Thursday morning news drop
Canada's inflation rate inches up again, to new 31-year high of 6.8% Economists had been expecting inflation to crest but instead it went up slightly (CBC)
Bear Market Playbook The most important thing right now is not to panic and to stick to your plan, assuming you had one. But every market environment presents an opportunity to do something to improve your portfolio or your total financial picture. These actions can help scratch the urge to DO SOMETHING to ease the pain of seeing red on your statements. It is in our human nature to react to fear, and with careful planning and deliberation, perhaps we can harness that energy into something productive rather than destructive. I call this the bear market playbook. (The Belle Curve)
Cautionary Tales from Cryptoland Web3 is off to a rocky start. Optimists may rattle on about progress on the horizon, but at present the space is rife with fraud, hacks, and collapses. In this Q&A with Web3 critic Molly White, creator of the website Web3 Is Going Just Great, White argues that as this technology becomes more mainstream, its ability to do harm — financial, emotional, and reputational — will grow, and fast. (HBR)\
All of Those Quitters? They’re at Work. The Great Resignation was in fact a moment many people traded up for a better-paying gig. (New York Times)
Tech’s High-Flying Startup Scene Gets a Crushing Reality Check Job cuts and a sour investment climate are hitting big companies like Stripe and Instacart, and may slam smaller ones as damage spreads. (Bloomberg)
Canadians love their cars so much that high fuel prices won't make most of us change our ways With fuel prices driving inflation, why are there still so many darn cars on the road? (CBC)
Elon Musk Is Acting Like Henry Ford. Uh-Oh. Both auto magnates built dominant companies. Both became global celebrities. Both dove headlong into other pursuits. One lost his edge. So far. (Bloomberg)
The Incredible Shrinking Car Dealership The way people buy automobiles is changing—so Honda and other manufacturers are adapting in kind. (Wired)
A New York power line divided environmentalists. Here’s what it says about the larger climate fight. States waited too long to decarbonize, and now they have to make tough choices. (Grist)
Forgetting the apocalypse: why our nuclear fears faded – and why that’s dangerous The horrors of Hiroshima and Nagasaki made the whole world afraid of the atomic bomb – even those who might launch one. Today that fear has mostly passed out of living memory, and with it we may have lost a crucial safeguard (Guardian)
Breaking the Black Sea Blockade: This effort has failed, and while Russian forces are continuing with some probing offensives, these have largely been blocked. The campaign map does not look much different to that of a month ago. NATO’s Secretary General Jens Stoltenberg has said that Ukraine ‘can win this war’, while the UK’s Defence Intelligence, having noted that the Russian army has lost a remarkable third of its original ground combat force, observed that it was now ‘significantly behind schedule.’ This is a story of shrinking objectives. (Comment is Freed)
The Last Cigarette Cinema’s most seductive prop A cigarette is an invitation. When, in The Lady from Shanghai, able-bodied Irish sailor Michael O’Hara (Orson Welles) meets Elsa Bannister (Rita Hayworth) in a horse-drawn carriage in Central Park, he offers her a cigarette. “But I don’t smoke,” she says. Still, she wraps his cigarette in a handkerchief and tucks it away as a memento. (American Scholar)
Daniel Ricciardo Is America’s First Formula 1 Superstar After the Australian Drive to Survive star fell out of love with F1, he came back stronger—and more popular—than ever. (GQ)