Top Ten: Weekend reads: After bitcoin’s awful week, where will it go next?
Bitcoin’s price more than doubled at one point during 2021:
As you can see on the chart, even during (another) amazing year for bitcoin, this type of pullback is typical and even mild.
Cathie Wood, the CEO of Ark Investment Management is undeterred by a bitcoin dip — she expects the cryptocurrency to climb to $500,000 within five years. It closed at $56,790 on Nov. 18.
More from Cathie Wood
Wood told Barron’s (MarketWatch’s sister publication) that she is negative on Ford Motor Co. and General Motors Co., even though the legacy auto makers are hellbent on making a full transition to electric vehicles, because “they don’t have the DNA for this brave new world. “
A busted bitcoin IPO
Investors jumping on an initial public offering expect (or hope) to make an instant killing, especially if the company selling shares is tied to a transformative trend. But after Australian bitcoin miner Iris Energy Ltd. priced its shares at $28, the stock fell 13% during its first day of trading on Nov. 17 to $23.40. Tomi Kilgore explains the numbers that might have fed Wall Street’s negative reaction.
More bitcoin and cryptocurrency coverage
Terrence Horan, Dow Jones
Frances Yue writes the Distributed Ledger column. This week, she explains why the pullback in virtual currencies is tied to the infrastructure legislation signed by President Joe Biden.
Bitcoin and related coverage:
Corporate spending on cybersecurity is expected to grow at double the rate of overall IT spending. Jeff Reeves lists six stocks to play this critically important trend.
The real story about the ‘shortage’ of truck drivers
One reason for the supply shortage affecting so many industries is that trucking companies are having difficulty hiring enough drivers. A group of members of Congress want to address this problem by spending money to train more drivers. But there are plenty of qualified drivers who have left the industry. Victor Reklaitis shares numbers that point to the real problem underlying the shortage of truck drivers.
Stock picks: These companies should benefit from efforts to improve the environment
In the wake of the COP26 environmental conference in Scotland, Michael Brush speaks to money managers who recommend semiconductor stocks tied to energy efficiency and water conservation.
More from Michael Brush: This fund company was an early believer in Tesla — it’s now making these bets
A medical scandal
Travis Paulson of Eveleth, Minn., looks at insulin drugs that he keeps in his refrigerator.
Agence France-Presse/Getty Images
When you purchase medication prescribed by a doctor, the manufacturer, distributor and retailers’ costs are all built-in. But it might amaze and outrage you to see how much of the cost of insulin goes to middlemen.
For you or loved ones during the holidays: books about money
Everyone makes mistakes with money — they result from the way our brains are wired. But successful money managers employ strategies to help them to take advantage of group thinking, while limiting the downside. Howard Gold shares five books that can help to change the way you think about money and investing.
Thanksgiving is coming — you better be careful
MarketWatch photo illustration/iStockphoto
Kristine Nolin explains the special danger of mixing a frozen turkey with hot oil.
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