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.
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The Year Coming & Going
Why everyone thinks a recession is coming in 2023 (CNBC)
Consensus from economists and forecasters is for a US recession in 2023 with Federal Reserve monetary policy tightening the key driver of the slowdown. [Link]
The Year the Long Stock Market Rally Ended by Joe Rennison (NYT)
Soaring interest rates in response to high inflation have crushed the stock market this year, delivering the sort of grinding bear market that was impossible during the previous decade. [Link; soft paywall]
SBF
POLITICO Playbook: Inside the scramble to trace SBF’s dirty money by Ryan Lizza, Rachael Bade, and Eugene Daniels (Politico)
Political donations by the FTX and Alameda Research chief have spiraled outwards and look likely to have driven a straw-donor scheme that has enveloped at least one progressive think tank. [Link]
Sam Bankman-Fried’s only way out is ratting on Binance and Tether by Steven Stradbrooke (Coingeek)
A speculative account that might explain why Sam Bankman-Fried isn’t still behind bars: cooperation on an even bigger fraud fish. [Link]
Consumer Spending
Economy Has Drinkers Choosing Prosecco Over Champagne by Jennifer Maloney (WSJ)
Consumers are less inclined to shell out for premium spirits brands and are more inclined to reach for cheaper swill when they shop for hooch. [Link; paywall]
The world just doesn’t have enough planes as travel roars back (The Straits Times)
Soaring demand for travel combined with supply chain disruptions and production slowdowns during the pandemic mean the global airliner order backlog numbers nearly 13,000 planes. [Link]
Consumers Change Food-Delivery Habits by Preetika Rana and Heather Haddon (WSJ)
After booming during the pandemic, food delivery is shifting thanks to smaller discretionary budgets and high inflation. [Link; paywall]
Auto Industry
Carmakers quietly cut ties with China in supply chain shake-up by Peter Campbell, Eri Sugiura, and Edward White (FT)
Global automakers are shifting away from parts purchases in China, joining other industries in questioning reliance on the country. [Link; paywall]
Electric Vehicle Charging Investment Approaches the $100 Billion Mark by Ryan Fisher (Bloomberg)
By the end of this year investment in electric vehicle charging hardware and installation will top more than $60bn with almost half that again due for next year alone. [Link; paywall]
Toyota Chief Says ‘Silent Majority’ Has Doubts About Pursuing Only EVs by River Davis and Sean McLain (WSJ)
Early skepticism about fully battery-electric vehicles have left Toyota far behind the curve in that segment, so it’s not a surprise that management is talking down an area they lag the market. [Link; paywall]
Food
Who created chicken tikka masala? The death of a curry king is reviving a debate by Emily Olson (NPR)
The ubiquitous tomato-cream chicken is most likely not a creation of the Indian subcontinent at all but a Scottish hybrid based on tomato soup. [Link]
How Changing Diets Leave Us Exposed to War, Extreme Weather and Market Turbulence (Bloomberg)
Global diets are shifting towards the same uniform diet across countries and continents as the world eats more grain, more meat, and less local food. [Link]
Google Employees Brace for a Cost-Cutting Drive as Anxiety Mounts by Nico Grant (NYT)
Gone are the days when massive search revenues and ever-expanding cloud investment fueled huge salaries and a monstrous workforce. The vibe, as they say, has shifted. [Link; soft paywall]
Money Management
Schwab’s Investment in Dynasty Could Be the First of Many by Diana Britton (Wealth Management)
With assets flocking to the registered investment advisor space, brokerage giant Schwab is buying up a services provider that caters to the space. [Link]
China
China Estimates Covid Surge Is Infecting 37 Million People a Day (Bloomberg)
As China’s government lets COVID infections rip, tens of millions of people are contracting the virus every day in one of the largest booms in COVID cases since the pandemic began. [Link; soft paywall, auto-playing video]
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Have a great weekend!
