What we’re reading (2/27)
“Markets History 101: It’s Time to Buy Bonds” (Wall Street Journal). “In both the 1973 and 1980 falls—and in every recession and major downturn since—bonds far outperformed stocks. This time, stocks and bonds have fallen together, with the MSCI USA down 16.7% from its high in January last year, and benchmark 10-year Treasurys down 16% since then, both with income reinvested.”
“Warren Buffett Calls Stock Buyback Critics ‘Economic Illiterate’ In Berkshire Hathaway Annual Letter” (CNBC). “‘When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive),’ the 92-year-old investor said in the much-anticipated letter released Saturday.”
“The Price You Pay: A Look At Equity Valuations” (Charles Schwab). “A hallmark of this current reporting season is analysts' aggressive cuts to estimates for growth. Nearly a year ago, the consensus expectation for fourth-quarter growth was +10.4%; that has since been cut to -2.8% as analysts have come to terms with stickier input costs and a decline (albeit uneven across sectors) in revenue growth.”
“Inside The New York Times Blowup Over Transgender Issues” (Vanity Fair). “The Times’ journalistic mission, as framed by the masthead that day, may have seemed cut-and-dried. And yet a week later, the newsroom would be embroiled in debates over objectivity and ‘activism,’ as criticism of the paper’s coverage of transgender issues sparked a series of exchanges involving Times leaders, staffers, contributors, and the paper’s union. The current dispute, ostensibly about transgender coverage, has reignited past concerns about how the Times covers marginalized groups, as well as whether younger, so-called ‘woke’ staff are helping shift the paper’s journalistic values.”
“I Do ‘Bare Minimum Mondays’ At Work To Help Beat The ‘Sunday Scaries' And Avoid Burnout. It’s Completely Changed My Life And How I Approach My Job.” (Insider). “One day last March, I gave myself permission to do the absolute bare minimum for work, and it was like some magic spell came over me. I felt better. I wasn't overwhelmed, and I actually got more done than I expected.”
