My morning train WFH reads:
• Here’s Fidelity Contrafund’s Will Danoff’s Secret Sauce: Fidelity Contrafund’s retiring manager showed how long-term stock-picking success is still possible. After decades running one of the biggest mutual funds on the planet, Danoff’s edge comes down to something surprisingly old-school: talking to management teams. (Morningstar)
• 200 lines of markdown just triggered a $285 billion sell-off — here’s what actually broke + what it means for your workflow: A deep dive into what actually broke when a model spec document rattled the markets, and what it means for your AI workflow. Here’s what actually died, what didn’t, and what you should do about it. https://natesnewsletter.substack.com/p/200-lines-of-markdown-just-triggered. (Substack) see also The $285 Billion Crash Wall Street Won’t Explain Honestly. Here’s What Everyone Missed. (YouTube)
• Drug Cartels Are Shifting Their Money Laundering to Crypto. Cops Can’t Keep Up: A vast ecosystem supported by the gig economy has sprung up to clean all that cash. Cartels are moving their dirty money through crypto and the gig economy, and law enforcement is struggling to keep pace with the evolving playbook. (Bloomberg free)
• Your stocks have been slumping, but you probably can’t blame Trump: The recent market pullback has more to do with valuations and earnings than politics — even if it’s more satisfying to blame the guy in the Oval Office. (Los Angeles Times)
• Bitcoin’s Binary Endgame: Why the Security Model Cannot Stabilize and Must Collapse to Functional Zero. (BiggerPocketsMoney)
• Soft clubbing is a late-stage capitalist fever dream: The monetization of connection continues — now even going out at night has been repackaged as a wellness experience with a cover charge. Let’s all pay to feel something, shall we? (Your Brain on Money)
• It Turns Out That When Waymos Are Stumped, They Get Intervention From Workers in the Philippines. That “self-driving” may be due for some extra scrutiny, though. During a Congressional hearing on Wednesday, Waymo’s chief safety officer, Mauricio Peña, was grilled over the company’s use of Chinese-made vehicles and reliance on overseas workers, as Business Insider reports. (Futurism)
• These Young Voters Are Starting to Regret Their Vote for Trump: After nearly winning the group in 2024, president losing support among voters ages 18-29. (Wall Street Journal)
• Scientists thought they understood global warming. Then the past three years happened. The last 30 years are the fastest warming period since 1880, according to a Washington Post analysis of NASA data. (Washington Post) see also Scientists record coldest ocean temperature ever in Earth’s history—and wonder how life survived: Ancient rocks once beneath the ocean hold clues of severe conditions unimaginable on today’s planet. (Nat Geo)
• Wasserman Fallout: Every Artist Who Has Spoken Out Over Founder’s Epstein Ties: Clients of Casey Wasserman’s namesake agency have begun defecting after his relationship to Jeffrey Epstein accomplice Ghislaine Maxwell came to light. A running list of musicians distancing themselves from the talent agency.(Billboard)
Be sure to check out our Masters in Business this weekend with Heather & Doug Bonaparthe, a married couple who work together and wrote a book on the financial challenges couples face: “Money Together: How to find fairness in your relationship and become an unstoppable financial team.” Our discussion sits somewhere in between financial planning and couples therapy, built around real stories that try to help couples find a healthier approach to money.
US Consumer Delinquencies Jump to Highest in Almost a Decade
Source: Bloomberg
Sign up for our reads-only mailing list here.
