What we’re reading (4/18)
“Portfolio Diversification: Harder Than It Used to Be?” (CFA Institute). “In theory, ever-greater access to world equity markets should have made it easier for investors to build and harvest the benefits of diversified global stock portfolios. But has it really? Has diversifying across world equity indices actually helped reduce portfolio risk?”
“Cathie Wood's Ark Invest Says Tesla Stock Will More Than Quadruple In Price By 2026 If It Can Deliver A Network Of Self-Driving Taxis” (Insider). “Ark's bullish thesis on Tesla hinges on the company's ability to successfully develop and roll out a network of self-driving robo taxis. That network of taxis would operate an Uber-like service of shuttling people to and from different destinations, according to the research published by Ark.”
“Apollo Global Considers Participating In A Bid For Twitter” (Wall Street Journal). “Apollo, one of the world’s largest buyout firms, has held discussions about backing a possible deal for Twitter and could provide Mr. Musk or another bidder like private-equity firm Thoma Bravo LP with equity or debt to support an offer, the people said.”
“Gary Gensler Reflects On His First Year As S.E.C. Chair” (DealBook). “As the nation’s top markets regulator, Mr. Gensler was always going to be busy. But he was nominated during the unexpected trading frenzy in so-called meme stocks like GameStop and AMC Entertainment, which was driven in part by commission-free trading apps. He was confirmed for a five-year term on the day the crypto exchange Coinbase went public, a sign that the once-fringe industry was rapidly moving into the mainstream.”
“A Russian Default Is Looming. A Bitter Fight Is Likely To Follow.” (New York Times). “The coming fight, which would probably pit Russia against big investors from around the world, raises murky questions over who gets to decide if a nation has actually defaulted in the rare case where sanctions have curbed a country’s ability to pay its debts.”
