The weekend is here! Pour yourself a mug of coffee, grab a seat outside, and get ready for our longer-form weekend reads:
• Costco is the hero America needs right now: Look, if you’re blaming Costco for inflation, you might have lost the plot. The company has famously low pricing, with among the lowest product markups of any major retailer out there, according to TD Cowen Managing Director Oliver Chen. That’s why the company enjoys an almost cult-like following. The retail giant truly is a miracle of capitalism. (Washington Post)
• Mnuchin Chases Wall Street Glory With His War Chest of Foreign Money: Trump’s former Treasury secretary is going where few seasoned investors can — and where some wouldn’t. (Bloomberg)
• No One Wants a New Car Now. Here’s Why. Why are so many Americans forgoing new vehicles? Used cars are not just a better bargain, they retain designs and features more coveted than their high-tech replacements. (Wall Street Journal)
• This Man Did Not Invent Bitcoin: For years, Craig Steven Wright, an Australian cryptocurrency enthusiast, claimed to be Satoshi Nakamoto, the mysterious creator of Bitcoin. Then the courts got involved. (New York Times)
• The Ballad of Birkenstock: How the 250-year-old German orthopedic shoe company with Succession-level family drama transformed itself into a luxury behemoth. (Bloomberg)
• How Much is a Memory Worth? The thing is, I can recall a lot of that October race day. I vividly recall the inability to feel my freezing hands as we approached the finish line, and hoping I didn’t screw up since I did not feel in control of my oar given my numb hands. On the other hand – the days I’ve had a warm cup of hot chocolate by a fireplace, I don’t recall any of those. (Mike Troxell) see also How exercise increases brain volume — and may slow memory decline: Exercising for 25 minutes a week, or less than four minutes a day, could help to bulk up our brains and improve our ability to think as we grow older. (Washington Post)
• A Republican Election Clerk vs. Trump Die-Hards in a World of Lies: Cindy Elgan has overseen elections in rural Nevada without incident for 20 years, but now even her neighbors wonder if she’s part of “the deep state cabal.” (New York Times)
• The Age of the Drone Police Is Here: Based on more than 22 million flight coordinates, reveals the complicated truth about the first full-blown police drone program in the US—and why your city could be next. (Wired)
• 91 Kitchen Tricks and Tips From Our Test Kitchen: From mastering whipped cream to learning a better way to crack an egg, here are 91 ways you can feel more comfortable and confident in the kitchen. (Real Simple)
• Get Ready for NBA Players to Make $100 Million a Year: America’s star athletes are on their way to nine-figure salaries. And it might happen sooner than you think. (Wall Street Journal) see also A Surf Legend’s Long Ride: For Jock Sutherland, being hailed as the world’s best surfer was just one phase in an unlikely life. (New Yorker)
Be sure to check out our Masters in Business next week with Peter Mallouk, CEO of Creative Planning, which manages over $300 billion in client assets. He is the author of The 5 Mistakes Every Investor Makes and How to Avoid Them, and his latest book, Money, Simplified.
The $630 Billion Active-ETF Boom Is Dominated by Top 10 Players
Source: Bloomberg
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