What we’re reading (5/26)
“Dow Jones Industrial Average Celebrates 125 Years As Wall Street’s Bellwether” (Wall Street Journal). “One hundred twenty-five years ago, the Dow Jones Industrial Average made its debut. The index of 12 smokestack companies closed that first trading day, May 26, 1896, at 40.94. It included General Electric Co. as well as long-forgotten names like American Cotton Oil and Distilling & Cattle Feeding. Since then, the Dow has evolved with the U.S. economy, giving investors from Wall Street to Main Street a measure of financial markets through the Great Depression, two world wars and all the events that shaped the 20th and early 21st centuries. It has risen an average of 7.69% each year and notched 1,464 record closes, according to Dow Jones Market Data.”
“The Bankers, Brokers, And Big Money Transforming Litigation Finance From A Lawyer's Hustle To A Multibillion-Dollar Asset Class” (Business Insider). “Paying for someone else's lawsuit used to be illegal. Now it's a multibillion-dollar opportunity. Commercial litigation funders make money by advancing money to businesses that lack the resources or the patience for a lawsuit. In return, they get a multiple of what they invested (often double or triple) or a return anchored to an interest rate. Litigation funders now have $11.3 billion invested or ready to invest in US commercial litigation, according to a recent estimate by Westfleet Advisors.”
“Amazon To Buy MGM Studios For $8.45 Billion” (CNBC). “Amazon said it hopes to leverage MGM’s storied filmmaking history and wide-ranging catalog of 4,000 films and 17,000 TV shows to help bolster Amazon Studios, its film and TV division.”
“Credit Suisse Just Told Its New York Bankers To Come Back To The Office From June 14 As More On Wall Street Prepare For A Summer Return” (Times News Express). “Credit Suisse follows Goldman Sachs, which also asked its US employees to come back to the office by June 14, Insider reported earlier this month. Goldman’s CEO David Solomon, in particular, has not been shy at voicing his discontent with remote work, calling it an ‘aberration.’”
“Ford Plans $30 Billion Electric Vehicle Investment By 2025” (CNN Business). “Ford is doubling down on electric vehicle development, announcing Wednesday it will invest $30 billion in electrification efforts by 2025. The automaker also pledged that 40% of its vehicles sold by 2030 will be electric. Ford had previously announced plans to spend $22 billion on electrification efforts and had recently revealed plans to build two new battery factories in a joint venture with Korean battery maker SK innovation.”
