What we’re reading (10/13)
“S&P 500 Closes Lower On Friday, But Notches Second Straight Positive Week” (CNBC). “Stocks came off their session highs after consumer sentiment data was released earlier Friday. According to the University of Michigan’s closely watched survey, preliminary consumer sentiment data slumped in October while inflation expectations spiked.”
“Hedge Funds Must Tell SEC Which Companies They Sell Short Under New Rules” (Wall Street Journal). “Traders will get a broader look at which public companies are being targeted by short sellers under rules the Securities and Exchange Commission adopted Friday as part of its response to the 2021. The final rules come more than two years after that drama, when thousands of investors coordinated on Reddit to buy shares of GameStop and others—and punish hedge funds that had bet against the stocks. The turmoil captured headlines and left some traders with huge gains while others lost eye-popping sums.”
“How A Billionaire-Backed Network Of AI Advisers Took Over Washington” (Politico). “In the high-stakes Washington debate over AI rules, Open Philanthropy has long been focused on one slice of the problem — the long-term threats that future AI systems might pose to human survival. Many AI thinkers see those as science-fiction concerns far removed from the current AI harms that Washington should address. And they worry that Open Philanthropy, in concert with its web of affiliated organizations and experts, is shifting the policy conversation away from more pressing issues — including topics some leading AI firms might prefer to keep off the policy agenda.”
“From LSD To I.P.O.” (New York Times). “‘Their popularity nowadays is pretty wild,” Ms. Steele added. “It’s not often that you see a total turnaround in public brand perception in the way we have with Birkenstock.’ Today, five core styles make up 76 percent of the business, the company said, with prices that start at 40 euros (about $42). For limited-edition luxury styles, that figure can be 40 times as much — up to $1,700. The company said that 30 million pairs of Birkenstock sandals were sold in 2022, with sales of 1.24 billion euros ($1.3 billion at current exchange rates), up from 292 million euros ($307 million) in 2014.”
“No, Low Interest Rates Did Not Justify Adding Trillions Of Dollars To The National Debt” (Reason). “In the end, the Forever Low believers were correct in their own transitory way. After all, interest rates did remain low for an extended period, catching many by surprise. Their main mistake, though, was tragic: concluding that there was no cost to trillions of dollars in additional debt.”
