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10 Monday AM Reads My back to work morning train WFH reads: • In 2020, There Was an Epic Collapse of Demand. Now, the Problem Is Supply. Recent setbacks raise doubt about how quickly businesses can respond to customers who seem intent on spending (Upshot) • What happens after the stock market is up big? 12 month returns were negative 65% of the time following a gain of 50% or more in a 1-year period. However, there wasn’t a single 3-year period following a 12-month gain of 50% or more that showed a negative return. (Fortune) • Don’t Be Fooled by This Stock Market’s Newest Magic Trick A quirk in the calendar just did some heavy lifting, causing the market declines from early last year to disappear from a key fund-manager benchmark. (Wall Street Journal)

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