Media worth consuming – November 2024

Top Five Articles

Mark Andreesen criticised the Biden Administration for pressuring financial institutions to debank approximately 30 start-up founders.

The New Deal was an economic disaster that exacerbated the Great Depression.

The US has outperformed other developed nations in productivity improvements over the last decade.

Rafael Nadal retires as one of the greatest tennis players, with his discipline and manners as good as his tennis.

After three previous sales went for $120,000 to $150,000, the fourth edition of a banana duct taped to wall sold for $6.2 million.

Finance

It takes some courage to buy US shares when corporate insiders are selling at record levels and Berkshire Hathaway has record cash levels. The average P/E ratio of the top ten stocks in the S&P 500 is 49.3. Over the last three years, free cash flow from US shares has declined slightly while expectations of earnings growth have jumped. After 20 years of share buybacks, Boeing raised $16 billion in a share sale to stabilise its balance sheet.

The Governor of Bangladesh’s central bank has accused the previous government of collaborating with tycoons to steal $17 billion from the banking system. Florida introduced a law intended to make it easier to invest in start-ups, but due to poor drafting it effectively banned many large banks from selling securities in the state.

Global high yield spreads are very low leaving little margin remaining after budgeting for losses. With one month remaining, US leveraged loans have had a record year, exceeding $1 trillion in issuance. Banks are increasingly granting modifications to US real estate borrowers, a practice some refer to as “extend and pretend”.

Politics & culture

The Fed’s money printing during 2020 and 2021 pushed inflation higher, which helped Trump win the Presidential election. The difference between the way 60 minutes and Joe Rogan approached interviewing Kamala Harris shows why people are rejecting mainstream media. The 2024 US election was a rejection of Democrats, mainstream media and elites. Democrats drove away many potential voters with their perceived condescension and dishonesty. Ann Selzer is retiring from polling following her 16% error in the infamous Iowa poll. Scientists should drop their partisan politics if they want Americans to trust them again.

British police visited the home of a journalist to warn her she was being investigated for a tweet, but they refused to disclose which tweet or who had apparently been offended. A French broadcaster was fined €100,000 and forced to issue an on air apology for stating that abortion is the leading cause of death. Australia’s mainstream media consistently fails to report negative news on their largest advertiser, Harvey Norman.

Companies doing business in China have learned that Chinese men don’t brush off a joke like Western men. A Chinese vessel has been identified as the likely culprit behind the severing of two telecommunication cables in the Baltic Sea.

Economics & work

Milei has taken his chainsaw to Argentina’s government spending cutting it from 38% of GDP to 32% in just one year, demonstrating the necessity of budget cuts to curb high inflation and avoid default. His success in fixing Argentina’s economic crisis is a guide for Trump’s Department of Government Efficiency, which has plenty of low hanging fruit to pick.

Free trade brings prosperity to both buyers and sellers, while restricting it typically ends up disproportionately penalising low and middle income earners. US states spend vastly different amounts educating children but there’s little correlation between higher spending and better reading scores. A European wages measure is up 5.4% over the last year, pointing to elevated services inflation ahead.

Miscellaneous

Australia’s Covid inquiry ignored the obvious evidence that the health and economic responses were unnecessary, expensive and counterproductive. Globally, the percentage of people diagnosed with diabetes has doubled over the past 30 years. The United Nations could slash emissions by holding their climate conferences online.

After Brazil legalised online gambling usage has exploded, with an estimated 20% of the flagship welfare program being gambled. A £10 million property sale is on hold as ownership reverted to the UK government in 2014 when the company that owned the property was dissolved.

The microstates that don’t take themselves too seriously. New York City has legalised jaywalking. Athletes in the US are celebrating with the “Trump Dance”. Four Los Angeles men have been busted for insurance fraud after they claimed a bear had damaged their cars, when the damage was caused by a human in a bear costume.