Bespoke’s Brunch Reads – 6/9/24

Jun 9, 2024

Welcome to Bespoke Brunch Reads — a linkfest of the favorite things we read over the past week. The links are mostly market-related, but there are some other interesting subjects covered as well. We hope you enjoy the food for thought as a supplement to the research we provide you during the week.

Important News!

Rise and shine, it’s Brunch Reads time! Before getting into this week’s links, we wanted to make you aware that after this week, Brunch Reads will be exclusive to Bespoke Members. Brunch Reads has become a Sunday morning staple for many, and as a valued reader, we want to ensure you can continue enjoying it. Here’s how:

Upgrade your Bespoke experience: Subscribe to one of our three Bespoke membership levels (descriptions below) and receive immediate access to all that each service has to offer!

Take advantage of our special offer: Using any of the links below, you can also unlock 30 days of full access to each level of service for just a dollar and then 20% off for the life of the subscription after that.

Don’t miss out! Click any of the membership links below this week’s articles and unlock your exclusive $1 trial offer.

On This Day in History:

Why the Pandemic Probably Started in a Lab, in 5 Key Points (NYT)
You may have seen Dr. Fauci’s hearing earlier this week, which delved into the controversial handling of Covid-19, particularly focusing on the potential origins of the virus. Evidence is mounting that the pandemic likely resulted from a lab accident at the Wuhan Institute of Virology, as depicted through the intricate web of virus research, including genetic manipulations and the international collaboration that supported such activities. The lab in Wuhan had proposed creating viruses with SARS-CoV-2 features and did so under low biosafety conditions, according to the evidence, which stacks up heavily against other, less-supported, theories. [Link]

‘Unusual’ cancers emerged after the pandemic. Doctors ask if covid is to blame. (MSN)
In 2021, Dr. Kashyap Patel and his team noticed an unusual spike in rare cancers among younger patients, raising concerns about a link to COVID-19. The spike included cases of cholangiocarcinoma, a cancer typically seen in much older individuals. While some attribute this trend to pandemic-related healthcare delays, others, like Patel, believe the virus could have played a direct role. Research is starting to explore if COVID-19 triggers inflammation that may accelerate cancer growth. Despite skepticism, a growing number of scientists advocate for prioritizing studies on COVID-19’s potential long-term effects on cancer, recognizing that it could significantly impact future treatment and patient care. [Link]

Woman Declared Dead Is Found Alive at Funeral Home (NYT)
In a shocking incident in Nebraska, 74-year-old Constance Glantz was pronounced dead at a nursing home but was later found breathing by a funeral home employee. Transported by Butherus-Maser & Love Funeral Home, Glantz was discovered alive during preparation for her funeral, leading to an immediate call to emergency services. She was revived and taken to a hospital but passed away later that day. No criminal intent has been found so far. [Link]

A new discovery about carbon dioxide is challenging decades-old ventilation doctrine (STAT)
Carbon dioxide monitors became important tools during the pandemic, serving as proxies for indoor air quality and potential virus transmission. High CO2 levels indicate poor ventilation, meaning there’s a higher likelihood of inhaling airborne pathogens. Elevated CO2 levels not only indicate poor ventilation but also enhance virus survival, making air more conducive to sustaining infectious particles. Studies suggest that even moderate increases in CO2 can significantly prolong the viability of viruses like Covid. [Link]

AI & Technology

Windows feature that screenshots everything labeled a security “disaster” (The Verge)
Microsoft is launching a new AI-powered feature called Recall on June 18th, designed to screenshot everything you do on your PC for easy search and retrieval. Despite promises of security and local data storage, cybersecurity expert Kevin Beaumont has pointed out vulnerabilities, such as storing data in plain text, making it easy for malware to extract sensitive information. Privacy campaigners and the UK’s Information Commissioner’s Office have already expressed concerns, and while Microsoft claims Recall is optional and secure, the opt-out setup and lack of content moderation add to the worries. [Link]

Yes, artificial intelligence is running for mayor of Cheyenne; city, county clerks comment on candidate VIC (Oil City News)
In Cheyenne, six individuals have filed to run for mayor, with one standout candidate: VIC, or Virtual Integrated Citizen. Developed by OpenAI, VIC uses AI for data-driven decision-making, transparency, efficiency, and innovation in city administration. Although VIC is supported by a human team, the candidacy presents legal questions, as current law requires candidates to be human registered voters. Local clerks are grappling with this unprecedented situation, noting that AI cannot be a registered voter, and thus may not qualify for the ballot under Wyoming law. The resolution of VIC’s candidacy remains pending, but it’s interesting to think how an AI candidate may fare against humans during a very hot political year in the US. [Link]

Researchers Use AI to Decode the Secret Language of Dog Barks (Gizmodo)
Researchers are using AI models trained on human speech to decode dog barks. By employing the state-of-the-art AI speech model Wav2Vec2, they trained one model on human speech and then fine-tuned it on dog barks, and another model solely on dog barks. The model pre-trained on human speech performed better, achieving 62% accuracy in identifying a dog’s emotion and breed, 69% accuracy in gender, and 50% accuracy in identifying individual dogs. The findings suggest that AI models trained on human speech could revolutionize our understanding of animal communication. Researchers plan to expand their studies to include more breeds, emotions, and species, aiming to further explore the potential of this technology in decoding animal languages. [Link]

Transportation

A Traffic Engineer Hits Back at His Profession (Bloomberg)
Pedestrian and cyclist deaths in the US have reached a 40-year high, and safety advocates argue that transportation engineering itself is to blame. In “Killed by a Traffic Engineer,” Wesley Marshall, a civil engineering professor, critiques the field for prioritizing speed over safety and debunks myths like the blame on human error. The book reveals how current practices, that use outdated standards and are geared towards avoiding liability, fail to address the real causes of traffic fatalities. Marshall calls for designing streets that consider human behavior and prioritize safety for all users, which is apparently against the status quo in transportation engineering. [Link]

America’s Commute to Work Is Getting Longer and Longer (MSN)
American workers are accepting longer commutes as housing costs around cities and hybrid work make hour-plus drives more common. Research shows a substantial rise in “super commutes” of 75 miles or more since 2020, led driven by people who tolerate long drives due to less frequent office visits. The study reveals a pattern of workers, especially younger ones and high earners, moving farther from urban centers. Even though lengthy drives and high parking costs might be a deal-breaker for some, many find the trade-offs for larger living spaces and hybrid work schedules worth it. [Link]

Did she even count the MTA votes? (Poltico)
New York Gov. Kathy Hochul’s sudden decision to pause the congestion pricing plan has caused confusion and concern among MTA board members, who were not consulted in advance. This decision leaves a $1 billion budget gap, with the Legislature unlikely to implement a last-minute payroll tax to cover it. The responsibility may fall to the MTA board, which is composed of various gubernatorial, mayoral, and county appointees. Five board members have publicly opposed the governor’s move, suggesting potential resistance if the issue comes to a vote. Hochul has not commented publicly on her decision, and the situation remains uncertain as lawmakers explore other funding options. [Link]

Taxes

IRS makes Direct File a permanent option to file federal tax returns; expanded access for more taxpayers planned for the 2025 filing season (IRS)
The IRS announced that its Direct File service will become a permanent option for filing federal tax returns starting in 2025 after the success it had with its pilot program. Direct File was praised for its ease of use and efficiency, allowing taxpayers to file electronically at no cost. Plans are in place to expand its availability to more states and tax situations. Despite some concerns about existing free filing options, the IRS is improving Direct File based on user feedback to simplify the tax filing process. [Link]

Sports

Is This America’s First $100 Million-a-Year Athlete? (WSJ)
Luka Doncic, the Dallas Mavericks’ star who is playing for an NBA championship right now, stands to out-earn legends like Michael Jordan and LeBron James, potentially making over $1 billion by the end of his career. Rising TV and streaming deals, such as the NBA’s upcoming $76 billion contracts with ESPN, NBC, and Amazon, have fueled unprecedented salary increases. Projections indicate that a $100 million annual salary could become a reality by the 2032-33 season. Put that together with lucrative shoe deals and that becomes a lot of money for some of the league’s best. Even the WNBA is seeing a boost as the women’s game has SURGED in popularity this year with more televised games, shoe deals, and viral moments! [Link]

Economic Trends

Want to Pay Cash? That’ll Cost You Extra (WSJ)
If you go to Yankee Stadium concessions with cash, you’ll have to use a reverse ATM due to the stadium’s cashless policy. The ATM deducts a fee and issues debit cards that can be used in place of the unaccepted cash. Many venues and businesses are now adopting cashless systems, which often result in extra fees for cash users. While cash remains a popular payment method, accounting for 16% of all transactions in 2023, the dominance of digital payments is burdening those who prefer or rely on cash, especially older and lower-income individuals, or even those who don’t want all their transactions tracked. Despite some states mandating acceptance of cash, the trend towards cashless transactions continues to grow, driven by convenience and security concerns. [Link]

The low-end consumer ‘is really being stretched,’ says Five Below CEO (CNBC)
Joel Anderson, CEO of Five Below, highlighted ongoing challenges for consumers, particularly in lower-income demographics, despite signs of easing inflation. On a recent earnings call, Anderson emphasized the need to deliver value to attract stretched customers. Five Below’s revenue guidance for Q2 and full year fell short of expectations, with Q1 revenue also underperforming. The company’s shares dropped nearly 11% on Thursday, reaching a 52-week low and marking a 44% decline in 2024. Anderson noted a shift in consumer behavior towards “consumable” items like candy, food, beauty, and health aids, with the Five Beyond section, offering some items for more than $5, showing the best performance among lower-income households. Despite some positive economic indicators, consumer sentiment remains low, with a notable drop in May, and many Americans mistakenly believe the country is in a recession. Anderson concluded that prolonged inflation in key areas like food, fuel, and rent has made consumers more cautious with discretionary spending. [Link]

Policy & Law

Should Finfluencers Be Regulated as Financial Advisors? (Barron’s)
The rise of financial influencers (“influencers”) on social media is a challenge for regulators. There’s a tension between protecting investors and free speech. The SEC is unsure if it can regulate finfluencers as investment advisors. Some influencers might be exempt if their advice is impersonal and they don’t mislead investors. Regulators might encourage disclosure and education to address the issue.[Link}

Keep your access to Brunch Reads, and become a Bespoke member. Sign up today!

Bespoke Newsletter – $1 for the first month and $39 each month after.

*Our Most Popular Service*
Bespoke Premium – $1 for the first month and $79 each month after.
*Our Most Popular Service*

Bespoke Institutional – $1 for the first month and $156 each month after.

Have a great weekend!

Bespoke’s Brunch Reads – 6/2/24

Jun 2, 2024

Welcome to Bespoke Brunch Reads — a linkfest of the favorite things we read over the past week. The links are mostly market-related, but there are some other interesting subjects covered as well. We hope you enjoy the food for thought as a supplement to the research we provide you during the week.

While you’re here, join Bespoke Premium with a 30-day trial!

On This Day in History:

A Queen Crowned: On June 2nd, 1953, Queen Elizabeth II was crowned queen at 27 following the death of her father, King George VI. It was the first coronation to be watched from home, and the sale of televisions went through the roof. During her reign, Queen Elizabeth II oversaw the transition of several countries from British rule to independence. Notable examples include Ghana in 1957, Nigeria in 1960, and Kenya in 1963. She also played a role in transitioning the British Empire into the modern Commonwealth, as it grew from eight member nations to 54 during her reign. Her historic visit to Ireland in 2011 was even the first by a British monarch since Ireland gained independence, symbolizing a new era of Anglo-Irish relations. Despite her many accomplishments, the Queen didn’t escape controversy, as the royal family’s response to Princess Diana’s death in 1997 drew public criticism. Queen Elizabeth II sadly passed away in 2022 at the age of 96. As the longest-reigning monarch in British history, her son has taken over as King Charles III.

Batteries Taking Charge of the California Grid (Grid Status Exports)
Battery storage in California ISO (Independent System Operator) has surged this spring, with batteries discharging over 5GW at peak times, doubling last year’s average. This increase has led to the lowest average hourly gas generation in seven years. Solar generation also set new records, with the top ten instantaneous solar records occurring in late April, working with batteries to manage solar ramps and reduce midday gas usage. Midday exports have declined despite increased solar generation, indicating a cleaner energy mix. [Link]

The incredible, Earth-saving electric bike is having a moment (Business Insider)
E-bikes have surged in popularity, especially during the pandemic, providing a greener alternative to cars for short trips. Research shows that using an e-bike even once a day can dramatically reduce transportation emissions. E-bikes can be convenient, but they can also help overcome barriers like steep hills and long commutes, making biking a viable option for more people who would otherwise avoid them. Sales of e-bikes have skyrocketed, and new legislation may soon offer financial incentives to boost their adoption. [Link]

The Slowdown in US Electric Vehicle Sales Looks More Like a Blip (Bloomberg)
Despite a flat start to the year for US EV sales and setbacks for Ford and Tesla, the EV market is still strong. Many top automakers, including Hyundai-Kia and Ford, saw substantial sales increases, with some brands seeing over 50% growth in Q1. GM expects a massive ramp-up with new models featuring its Ultium batteries. Tesla is navigating a transitional phase by opening its Supercharger network to non-Tesla owners and planning new vehicle launches, including a self-driving “Cybercab” and potentially more affordable models next year. Other manufacturers are introducing affordable, mass-produced EVs. Long-term forecasts remain optimistic for EV sales over the next few years. [Link]

Solar and battery storage to make up 81% of new U.S. electric-generating capacity in 2024 (U.S. Energy Information Administration)
According to the latest data, developers and power plant owners plan to add 62.8 gigawatts (GW) of new utility-scale electric-generating capacity in 2024, a 55% increase from 2023. Solar power will lead the charge, with an expected record addition of 36.4 GW, nearly doubling last year’s 18.4 GW. Key states like Texas, California, and Florida will dominate these new solar installations. Battery storage is also set to see substantial growth, with plans to add 14.3 GW, nearly doubling the current capacity, driven by projects in Texas and California and boosted by investment tax credits from the Inflation Reduction Act. Wind power will add 8.2 GW, including significant offshore projects like Vineyard Wind 1 and South Fork Wind. Natural gas additions will be the lowest in 25 years, with 2.5 GW planned, primarily from simple-cycle gas turbine plants. Lastly, the Vogtle nuclear power plant in Georgia is set to start its fourth reactor in March 2024, contributing an additional 1.1 GW. [Link]

A problematic estimate of warming from low-sulfur marine fuels (The Climate Brink)
Aerosols play a complex role in the climate system by reflecting sunlight and serving as cloud condensation nuclei, which cool the Earth. The main source of these aerosols has been burning sulfur-rich fossil fuels. However, global sulfur dioxide emissions have decreased significantly, particularly due to regulations like the IMO2020, which dramatically cut sulfur emissions from ships. This reduction has likely unmasked some of the warming previously offset by these aerosols. A new study estimates that the IMO2020 regulations have led to an increase in radiative forcing over the oceans, contributing to additional warming. However, their simplified model may overstate the immediate warming impact. [Link]

Economic Trends

Amazon Fresh to cut grocery prices by as much as 30% to bring back inflation-battered customers (New York Post)
Amazon is cutting grocery prices by up to 30% at its Amazon Fresh stores, both online and in physical locations, to attract inflation-weary customers. The discounts will cover 4,000 items, including meat, seafood, frozen food, dairy, snacks, and beverages, and apply to both national brands and Amazon-owned products. Prime members can enjoy an additional 10% off these reduced prices. Amazon is the latest to follow similar actions by Target and Walmart, which have also announced price cuts to help customers cope with rising food costs. [Link]

Investments

How Researchers Cracked an 11-Year-Old Password to a $3 Million Crypto Wallet (WIRED)
Two years ago, a cryptocurrency owner named Michael lost access to his $2 million worth of bitcoin stored in a password-protected digital wallet. After initial rejection, he convinced famed hacker Joe Grand to take on the challenge. Grand and his friend discovered a flaw in the RoboForm password manager that tied password generation to the computer’s date and time. This breakthrough allowed them to recreate Michael’s password from 2013, unlocking his fortune. Now, with his bitcoin valued at $3 million, Michael reflects on how losing access ultimately led to a greater financial gain. [Link]

Education

Are Gaza Protests Happening Mostly at Elite Colleges? (Washington Monthly)
Student protests against Israel’s actions in Gaza have been notably concentrated at elite colleges, like Columbia University, where fewer students come from lower-income families. Using data from Harvard’s Crowd Counting Consortium, it was found that pro-Palestinian protests and encampments were rare at colleges with high percentages of Pell Grant recipients, which indicates a lower-income student body. In contrast, protests were more common at selective, wealthy institutions. Data suggests that poorer students may prioritize other concerns like jobs and family responsibilities over protesting. Additionally, some colleges have a stronger tradition of activism, while others face political pressures to suppress protests. [Link]

War

‘He couldn’t wait to join’: thousands of young Russians die in Ukraine war (The Guardian)
Shortly after turning 18, Daniil Yermolenko joined the Russian armed forces, inspired by patriotic narratives. Following a brief training period, he was deployed to eastern Ukraine, where he tragically died in early April during intense combat. Yermolenko, the youngest known soldier killed in the conflict, was celebrated in his hometown with a military funeral. His death serves as an example of Russia’s push to recruit its youth, illustrated by increased spending on patriotic education and state-run militarized groups. Despite the Kremlin’s efforts, the effectiveness of this ideological campaign remains uncertain, with financial incentives playing an important role in recruitment. Yermolenko’s brother, Maksim, hopes Daniil’s story will motivate other young Russians to enlist. [Link]

Health & Wellness

What to Know About the Roiling Debate Over U.S. Maternal Mortality Rates (ProPublica)
An unusual public dispute has arisen among maternal health experts regarding the accuracy of the rising US maternal mortality rates over the past two decades. A new study claims that the CDC’s maternal death rates are inflated due to misclassified data and argues that the actual rates are lower and stable. The CDC and the American College of Obstetricians and Gynecologists criticized the study, stressing the importance of accurate data to address the maternal mortality crisis. Specifically, the introduction of the pregnancy checkbox on death certificates has improved the data collection process but also complicated it. Despite the differing views, both sides agree on the disproportionate impact on Black women and the need for more precise data to inform public health initiatives. [Link]

THIS IS THE LAST CHANCE TO SIGN UP WITH OUR MEMORIAL DAY SPECIAL!

Memorial Day was nearly a week ago, but there’s still a little time to get either a full year of Bespoke Premium or six months of Bespoke Institutional for just $527.  Once the special trial period ends, you’ll get 20% off for life if you stick with the service.

Bespoke Premium Memorial Day Special

Bespoke Institutional Memorial Day Special

Have a great weekend!