My end-of-week morning train WFH reads:
• The Great $110 Trillion Wealth Transfer Won’t Happen Any Time Soon: Financial advisory firms like to talk about a looming event called “the great wealth transfer,” where the huge and very wealthy baby-boomer generation dies off and their children inherit their money. But the process may be more of a slow drip than a sudden windfall. The two generations that hold the most wealth are baby boomers, who are between age 61 and 80, and Gen X, who are between 45 and 61. Americans 55 and up control most wealth, and many of them have decades of living left. (Wall Street Journal)
• Will the anti-obesity wonder drugs work wonders for the US economy? Unlike artificial intelligence, the impact of GLP-1 medications may already be happening in a big way. (Faster, Please!)
• Wall Street’s Wisest Man: The renowned investment wizard Charley Ellis (Chair Yale Endowment, BoD Vanguard Group)) from June 2001. It still rings true, because wisdom never goes out of style. Investing, like manufacturing cookies or toothpaste, is supposed to be boring: “If you find anything interesting, you’ve found something wrong.” (Jason Zweig)
• The $11 Billion Casino-Style Economy Built on Players Who Can Never Cash Out. Apple and Google are raking in money from social casinos that replace real winnings with virtual coins and dopamine hits. Some players have spent more than $1 million to keep playing. (Bloomberg Free)
• ‘Life is existential uncertainty. What happens when you outlive a fatal diagnosis? Bruce Deachman in this National Post article talks with three people whose lives were upended by grim prognoses. Life threw them another curveball by extending their lives, in some cases indefinitely. Tadas Viskanta’s quiet meditation on living with not-knowing. The investing application is obvious; the human one matters more. (Abnormal Returns)
• Brendan Carr Is Playing a Dangerous Game: If he can weaponize Jimmy Kimmel’s joke to punish ABC, other media companies with far less will be intimidated out of ever criticizing the president again. (Slate)
• How Texas Republicans Turned on George W. Bush: The former president is now persona non grata in his own state party. The man who delivered Texas to the GOP is now one of its chief targets. What gives? (Texas Monthly)
• Iran has hit far more U.S. military assets than reported, satellite images show: Imagery published by Iranian state-affiliated media and verified by The Post shows damage to at least 228 structures or pieces of equipment at U.S. military sites. Investigative satellite work re-counting the actual damage to U.S. bases. The official tally and the imagery don’t agree. (Washington Post)
• How the Classic American Game of Twister Went From Risqué to Record-Breaking: Sixty years ago, Johnny Carson and Eva Gabor played Twister on the “Tonight Show,” and the public took it as permission to buy the controversial game. The improbable history of the most physically suggestive game ever sold to children — from puritan panic to Guinness records. (Smithsonian Magazine)
• Billie Eilish says she does ‘everything I can’ to suppress Tourette syndrome tics: US singer-songwriter talks about huge effort of controlling her behaviour, in interview with Amy Poehler. Eilish on the daily work of masking a neurological condition in public. A useful counter to the ‘celebrities are fine’ assumption. (The Guardian)
Video of the day: Why Boston Dynamics’ New Atlas is Years Ahead of Tesla
Be sure to check out our Master’s in Business interview this weekend with Howard Lindzon, known as “The Larry David of Finance.” He is General Partner at the seed fund, Social Leverage, he was one of the first seed investors in Robinhood, which IPOd at $30B in 2021, eToro, Manscaped, and Beehiiv. Previously, he founded Wallstrip, a daily online video show acquired by CBS (2007). He also co-founded Stocktwits, which pioneered the “cashtag.” Recognized by Institutional Investor as a “Super Angel;” his podcast is Panic with Friends.
Which US cities give new grads the best shot in 2026?
Source: Sherwood
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