What we’re reading (8/14)
“Berkshire Hathaway’s Latest Bet: Homebuilder Stocks” (Wall Street Journal). “Homebuilders have seen a boom in business since mortgage rates shot up last year. Elevated rates have kept homeowners from selling, leaving new construction as the most appealing option for many buyers. Homebuilder stocks have rallied, with the S&P Homebuilders Select Industry stock index up 39% this year.”
“‘Complete Meltdown’: Driverless Cars In San Francisco Stall Causing A Traffic Jam” (CNN Business). “San Francisco residents were caught off guard this weekend after Cruise self-driving cars caused a traffic jam, according to social media posts. The obstruction came a few days after California regulators approved robotaxi companies to operate their driverless cars 24/7 throughout the city.”
“Russia’s Ruble Hits Its Lowest Level Since Early In The War. The Central Bank Plans To Step In” (AP). “The Russian currency had passed 101 rubles to the dollar, continuing a more than one-third decline in its value since the beginning of the year and hitting the lowest level in almost 17 months. The ruble recovered slightly after the central bank’s announcement.”
“Sam Bankman-Fried Is Charged With Using Stolen Customer Funds To Donate $100M To Mostly Democratic Causes During 2022 Midterms - As He Begs For Adderall To Treat ADHD In Brooklyn Jail” (Daily Mail). “Sam Bankman-Fried used stolen customer funds to make over $100million in campaign contributions ahead of the 2022 midterms, prosecutors have claimed. The new indictment, filed Monday, charges the 31-year-old with seven counts of conspiracy and fraud over the collapse of the exchange.”
“Every Investor Is Facing The Same Alts Math Problem” (Institutional Investor). “Scott Ramsower, head of private equity funds at TRS, says the pension fund is raising the bar for managers and exploring new options to actively manage its alternatives portfolio.”
