Wednesday morning news drop
Make Money Day-Trading from Home! Change is happening in the financial markets. Can you feel it? It’s like the ground is shifting beneath my feet. Something new is happening, and maybe, just maybe, this time really is different. (Belle Curve)
The Shoeshine Indicator is Dead One of the questions that came up a year ago when the Robinhood traders, and my plumber, emerged on the scene was, “What’s gonna happen when their stocks crash?” My answer was always that they’d move on to something different, a la the aliens in Independence Day. (Irrelevant Investor)
The Fed Is Paying 0.00%. Such a Deal! Depositors Are Flocking Starting in April, “No Interest” started looking interesting to certain investors with too much cash on their hands. The amount of money they placed at the Fed overnight at 0.00% grew from nothing to single-digit millions to billions and, as of June 8, $497.4 billion. That’s the most ever. (Bloomberg)
The Worst Business Ever Food delivery just isn’t a very good business. It’s hard to make a profit when you don’t make any money. This describes the state of the food delivery business, which according to the founder and CEO of GrubHub, “is and always will be a crummy business.” (Irrelevant Investor)
Farewell, Millennial Lifestyle Subsidy The price for Ubers, scooters and Airbnb rentals is going up as tech companies aim for profitability. (New York Times)
A company you’ve probably never heard of caused half the internet to go dark Countless websites, including major news outlets, were offline after an outage at Fastly, a cloud computing provider. (Vox)
How A New Team Of Feds Hacked The Hackers And Got Colonial Pipeline’s Ransom Back That said, the attackers made an unusual error in this case by failing to keep money moving. The $2.3 million that ultimately was recovered was still sitting in the same Bitcoin account it had been delivered to. (NPR)
The Retreat of Exxon and the Oil Majors Won’t Stop Fossil Fuel National oil champions are likely to fill the gap left by private-sector players—meaning emissions won’t shrink as fast the supermajors (Bloomberg Green)
Exxon’s Board Defeat Signals the Rise of Social-Good Activists The energy giant’s stunning loss was the work of a tiny hedge fund that believes investing for social good is also good for the bottom line. (New York Times)
The Paradox of Being a Leafs Fan Generations of Indigenous fans have followed the Toronto Maple Leafs through close calls and decades of despair. Ultimately, it's the hope that connects us (Walrus)