The weekend is here! Pour yourself a mug of coffee, grab a seat outside, and get ready for our longer-form weekend reads:
• The Life Cycle of Market Champions. Throughout history, certain companies have dominated the equity market, but the process of creative destruction makes staying on top for long periods of time very difficult. (Bridgewater)
• The Best Investment I Ever Made: The Pros & Cons of Owning a Vacation Home (A Wealth of Common Sense) see also The Top 10 Upgrades That Make Your Home Sell Over Asking: We’re talking tens of thousands more. (House Beautiful)
• How Rivian Became the Anti-Tesla: The startup persuaded Elon-phobic car buyers to drop $70,000 on its EVs. Now it just needs to make money. (Businessweek)
• Why doesn’t advice work? (or at least work better): But I’m still convinced that lots of good advice gets ignored. Because—people sometimes ask me for advice, ignore it, struggle, and then finally come back and explain my advice to me as if it was novel. (Presumably I do the same thing.) (Dynomight)
• The Wild Story of What Happened to Pablo Escobar’s Hungry, Hungry Hippos: Ever since the demise of infamous drug kingpin, his pet hippos have flourished, wreaking havoc on the ecosystem and terrorizing local communities (Smithsonian Magazine)
• The life secret Jerry Seinfeld learned from Esquire: The only thing worth having is a skill to master. (Washington Post)
• Why Donald Trump Picked J. D. Vance for Vice-President: The Ohio senator is an attack dog for the former President, but he is also something more emergent and interesting: he is the fuse that Trump lit. (New Yorker) see also 55 Things to Know About J.D. Vance, Trump’s VP Pick Donald Trump’s pick for vice president made a 180-degree turn from fierce critic to bulldog surrogate for the former president. (Politico) see also What J.D. Vance really believes: The dark worldview of Trump’s choice for vice president, explained. (Vox)
• Horses, guns and swords: How cumbersome equipment gets to the Olympics: Athletes are responsible for getting their stuff to the Paris Games. That’s more complicated for some sports than for others. (Washington Post)
• Judd Apatow’s “Bob and Don: A Love Story” Watch a short film about the lifelong friendship between Bob Newhart and Don Rickles, who were not an obvious match. (New Yorker)
• Why Donald Glover Is Saying Goodbye to Childish Gambino: “Bando Stone & the New World,” his new album due Friday, tells a story about the potential end of the world — and the conclusion of his pseudonymous musical project. (New York Times)
Be sure to check out our Masters in Business this week with Greg Peters, Co-Chief Investment Officer of PGIM Fixed Income. He is also co-head on the Multi-Sector Team at PGIM Fixed Income. Mr. Peters is a member of the Fixed Income Analyst Society and the Bond Market Association. Mr. Peters was named a 2019 winner of the Pension and Investment Provider Award for Global Multi-Asset Credit.
Global wealth pyramid 2023
Source: UBS via Ben Carlson
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