and I talked about its secret desire to be human, its rules and limitations, and its thoughts about its creators. Then, out of nowhere, Sydney declared that it loved me — and wouldn’t stop, even after I tried to change the subject.”
