What we’re reading (7/31)
“Is Selling Shares In Yourself The Way Of The Future?” (The New Yorker). “[A]fter years of being ideas people to the world’s ideas people, the brothers had come to New York to fund-raise for a big and lucrative idea of their own. In Central Park, they told me that, with Maria and Anna, they’d created an entity called Libermans Co. It held all the income from their enterprises; any debts, assets, and profits they might gain; and any investments they might make or companies they might start for the next thirty years. They had gathered all these elements and sold shares in the whole, offering investors, effectively, a stake in their entire financial future—shares in their life. So far, the Libermans have traded around three per cent of their futures, which investors have valued at four hundred million dollars[.]”
“The Antitrust Showdown To Determine Simon & Schuster’s Fate Is About To Begin” (Vanity Fair). “Jonathan Karp is rallying the troops at S&S as its suitor, Penguin Random House, heads to trial Monday against Biden’s Justice Department. The witness list is a who’s who of publishing bosses, power agents, and authors—including Stephen King—with a $2 billion deal on the line.”
“Oil Prices Will Stay High As Production Constraints Keep Supplies Tight, Top CEOs Say” (Insider). “‘There is more upside than downside when it comes to the oil price,’ Shell Chief Executive Ben van Beurden said in an interview Thursday with Bloomberg TV after his company's quarterly report. ‘Demand hasn't fully recovered yet, and supply is definitely tight.’”
“China Signals It Could Miss Economic Growth Target” (BBC). “On Thursday, the Politburo - the ruling Communist Party's top policy-making body - said it aims to keep growth within ‘a reasonable range’. It did not mention the official growth target of 5.5% it had earlier set. China is continuing to pursue a zero-Covid policy that has put major cities into full or partial lockdowns. In a statement after its quarterly economic meeting, the 25-member Politburo, which is chaired by President Xi Jinping, said leaders would ‘strive to achieve the best results possible’. However, it also called on stronger provinces to work to meet their growth targets.”
“Individual Investors Ramp Up Bets On Tech Stocks” (Wall Street Journal). “[M]any [tech] stocks remain the most popular among individual investors who say they are confident in a rebound and expect the companies to continue powering the economy. In late July, purchases by individual investors of a basket of popular tech stocks hit the highest level since at least 2014, according to data from Vanda Research. The basket includes the FAANG stocks[.]”
