my morning the train WFH reads:

Private equity doesn’t want you to read this: Private equity partners don’t just make money when their companies blow up; They also get a pretty good deal from the government on what they earn. Private equity funds typically charge their investors two separate fees: a management fee of 2 percent of invested assets per year (the funds are held for about six years on average), and a “carried interest” fee of 20 percent of any investment gains. Funds are realized. (New York Times)

Labor is the best way to solve the labor shortage: In July we added a net 1/2 million jobs, wages rose sharply and the unemployment rate fell to a 50-year low. This is a sign of progress (stay-at-home macros).

Ready or not, supply chain transformation is underway. Dreams of limitless global growth and trade have been cut short by supply chain snags now familiar to CEOs and everyday consumers alike. These obstacles are a problem not only structurally but also strategically. Over the years the efficiency spent building global supply chains has made companies vulnerable to shortages, geopolitical uncertainty and rapid changes in consumer demand. (mountain)

Investing in key growth, agriculture and timber, is it worth it? The housing and commodity markets may be boring, but the world will always need the soil to yield. (Chief Investment Officer)

Hard Sell by Sam Taggart: A door-to-door salesman searches to rebrand his profession. (The New Yorker)

The space with the most lithium is fueling the electric-car revolution: A California-sized chunk of South America is shutting down production of the metal at a time when battery makers desperately need it. (Wall Street Journal)

The newsletter boom is over. What next? The substack craze seems like a thing of the past, but many publishers are still leaning toward newsletters. “They’re a great minimum effective product.” (Vox)

The Web Telescope is amazing. But the universe is more than that. This new tool can’t do everything, but it’s capturing some of the first light emitted after the Big Bang, and it’s already showing surprises. (Washington Post)

How Russia took over Ukraine’s Internet in occupied territories: Occupied Territory (New York Times) see more Putin may deliver Ukraine victory speech tomorrow. Here’s what it can say. The Grid spoke to Russians who study the Kremlin and Russian media communications. They helped us imagine the kind of “mission accomplished” speech Putin might give. (grid)

Serena Williams left tennis the way she played: on her own terms Williams brought her own uniqueness to tennis, challenging rules that govern fashion, power, grooming, race and gender. By herself, Williams’ reach transcended the sport. (New York Times)

Be sure to check out our Masters in Business interview this weekend with Ken Tropin, chairman and founder of Graham Capital Management, a multi-strategy quantitative hedge fund managing $17.2 billion. Previously, he was at hedge fund John W. Was president and CEO of Henry & Company, working with legendary businessmen such as John Henry and Paul Tudor Jones.

Corporate stagflation means rising sales with flat volumes – growth, but not healthy growth

Source: Bloomberg

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