1. Chart of the Day (above). The global stock market rally continues, as the MSCI World Index went above 1,800 in April for the first time ever. Compared to the recession-related low of 750 in early 2009, the MSCI global stock market index has increased by more than 1,000 points and by 140%.
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3. Active vs. Passive. Three reasons investors still buy actively managed funds even though they generally under-perform passive, low-cost (almost free) index funds: a) they’re duped by the marketing of active management superiority, b) performance chasing, and c) most of their investments are in 401(k) plans dominated by actively-managed funds.
4. Warren Buffett and Charles Munger: About the minimum wage: a) it’s a form of government price fixing, b) raising it would create a lot of distortions, c) raising it would cost a whole LOT of jobs and would hurt the poor. Source. Q.E.D.
5. Good Question: Why can’t two consenting adults make an arrangement to work for less than X dollars per hour? Source.
6. 3D Printing: Meet three kids who are alive today thanks to a 3D printer.
7. Consumer Sentiment: Second-highest in April since 2007.
8. Markets in Everything: David Chang’s App-Based NYC Startup “Maple” Is a Restaurant Without a Restaurant.
9. Uber Updates: a) Uber Wants 5,000 More Boston Drivers, announces partnership with NAACP to hire more inner-city entrepreneurs, b) Wisconin Gov. Scott Walker signed a bill that provides statewide regulations for ride-hailing companies like Uber and prohibits local governments from regulating the companies, and c) the Numbers Behind Uber’s Exploding Driver Force.
10. Gender Wage Gap Explained by the NY Times. Who-d a-Thunk It? Voluntarily spending more time with kids = less income? Diana Furchtgott-Roth explains.
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