🍋 Remote Work Divide

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Happy Friday! Hope everyone has a great time ringing in the New Year! We'll be taking Monday off and sending the first Short Squeez of 2023 on Tuesday, January 3rd. In other news, it looks like Sam Bankman-Fried might be ready to throw in the towel and plead guilty next week. In more depressing news, a recent study found that middle-income households saw their purchasing power take a 2.9% hit in 2022.

It's been a rough year for media stocks, and there's some serious investor drama happening as streaming slows down. But fear not, dear reader! Tesla CEO Elon Musk has assured his employees that they shouldn't be too worried about the stock market's wild fluctuations, even though Tesla shares have been on a mostly downward spiral.

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1. Story of the Day: Remote Work Divide

As we approach 2023, it looks like hybrid work is here to stay. But there’s still a generational divide on whether or not hybrid work helps or hinders career development. According to a new study, many Gen-Zers are actually turning a perceived weakness into a strength.

40% of 16 to 24-year-olds in the UK find it easier to volunteer for key tasks and ask questions while working remotely.

Perhaps it's because younger workers are more open to using technology to break down hierarchies and ask questions, or maybe it's because older workers are stuck in their ways and never had to pursue career development outside of the office. The survey also revealed that workers between 25 and 49 years old are less likely to offer to take on key tasks or ask questions than their younger colleagues.

It looks like there's a big divide between the generations when it comes to the hybrid working debate. Managers often argue that in-person work is crucial for learning and career advancement, but younger workers beg to differ. 

In fact, 20% of young workers say working from home actually helps them build connections with their coworkers, a sentiment shared by only a small percentage of those 50 and over. Plus, let's not forget the added bonus of hybrid working: saving money by living in a cheaper area and not having to pay for daily commuting costs.

2. Markets Rundown

If you want access to Wall Street insider interviews, industry deep-dives, premium research/resources and weekly Knowledge Drop newsletter, check out our Insiders membership.

Stocks rallied on Thursday but 2022 is still on track for the worst year since 2008.

Movers & Shakers

• (+) Tesla ($TSLA) +8% as investors try to make sense of this month's sell-off.

• (+) Netflix ($NFLX) +5% because investors think the company can outlast its competitors.

• (+) Apple ($AAPL) +3% after Citi analysts remained bullish on the company.

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Top Reads

• Miami is the least-affordable housing market in the U.S. - see which other cities made the list (CNBC)

• Credit deals are going private, leaving Wall Street in the cold (WSJ)

• Goldman will cut more jobs as soon as January (YF)

• The new salary transparency laws going into effect in 2023 (CNBC)

• Crypto customers selling at a loss to avoid bankruptcy (Fox)

• Elon Musk and Cathie Wood are almost right about the Fed (WSJ)

• Amazon shed half its value in 2022 as tech stocks got crushed (CNBC)

• Southwest stole Christmas - but still has superfans (NYT)

• What SBF’s life under house arrest looks like (YF)

4. Book of the Day: Global Discord

Can the international economic and legal system survive today’s fractured geopolitics? Democracies are facing a drawn-out contest with authoritarian states that is entangling much of public policy with global security issues. 

In Global Discord, Paul Tucker lays out principles for a sustainable system of international cooperation, showing how democracies can deal with China and other illiberal states without sacrificing their deepest political values. 

Drawing on three decades as a central banker and regulator, Tucker applies these principles to the international monetary order, including the role of the U.S. dollar, trade and investment regimes, and the financial system.

Combining history, economics, and political and legal philosophy, Tucker offers a new account of international relations. Rejecting intellectual traditions that go back to Hobbes, Kant, and Grotius, and deploying instead ideas from David Hume, Bernard Williams, and modern mechanism-design economists, Tucker describes a new kind of political realism that emphasizes power and interests without sidelining morality. 

Incentives must be aligned with values if institutions are to endure. The connecting tissue for a system of international cooperation, he writes, should be legitimacy, creating a world of concentric circles in which we cooperate more with those with whom we share the most and whom we fear the least.

“Paul Tucker lays out principles for a sustainable system of international cooperation.”

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5. Short Squeez Picks

• Navigating the e-bike boom with America’s outdate infrastructure 

• 5 tips for improving your Slack experience

• To invest for retirement, build friendships and hobbies

• Some of the best longreads of 2022

• Stop thinking about productivity and start thinking about focus

6. Daily Visual: Richest Women in the World

Net Worth in USD Billions

Source: Axios

7. Daily Acumen: Predicting the Future

“The most practical decision-making is not making better choices, it's learning to deal with uncertainty. 

The most common thing holding people back from the right answer is holding on to your previous beliefs. 

Instead of instinctively rejecting new information, take in what comes your way through a system of evaluating probabilities.”

Source: Farnam Street

8. Memes of the Day

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