📈 11 Investing books you should read in 2023

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Good Morning!

Threads has been blowing up over the past 48 hours, with over 60 million people already downloading the app, and rumors are circulating that Elon isn't happy, with his lawyers sending a cease and desist to Zuck!

There's further positive news surrounding the US economy as demand has surged, causing a strengthening of the services sector. Moreover, it appears that the US economy isn't the only market we should be paying attention to; India is becoming an increasingly enticing investment opportunity as the reasons for investing continue to stack up.

Let’s dive in 👇

Markets

EXPLAINER-What is Threads? Is Twitter in danger? (2 minute read)
There’s no denying it, Threads bears an uncanny resemblance to Twitter. Users can share text, images, or videos and engage with content through likes, shares, and reposts. What sets Threads apart is its seamless integration with Instagram, allowing users to effortlessly transfer their usernames and maintain their existing followers. Unlike Twitter, direct messaging isn't available on Threads, but Meta CEO Mark Zuckerberg has assured us that updates are on the horizon. With Threads being labeled as Meta's "Twitter killer," one might wonder if Twitter is in danger. After all, Meta has a track record of introducing features inspired by successful competitors.

Services sector strengthens as demand surges (2 minute read)
While the manufacturing sector experiences a slump, the services sector has pleasantly surprised with its resilience last month. According to the Institute for Supply Management, the services index saw a notable increase to 53.9 in June, almost 4 points higher than the previous month. Unlike manufacturing, the services sector comfortably maintains its expansionary status, with any reading above 50 indicating growth. ISM's Anthony Nieves attributes this growth to heightened business activity, new orders, and increased employment. Furthermore, alongside the rise in activity, there has been a surge in demand, as reflected by the 2.6-point increase in the new orders index. As the services sector accounts for a significant portion of economic activity compared to manufacturing, its strength continues to be a valuable asset for the U.S. economy.

Investing

The 11 Best Investing Books [That You Can’t Miss] (4 minute read)
Embarking on the investing journey can be daunting, Nick at Of Dollars and Data has curated a list of the 11 best investing books that distill a wealth of experience into actionable insights. From buying stocks and index funds to asset allocation and financial history, these books cover a comprehensive range of topics. Whether you're a beginner or a seasoned investor, this list will give you a leg up in the financial world.

India Takes Centre Stage (5+ minute read)
India shines brightly as an enticing investment opportunity with a compelling track record. In the past decade alone, the MSCI India index has delivered remarkable returns of over 135% in USD. Impressively, this outperformance extends over the last three to five years as well, with returns of 69% and 56% respectively. What's even more promising is that this success can be attributed to structural drivers. Premier Narendra Modi's administration's implementation of structural reforms, coupled with India's favorable demographic profile and the global push to diversify supply chains away from China, has sparked increased investment in manufacturing. With large technology companies designating India as a key manufacturing hub and the country's youthful and productive labor force, India's potential for robust GDP growth is poised to further improve by 2030.

A Solid 10% Yielding Global Bond Fund (2 minute read)
Despite facing challenges such as contracting liquidity, poor credit quality, and global recessionary trends, junk bonds have defied expectations and emerged as one of the top-performing fixed-income asset classes in 2023. What's even more surprising is that this success isn't limited to U.S. high-yield bonds alone. Foreign bonds, including emerging markets debt, have also experienced a strong performance. Just a few years ago, investors were deemed to be taking excessive risks by chasing after 4% yields right before inflation started to rise. However, as the market has absorbed most of the central bank tightening cycle, the once daunting 8% yields on junk bonds no longer seem as intimidating.

Money

NY Fed and banks upbeat on digital dollar pilot results (3 minute read)
The Federal Reserve Bank of New York have successfully conducted a proof-of-concept (PoC) with several banks, including Citi, HSBC, and Wells Fargo, along with industry giants Swift and SETL. This collaborative effort took place at the NY Fed's New York Innovation Center and aimed to explore the feasibility of a regulated digital asset settlement platform supported by shared ledger technology. The envisioned outcome is a Regulated Liability Network which would serve as an interoperable network for wholesale payments, operating on a distributed ledger shared among multiple entities. By harnessing the power of shared ledger technology, this experiment sought to address common pain points of traditional payment systems, such as speed, cost, availability outside of regular hours, and the settlement process.

Waiting periods on 401(k) plans can be costly for workers (4 minute read)
Nearly half of US companies have implemented waiting periods before employees can join their 401(k) plans, typically lasting six months or even longer. As the pressure to save for retirement continues to mount, these waiting periods only serve to make the task more challenging, leaving employees with potential nest eggs diminished by tens of thousands of dollars. One major issue with these delays is that they deter some individuals from ever enrolling in the plan, and even for those who eventually join, the cumulative effect can be substantial. Consider a scenario where a worker changes jobs multiple times throughout their career – if they encounter waiting periods each time, they risk missing out on every upswing in the market. It's a real double whammy that can have a significant impact on their retirement savings.

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