What we’re reading (12/28)
“In A Wild Year For Markets, Investors Who Did Nothing Did Just Fine” (Wall Street Journal). “Markets were assailed by a trio of disruptive forces this year. Yet investors were rewarded for doing nothing. If you owned U.S. stocks at the start of the year, you made good money. If you owned foreign stocks, even better. If you held Treasurys, you did well. And if you parked up in cash, the yield stayed high. But doing nothing was hard as tariffs, loss of trust in America and artificial intelligence whipsawed portfolios. Streetwise spent the year documenting these three major market themes, and the wild ups and downs they sparked.”
“Americans Hate AI. Which Party Will Benefit?” (Politico). “It’s become a common occurrence: Michigan Gov. Gretchen Whitmer posts a light-hearted video on social media. She’s Christmas shopping, or she’s talking about her Michigan accent or she’s touting her administration’s accomplishments. And immediately, the comments start rolling in, all demanding the same thing: Say no to data centers in the state. Stop construction. ‘All I want for Christmas is legislation banning data centers in Michigan.’”
“Pope Leo Prepares To Outline Stance On AI” (Semafor). “AI safety proponents are looking to the leader of the Catholic Church for help establishing guardrails on the fast-moving technology. A public letter from Pope Leo XIV is expected in the coming weeks, Transformer reported, establishing ‘a clear moral stance on both the dangers and opportunities posed by the technology.’ Leo — who picked his papal name from a pope who led the Church through another period of technological transformation — has signaled he is prioritizing AI and has overseen several meetings dedicated to the topic. Such Vatican guidance might not normally make waves, but Catholicism has seen a resurgence in the US in recent years, particularly in Silicon Valley, while AI is becoming salient politically.”
“He Was A Supreme Court Lawyer. Then His Double Life Caught Up With Him.” (New York Times). “Thomas Goldstein was a superstar in the legal world. He was also a secret high-stakes gambler, whose wild 10-year run may now land him in prison.”
“The School That Churns Out America’s Auctioneers” (Wall Street Journal). “The first thing you notice as people file into a Best Western hotel conference room for the first morning of auction school is nobody has coffee. It dries out the throat. Students stand in a circle as an instructor, Rusty Trzpuc, who wears a leather belt imprinted with the word ‘sold’ on the back, claps out a metronomic beat. The group chants tongue-twisters and numerical sequences, forward and backwards, in unison, guided by his rhythm. ‘Lean in,’ Trzpuc yells to one participant. He pivots. ‘Lighten up on the arm gestures,’ he shouts to another. ‘Palms up, invite those bids,’ he hollers to everyone. Welcome to the Western College of Auctioneering in Bozeman, Mont., a major training ground for a profession that is critical to the sale of cars and cattle in America. Since it was founded in 1948, the school has matriculated over 5,000 students, who also auction everything from real estate to farm equipment to fine art.”
