What we’re reading (5/26)
“How An Ex-Teacher Turned A Tiny Pension Into A Giant-Killer” (Wall Street Journal). “Plymouth County is known for Pilgrims, cranberries—and a top-performing pension fund run by a 65-year-old former schoolteacher. After a decade of mostly ho-hum performance, the $1.4 billion Plymouth County Retirement Association ranked in the top 10% of U.S. pensions over the past three years. Key to that success was an early—and prescient—bet that interest rates would rise. That buoyed the fund through big chunks of the past two years, when climbing rates hammered both stocks and bonds.”
“Tesla Shareholders Advised To Reject Musk’s $56 Billion Pay” (CNBC). “Proxy advisory firm Glass Lewis said on Saturday it has urged Tesla shareholders to reject a $56 billion pay package for Chief Executive Officer Elon Musk, which if passed would be the largest pay package for a CEO in corporate America.”
“What Do Students At Elite Colleges Really Want?” (New York Times). “Over the last five years or so, ‘the idea of thinking about your professional path has moved much earlier in the undergraduate experience,’ Ms. Ciesil said. She said the banks first began talking to students earlier, and it was the entrance of Big Tech onto the scene, asking for junior summer applications by the end of sophomore year, that accelerated recruitment timelines. ‘At first, we tried to fight back by saying, ‘No, no, no, no, no, sophomores aren’t ready, and what does a sophomore know about financial modeling?’’ said Mr. Woolsey at Union College. But, he added, schools ‘don’t want to push back too much, because then you’re going to lose revenue,’ since firms often pay to recruit on campus.”
“How To Build 300,000 Airplanes In Five Years” (Construction Physics). “One of the most important elements in the ‘Arsenal of Democracy’ [during WWII] was aircraft. Over the course of the war the U.S. produced around 325,000 airplanes valued at roughly $46 billion ($800 billion in 2024 dollars). Not only is this more aircraft than what Germany, Japan, and Italy combined produced during the war — it’s also more aircraft than have been built for commercial transport in the entire history of aviation.”
“The Chuck E. Cheese Band Delays Retirement With An Encore At 3 More Stores” (Washington Post). “More of Chuck E. Cheese’s animatronics bands are here to stay at five locations as the pizza-and-arcade chain tries to lean into fans’ nostalgia while endearing Chuck to today’s children. The brand announced last year that it would retire its Munch’s Make-Believe Bands except one ‘permanent residency’ in Northridge, Calif., which the company says has become a destination for wistful parents. In addition to the full-stage band in Northridge — and a previously announced solo-Chuck set at a ‘100% retro store’ in Nanuet, N.Y. — bands will remain in Springfield, Ill., Hicksville, N.Y., and Charlotte, N.C. Everywhere else, though, will shed the once-ubiquitous American icons in a matter of months.”
