My end-of-week morning train WFH reads:
• It’s a Richcession, Not a Recession. Most economic downturns hit lower-income Americans hardest, but this time is different. The stock market’s winners and losers will be different too. Here’s your investing playbook. (Wall Street Journal)
• From Math Camp to Handcuffs: FTX’s Downfall Was an Arc of Brotherhood and Betrayal: Gary Wang and Sam Bankman-Fried are offering dueling accounts of the FTX fiasco and of who’s ultimately to blame. (Bloomberg) see also If You Bought Crypto Because of Larry David and Matt Damon, I’m Sorry: Tallying the losses after last year’s Super Bowl crypto-advertising bonanza. (Slate)
• Guess Who Loses After Florida and Texas Bar ESG Banks? Banning Wall Street’s biggest municipal bond underwriters has foisted a hidden tax on their residents totaling hundreds of millions of dollars. (Bloomberg)
• Al Gore’s Struggles With ESG Show the Messiness of Green Investing: If the former veep’s Generation investment firm has trouble meeting lofty environmental and financial goals, who can? (Businessweek)
• New Skyscraper, Built to Be an Environmental Marvel, Is Already Dated: One Vanderbilt, in the heart of New York City, is built to be especially climate friendly. But the design landscape and city rules have changed quickly. (New York Times)
• ChatGPT Is a Blurry JPEG of the Web: OpenAI’s chatbot offers paraphrases, whereas Google offers quotes. Which do we prefer? (New Yorker)
• How Google Ran Out of Ideas: The company thinks it’s an innovator. In fact, it’s an imitator—and not the best one, either. (The Atlantic)
• How scientists are kept fed and happy in one of the most remote places on Earth: Princess Elisabeth, a polar research station in the Queen Maud Land region, faces wind speeds of up to 155 mph (249 kph) and temperatures as low as -58°F (-50°C). A flair for comfort food is understandably a requisite skill for any chef working in this environment. (CNN)
• Yamagami Tetsuya’s Revenge. Both men lay on the pavement, awaiting their fates. Within hours, Abe’s life had slipped from his wounded body and Yamagami was in jail, now facing murder charges. (Palladium)
• Joe Montana Was Here: Brady praises Montana as “a killer” in public, but Joe’s friends feel like he’s made little effort to get to know the older player in real life. They have each other’s phone numbers. Something about Brady specifically seems to irritate Montana — friends say he’d be happy if Patrick Mahomes won eight titles — but the truth is, the two men are similar, driven by similar emotions to be great. Ultimately Montana may not care about a ring count, but watching himself get knocked down a spot fires deep powerful impulses and trips old wires even now. (ESPN)
Be sure to check out our Masters in Business interview this weekend with Tim Buckley, CEO of the Vanguard Group, which manages $7.2 trillion in assets. He began his career at Vanguard 32 years ago as an assistant to then Chairman John Bogle. He previously served roles as Chief Information Officer, as well as Chief Investment Officer.
January retail surge: finding the signal in the noise
Source: BofA
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