My midweek morning form The WFH reads:
• How Jack Welch’s reign at GE gave us Elon Musk’s Twitter feed: The former “manager of the century” paved the way for CEOs to become internet trolls. (New York Times)
• Why Elon Musk’s quest to revive Twitter is likely to fail: Musk’s strategy at Twitter might work in a startup, but Twitter is a mature company in a fiercely competitive market with few prospects for growth. (The Wall Street Journal) see also Twitter, cut in half: More than anything, they were struck by the fact that the richest man in the world, who seems to revel in the attention on the platform they had made for him, had not once deigned talk to them. (Platform)
• How do the rich invest? Wealthy households are exceptional, but young wealthy households are even more exceptional in how they got rich. You can clearly see this in the data. Having a net worth of $3 million (excluding home equity) would put you in the top 7% among 55-59 year olds, but near the top 0.1% among 25-29 year olds. (Of dollars and data)
• Seizing a Russian superyacht is much more complicated than you think: These floating Xanadus cost millions of dollars a year to maintain. Some of that money comes from US and European taxpayers (Businessweek)
• Apple built its empire with China. Now her foundation is showing cracks: Lawmakers’ objections to an obscure Chinese semiconductor company and tough Covid-19 restrictions are hurting Apple’s ability to make new iPhones in China. (New York Times)
• How mixed-race neighborhoods quietly became the norm in the United States. Deep in the bowels of the 2020 National Census lies a quiet milestone: For the first time in modern American history, most white people live in mixed-race neighborhoods. This marks a tectonic shift from just a generation ago. In 1990, 78% of whites lived in predominantly white neighborhoods, where at least 4 in 5 people were also white. In the 2020 census, that dipped to 44%. (Washington Post)
• They made a material that does not exist on Earth. This is just the beginning of the story. The material found in meteorites is a combination of two base metals, nickel and iron, which have been cooled for millions of years as meteors tumble through space. This process has created a unique compound with a particular set of characteristics that make it ideal for use in high end permanent magnets which are an essential component of a wide range of advanced machinery. (NPR)
• Inside Amazon’s Fake Review Underground Marketplace: Seedy scam networks use social media to run campaigns that influence product reviews. They are a headache for buyers and difficult to put down. (Cable) see also Spam: America in a box: Everything you need to know about spam in five minutes or less, including how it became such a global hit. (Quartz)
• Ron DeSantis turned Florida from purple to red: The landslide victory of the Republican governor shows that he will be a formidable rival to Donald Trump. (Bloomberg)
• How the Golden State Warriors Became NBA Kings: The Golden State Warriors are the kings of the NBA. No, I’m not talking about them winning four of the last eight NBA championships or even their ridiculous 73-9 regular season record in 2015-16. I’m talking about their rapidly rising valuation. (Huddle)
Be sure to check out our Masters in Business interview this weekend with financial historian Edward Chancellor. He is currently a columnist for Reuters Breakingviews and an occasional contributor to The Wall Street Journal and MoneyWeek. In 2008 he received the George Polk Award for Financial Reporting. Chancellor is the author of “Devil Take the Hindmost: A History of Financial Speculation.” His new bookThe Price of Time: The True Story of Interestis nominated for FT’s 2022 Business Book of the Year.
The Sweet Spot for markets
Source: All Star Charts
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