What we’re reading (2/17)
“Investors Haven’t Been This Pessimistic About Stocks Since 2023” (Wall Street Journal). “Bearishness among individual investors—measured by the percentage who expect stock prices to fall over the next six months—reached 47.3% for the week ended Feb. 12, according to the latest survey from the American Association of Individual Investors. That is the highest level since November 2023.”
“Delaware Bill Would Limit Investor Lawsuits As Companies Threaten To Leave The State” (Reuters). “Delaware lawmakers on Monday proposed changes to the U.S. state's widely used corporate law that would limit shareholder lawsuits after several high-profile companies said they might move their legal home to another state. The bill sets out steps that corporate boards could take to insulate directors and controlling shareholders from litigation over alleged conflicts. The bill would also limit the kinds of internal records that shareholders can access, which they need to build their cases. The bill is sponsored by leaders of both parties in both houses of Delaware's state assembly.”
“Forget The US — Europe Has Successfully Put Tariffs On Itself” (Mario Draghi). “Recent weeks have provided a stark reminder of Europe’s vulnerabilities. The eurozone barely grew at the end of last year, underlining the fragility of the domestic recovery. And the US began imposing tariffs on its major trading partners, with the EU next in its sights. This prospect casts further uncertainty over European growth given the economy’s dependence on foreign demand. Two major factors have led Europe into this predicament — but they can also lead it out again if it is prepared to undergo radical change. The first is the EU’s long-standing inability to tackle its supply constraints, especially its high internal barriers and regulatory hurdles. These are far more damaging for growth than any tariffs the US might impose — and their harmful effects are increasing over time…The second factor holding Europe back is its tolerance of persistently weak demand, at least since the global financial crisis of 2008. This has exacerbated all the issues caused by supply constraints.”
“Musk’s DOGE Expected To Arrive At SEC In Coming Days” (Politico). “Elon Musk has repeatedly clashed with the Securities and Exchange Commission over the last decade. Now, his cost-cutting crusade is about to hit the regulator. The Musk-led Department of Government Efficiency is expected to arrive at the SEC in the coming days, according to two people briefed on the matter.”
“Chilling New Telescope Pic Of 30,000mph ‘City-Killer’ Asteroid With 1-In-48 Chance Of Smashing Into Earth” (The U.S. Sun). “The chance of the space rock smashing into Earth when it loops around in 7 years' time is estimated at a 1-in-48 chance - or just over two per cent.”
