What we’re reading (7/29)
“Why Google’s New WFH Plan Is A Game Changer” (CNN). According to Mauro Guillén, a Wharton prof. quoted in the article, “[i]f all its people can operate for a year remotely, maybe a year from now they will say: ‘Maybe we don't need all this office space after all.’” The author goes on: “[t]hat could hurt the commercial real estate market in New York City and parts of California, especially if other big companies follow suit.” Agreed. But what the article doesn’t mention is how great that could be for shareholders.
“Why Amazon May Have The Most To Lose From Tech’s Hill Showdown” (Politico). “Jeff Bezos has spent the past five years trying to become a fixture in Washington — hiring President Barack Obama’s press chief, flooding the town with lobbying cash, buying The Washington Post, and even choosing a spot along the Potomac River for Amazon’s second headquarters. But all that money isn’t likely to buy Bezos a break on Wednesday.”
“Where Is All That Gold Being Stored?” (New York Times). Apparently, about half of Americans are thinking about buying gold, and one in six already has since May. If you think widespread social unrest is ahead, that’s probably a good bet, but you’ll have to find somewhere to store all that metal. Enter The Times with a helpful primer.
“Chapter 4: The Big Cycle Of The United States And The Dollar, Part 1” and “Part 2” (Ray Dalio). A two-part chapter covering, in depth, Ray Dalio’s (founder of Bridgewater, the world’s biggest hedge fund) view that U.S. history is evolving along the lines of “the archetypical big cycle of dominant powers.”
“Why Europe’s Top Asset Manager Expects U.S. Stocks To Outperform—And One Reason Is Stock Buybacks (MarketWatch). According to a team at Amundi Asset Management, “[b]eyond the lower investment in innovation, technology and health care inherent in non-U.S. equity markets, structural and economic pressures persist as growth capital expenditures are restrained.” The authors go on, “[t]he combination of world-class universities that develop technology and serve as launching pads for startups to commercialize it, a well-developed venture capital industry, and a cultural willingness to take risk make it difficult for other regions of the world to surpass the U.S.”
