10 Thursday AM Read – The Big Picture

my morning the train WFH reads:

Disastrous and culpable failure of the Republicans: The GOP is dominated by two overlapping groups: the uninformed and the compromised. Ignorants have no idea how to get the country out of the mess it has fallen into, or if they are, what the mother says. For the compromised, it’s about Trump, who has made the Republican Party hateful over the past 24 months. (Next American Century) see more From: Trump loses midterms. DeSantis won. If the Florida governor ever wanted to wrest control of the GOP from Trump, now is his moment. (Atlantic)

The enduring appeal of the ‘I Voted’ sticker: Election Day is a time to show your civic spirit and local flair with free stickers — usually with patriotic designs, sometimes with demonic spider-crabs. (CityLab)

During a recession, should pension funds be worried? Maybe not, data from WTW and others show. Despite some recent losses, they remain in resilient form. Here’s how. (Chief Investment Officer)

Opposite Frankenwitter’s Bride of Musk: People who fail to learn from history can retweet it. (Financial Times)

A rich man walks into a bar: an overly obvious metaphor for an overly obvious situation. (on the mountain of sorrow)

Crypto Collapse: J. Pierpont Moneygone — FTX rekt: 2021-2022 Crypto Bubble Makes Many Traders Look Like Geniuses Then the bubble burst, the tide went out, and the traders became hugely overleveraged formerly-fortunate idiots. Sociologists know that when a cult’s prophecies fail, most cultists leave the cult and the rest of the group turns on each other. Crypto watchers know that it can also be a lot of fun. (Amy Castor) see more Crypto has reinvented central finance — but central banks have forgotten: After Binance agrees to take over rival FTX, the danger is clear: No one is big enough to rescue Binance. (Wall Street Journal)

The default effect: Why we give up our power to choose: Why do we like to like, but we don’t like? Being able to decide between different options makes us feel in control. Yet, when presented with a choice of choices we tend to display a preference for the default option. This is called the default effect, and it governs many aspects of our lives, from the products we buy to the careers we build. (Ness Labs)

The Tragedy of John Roberts: He wanted to lead a court that was more often unanimous than divided; Now it cleaved, 6-3, along strictly ideological lines. Roberts sought to shore up the Court’s institutional position; Instead, he watched it sink into public esteem, helpless to stem the decline. Five conservative justices on his right sidelined him and marginalized him, even as he was subjected to innocent criticism by those on his left. He is sometimes isolated and even a tragic figure. (Washington Post)

Why is the college football world sleeping on Ohio State? The Buckeyes are off to one of their most dominant starts in years. (five thirty eight)

How the Hawaiian steel guitar changed American music: Siddur’s season finale tells the story of a Native Hawaiian instrument with a familiar sound and unexpected impact (Smithsonian Magazine)

Be sure to check out our Masters in Business interview this weekend with VettaFi’s financial futurist Dave Nadig. The ETF industry pioneer has over 25 years of ETF experience. As Managing Director of ETF.com, he was a key participant in the growth of the passive and ETF industries. Prior to this, he was Managing Director of Barclays Global Investors. He is the co-author of the definitive book on ETFs, “A comprehensive guide to exchange-traded funds,” for CFA Institute.

Marijuana would be legalized in half of the U.S. if this ballot measure passes in the 2022 midterms

Source: Time

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