What we’re reading (5/23)
“Bosses Still Aren’t Sure Remote Workers Have ‘Hustle’” (Wall Street Journal). “More than a year into America’s great work-from-home experiment, many companies have hailed it largely as a success. So why do some bosses think remote workers aren’t as committed as office dwellers? Recent remarks of numerous chief executives suggest the culture of workplace face time remains alive and well. At The Wall Street Journal’s CEO Council Summit this month, JP Morgan Chase & Co.’s Jamie Dimon said remote work doesn’t work well ‘for those who want to hustle.’ Goldman Sachs CEO David Solomon has called it ‘an aberration that we are going to correct as soon as possible.’”
“A Biden-Friendly Economist Is Creating A Big Headache For President's Spending Plans” (Politico). “The White House and congressional Democrats have argued for weeks that the lack of child care services poses a major obstacle to the economic recovery, pressing for a massive and immediate investment to get parents back to work. But a new economic analysis led by a prominent White House ally concludes that school and daycare closures are not driving low employment levels — blunting a key Biden administration argument in favor of its American Families Plan and undercutting the view of some Democrats that investing in child care is crucial for the country to climb out of the coronavirus recession.”
“The Declining American Birth Rate Could Actually Be Good For The Economy” (Business Insider). “Earlier this month, the Centers for Disease Control and Prevention (CDC) dropped a new report that revealed the US birth rate fell by 4%, the sharpest single-year decline in nearly 50 years and the lowest number of births since 1979…[b]ut here's the thing: A declining birth rate isn't necessarily bad news. It's both the continuation of a decades-long trend and a symbol of progress in gender equity. And while it signals some economic distress, it may also represent the start of a solution to America's affordability problem.”
“More Investors Than Ever Are Borrowing To Buy Stocks. Here’s What This Really Means For The Market” (MarketWatch). “Margin debt’s new all-time high is neither bullish nor bearish. I’m referring to the total amount that investors have borrowed to purchase stocks. Because the effect of margin is to leverage stocks’ gains, its marketwide level is a measure of investor confidence. To the bulls, rising margin debt means investor sentiment should be strong enough to propel the market higher. To the bears, in contrast, it is a contrarian indicator, with high levels indicating dangerous levels of speculative excess.”
“Bookies Of Mormon! Church Of Latter Day Saint Sees Its GameStop Shares Rocket 10-Fold To $8.7 Million - As Its Big-Tech Investments Help Swell $100bn Portfolio By $2.4 billion” (Daily Mail). “The Church of Jesus Christ of Latter-day Saints has seen its investment in shares of GameStop pay off handsomely thanks to the meme-fueled rally, after its initial $867,000 investment soared to $8.7 million in just a few months. Ensign Peak Advisors, the church's investment arm based in Salt Lake City, first purchased 46,000 shares of the struggling video game retailer in late 2020, when the stock traded between $10 and $20, according to regulatory filings.”
