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A Man Fell From a Cruise Ship. And Survived.
(12/01/2022)
- On Thanksgiving, James Grimes (28) fell overboard the Carnival Valor cruise ship.
- Grimes was on vacation with family en route from New Orleans to Mexico.
- The ship was at sea for one day when his family alerted staff that he was missing.
- Grimes was eventually found by a passing tanker ship near the Mississippi River who alerted the Coast Guard.
- An excellent swimmer, he treaded 65-degree water, rain and avoided sharks for 10+ hours before being rescued by helicopter (stable with mild hypothermia, dehydration).
Crypto probably isn’t dead, but should it be?
(11/29/2022)
- Months of crypto market turmoil featuring trillions in destroyed wealth and culminating with the recent implosion of high-flying brokerage FTX has many questioning the long-term viability of crypto.
- While supporters point out the past boom-bust nature of crypto markets, post-2020 retail and institutional investors who propelled crypto to new heights are becoming disillusioned.
- FTX’s meteoric rise and sudden bust has many finance professionals questioning crypto’s lack of regulatory oversight.
- While crypto won’t disappear, the bust has been a blow to building widespread trust.
A Holiday Season Divided by Inflation and Economic Struggles
(11/25/2022)
- Early US holiday spending is reflective of the increasingly polarized economy featuring high-earners continuing to splurge while inflation is forcing the poor and working-class cut back on non-essentials.
- This dichotomy was evident during Thanksgiving as $100+ per person hotel brunches sold out while charities reported record demand for free turkeys.
- The pandemic nest-egg savings many Americans accumulated thanks to stimulus checks and rising wages have largely been exhausted due to rising (+7.7% year-over-year) inflation.
- Article provides more details on how inflation widens inequality.
With Twitter in chaos, Mastodon is on fire
(11/05/2022)
- Growing uncertainty surrounding Twitter’s future under Elon Musk has pushed more people to alternatives like Mastodon.
- Launched in 2016 as a non-profit, Mastodon is also a microblogging social network (500 character limit per post) where users sign-up by joining specific servers.
- While Mastodon users can follow each other regardless of server, it’s harder to find and follow new people.
- And while Mastodon has recently gained hundreds of thousands of new users, it’s active user base (655K) remains tiny compared to Twitter’s (238M).
The world population hit 8 billion. Here’s where you fit in. (Interactive)
(11/15/2022)
- According to UN estimates, the global population recently crossed 8 billion people.
- It only took 12 years to grow from 7 to 8 billion people (largely driven by rising lifespans).
- The global population is forecast to peak at 10.4 billion people in 2086.
- “Collectively the population is growing older, living longer and having fewer children”.
- While birthrates are slowing in wealthier countries, they remain elevated in poorer nations.
- Over half the global population lives in India, China, the US, Indonesia, Pakistan, Nigeria and Brazil.
FTX says it owes more than $3 billion to creditors
(11/20/2022)
- Crypto-brokerage FTX’s recent bankruptcy filing (Delaware) revealed it owes creditors at least $3.1B.
- While the creditors remain unnamed, ten (10) are owed at least $100M; the largest is owed $226M.
- While led by co-founder and former CEO Sam Bankman-Fried (pictured), FTX achieved a peak valuation of $32B and raised over $2B in venture capital.
- Newly-appointed CEO John Ray (oversaw Enron during its bankruptcy) said FTX lacked basic internal controls and plans to repay creditors by selling off FTX’s assets and viable subsidiaries.
FTX Spent Big on Sports Sponsorships. What Happens Now?
(11/10/2022)
- Crypto brokerage FTX committed hundreds of millions to sports sponsorships with the Miami Heat (19-year, $135M arena naming rights), Mercedes F1 racing team, and TSM e-sports team (10 yrs, $210M).
- However, all of those partnerships are in doubt following FTX’s recent bankruptcy filing as solvency concerns sparked a mass exodus of deposits.
- While teams may pursue litigation against FTX, teams sponsored by bankrupt companies usually find corporate replacements.
- In 2002, the Houston Astros bought back its stadium naming rights from bankrupt, scandal-plagued Enron.
Target: ‘Organized retail crime’ has driven $400 million in extra profit loss this year
(11/16/2022)
- On Target’s recent earnings call, CFO Michael Fiddelke said that theft has reduced the retailer’s gross profits by $400M so far this year.
- This “inventory shrinkage” is largely driven by merchandise theft by organized crime groups that has gotten “increasingly worse” over the last 12-18 months.
- The National Retail Federation (NRF) claims that goods stolen from US retailers increased by almost $4B to $94.5B last year.
- In response, retailers are hiring more security in a shift away from relying on spread-out store employees.
What Happens to Your Body on No Sleep?
(04/02/2019)
- Scientists have found that the effects of acute sleep deprivation, or all-nighters, kicks in after being awake for 16-18 hours straight.
- The first sign is a sluggish mind, with reaction times lagging to the equivalent of being legally drunk by the 24th hour awake.
- After 24 hours, your brain starts forcing you into 10-20 second periods of “micro-sleep”.
- After 35 hours, the brain’s emotion-emitting amygdala becomes 60% more reactive and the ability to regulate emotions declines.
- Hallucinations are common after 48 hours awake.
