What we’re reading (8/11)
“U.S. Stock Market: Is it A Bull, A Bear, Or A Bull In A Bear?” (Reuters). “The U.S. stock market's rebound in recent weeks has analysts and investors questioning whether 2022's deep downturn has ended, but how to spot an expiring bear market or a new bull market is not something everyone on Wall Street agrees on.”
“Stock Rally Fades As Investors Weigh Next Steps On Inflation” (Wall Street Journal). “Stocks have rallied from their trough in mid-June. The Nasdaq Composite on Wednesday closed up more than 20% from its low, kicking off a new bull market, though it remains down 18% year-to-date. The Russell 2000, an index of small-company stocks, flirted with the same milestone Thursday, before pulling back.”
“The Rise Of The Side Startup” (Vox). “To many of the people we spoke with, a side startup isn’t just about earning extra cash. It’s about pursuing something they’re passionate about, doing it their own way, and eventually leaving their bosses to become the boss themselves. And while people have always worked nights and weekends to start their own businesses, remote work gives them more time and flexibility to do so and a better hedge against failure.”
“Turns Out Spoofing Isn’t Harder To Prove Than Racketeering” (Dealbreaker). “Three years ago, when prosecutors were building a securities fraud case against three JPMorgan Chase precious metals traders, they were worried. The illegal activity they planned to allege, spoofing, was notoriously difficult to make stick—especially in shiny objects. So the U.S. Attorneys Office in Chicago got a little creative: In addition to charging Michael Nowak and Gregg Smith with all of the usual securities fraud counts—fraud, market manipulation and, of course, the spoofing itself—it added a few racketeering and conspiracy charges against the two and their hedge-fund sales specialist, Jeff Ruffo. Sure, RICO charges are every bit as slippery and difficult to prove as spoofing ones, but the government had a hell of a lot better track record on those than it did in spoofing cases.”
“6 Cities Around The World Where You Can Live On $1,000 A Month Or Less” (Insider). Buenos Aires, Santiago, Sofia, Bursa, Monterrey (Mexico), Cape Town.
