What we’re reading (1/15)
“The Top 1% Captured Nearly Twice As Much New Wealth As The Rest Of The World Over Last Two Years” (CNN Business). “Though their riches have slipped somewhat over the past year, global billionaires are still far wealthier than they were at the start of the pandemic. Their net worth totals $11.9 trillion, according to Oxfam. While that’s down nearly $2 trillion from late 2021, it’s still well above the $8.6 trillion billionaires had in March 2020.”
“BlackRock Vs. Goldman In The Fight Over 60/40” (Wall Street Journal). “BlackRock says the losses—the worst in nominal terms for a 60/40 portfolio since the financial crisis of 2008-9 and the worst in real terms in a calendar year since the Great Depression—show that the structure is outdated. Goldman demurs, arguing that the odd big loss is inevitable in any strategy and that 60/40 remains a valid basic approach. Strategists and fund managers at other large money managers and banks have been piling in on both sides.”
“90% Of Online Content Could Be ‘Generated By AI By 2025,’ Expert Says” (Yahoo! Finance). “Generative AI, like OpenAI's ChatGPT, could completely revamp how digital content is developed, said Nina Schick, adviser, speaker, and A.I. thought leader told Yahoo Finance Live…’I think we might reach 90% of online content generated by AI by 2025, so this technology is exponential,’ she said. ‘I believe that the majority of digital content is going to start to be produced by AI. You see ChatGPT... but there are a whole plethora of other platforms and applications that are coming up.’”
“Tyler Winklevoss Says SEC Charges Over Gemini Are ‘Super Lame’ And A ‘Manufactured Parking Ticket’” (Insider). “Tyler Winklevoss called regulators ‘super lame’ after his company was hit by charges linked to a $900 million funds crisis. On Thursday the Securities and Exchange Commission (SEC) charged Genesis' lending arm Genesis Global Capital and digital currency exchange Gemini for the unregistered offer and sale of crypto asset securities through the Gemini Earn lending program.”
“The Condo King Of Miami Bets His New Fisher Island Luxury Project Can Weather A Recession” (CNBC). “Jorge Perez, also known as ‘the condo king of Miami,’ and his Related Group are behind the 10-story, 50-unit project that boasts a sell-out price of $1.2 billion. They paid $122.6 million for the land, at the top of the market. Units start at $15 million. The project includes a $90 million, 15,000 square foot penthouse and a $55 million ground-floor villa with a half-acre backyard. The building will also have its own slip for mega yachts. Sales just started last month.”
