What we’re reading (8/13)
“Markets Might Have Recovered. Investors’ Nerves Haven’t.” (Wall Street Journal). “[M]y guess is last Monday’s plunge shifted the psychology again. That’ll mean sellers appear more quickly when prices rise, and buyers are more reluctant to join in when prices fall. Watch out below.”
“Wall Street’s ‘Fear Gauge’ Might Be Lying To You About Last Week’s Market Turmoil” (Financial Times). “Based on the CBOE VIX’s intraday peak of 65.73, the market event that has been branded the ‘Summer Selloff’…was, as wags have been keen to point out, apparently one of the most significant volatility events to have ever hit US stocks. So was Monday August 5th really an event on par with the Covid-19 crash, the heights of the Notorious GFC, or Black Monday?”
“Starbucks Replaces CEO Laxman Narasimhan With Chipotle CEO Brian Niccol” (CNBC). “Starbucks announced Tuesday it’s replacing CEO Laxman Narasimhan with Chipotle CEO Brian Niccol, sending its stock soaring 24.5%, its best day ever. Chipotle’s stock fell over 10% on the news that Niccol would leave after a successful tenure at the burrito chain.”
“How To Read A Riot” (Financial Times). “What makes somebody riot? Why do people throw bricks at police while being filmed by dozens of phones, knowing it could get them a jail sentence that ruins their lives? Their decision may be political…[b]ut in fact, riots are not purely political events. They are more emotional than that. To understand them as a simple matter of rational actors calling for specific policies is to miss out a lot about why riots start, how they spread, and how authorities should respond.”
“Reservoir Of Liquid Water Found Deep In Martian Rocks” (BBC). “Scientists have discovered a reservoir of liquid water on Mars - deep in the rocky outer crust of the planet. The findings come from a new analysis of data from Nasa’s Mars Insight Lander, which touched down on the planet back in 2018. The lander carried a seismometer, which recorded four years' of vibrations - Mars quakes - from deep inside the Red Planet. Analysing those quakes - and exactly how the planet moves - revealed ‘seismic signals’ of liquid water.”
