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Many factors will affect when the debt limit is reached, including tax collections and sales of assets acquired in taxpayer-financed bailouts of distressed firms. January is typically a strong month for corporate tax collections, and stronger-than-expected profit growth could boost revenues. However, Zach Pandl, a Nomura economist in New York, added that recently enacted tax cut extensions and investment credits could delay filings as firms sort through the changes.

This would likely start by mid-February because it would be accomplished by not issuing new day cash management bills used to fund it as they mature. As a result, it would take nearly two months to reduce the fund to zero and shift that borrowing capacity to other purposes. The Treasury also had to resort to emergency measures to stay under the debt limit in and Paul Black Paul joined WCM in ; his primary responsibility is portfolio management for our global, fundamental growth strategies.

Matt MacArthur Matt has been working with WCM since ; he is responsible for developing and servicing client relationships with investment consultants, endowments, foundations, family offices, and other institutions. Julianna Jones Julianna joined WCM in ; her primary responsibilities involve portfolio administration, client service, and the hands-on management of our entire operations function.

Ming Tran Ming joined WCM in ; as Trader, his primary responsibilities involve securities trading, reporting, and client service for the firm's sub-advisory programs. Kiki Uhl Kiki joined WCM in ; her primary responsibility is managing the day-to-day office operations of the firm, including controlling correspondence, operational support, and meeting coordination.

Monica M. Dave Joerger Dave joined WCM in ; his primary responsibility is to administer our compliance program with the objective of full conformity to best practices and applicable regulations. Jung Ryu Jung joined WCM in ; as Business Analyst, his primary responsibility is to produce original equity research for our global, fundamental growth strategies.

Ryan Quinn Ryan joined WCM in ; his primary responsibility is communicating the firm's investment thinking while servicing investment consultants and institutional clients. Since the beginning of her career at Bank of America Merrill Lynch in , AK has focused on equity trading across global markets. In it, the author examines how disruption is first and foremost driven by customers, rather than competition or technological change.

Creativity will pay for the next generation of asset managers Speaking of conviction, I thought this piece from the FT was worth including. In it, the author points out that passive funds now manage more AUM than active funds as of a couple of months ago. O'Shaughnessy Quarterly Letter Q4 The most recent letter from OSAM was a nice reflection of what the firm did in and how they collectively share a continuous learning mindset.

Confessions of a DTC brand marketer This interview, conducted with a DTC brand marketer, highlights further "issues" with FB, specifically with the checkout feature recently rolled out on Instagram. Michael Hayward Michael joined WCM in ; his primary responsibilities are portfolio management and equity research for our global, fundamental growth strategies. When Distribution Trumps Product This is a solid article from a16z that goes into some of the unique aspects of Bill.

Heterogeneous Compute: The Paradigm Shift No One is Talking About This article, from a substack blog, examines the current evolution in the semiconductor industry away from Moore's law and towards "heterogeneous compute. Three charts that pierce the private equity hype Given my role as a public equity investor, I always enjoy seeing comparisons of different approaches VC, PE, etc. You're Likely to Get the Coronavirus This article, from The Atlantic, is one of the more level-headed takes on the coronvirus, despite the somewhat sensational title.

How We're Thinking about Coronavirus This piece provides an investor's perspective on the coronavirus. All about my father: inheriting a lifetime's collection of books This essay from the FT is an interesting ode to books. In the piece, the author describes his father's ever-growing book collection. The first is to approach life as a "finite game" and the second is to approach life as an "infinite game.

In it, the author describes a future where audio is always on in an ambient sense - in other words, audio of some sort is always in the background. Debt is Coming I really enjoyed this article from Alex Danco and highly recommend it for those interested in both public and private markets. Everyone now believes that private markets are better than public ones I thought this article, from The Economist, was interesting in how it compared public and private markets.

We've all heard the puts and takes around the "actual" returns of both PE and VC versus public equities. In what has become an ever-clearer theme, the halcyon days of DTC startups are over. Confronts Its Challenges It was interesting to read this article, from the NYT, that features the challenges Boeing is going through and what new leadership thinks of the situation. In short, the new CEO, Mr. Zero Trust Information This is a great article from Stratechery. In it, the author traces the evolution of the internet and secure networking in order to, in part, highlight the immense communicative power the internet yields.

Airlines beating hotels at cleanliness message Given the economic implications of COVID outlined above, I was checking some travel websites Skift and Hotel News Now to see how these industries are managing. Obviously, headlines suggest that there will be some short-term pain. David Epstein: How a range of experience leads to better performance in a highly specialized world I read David Epstein's "Range" a couple of months ago and enjoyed it.

This podcast is a very long I didn't get through all of it interview with David and delves into a number of topics covered in the book. Benchmark and Investing in Open Source Having spent some time kicking the tires on a number of tech names, I really enjoyed the expertise shared in this podcast.

In it, two GPs from Benchmark share their thoughts on a wide variety of topics, but focus on open source investing. In this post, Matthew examines how media consumption and entertainment have changed through time. You Bet! While just a tad dated it was published this January , this memo from Howard Marks is still worth sharing.

In it, Howard examines games and gambling, and compares them to investing. The overarching point is that overconfidence and arrogance are key traits of bad and incompetent leaders. China Quality Growth Fund China is one of the fastest growing economies in the world, with boundless long-term growth prospects and historically inefficient indices. Investment Process China is one of the fastest growing economies in the world, with boundless long-term growth prospects and historically inefficient indices.

The goal is to construct portfolios that outperform their respective benchmarks over a market cycle while reducing risk. This article, from Wired, is a good read on the privacy implications of targeted advertising. While the headline is somewhat sensationalist, similar privacy measures to a certain extent are currently in place in parts of Europe. Venmo, Square Cash Vie For Stimulus Funds Distribution With a hefty fiscal stimulus coming to American individuals and businesses, a significant challenge has come into focus as highlighted in this pyments article : how to best distribute funds.

In it, John tells the WSJ what is important to stay relevant in music today. Hierarchy of Engagement, Expanded In the last edition of Beach Reads, there was a link to a podcast with a number of partners from Benchmark. In the piece, they mentioned an article called "The Hierarchy of Engagement.

The Highest-Quality U. Companies Have Weathered the Storm Best Given the moves in markets, this article from Morningstar could already be dated. But I doubt it: in the piece, the author points out that wide-moat businesses have fared best in the recent volatility. The Umami Theory of Value: Autopsy of the Experience Economy This essay is a wide-ranging review of modern culture and, for lack of a better term, the emergence of the obsession with the ephemeral - in this essay effectively referred to as cultural umami.

Inside China's controversial mission to reinvent the internet This is an important read from the FT about a proposed new internet structure coming from China, dubbed the "new internet protocol. Snow Science Against the Avalanche This long-form article, from The New Yorker, is a great read about nature, science, and human foibles. In it, the author gives the history and current science around avalanche mitigation. This article, from The Atlantic, gives some tips on how to survive being with your partner 24x7.

Signaling as a Service I enjoyed this article from a blog I had never come across before. In it, the author expands on the notion of conspicuous consumption. Specifically, he examines what role software has in status signalling. Atlassian's tools helped build today's tech. How's it prepping for the future? I'm sure nearly all of us have ordered something off of Amazon over the last couple of weeks. Calibrating Howard Marks has been prolific as of late. Investors should ask who will buy all of this new US government debt This article, from the FT, highlights issues with US government debt levels and questions who will be the incremental buyer of new issuances.

As a caveat: I'm not an expert in debt investing. Bail-outs are inevitable—and toxic In the wake of COVID, governments have stepped in to stem the tide of otherwise inevitable corporate pain and likely mass bankruptcies. This article, from the NYT, points to what it looks like - that is, what normalcy is. Two excerpts stood out to me. Artist Studio The WCM Artist Studio is a collective of innovative thinkers dedicated to pushing the envelope of creativity in the investing world.

Zoom's Achilles Heel In the work-from-home world, Zoom has become both a professional tool and a social media service. I've used it to connect with my team, research partners, friends, and family. Software stocks emerge as downturn winners Different recessions, different stock performance. Software contracts, first-lien debt and the reality that no revenue is truly recurring Among a deluge of earnings reports this week will be results from large software companies such as ServiceNow and Atlassian, among others.

Within Retail Pulse If you are interested in checking out the new normal in ecomm, fashion, brick-and-mortar, etc. Can Anything Stop Terry Smith? In the last edition of Beach Reads, I included a link to the Fundsmith annual shareholders' meeting. Who Pays For This? How Discomfort Makes Us More Creative Institutionalizing creativity in professional organizations is incredibly difficult. Some books, like Ed Catmull's "Creativity Inc. Expect distancing orders, one-way lanes in grocery stores, masks, etc, to continue.

The Small-Business Die-Off Is Here While I hope that the wave of SMB bankruptcies caused by the pandemic is followed by a tsunami of new businesses that are better equipped to take on incumbents, this article in The Atlantic is less optimistic. David and Goliath. The colonies and the monarchy.

History is rife with examples of underdogs prevailing — a trend that has also traditionally held true in the business world think: "Innovator's Dilemma". However, I enjoyed this article from a16z that outlines how to sell into large organizations.

Cloud Gaming: Why It Matters Matthew Ball recently published another fascinating article about what cloud video game streaming may look like in the future. Ferrari Capital Efficiency This snippet from an interview with a Ferrari former executive compares and juxtaposes the company's capital efficiency and production approach with mass market car producers.

It appears that Ferrari, despite being located in the heart of one of the hardest hit regions in the world, is leading the pack in terms of how to return to business. Is Systematic Value Investing Dead? I'm sure many of us have seen the persistent spread across a number of metrics between value and growth over the last decade or so. Kiril Sokoloff: 'There will have to be massive debt relief' Breaking bread while sharing apocalyptic predictions.

Or, perhaps more accurately, serving souffle and hoarding gold. Whatever the pairing, it is clear 13D founder Kiril Sokoloff sees dark times ahead for America. Disney and the unequal reality of coronavirus in America Disney and dystopia - not words I'm sure I've seen near each other before. Doordash and Pizza Arbitrage Past Beach Reads have touched on the trials and tribulations of recent startups - especially those of the direct to consumer DTC variety.

This article looks at a different kind of "DTC" startup: those that bring food direct to consumers. Maybe you play it, or your kids do. Regardless, the name is more recognizable than the publisher's: Epic Games. The open podcast ecosystem is dying - here's how to save it Spotify made a significant move this month with a deal to bring Joe Rogan's podcast onto the platform as an exclusive. Scale and Loyalty are more important online than offline This medium post from Atreides Management Chief Investment Officer Gavin Baker highlights the differences between online and offline businesses - specifically, that scale begets scale more for internet-based companies than for traditional brick and.

The Day Coronavirus Nearly Broke the Financial Markets Sometimes, when living through history, it is hard to remember exactly that: we are currently living through history. Uncertainty I've featured a number of Howard Marks' memos in Beach Reads, and today we have another from the Oaktree Capital founder, this one focused on uncertainty, confidence, and the future.

If you want to stay distanced, but still travel, hitting the road in vanlife style is an option. And, according to this WSJ article, those companies that offer RV-style vehicle rentals are doing well. Remember "Blanding"? Perhaps the most obvious is the Airbnb aesthetic, described in this fantastic article from Thirty-six Thousand Feet Under the Sea This was a wild read detailing the mission of a wealthy man and team of misfits to the deepest depths of the world.

Uncertainty II In a brief follow-up to the memo included in the last edition of Beach Reads, Oaktree Capital founder Howard Marks continues to wrestle with what the future may look like and how one can even attempt to predict it. Moats Before Gross Margins An article in the last edition of Beach Reads critiqued software as a service SaaS margins and the lack of human impact, specifically on employment, that these companies have see "Don't Hate the Playa" article here. Disclaimer: To the extent that Beach Reads discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice.

The sharing economy will have to change COVID hit the sharing economy hard, although even before the pandemic many high-flying, non-profitable startups were being punished by investors as expectations about making money were pushed further into the future.

The Opportunity and Risks for Consumer Startups in a Social Distancing World I've featured the work of Benchmark Capital partner Sarah Tavel on previous Beach Reads podcast here , who, in this article, uses rock, sand and water as three substances to help illustrate a proposed new framework for thinking about consume. Microsoft Takes On Zoom and Slack in a Battle for Your Work Computer WFH has made productivity apps indispensable, with Zoom, Slack and others effectively serving as the connective tissue between individuals who can no longer work together, face to face.

This booming market has made the landscape more competitive. An Unlikely Hero for , The 'Inconvenient Fact' Behind Private Equity Outperformance Back to an old hobby of mine: comparing the real returns of different investment styles. Most current deliberations, at least in public markets, continue to center around value vs. Roblox's ambitious vision for building online worlds Past Beach Reads have gone in-depth on the metaverse, largely thanks to the work of Matthew Ball.

These articles have, for good reason, focused on Fortnite as a large contributor to what the metaverse is becoming. John Collison - Growing the Internet Economy Overstatement and expectation management be damned - this edition of Invest Like the Best is one of the best podcasts I've ever listened to.

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