What we’re reading (12/19)
“Stocks Bulls Losing Support As $4 Trillion of Options Set To Expire” (Bloomberg). “Bulls reeling from the Federal Reserve’s still-hawkish tilt are about to lose a major force that helped tamp down turbulence in US stocks during this week’s macroeconomic drama.”
“Problem Gambling Is On The Rise Among Young Men” (Wall Street Journal). “Gaming and gambling problems are surfacing among young men, and increasingly, teen boys, say counselors, therapists and addiction experts. They cite the rise in time spent online during the pandemic, the legalization of sports betting in a growing number of states, and the increasing presence of gambling-like elements in videogames.”
“‘Big Short’ Investor Michael Burry Says Crypto Reserve Reviews Like Binance’s Are ‘Essentially Meaningless’” (Insider). “Michael Burry, the legendary investor who foresaw the subprime mortgage crisis, is wary of so-called proof of reserves that crypto exchanges have touted since FTX crashed. The ‘Big Short’ former hedge fund manager tweeted on Friday that such reviews on a firm's digital holdings are “essentially meaningless.”
“Tesla Gets Downgraded On Wall Street Over Elon Musk’s Twitter Antics, Banning Of Journalists” (CNN Business). “Oppenheimer & Co. downgraded its rating on Tesla, where Musk is the CEO, solely because of risks posed by the billionaire’s ownership and management of Twitter. ‘We believe Mr. Musk is increasingly isolated as the steward of Twitter’s finances with his user management on the platform. We see potential for a negative feedback loop from departure of Twitter advertisers and users,’ Oppenheimer analyst Colin Rusch wrote to clients.”
“Rising Production Cost – And Rising Resentment” (Inside Higher Ed). “Understanding the rising cost of producing higher education starts with the fact that the wealthiest, most elite colleges and universities, which set the norms in higher education, are admitted "cookie monsters," whose insatiable and competitive need for revenue has long been viewed as beneficial -- until recent decades.”
