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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Have a great weekend!
Dec 12, 2021
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 free trial!
NFL
Why 169 former NFL players have turned to coaching high school football by Jeff Legwold (ESPN)
After spending a lift in the game, many former pro football players turn to the coaching ranks, even at the lower levels of the game as assistants. [Link; auto-playing video]
Running the Football Is Dying. Jonathan Taylor Brings It Back to Life. by Andrew Beaton (WSJ)
With short careers, high paychecks, and relatively small offensive production, running backs are out of vogue with NFL front offices….but don’t tell that to the Colts’ starter. [Link; paywall]
Misbehavior
Trump SPAC under investigation by federal regulators, including SEC by Dan Mangan (CNBC)
The blank-check company that has proposed taking a digital network backed by President Trump public is under investigation by Finra and the SEC. [Link; paywall]
US billionaire surrenders $70m of stolen art by Dalya Alberge (The Guardian/MSN)
A billionaire agreed to surrender a vault full of artefacts that were stolen from their countries of origin including Bulgaria, Egypt, Greece, Iraq, Israel, Italy, Jordan, Lebanon, Libya, Syria, and Turkey. [Link]
World Affairs
In need of a baby boom, China clamps down on vasectomies by Alcia Chen, Lyric Li, and Lilly Kuo (WaPo)
Forced sterilizations and the one child policy were so successful that Chinese policymakers are trying to unwind the demographic catastrophe looming in the country’s rapidly aging population. [Link; soft paywall]
Sanna Marin: Finland’s PM sorry for clubbing after Covid contact (BBC)
Finland’s Prime Minister missed a text telling her to isolate due to a COVID-19 exposure because she was busy clubbing. [Link]
Social Media
Instagram will bring back a chronological feed in 2022 by Karissa Bell (Endgadget)
After half a decade of pumping timelines full of algorithmically-selected content, Instagram will revert to a chronological feed that shows photos in the order they were posted. [Link]
How An Excel TikToker Manifested Her Way To Making Six Figures A Day by Nilay Patel (The Verge)
After discovering her Excel tips were massively popular on TikTok, Kat Norton opened a software training business that is doing six figures a day in revenue. [Link]
Birds Aren’t Real, or Are They? Inside a Gen Z Conspiracy Theory. by Taylor Lorenz (NYT)
A joke conspiracy theory has metastasized into a movement of young people who genuinely believe birds are government drones. [Link; soft paywall]
Covid Spurs Biggest Rise in Life-Insurance Payouts in a Century by Leslie Scism (WSJ)
With hundreds of thousands of Americans succumbing to COVID-19, life insurance payouts have soared 15% to more than $90 billion. The smaller payouts to older victims of the pandemic meant the cost to insurers was far smaller than expected initially. [Link; paywall]
Botched Deployments
Death, drugs and a disbanded unit: How the Guard’s Mexico border mission fell apart by Davis Winkie (ArmyTimes)
The National Guard’s deployment to the US border was nothing short of a disciplinary disaster, with 1200 legal actions, 500 car accidents creating more than $600k in total damage, multiple deaths, and alcohol abuse so severe that officers issued breathalyzers to make sure soldiers weren’t drunk on duty. [Link]
How Amazon Outage Left Smart Homes Not So Smart After All by Isabella Steger (Bloomberg)
A massive outage at AWS didn’t just take down large numbers of websites that rely on the cloud infrastructure; smart homes and other IoT use-cases got temporarily bricked as well. [Link; soft paywall, auto-playing video]
Apple’s iPhone Successor Comes Into Focus by Christopher Mims (WSJ)
The world’s largest company is expected to unveil a “head-mounted” device that will mark its follow-up to the iPhone; whether this headset or smart glasses product actually works in the real world is a very different question. [Link; paywall]
Inflation
Retreat From Globalization Adds to Inflation Risks by Yuka Hayashi (WSJ)
Unwinding the massive offshoring of global supply chains over the past few decades is not a fast process, and it could end up being an expensive one for customers of companies that are trying to avoid tariffs and uncertainty from overseas suppliers. [Link]
Indices
S&P500 Rebalance for December 2021 – Rearranging the Deckchairs by Travis Lundy (SmartKarma)
At the close on the 17th of December US large, mid, and small cap indices will be rebalanced in changes announced last week, with implications for a number of stocks and a clear trade catalyst. [Link]
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Have a great weekend!
