Monday News Roundup

The most interesting things to start the week:

1. More vaccine good news: AstraZeneca-Oxford announced its Covid-19 vaccine was up to 90% effective at preventing the disease. It is part of the new generation of genetics-based vaccines. But unlike the Moderna and Pfizer-BioNtech vaccines, AstaZeneca uses DNA (rather than mRNA) as the platform for delivering genetic instructions to make parts of the SARS-CoV-2 virus. Crucially, AstraZeneca's vaccine does not require extreme cold temperatures for storage. It can be stored in a normal refrigerator for six months, which makes distribution relatively straightforward. It is also expected to cost only $3-$4 per dose, compared to $15-$25 for the other vaccine candidates.

2. Another first for Yellen: News leaked today that Biden is expected to nominate former (and first woman) Fed Chair, Janet Yellen, to be Treasury Secretary. She would be the first woman to hold the top Treasury post. 

Markets reacted positively, welcoming back someone they know well. And someone they feel will have their back, focusing more on macroeconomics than regulation.
 

She edged out a couple of other well-regarded contenders. The backstory here:

3. Moving on...(kicking and screaming): President Trump bashed his legal team, who have lost all 22 of the lawsuits they've filed since Election Day and officially authorized the Biden transition process late today.

4. Richie Rich$$$: Elon Musk is now the world's second richest person, with a $127.9B fortune, just ahead of Bill Gate's $127.7B. (But really, what's a couple hundred million dollars? All that separates them is basically a few minutes of trading.)

5. Regrets: We all have them...even those with $14B fortunes. Softbank founder and Japan's second richest person, Masayoshi Son, regrets deeply, embarrassingly, passing up the opportunity to invest early in Amazon and Tesla.