Wednesday Reading List

ICYMI: December Market Update: The Fed Gets It but That’s Not It

Yes, the Fed has dominated the investing headlines, but there’s other stuff going on that you need to know in this December market update.

A Pivot to Pause?

Recent inflation data is showing signs the worst may be behind us and the possibility of a central bank pause in 2023 breathed life into financial markets in November, but some of those gains have been reversed in early December. Choppiness in stock returns highlights that risks lurk on the horizon and the chance of recession in the next year is probably elevated.

TSMC to triple U.S. chip investment to $40bn to serve Apple, others

Chip manufacturing is growing in the U.S.

Billionaire investor Charlie Munger: ‘The world is not driven by greed, it’s driven by envy’

Envy causes you to make bad decisions, impacts your mental health, and challenges your ability to see how great things are for you today.

Wharton professor Jeremy Siegel outlines exactly how he sees the stock market, inflation, and the economy playing out in 2023. Here are the best 9 quotes from the interview.

The author of Stocks for the Long Run, and one of the only market watchers optimistic about next year, shares detailed thoughts worth reading.

Crypto Was Always Smoke and Mirrors

The world of cryptocurrency is rich with eccentric characters and anonymous Twitter personalities. So perhaps it shouldn’t be a surprise that one of the early figures who called attention to the problems with Sam Bankman-Fried’s cryptocurrency exchange, FTX, is a 30-year-old Michigan psychiatrist who investigates financial crimes as a hobby.

Andrew Luck finally reveals why he walked away from the NFL

He waited years to share his story about why he retired in his prime. Trapped in something he didn’t want and in pain, Luck broke out and chose happiness.

Sea Change

Howard Marks’s latest memo. In my 53 years in the investment world, I’ve seen a number of economic cycles, pendulum swings, manias and panics, bubbles and crashes, but I remember only two real sea changes.  I think we may be in the midst of a third one today.

Podcast version here.

Too Early to Celebrate, but the November CPI Report Gives the Fed Breathing Room

Breaking down yesterday’s positive inflation report.

Book Recommendation

The Passenger by Cormac McCarthy

The Pulitzer Prize–winning author of The Road returns with the first of a two-volume masterpiece: The Passenger is the story of a salvage diver, haunted by loss, afraid of the watery deep, pursued for a conspiracy beyond his understanding, and longing for a death he cannot reconcile with God.