Welcome to Bespoke Brunch Reads — a linkfest of the favorite things we read over the past week. The links are mostly market related, but there are some other interesting subjects covered as well. We hope you enjoy the food for thought as a supplement to the research we provide you during the week.

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LDI: the better mousetrap that almost broke the UK by Alexandra Scaggs and Louis Ashworth (FTAV)

An explainer on liability-driven investing (LDI), which is being fingered as the biggest factor in the collapse of the UK government bond market this week amidst new fiscal plans and a plunge in the pound. [Link; registration required]

Who exactly has the BoE bailed out? by Toby Nangle (FTAV)

When the BoE intervened to make sure the gilt market didn’t collapse under a mountain of margin calls, who was the ultimate beneficiary? Was it underwater pension funds or their counterparties? [Link; registration required]


The U.S. Rental Housing Market is Cooling Off Fast by Jay Parsons (RealPage)

Higher rates, inflation, and collapsing consumer confidence are destroying demand for housing as the process that creates new households slows down. As demand slows, so too will rents over the coming months. [Link]

Remote Work and Housing Demand by Augustus Kmetz, John Mondragon, and Johannes Wieland (FRBSF Economic Letter)

New research suggesting that the increase in remote work during the pandemic drove more than half of the overall increase in national home prices between November 2019 and November 2021. [Link]

10 Markets Where Sellers Are Cutting Home Prices the Most by Shaina Mishkin (Barron’s)

Price cuts are mounting across a US housing market that has been frozen by high rates. Sunbelt cities like Phoenix, Austin, and Las Vegas have the largest share of the market with cuts in price. [Link; registration required]


Hurricane Ian to add reinsurance rate momentum, disrupt Florida market: KBW by Steve Evans (Artemis)

Insurance analysts are growing increasingly concerned about the impact Ian will have on the Florida insurance market, with a price tag above $50bn most likely. For thinly-capitalized insurers who don’t have much reinsurance capacity, it could spell doom for the Floridian property insurance market. [Link]


The 90km journey that changed the course of the war in Ukraine by Henry Foy, Sam Joiner, Sam Learner and Caroline Nevitt (FT)

A step-by-step review of the lightning breakthrough which has led to a collapse in Russian lines across Eastern Ukraine, in a fantastic multimedia format. [Link; paywall]

Denmark, Germany and Poland warn of ‘sabotage’ after Nord Stream leaks by Richard Milne, David Sheppard, and Guy Chazan (FT)

Underwater explosions that led to ruptures in the Nord Stream pipeline complex have led multiple countries to identify Russia as the most likely culprit and likely to strike at other infrastructure as well. [Link; paywall]

New York

NYC Proposal Offers Cash for Spotting Parking Violations in Bike Lanes by Fola Akinnibi and Skylar Woodhouse (Bloomberg)

A new law in New York City would turn citizens into bounty hunters seeking cars that so often block bike lanes around the city. [Link; soft paywall]

Yankees’ threat of sitting Aaron Judge finally ended long rain delay with Red Sox by Brendan Kuty (NJ.com)

ESPN was desperate to air a final at bat for Aaron Judge in his pursuit of 61 homeruns and pressured MLB to extend a rain delay. In response, Yankees manager Aaron Boone threatened to sit the start. [Link]

New Jersey

Three men charged with fraud in $100 million New Jersey deli scheme by Mike Calia and Dan Mangan (CNBC)

A tiny deli ended up being listed as part of a $100mm market cap company that is now embroiled in a series of charges including securities fraud. [Link]

Political Science

Can nonviolent resistance survive COVID-19? by Erica Chenoweth (Journal of Human Rights/Taylor & Francis Online)

The COVID-19 pandemic did not reduce the number of mass protests around the world but those protests did show much less efficacy in achieving their aims. [Link]


The story of white sauce, Virginia’s unique contribution to Mexican American cuisine by Mattew Korfhage (The Virginia-Pilot)

Virginia isn’t known for its Mexican food, but that hasn’t stopped the state from developing a unique contribution to the cuisine: a white sauce that won’t be found anywhere else. [Link]

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Have a great weekend!

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