Dec 17, 2023
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:
The Wright Brothers: On December 17, 1903, in Kitty Hawk, North Carolina, the Wright Brothers changed the course of human history. Orville and Wilbur Wright, two inventors from Dayton, Ohio, successfully conducted the first powered, controlled flight of a heavier-than-air aircraft. Kitty Hawk was a perfect location for the experiments due to consistent winds and soft dunes, safer for any crash landings. The two meticulously tested and refined their designs through numerous glider flights, gathering data that was crucial for their powered flight endeavors.
Orville Wright took the controls of their carefully engineered airplane, known as the Flyer, which lifted off the ground for a groundbreaking 12-second flight, covering 120 feet. This pioneering flight marked the birth of modern aviation, a testament to human ingenuity and determination. Their achievement opened the skies to exploration and revolutionized transportation which now allows for cultural exchange and global interconnection. As aviation became more advanced throughout the 20th century, the ability to transport people and goods through the air led to exponentially more efficient trade.
Health and Medicine
‘It’s all gone’: CAR-T therapy forces autoimmune diseases into remission (Nature)
CAR-T-cell therapy, a groundbreaking approach initially used for cancer treatment, has shown promising results in treating autoimmune disorders. In a recent study, 15 participants with autoimmune conditions experienced significant improvement, remaining disease-free or nearly so after the treatment. This therapy involves engineering a patient’s T cells to produce proteins called chimeric antigen receptors (CARs), which target and destroy B cells responsible for the autoimmune response. [Link]
Inhaled SARS-CoV-2 vaccine for single-dose dry powder aerosol immunization (Nature)
Scientists have developed a new type of COVID-19 vaccine that you can inhale as a dry powder instead of getting as a shot. This vaccine is designed to work after just one dose, and it targets the lungs to give a strong immune response, not just in the bloodstream but also in the respiratory system. The vaccine can also adapt to different strains of the virus, such as the original and Omicron variants, making it a promising tool for fighting COVID-19 and possibly other similar viruses. [Link]
Economic Trends
Digesting inflation (Briefing Book)
Despite recent disinflation, consumer sentiment remains negative, potentially due to the cumulative effect of significant price increases over the past three years. Even though annual inflation eased to 3.2% this year, the overall increase in prices over the last three years was 18.6%. The University of Michigan’s consumer sentiment index remains low, similar to levels during the Great Recession, despite improvements in inflation and gas prices, as well as a seemingly lower risk of recession. [Link]
The ID.4 Could Be Volkswagen’s First EV Made With U.S. Union Labor (Heatmap News)
UAW president Shawn Fain aims to aims to organize non-union auto workers, starting with Volkswagen’s Chattanooga, Tennessee plant where over 30% of workers have signed union cards. The Chattanooga plant, VW’s only US factory, has been accused of lower pay and poor working conditions. Previous unionization attempts failed in 2014 and 2019. Potential unionization at Tesla’s US factories was also mentioned. This development comes after UAW secured significant raises and benefits with major automakers earlier this year. [Link]
Lending and Saving
Gen X’s Retirement Problem (RIA Intel)
Gen X is looking at a retirement savings issue, as nearly half of non-retired Gen Xers (aged 43 to 58) have not started retirement planning, with 61% expressing doubt about achieving their dream retirement. This group anticipates needing $1.1 million for a comfortable retirement but expects to have only about $661,013 saved, creating a savings gap of $451,170, which is larger than that of Millennials and Baby Boomers. Contributing to this issue is Gen X’s allocation of 32% of their retirement assets to cash, driven by a fear of loss and a lack of investment knowledge. This points out the need for financial literacy and knowledge for effectively saving for retirement. Check our “Get Invested” slides that point out the benefits of long-term investing in the stock market! [Link]
Elon Musk told lenders they would not lose money on Twitter deal (Financial Times)
Elon Musk assured the banks who lent him $13bn for his Twitter buyout, now rebranded as X, that they would not incur losses (would they have lent to him if he promised them losses), despite the company’s value falling sharply post-acquisition. However, the lenders, including major banks like Morgan Stanley and Bank of America, face potentially significant losses if they sell the debt, with market investors showing reluctance to buy X’s bonds and loans. The banks have kept the debt on their balance sheets, hoping for an improvement in X’s performance after cost-cutting measures. [Link]
Crime
Crime in 2023: Murder Plummeted, Violent and Property Crime Likely Fell Nationally (Jeff-alytics)
Challenging the common perception that crime is on the rise in the US, this article discusses crime’s decline in 2023. Based on data from the FBI, murders have decreased 12.7%, with declines in 73% of over 175 cities analyzed. Now, that doesn’t mean there aren’t outlier cities that have experienced a rise in crime, nor does it mean the level of violence is close to acceptable. Other violent crimes also saw significant drop-offs YoY, with motor vehicle theft up 10%. Violent crime is also down across the board between urban, suburban, and rural counties. Ideally, this news provides a hopeful outlook that violent crime can continue to trend in the right direction. [Link]
Artificial Intelligence
News Publishers See Google’s AI Search Tool as a Traffic-Destroying Nightmare (WSJ)
The Atlantic is concerned about Google’s integration of AI into its search engine, fearing it could significantly reduce the magazine’s web traffic. About 40% of The Atlantic’s traffic comes from Google searches, and a model suggests that AI-powered searches could answer 75% of user queries directly, bypassing external links to the magazine. Google is testing an AI search product called “Search Generative Experience” with 10 million users. This shift highlights the risks for media outlets relying on tech companies for visibility, especially as AI technology could directly provide answers, reducing the need for users to visit the original content sources. [Link]
Enforcing Laws & Regulations
US agency takes first step to mandate anti-drunk driving technology (Reuters)
U.S. auto safety regulators have initiated steps to mandate carmakers to incorporate technology that prevents intoxicated drivers from starting their vehicles. This move follows a congressional directive in 2021, aiming to reduce over 10,000 annual road deaths caused by impaired driving. Various technologies are being considered, including breath or touch-based sensors that detect the presence of alcohol and cameras that monitor eye movements. However, the NHTSA needs to ensure the reliability of these technologies and their public acceptance, as even a 99.9% accuracy rate could result in a significant number of false positives. [Link]
Federal Regulators Seek to Force Starbucks to Reopen 23 Stores (NYT)
Federal labor regulators have accused Starbucks of illegally closing 23 stores as a tactic to suppress union organizing among its employees, with at least seven of these stores having unionized. The issue is set for a hearing with an administrative judge next summer, unless settled earlier by Starbucks. The company has faced over 100 complaints and numerous rulings against it for similar issues. The National Labor Relations Board is seeking to reopen these stores and compensate affected employees. [Link]
Creative Combinations
Doritos nacho cheese liquor sounds like a stunt, but it’s actually good (Washington Post)
This unusual spirit was born out of curiosity when the CEO of Empirical Spirits, experimenting with distillation, decided to use actual Doritos as the flavor source. Initially kept as a novelty item for friends and family, the spirit evoked strong, nostalgic reactions and was eventually presented to Frito-Lay. Despite its unconventional nature, the product is seen as a creative exploration in the spirits industry, recommended for use in cocktails like margaritas and Bloody Marys. [Link]
Competitive Markets
Kirkland & Ellis: is it party over for the world’s most profitable law firm? (Financial Times)
Kirkland & Ellis, a highly profitable law firm known for its work with private equity, has developed a culture and business model similar to a hedge fund or investment bank, with aggressive tactics and high earnings for partners. However, it faces new challenges as interest rates rise and private equity deals decline, affecting its co-investing perks and overall business. Additionally, Kirkland’s dominant position and practices have come under scrutiny from industry bodies and competitors, with rivals adopting similar strategies and poaching its business. [Link]
Give a Gift
Thank your Amazon driver with a $5 gift at no extra cost (ABC4 Utah)
Amazon has launched a holiday initiative where customers can show appreciation to their delivery drivers through the website or app, or even using Alexa by saying “Alexa, thank my driver.” The first 2 million expressions of gratitude will include a $5 gift from Amazon to the driver, at no cost to the customer. This “Thank My Driver” program, which began in 2022, has been a year-round initiative, with top-thanked drivers from the previous year receiving $10,000 from Amazon. Happy holidays! [Link]
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Have a great weekend!
Dec 3, 2023
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:
The First Ever Text: On December 3rd, 1992, a 22-year-old engineer named Neil Papworth used his PC to text “Merry Christmas” to his colleague Richard Jarvis, who was attending a holiday party. Papworth was part of a group within Vodafone that was developing a “Short Message Service Centre” (SMSC). Not only was Papworth early in wishing his friend Merry Christmas, but he also likely had no idea of the importance of that message. Reflecting on it years later, he said, “It didn’t feel momentous at all. For me, it was just getting my job done on the day and ensuring that our software that we’d been developing for a good year was working OK.” When Jarvis and his colleagues at the party received the message, they were excited it worked, but they didn’t text Papworth back. At the time, phones could only receive texts. So, instead, they used the phone and called him. Today, it is estimated that 23 billion text messages are sent per day, and as a result, millions of comments are likely misinterpreted by their recipients. If only people still picked up the phone and called back today!
AI & Technology
Undaunted by hurricanes, COVID and quakes, Puerto Rico ready for its tech moment (MarketWatch)
Puerto Rico hasn’t had the best fortune in recent years, hit by natural disasters, a pandemic, and more. That misfortune isn’t stopping its tech movement though. The island, historically a manufacturing hub, is increasingly being recognized for tech and is attracting major companies like Amazon, Microsoft, Oracle, and Meta Platforms. With a strong engineering talent pool, bilingual workforce, and advantageous tax incentives, Puerto Rico is overcoming infrastructure issues and natural disasters to foster a resilient tech ecosystem. Puerto Rico aims to retain and attract STEM talent, capitalizing on its unique position as a US territory with strategic location benefits. [Link]
How Your Dog or Cat Could Help Speed Up Your Health Tests (WSJ)
Medical diagnostics are being revolutionized by artificial intelligence (AI), with rapid advancements initially seen in veterinary care now informing human diagnostics. Techcyte, a Salt Lake City-area startup, has developed AI algorithms using animal data, significantly speeding up test results processing. The Mayo Clinic, among others, has adopted these algorithms, enabling faster turnaround for parasite testing and working towards AI-based cancer detection. AI in diagnostics is proving more efficient and accurate, reducing human error and fatigue. [Link]
Sports Illustrated Published Articles by Fake, AI-Generated Writers (Futurism)
Sports Illustrated has been publishing content from seemingly fictional writers with AI-generated headshots and biographies. Investigations revealed that Drew Ortiz, an author on Sports Illustrated’s site, along with others, had no online presence outside of the publication and used AI-generated images for themselves. After inquiries, Sports Illustrated’s publisher, The Arena Group, removed these authors and their content, initially denying AI involvement but later admitting to licensing content from AdVon Commerce. This situation reflects a broader trend in media, where publishers like CNET, Bankrate, and BuzzFeed have faced criticism for using AI-generated content. [Link]
The Inside Story of Microsoft’s Partnership with OpenAI (The New Yorker)
Microsoft faced a crisis when OpenAI, a key collaborator, abruptly fired its co-founder and CEO, Sam Altman. This caused turmoil within OpenAI and threatened Microsoft’s strategic partnership which was integral to its AI advancements. After intense internal discussions and employee backlash at OpenAI, Altman was reinstated as CEO following significant changes to OpenAI’s board, stabilizing the partnership with Microsoft. The New Yorker gives the full behind-the-scenes details. [Link]
A Quibi-like app called ReelShort hit record downloads and revenue this month (TechCrunch)
ReelShort, a short-video app similar to Quibi, has seen significant success with 1.9 million downloads in November and substantial revenue despite criticisms of its content quality. The app, which has aggressive marketing strategies, features episodes unlocked through ads or virtual currency. Since its August 2022 launch, it has garnered 11 million downloads and $22 million in net revenue. ReelShort’s popularity suggests a continued consumer interest in short-form, produced entertainment, competing with platforms like TikTok. [Link]
Energy & Sustainability
A first-of-its-kind geothermal project is now operational (Google)
Aiming to address climate change, a company called Fervo has set a goal to operate its data centers and office campuses on 24/7 carbon-free energy (CFE) by 2030. To achieve this, Fervo is focusing on commercializing advanced clean electricity technologies, with a particular interest in enhanced geothermal energy. Google has partnered with Fervo to develop an enhanced geothermal power project, which is now operational and supplying carbon-free electricity to their data centers in Nevada. They also recently announced a partnership with Project InnerSpace to further geothermal energy adoption. Ideally, projects like this will kickstart a movement in the power sector towards clean energy. [Link]
Tesla solar panels were going to change the world. What happened? (Financial Times)
In 2016, Tesla acquired SolarCity and unveiled a future home concept with solar roof tiles, but seven years later, this aspect of Tesla’s strategy has significantly receded. The broader solar industry, including Tesla, faces challenges like high-interest rates and supply chain issues. Tesla’s solar deployments, particularly the Solar Roof product, have underperformed against targets. Despite Elon Musk’s continued optimism, Tesla’s strategy for its solar business remains unclear. [Link]
EVs
Electric vehicles and hybrids grow to a record-high 18% of U.S. light-duty vehicle sales (EIA)
In the US, 16% of all light-duty vehicle sales came from battery EVs (BEV). Hybrid and plug-in hybrid sales contributed to bringing that figure up to a 17.7% record high. Notably, the average transaction price for BEVs decreased by 5% in the third quarter to $50,283, making them more competitively priced compared to the overall industry average for light-duty vehicles. However, BEV sales are still primarily concentrated in the luxury vehicle market, comprising 34% of total luxury vehicle sales but less than 2% in the non-luxury segment. [Link]
Biden to Limit Chinese Role in U.S. EV Market (WSJ)
An EV tax credit, part of the Inflation Reduction Act, aims to decrease reliance on Chinese suppliers by restricting the credit for EVs with battery materials from “foreign entities of concern.” The Biden Administration hopes the tax credit will encourage auto-supply chain development and cut the cord from China. Automakers are awaiting clarity on these rules, which will influence their investment and licensing decisions, particularly regarding collaborations with Chinese firms. The policy could potentially disqualify many EVs from the subsidy. [Link]
Economic Developments
The Biggest Delivery Business in the U.S. Is No Longer UPS or FedEx (WSJ)
Amazon has become the largest delivery business in the US. The company is expected to further widen this gap, with projections of delivering around 5.9 billion packages by the end of the year. This growth contrasts with the earlier skepticism from industry executives and analysts about Amazon’s potential to lead in logistics. Amazon’s strategy has included regionalizing its logistics network and launching a program for entrepreneurs to start delivery franchises. While Amazon has excelled in residential delivery, it still lacks the global coverage and pick-up and delivery capabilities of UPS and FedEx. [Link]
The McDonald’s theory of why everyone thinks the economy sucks (Silver Bulletin)
A Washington Post story suggested that customer concerns about high fast-food prices are based on misinformation, but this article argues otherwise. The price of the Big Mac has indeed increased by 14% from December 2020 to June 2023, which is slightly lower than the overall consumer price index increase. However, the rise in fast-food prices is part of a larger trend of increased spending across various consumer goods. The author highlights strategies by fast-food chains, such as introducing premium items and digital ordering, that have led to customers spending more. Consequently, these spending patterns are contributing to the public’s negative perception of the economy, as people are spending more in both real and nominal terms. [Link]
Germany chokes on its own austerity medicine (Politico)
A court ruling invalidated the German government’s strategy of using “special funds” to circumvent deficit limits. This decision has left a €20 billion gap in the budget and challenges Chancellor Olaf Scholz’s strategy to finance the government’s agenda without violating the constitutional debt brake. The situation is particularly notable given Germany’s past criticism of other European countries for similar financial practices. The ruling has raised concerns about Germany’s fiscal policies and its ability to maintain its economic commitments, including defense spending following Russia’s invasion of Ukraine. [Link]
Containing Viral Disease
How one rabid kitten triggered intensive effort to contain deadly virus (Washington Post)
An adopted kitten in Omaha, Nebraska named Stanley showed signs of illness thought to be a reaction to medication. However, Stanley soon developed severe symptoms, including seizures and breathing difficulties, leading to his death the next day. Post-mortem tests revealed that Stanley had a strain of raccoon rabies previously unobserved west of the Appalachian Mountains, sparking concern about its potential spread. Its spread could make its way into several surrounding states over five years and put millions of people at risk. After Stanley’s death, hundreds of animals in a surrounding radius were caught and vaccinated in the hope of preventing the spread of rabies, but it won’t be known until next year whether the efforts were effective. [Link]
Chinese Policy
How China is tearing down Islam (Financial Times)
China is cracking down on Islamic culture, and as such, is modifying and demolishing mosques in the country. More specifically, the policy affects almost every region and removes Arabic architectural features and replaces them with traditional Chinese designs. An analysis of satellite images of 2,312 mosques shows that about three-quarters have been either modified or destroyed since 2018. These changes are part of a broader policy of “sinicisation” aimed at assimilating non-Chinese groups and religions into what the government considers Chinese culture. This has led to a sense of loss and suppression among the Muslim community, with fears that it represents the beginning of the end of Islam in China. The actions that China is taking towards Islam highlighted in the article are part of a broader trend in the country where religions are forced to prioritize Chinese traditions and loyalty towards the state above all else. [Link]
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Have a great weekend!
Nov 19, 2023
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:
Four Score and Seven Years Ago: On November 19th, 1863, US President Abraham Lincoln delivered the famous Gettysburg Address. The 272-word speech, a cornerstone of American history, was given at the dedication of the Soldiers’ National Cemetery in Gettysburg, Pennsylvania four and a half months after the pivotal battle during the Civil War. President Lincoln redefined the war as a struggle not only for the Union but for the principle of human equality. He emphasized the ideals of democracy and liberty and ensured the “government of the people, by the people, for the people, shall not perish from the earth.” Of course, the Gettysburg Address did not receive universal acclaim at the time. In fact, the immediate reaction was largely divided. As history now remembers, the speech resonates as one of the greatest in the nation’s history and remains one that encapsulates its very meaning.
The Environment & Fossil Fuels
Drought Leaves Midwest Towns ‘Drier Than the Dust Bowl’ (WSJ)
Towns in Mid-America are experiencing severe water shortages due to a prolonged drought. Caney, Kansas, may run out of water by March, prompting conservation measures like a shortened school week. In Iowa, Belle Plaine and Osceola face significant water production declines and restrictions. The crisis is attributed to changing rainfall patterns and climate patterns, compounded by small towns’ limited capacity for major water infrastructure projects. Solutions being considered include emergency wells, water treatment plants, and potentially recycling wastewater, but challenges like aging infrastructure and funding constraints complicate efforts. [Link]
Analysis: China’s emissions set to fall in 2024 after record growth in clean energy (Carbon Brief)
China’s CO2 emissions are expected to decline in 2024 due to a substantial increase in low-carbon energy sources, particularly wind, solar, and hydropower. This follows a temporary rise in emissions in 2023, largely driven by a rebound in oil demand and sectors affected by pandemic policies re-started. This trend, while welcome, will be tough to maintain given the ongoing expansion of coal power capacity in the country. [Link]
U.S. and China Agree to Displace Fossil Fuels by Ramping Up Renewables (NYT)
The United States and China, the world’s two largest polluters, have agreed to increase renewable energy use to reduce fossil fuel dependence. This agreement does not commit China to phasing out coal use but sets goals for renewable energy expansion and emissions reductions. The deal, significant for the upcoming COP28 climate talks, shows both nations’ intent to transition to cleaner energy sources. [Link]
Housing & Real Estate
A town that became ‘one giant Airbnb’ is now facing a reckoning (Business Insider)
Hochatown, Oklahoma, a small town with a population of just 219, has experienced a dramatic transformation due to the influx of Airbnb rentals. Before the pandemic, the town had about 400 rental properties, but now it boasts 2,400, turning it into a major vacation destination. This growth has brought significant tax revenue but also challenges, such as a lack of professional public services and infrastructure issues like unpaved roads and unreliable water supply. The surge in Airbnb properties has led to concerns about an “Airbnbust,” where an imbalance between supply and demand impacts profitability for property owners. [Link]
The Share of Americans Who Are Mortgage-Free Is at an All-Time High (Bloomberg)
The number of Americans owning their homes outright has risen significantly, with nearly 40% of homes being mortgage-free by 2022, a 5% increase from 2012. This trend is driven by baby boomers, many of whom have refinanced to shorter-term mortgages, enabling faster loan payoff. The total number of mortgage-free homes grew by 7.9 million from 2012 to 2022. West Virginia leads with almost 53% of homes owned outright as older homeowners, if not choosing to stay in their current homes, move to more affordable areas. The news comes as new homebuyers get crushed by steep rates. [Link]
Lawler: New Census Long-Term Population Projections Are MASSIVELY Lower Than Previous Projections (CalculatedRisk)
The US Census Bureau’s 2023 long-term population projections for the United States are significantly lower than their 2017 projections. The main reasons for this stark difference are lower projected birth rates, higher projected death rates, and reduced expectations for net international migration. The updated projections will likely have significant implications for housing market analysis. [Link]
What the $2 Billion Realtor Lawsuit Means for Homebuyers and Sellers (US News)
A jury ruled against the National Association of Realtors (NAR) and major real estate brokerages in a class-action lawsuit (Sitzer v. NAR) alleging collusion to inflate agent commissions. The industry may see changes in commission models, moving towards referral fees or separate payments for buyer and seller agents. This shift could lead to more transparency in real estate transactions and a possible decrease in commission rates. [Link]
Automobiles
Hyundai to be First Automaker to Sell New Cars on Amazon (WSJ)
Hyundai and Amazon are partnering to sell new vehicles on Amazon’s platform, signifying a shift towards online car buying, a trend accelerated by the COVID-19 pandemic. Hyundai cars will also feature Amazon’s Alexa technology. The trend, pioneered by Tesla, is being adopted by other car manufacturers, with Ford planning transparent, online-based sales models for EVs. This partnership reflects the automotive industry’s evolution towards e-commerce and changing consumer buying habits. [Link]
The Myth of ‘Slowing’ EV Sales (Heatmap News)
Is EV demand really declining? This article suggests that EV sales are actually growing robustly, with a 60% annual increase in purely electric vehicle sales. The narrative of slowing sales mainly pertains to traditional automakers like Ford and GM, who are adjusting their strategies in response to Tesla’s price cuts and rising interest rates. Although there have been some major production issues, the market is becoming more competitive and affordable, with the average EV price decreasing and new models expanding the market. [Link]
Sweden’s Tesla Blockade Is Spreading (Wired UK)
Swedish workers, including mechanics, cleaners, electricians, and dockworkers, are striking against Tesla for its refusal to sign a collective agreement, crucial to Sweden’s labor norms. This escalating labor dispute involves various unions and actions like refusing to unload Tesla cargo, stopping cleaning services at Tesla locations, and halting deliveries. Former Prime Minister Stefan Löfven has publicly criticized Tesla for ignoring Swedish labor practices, but the impact on Tesla’s operations in Sweden, a key European market, is yet to be determined. [Link]
“Greedflation”
The ‘greedflation’ question: what have we learnt? (Financial Times)
The concept of “greedflation,” suggesting corporate greed contributed to recent inflation, has sparked some debate. While some attribute inflation to the pandemic, Ukraine war, and government stimulus, others argue that corporate power and supply chain bottlenecks also played a role. Some studies indicate that industries with more pre-pandemic pricing power were able to raise prices more easily amid supply disruptions. This suggests that while corporate efforts to boost margins may not be the sole cause of inflation, it is a factor worth considering in understanding the economic situation. [Link]
Flying Horses
Plane turns back to JFK after horse escapes on board (CNN)
Just last Thursday, November 9th, a Boeing 747 flying from JFK in New York to Belgium, had to return after a horse got loose in the cargo hold. The horse, which was one of fifteen being transported, became spooked by turbulence and jumped, getting trapped in its stall. Despite efforts to secure the situation, the horse suffered severe injuries and was euthanized after landing. The plane, after dumping fuel, returned to JFK and continued its journey to Liege with a delay. [Link]
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Have a great weekend!
Feb 19, 2023
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!
Inflation
The world’s biggest food company says prices will rise further this year by Hanna Ziady (CNN)
Nestle guided further price increases on staple items that are staple parts of grocery shops all over the world, citing a process of “repairing our gross margin”. [Link]
There’s a new inflation warning for consumers coming from the supply chain by Lori Ann LaRocca (CNBC)
A glut of goods brought in to the US over the past year are stuffing warehouses, sending the cost to rent or buy temporary extra space soaring; logistics industries remain key inflationary drivers in the US. [Link]
Big Tech
The maze is in the mouse by Praveen Seshadri (Medium)
A founder of a company acquired by Google just before the pandemic hit describes the difficulties Google has operating at scale, while also offering his own prescriptions for how to make it out of the mess. [Link]
Yes, Elon Musk created a special system for showing you all his tweets first by Zoë Schiffer and Casey Newton (Platformer)
Frustrated that the President of the United States (yes, the President of the United States) got more engagement on a throw-away tweet about the Super Bowl, the Twitter CEO demanded his engineers boost his tweets to users and drive up engagement. [Link]
Bing AI Can’t Be Trusted by Dmitri Brereton (DKB Blog)
A series of examples showing how the not-ready-for-primetime AI chatbot rolled out by Microsoft this week, leading to an embarrassing failure. [Link]
Amazon Takes a 50% Cut of Seller’s Revenue by Jouzas Kaziukenas (Marketplace Pulse)
Transaction fees, fulfillment fees, and advertising and promotions can mean that third party Amazon sellers are surrendering more than 50% of revenue to the company amidst already-stiff competition and low margins. [Link]
Ballooning
Hobby Club’s Missing Balloon Feared Shot Down By USAF by Steve Trimble (Aviation Week)
The Northern Illinois Bottlecap Balloon Brigade reports that the last time one of its balloons was observed was at 39k feet on February 10 near Alaska. The small hobbyist group is one likely benign source for the unidentified objects the Air Force has shot down in recent weeks. [Link]
The latest info on the aerial objects we shot down by Jeff Jackson (Substack)
Freshman Congressman Jackson offers some useful briefing information he received this week that goes part of the way to explain the litany of unidentified aerial phenomena in US skies. [Link]
Auto Industry
Tesla Workers Launch Union Campaign in New York by Josh Eidelson (Bloomberg)
A group of employees who work in data processing for Tesla notified management this week that they are seeking to unionize. The company’s Buffalo plant includes roughly 800 employees in that role. [Link; soft paywall, auto-playing video]
Automobile Ads from 100 Years Ago (The Saturday Evening Post)
More than a dozen different auto manufacturers booked full page ads for their vehicles in the Saturday Evening Post from 100 years ago. Sedans and coupes dominate the offerings. [Link]
COVID
Immunity acquired from a Covid infection is as protective as vaccination against severe illness and death, study finds by Akshay Syal (NBC)
It shouldn’t be a huge surprise that exposure to an actual virus creates more immunity than vaccines (though COVID vaccines still offer great protection too). [Link; auto-playing video]
Debt Ceiling
This Is What Happens If the US Actually Hits the Debt Ceiling by Tracy Alloway and Joe Weisenthal (Bloomberg)
Bespoke’s own George Pearkes discusses the financial market and economic implications of the debt ceiling, as well as a general framework for understanding its politics. [Link; paywall]
Transitions
Decarbonization: The long view, trends and transience, net zero (Nat Bullard)
Over 100 slides on the mechanics and dynamics of moving the world away from fossil fuels after centuries of dependence. [Link]
Turning offices into condos: New York after the pandemic by Joshua Chaffin (FT)
With booming demand to live in Manhattan and falling interest for offices inside the city, conversions of office towers into apartments is under way at scale. [Link; paywall]
Taxes
Get Paid Online? Here’s How to Tell if You Owe the IRS Taxes by Aslea Ebeling (WSJ)
Online payment platforms and gig economy sites will send millions of 1099-K forms this year as part of a growing trend of Schedule C filings. [Link; paywall]
Trauma
Teen girls ‘engulfed’ in violence and trauma, CDC finds by Donna St. George (WaPo)
A remarkable study from the CDC (link; 89 page PDF) has some downright dire data on the state of American teens who are facing horrifying rates of violence. [Link; paywall]
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Have a great weekend!
Oct 30, 2022
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!
Energy
Halliburton profit tops Wall Street estimates as oil activity booms by Liz Hampton & Shariq Khan (Reuters)
Oil services company Halliburton announced a very strong third quarter this week, with the CEO characterizing demand as “stronger than I have ever seen at this point in the year”. [Link]
U.S.-Saudi Relations Buckle, Driven by Animosity Between Biden and Mohammed bin Salman by Stephen Kalin, Summer Said, and Dion Nissenbaum (WSJ)
Saudi Arabia’s next king has made a habit of mocking the American President, complicating relations between the former top oil producer and the United States. [Link; paywall]
Perks
Citadel, Blue Owl Expand in Connecticut in Bid to Cut Commutes by Natalie Wong, Hema Parmar, and Lizzie Kane (Bloomberg)
Finance firms are offering more office space close to where their employees live in a bid to bring down the time commitment of commuting and getting more people into the office. [Link; soft paywall]
Content
Pinterest, Headspace offer free mental health resources to content creators: ‘We wanted to inspire the people who do the inspiring’ by Renée Onque (CNBC)
Social media companies dependent on popular content creators are starting to lure talent with some perks that might not make much sense to those of us not struggling under the burden of social media fame. [Link]
YouTube’s richest creator MrBeast is seeking a $1.5 billion valuation in what could be a massive milestone for influencer-led business by Alice Hearing (Fortune)
YouTube’s highest-paid creator is trying to sell a stake in his sprawling content and brand empire valued at $1.5bn, in what could be a landmark in finance for this area of entertainment. [Link]
Education
Students Are Using AI to Write Their Papers, Because Of Course They Are by Claire Woodcock (Vice)
With a relatively simple prompt, AI language tools are able to craft essays that fool professors and earn students the easiest of A’s. [Link]
Pandemics
So far, this flu season is more severe than it has been in 13 years by Lena H. Sun (MSN/WaPo)
Almost 900k flu cases and 360 deaths have piled up already this season, with caseloads highest in the US South and Southeast. This is the worst start to a flue season since 2009 so far. [Link]
COVID-19 Origins: Investigating a “Complex and Grave Situation” Inside a Wuhan Lab by Katherine Eban and Jeff Kao (Vanity Fair)
A report issued by the minority staff of the US Senate Committee on Health, Education, Labor, & Pensions released this week argued the COVID-19 pandemic was “more likely than not the result of a research-related incident”. This article investigates that thesis from a non-virological perspective. [Link]
Tech
Amazon readies 172,000-square-foot Kirkland factory to build Kuiper satellites by Alan Boyle (GeekWire)
Amazon is planning to ramp up a global fleet of more than 3,000 satellites that will provide broadband internet. Scaling up production will require a massive Washington facility. [Link]
Intel CEO Calls New U.S. Restrictions on Chip Exports to China Inevitable by Tim Higgins and Asa Fitch (WSJ)
The largest American chip manufacturer viewed a fight over chips as inevitable given the approach that each country has taken to geopolitical conflict and control of high-end semiconductors. [Link; paywall]
Sports
Buffalo Bills unveil first design images of their new $1.4 billion stadium by Jessica Golden (CNBC)
One of the smallest NFL markets will play host to a stadium that will cost taxpayers $850mm. Despite the climate, the final field will remain open to the elements. [Link]
Climate Change
Perfume’s Best Scents Are Being Snuffed Out by Natasha White (Bloomberg)
The feedstock for some of the most iconic scents in the world owe their intensity to the terroir and microclimate of a tiny town in the French Riviera which has been hit hard by drought, raising the specter of a world without Chanel No. 5. [Link; soft paywall]
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