10 Wednesday AM Read – The Big Picture

My mid-week morning the train WFH reads:

How Jack Welch’s reign at GE gave us Elon Musk’s Twitter feed: The one-time ‘Manager of the Century’ paved the way for CEOs to moonlight as an internet troll. (New York Times)

Why Elon Musk’s quest to revive Twitter is likely to fail: Musk’s strategy at Twitter might work for a startup, but Twitter is a mature company in a highly competitive market, with little growth potential. (Wall Street Journal) see more Twitter, cut in half: They were shocked that the richest man in the world, who seemed to be focused on the platform he had built for him, never even once deigned to speak to them. (Platformer)

How to invest rich? Rich families are exceptional, but young rich families are even more exceptional in how they got rich. You can clearly see this in the data. Having a net worth (excluding home equity) of $3 million puts you in the top 7% of 55-59 year olds, but close to the top 0.1% of 25-29 year olds. (dollars and data)

Seizing a Russian superyacht is more complicated than you might think: Those who spend millions of dollars a year maintaining the floating Xanadus. Some of that money is coming from US and European taxpayers (Businessweek).

Apple built its empire with China. Now its foundation is showing cracks: Lawmakers’ objections to an obscure Chinese semiconductor company and strict Covid-19 restrictions are hurting Apple’s ability to make new iPhones in China. (New York Times)

How mixed-race neighborhoods have quietly become the norm in the United States. Deep in the bowels of the nation’s 2020 census lurks a quiet milestone: For the first time in modern American history, a majority of white people live in mixed-race neighborhoods. It marks a tectonic shift from just a generation ago. In 1990, 78% of whites lived in predominantly white neighborhoods, where at least 4 out of every 5 people were also white. In the 2020 census, this had dropped to 44%. (Washington Post)

They have created an element 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, that cooled as the meteorite hurtled through space over millions of years. This process has created a unique compound with a specific set of properties that make it ideal for use in high-end permanent magnets that are an essential component of a huge range of advanced machines. (NPR)

Inside the underground market for fake Amazon reviews: CD scam networks are using social media to organize campaigns that influence product ratings They are a headache for buyers—and difficult to crack down on (of wire) see more Spam: A Can America: Everything you need to know about spam in five minutes or less, including how it thrives worldwide. (Quartz)

Ron DeSantis took Florida from purple to red: The Republican governor’s landslide victory shows he will be a strong challenger to Donald Trump. (Bloomberg)

How the Golden State Warriors Became the Kings of the NBA: 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 their ridiculous 73-9 regular season record in 2015-16. I am talking about their rapidly increasing valuation. (heap)

Be sure to check out our Masters in Business interview this weekend with financial historian Edward Chancellor. He is currently a columnist for Reuters BreakingView and an occasional contributor to The Wall Street Journal and Moneyweek. In 2008, he received the George Polk Award for Financial Reporting. Chancellor’s Author”The Devil Takes the Hindmost: A History of Financial Speculation“His New Book”The Value of Time: Real Stories of Interest” nominated for the FT’s 2022 Business Book of the Year.

Sweet spot for the market

Source: All Star Chart

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