Wednesday Reading List

Second Mouse.AI by Scott Galloway

Looking at Apple to make the point that the first in innovation isn’t usually the one who profits from it. Apple has made a fortune off of this, including most recently with AI. As other firms wasted money on unprofitable AI ventures, Apple is now swooping in ready to capitalize on what they’ve learned and improve it.

Interval Funds: Are They Worth What You Give Up? by Morningstar

We’ve been using interval funds in select client portfolios. Less liquid than other mutual funds, but much more liquid than private investments, they provide exposure to asset classes that daily liquid structures don’t allow you to access.

One such asset class is private credit. This Odd Lots podcast episode from late last year does a great job digging into it – Why Private Credit’s Been Booming Even as Interest Rates Go Up.

Hard to Concentrate: Top-Heavy Market by Charles Schwab Asset Management

“This year’s tale of two markets has been to the benefit of passive investors who are mostly focused on index-level returns. Major indexes have not experienced a correction, but under the surface, there have been declines of bear market magnitude. Of course, if there’s a “good” way to go through a correction or a bear market, this year has probably been the epitome of that. However, we do see building risks of some consolidation at the index level if performance divergences persist into the second half of the year. While they don’t seem imminently fatal to the bull market, we think more members will need to start joining the party for the music to stay on.”

When is the Mean Reversion Coming in the Stock Market? by A Wealth of Common Sense

The S&P 500 is up about 17% per year since the March, 2009 bottom. That’s not normal, and this post digs into the details to explain why “trees don’t grow to the sky” and we will face mean reversion. We don’t know when, but diversification will be your friend again.

Immigration surge projected to boost growth over next decade, CBO says by Axios

Increased immigration to the U.S. is expected to drive higher economic growthand labor supply, grow federal revenues and shrink deficits over the next 10 years, according to new Congressional Budget Office estimates on Tuesday. 

Groundbreaking study shows why drinking from plastic bottles may increase your risk of type 2 diabetes by Business Insider

BPA’s link to diabetes even at levels the FDA currently considers safe.

What To Do If You Become A Victim Of Fraud by Heritage Financial

Fraudulent activities are becoming increasingly prevalent—one in four people reported losing money to scams in 20231. If you become a victim, here are steps you should take.

Book Recommendation

The Impeachment of Abraham Lincoln by Stephen Carter

Stephen L. Carter’s thrilling novel takes as its starting point an alternate history: President Abraham Lincoln survives the assassination attempt at Ford’s Theatre on April 14, 1865. Two years later he is charged with overstepping his constitutional authority, both during and after the Civil War, and faces an impeachment trial . . .

Twenty-one-year-old Abigail Canner is a young black woman with a degree from Oberlin, a letter of employment from the law firm that has undertaken Lincoln’s defense, and the iron-strong conviction, learned from her late mother, that “whatever limitations society might place on ordinary negroes, they would never apply to her.” And so Abigail embarks on a life that defies the norms of every stratum of Washington society: working side by side with a white clerk, meeting the great and powerful of the nation, including the president himself.  But when Lincoln’s lead counsel is found brutally murdered on the eve of the trial, Abigail is plunged into a treacherous web of intrigue and conspiracy reaching the highest levels of the divided government.

Boston Corner

The best and worst July Fourth travel times for Bostonians

Boston extends office-to-housing conversion program until 2025

At 10-year mark, Boston Fed team visits former mill city to celebrate its resurgence

Things to Do in Boston This Weekend

The Boston Calendar

Things to Do This Week in Boston

These are Boston’s cleanest (and dirtiest) beaches