What we’re reading (4/4)
“Individual Investors Retreat From Markets After Show-Stopping Start To 2021” (Wall Street Journal). “Individual investors kicked off 2021 at a sprinter’s pace. Now, they are finally showing signs of fatigue. Trading activity among nonprofessional investors has slowed in recent weeks after a blockbuster start to the year, with the group plowing less money into everything from U.S. stocks to bullish call options.”
“What’s Behind The Boom In Iconic Boomer Musicians Selling Their Songs” (CNBC). “A wave of boomer rock icons are selling out of their song catalogs. The moves, the latest of which was made by Paul Simon last week, point to a straightforward truth about the intersection of art and money: Music has always been a business, and one where creative genius deserved to be rewarded with riches. And it is a business that right now is seeing major changes caused by streaming, and further disruptions caused by the pandemic.”
“A Cryptocurrency Entrepreneur Just Bought The World’s Largest Painting, By Artist Sacha Jafri, For A Whopping $62 Million” (Artnet News). “Last fall, Sacha Jafri set a Guinness World Record for the world’s largest painting, titled The Journey of Humanity. Now, he’s sold it at auction for an equally large price: $62 million. The figure makes him the fourth-most expensive living artist—behind Jeff Koons, David Hockney, and digital artist Beeple.”
“Technology After The Pandemic” (DealBook). “Many companies made changes to survive the pandemic. For tech companies, the changes were also about seizing opportunities to thrive as life abruptly moved online. Few companies have juggled these risks and rewards in as many industries, across as many countries, as Prosus, an Amsterdam-based conglomerate that in 2019 was spun out of Naspers, the South African tech and media giant.”
“Hertz Selects Chapter 11 Exit Plan Backed By Centerbridge, Warburg, Dundon” (Reuters). “Hertz Global Holdings Inc said on Saturday it has selected an enhanced proposal from Centerbridge Partners, Warburg Pincus, and Dundon Capital Partners to provide the equity capital required to fund the car rental company’s exit from Chapter 11. The proposed deal, which is subject to approval by the U.S. bankruptcy court for the district of Delaware, is supported by holders of over 85% of the company’s unsecured notes, Hertz said in a statement.”
