My Day of Atonement morning reads:
• The Not-So-Magnificent 493: Over the last decade, the revenue of the Magnificent 7 has compounded at 16% a year, while their free cash flow has grown at 13% a year. (Irrelevant Investor)
• Why is Rupert Murdoch leaving his empire now? Lachlan Murdoch will be formally in charge of Fox News, the Wall Street Journal, and everything else his father built and bought. For now. (Vox) see also How media mogul Rupert Murdoch made his billions: Murdoch, 92, built his fortune through a series of pragmatic and ruthless maneuvers that earned him a reputation as one of the most successful dealmakers in the media industry. (Axios)
• Inside the gold rush to sell cheaper imitations of Ozempic: Since then, a parallel marketplace with no modern precedent has sprung up, attracting both licensed medical professionals and entrepreneurs with histories ranging from regulatory violations to armed robbery. While clinics like Slym Wellness prescribe off-brand weight-loss medication following FDA policy, others are riding the boom in a legally gray area. (Washington Post)
• ZIRP: good, actually! But maybe easy monetary policy and the bubbles it can stir still helps more than it hinders — at least if you focus on the macroeconomic forest rather than the shareholder trees? (Financial Times)
• Why Denmark’s Housing Market Works Better than Ours: Danish borrowers can buy back their loans at market prices. (Aziz Sunderji)
• ChatGPT Can Now Generate Images, Too: OpenAI released a new version of its DALL-E image generator to a small group of testers and incorporated the technology into its popular ChatGPT chatbot. (New York Times)
• A fatal crash shows us everything that’s wrong with traffic enforcement: Amid rising traffic deaths, legal mechanisms designed to keep streets safe are breaking down. Is there a better way? (Vox)
• Connect or Die: The high cost of going it alone: This Exquisite Loneliness: What Loners, Outcasts, and the Misunderstood Can Teach Us About Creativity. (American Scholar)
• Are “Never Trump” Republicans Actually Just Democrats Now? Some are already hardcore progressives. And pollsters, politicians, and analysts from both parties say it may just be a matter of time before the rest switch parties, too. (New Republic)
• The Enduring Lessons of ‘Dumb Money’ Class warfare makes for a juicy Hollywood tale, but almost three years after the GameStop trading drama, hedge fund titans still rule. (Institutional Investor)
Be sure to check out our Masters in Business this week with Armen Panossian, incoming Co-CEO and Head of Performing Credit at Oaktree Capital Management, where he oversees all performing credit 2019 at Oaktree. Previously, he was at Pequot Capital Management managing distressed debt strategy.
How Rich Are American Households?
Source: A Wealth of Common Sense