What we’re reading (5/6)
“Wall Street Is Running Away From The Housing Market. But Why?” (Fortune). “[A]ccording to an analysis conducted by John Burns Research and Consulting, institutional investors—those owning over 1,000 homes—bought 90% fewer homes in January and February than they did in the first two months of 2022.”
“Berkshire Hathaway’s Operating Earnings Increase 12% In The First Quarter, Cash Hoard Tops $130 Billion” (CNBC). “Profit from insurance underwriting came in at $911 million, up sharply from $167 million a year prior. Insurance investment income also jumped 68% to $1.969 billion from $1.170 billion.”
“You May Never Eat Inside A Fast Food Restaurant Again” (Vox). “By the end of 2021, dine-in visits to fast food chains had fallen to just 14 percent of restaurant traffic, compared to 28 percent pre-pandemic, according to the market research firm NPD Group. When it comes to burgers and fries, people are increasingly scarfing them down in their homes, at their offices, in their cars — anywhere, really, but in the restaurant.”
“ChatGPT Can Pick Stocks Better Than Your Fund Manager” (CNN Business). “A survey of 2,000 UK adults conducted by Finder last week showed that 8% had already used ChatGPT for financial advice, while 19% said they would consider doing so.”
“Bank Turmoil Is Paving The Way For Even Bigger ‘Shadow Banks’” (DealBook). “Whipsaw trading in shares of regional banks this week made it clear the fallout from three federal bank seizures was far from over. Some investors are betting against even seemingly healthy banks like PacWest, and regulators are gearing up to tack on new capital constraints for small and medium-size lenders.”
