Our mid-week morning train reads; renew your subscription now for only $787.5 million per year:
• The Myth of the Broke Millennial: After a rough start, the generation is thriving. Why doesn’t it feel that way? (The Atlantic)
• How 2022 Became a Record Year for US Income Taxes: An asset-price boom, a progressive tax code and inflation interacted to drive effective rates higher than ever. Now the process is working in reverse. (Bloomberg) see also Tax season is getting longer. Blame climate change. Tax Day is April 18, but the IRS has postponed tax deadlines for filers in parts of seven states because of natural disasters. (Washington Post)
• Will We Ever See Affordable Housing Prices Again? You can see those trends were already in place before the pandemic since millennials are now the biggest demographic in the United States. The demographic wave of millennials in their Household Formation years more than made up for the remote work phenomenon. This same demographic wave of household formation is making it more difficult for housing prices to fall substantially. (Wealth of Common Sense)
• The Unexpected Reason Apple Is Dominating the U.S. Smartphone Market: It’s not just lavish marketing and the threat of green bubbles—Apple’s commitment to supporting old phones has allowed it to capture a part of the market once cornered by inexpensive Android devices. (Wall Street Journal)
• Twitter Is Broken. Thanks, Elon. About six months ago, Elon Musk bought your favorite neighborhood bar. Then he fired veteran bouncers and bartenders, tried to stiff the landlord and at least one vendor, and demanded that regulars pay a cover charge. He’s frequently struggled to serve his customers, yet he’s penalized them for mentioning the competition. He’s tamped down the revelry in general, really — a lot of conversation at his watering hole has been drowned out by Musk’s own never-ending stage act, which consists mainly of him yelling dad jokes at customers through a bullhorn. (New York Times)
• Fox News Lost the Lawsuit but Won the War: Dominion’s choice to settle comes as a great disappointment to many critics of Fox, and is also probably a smart financial decision. For the critics, this case was about democracy and disinformation and provided an opportunity to hold Fox accountable for years of broadcasting hogwash. For Dominion, it was primarily about business. No matter how lofty the language its spokespeople used, the company didn’t sue to fix the American media landscape. (The Atlantic)
• Why aren’t we taking every Chinese refugee we can? Let’s be the City on a Hill again. (Noahpinion)
• The Exhausting History of Fatigue: Having too much to do can be tiring; having nothing to do may be worse. (New Yorker)
• Why 21 cm is the magic length for the Universe: Photons come in every wavelength you can imagine. But one particular quantum transition makes light at precisely 21 cm, and it’s magical. (Big Think) see also New Map of Dark Matter Validates Einstein’s Theory of Gravity: Researchers can “clearly see features of this invisible world that are hundreds of millions of light-years across.” (Gizmodo)
• Can the Knicks’ Youth Movement Push Them Over the Hump? Jalen Brunson and Julius Randle deserve much of the credit for the Knicks’ success this season. But New York wouldn’t be in this position if not for its young core, and that group just might be the X factor in the team’s first-round series against the Cavs. (The Ringer)
Be sure to check out our Masters in Business next week with Joe Baratta, Global Head of Private Equity at PE giant Blackstone. In the 2000s, he helped establish the firm’s private equity business in Europe. He sits on Blacktone’s Board of Directors and its Management Committee and serves on many of the firm’s investment committees.
So You Want to Launch a Hedge Fund?
Source: Net Interest
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