A Ponzi scheme by any other name: the bursting of China’s property bubble: Only state intervention can save the day, but the pain is likely to fall on ordinary citizens, say observers. (The Guardian)
The Legacy of Jack Welch’s Managerial Capitalism: Welch did not leave a good legacy for GE or its shareholders: its stock fell 25% during Welch’s final year, and if you held stock in GE from 1984 (three years into Welch’s tenure) until 2020, your total shareholder return was 745% versus 3,385% for the S&P. GE was replaced by Walgreens in the Dow Jones Industrial Average and survived the 2008 subprime mortgage fiasco thanks only to bailouts from Warren Buffett and the federal government. (Law & Liberty)
They Were Entitled to Free Care. Hospitals Hounded Them Anyway: How a Private Equity Hospital Chain Used a Poor Neighborhood to Turn Huge Profits: Bon Secours Mercy Health, a major nonprofit health system, used the poverty of Richmond Community Hospital’s patients to tap into a lucrative federal drug program. With the help of a consulting firm, the Providence hospital system trained staff to wring money out of patients, even those eligible for free care. (New York Times)
‘Putin Is a Fool’: Intercepted Calls Reveal Russian Army in Disarray: Russian soldiers made thousands of calls from the battlefield in Ukraine to relatives at home. Here are their conversations. (New York Times)
Ukraine Military Breakthrough Threatens Russian Grip: Higher costs seen for gains in southern Kherson offensive Kharkiv region attacks threatening key Russian logistics hub (Bloomberg)
Ten handy phrases for bluffing your way through the new financial crisis: Those screams you hear are ten thousand self-appointed financial experts howling into the existential abyss. (The Spectator)
Cash Retakes Its Crown as the Fed Wrestles With Inflation: Investors are piling into products that shield them from losses in a rising rate environment. (Businessweek)
Bonds May Be Having Their Worst Year Yet This has been the most devastating time for bonds since at least 1926, and maybe in centuries. But, our columnist writes, much of the damage is already behind us. (New York Times)
Macro Hedge Funds Turn In Banner Year in Volatile Market Biggest interest-rate and currency moves in decades fuel gains after years of subpar returns. (Wall Street Journal)
Will Anyone Ever Buy or Sell a Home Again? High interest rates! Just what this bonkers housing market needed. (Slate)
Taller Towers, Fewer Homes: New boutique condo towers, some with fewer apartments than the buildings they replace, are squandering high-density sites in Manhattan, urban planners say. (New York Times)
Stuck on an Investment Problem? It Might Be Time for a Change. By breaking down silos and pushing investors into new workflows, investment offices can encourage creative problem solving, our columnist writes. (Institutional Investor)
20 Predictions for the Music Business in 10 Years: Music Business (The Honest Broker)
Apple’s Tech Supply Chain Shows Difficulty of Dumping China Covid Zero, deteriorating US-Sino relations pressure US firms Chips are in the crosshairs as Taiwan-China tensions increase (Bloomberg)
Are You Too Old to Wear That Now? Lockdown wrought a lot of changes—and, for many men, the clothes they wore pre-Covid don’t match who they are now. Two writers of different generations hunt for cool, age-appropriate solutions. (Wall Street Journal)
The Not-So-Silent Friendship of Jason Mewes and Kevin Smith: The two, who have played the characters Jay and Silent Bob for 28 years and counting, reflect on their time as best friends and professional partners. (New York Times)