Housing Shortages, the Opioid Crisis, and the Supreme Court

Tuesday morning news drop

• Canada’s Housing Supply Shortage: Restoring affordability by 2030 Canada’s Housing Supply Shortages: Estimating that Canada will need an additional 3.5 million units to restore housing affordability. (CMHC)

• How many homes do we need to build in Victoria? A recent CMHC report said BC needs nearly a million new homes. We break that down at the local scale (Capital Daily)

• Plastic Recycling Doesn’t Work and Will Never Work If the plastics industry is following the tobacco industry’s playbook, it may never admit to the failure of plastics recycling. (The Atlantic)

• Behind the Scenes, McKinsey Guided Companies at the Center of the Opioid Crisis The consulting firm offered clients “in-depth experience in narcotics,” from poppy fields to pills more powerful than Purdue’s OxyContin. (New York Times)

• How Americans' Love Of Beef Is Helping Destroy The Amazon Rainforest If the Amazon is to die, it will be beef that kills it. (Washington Post)

• Climate Change Is Shifting How Plants Evolve. Seed Banks May Have to Adapt, Too Seed banks are critical for preserving biodiversity and ensuring we'll have food for the future. But they're running up against a rapidly changing world. (Gizmodo)

• ‘An Invisible Cage’: How China Is Policing the Future The more than 1.4 billion people living in China are constantly watched. They are recorded by police cameras that are everywhere, on street corners and subway ceilings, in hotel lobbies and apartment buildings. Their phones are tracked, their purchases are monitored, and their online chats are censored. Now, even their future is under surveillance. (New York Times)

• 20 Ways the Supreme Court Just Changed America The long-term outcome of the Supreme Court’s Dobbs ruling is anything but clear right now. But hearing a range of thinkers’ best guesses at where we could go can give us insight into the visions of the country that anti-abortion and pro-abortion groups will be fighting for now that 50 years of Roe v. Wade are firmly behind us. (Politico)

• 10 ways to fix a broken Supreme Court Democrats don’t have the votes right now for major Supreme Court reform. But if they pick up seats, they could have many options. (Vox)

• Sheryl Sandberg and the Crackling Hellfire of Corporate America: This was a book about how women in corporate America could—and should—strive to get the most money and the most power. But where should they seek such power? In the crackling hellfire of C-suite America. Is this feminism? (The Atlantic)

The Standard of Living is Higher, Electric Cars, Moneyball, and Modern Art

Monday morning news drop

• 24 charts that show we’re (mostly) living better than our parents Ignore the haters: living standards have improved a lot since the 1980s. (Full Stack Economics)

• Predicting the Next Recession: I Am Not On Recession Watch: The recession callers are back, and some like ARK’s Cathie Wood and Home Depot’s Ken Langone claim the US is already in a recession. I disagree. We did see negative real GDP growth in Q1, and we might see negative real GDP growth in Q2 – but this doesn’t mean the US economy is in a recession. (Calculated Risk)

• Tesla is killing off coal and gas plants with its giant battery projects. Megapacks are utility-scale batteries, meaning a power company can use them as a backup to store electricity for hundreds or thousands of customers. Each Megapack battery can store three megawatt-hours (MWh) of electricity, enough to power about 100 US homes for a day. Tesla’s biggest battery installation involves 256 Megapack battery units with a combined storage capacity of 730 MWh, enough to power about 25,000 US homes for a day or nearly 600,000 homes for an hour. (Quartz)

• Icons of Italian Automotive Style Struggle to Go Electric Ferrari and Lamborghini are trying to design battery-powered cars that inspire the same devotion as their costly internal combustion models. (New York Times)

• Meat, monopolies, mega farms: how the US food system fuels climate crisis From a beef-heavy diet to growing crops that don’t feed people – the biggest challenges facing the agriculture industry. (The Guardian)

• China has a PR problem — and it’s not just over Hong Kong. Here’s why in three charts. A new survey shows more and more people in advanced economies hold unfavorable views of China. (Grid)

• America is in the grip of a right-wing minority We are now at a stage where the minority is taking over. Worse, it’s an extremist minority that has exploited imperfections in our system of government to impose retrograde policies on the rest of the country. (Los Angeles Times)

• Moneyball at 20: 20 years later, you will not be able to recognize the game. Catchers will be on one knee and will not even attempt to block pitches as runs score on gift wild pitches. There will be so many relievers in a game your head will spin. Batters will try to lift the ball to such a degree and at all costs that batting average will sink to new lows and strikeouts will rise to record highs. Scouts will be replaced by video. (Ball Nine)

• Modern Art and the Esteem Machine Picasso was a joke. Then he was a god. How did his art finally take off in America? (New Yorker)

Videos of the Week, Supreme Court Climate Action, and Crypto's Downfall

Friday morning news drop

• U.S. Supreme Court limits ability to curb power plant emissions, in blow to climate change fight Court ruling in West Virginia case complicates Environmental Protection Agency's regulatory authority (CBC)

• The Supreme Court Is Jeopardizing Federal Climate Action The court’s decision in West Virginia v. EPA doesn’t go as far as some climate activists feared it might. But it’s a road map for future challenges. (Wired)

• Crypto Crash Widens a Divide: ‘Those With Money Will End Up Being Fine’ No cryptocurrency investor has been spared the pain of plunging prices. But the fallout from more than $700 billion in losses is far from even. (New York Times)

• The Lights Are Going Out for Crypto’s Laser-Eyed Grifters Bitcoin’s latest market rout has quietened influencers on social media. That’s a welcome development. (Bloomberg)

• Has the Consumer Ever Been More Prepared for a Recession? But if consumer spending is the main driver of economic activity, that 70% of the economy is in pretty good shape right now from a financial perspective. You could argue the consumer has never been more prepared for a slowdown in the economy.? (A Wealth of Common Sense)

• Social media sites can slow the spread of deadly misinformation with modest interventions Basic efforts by Twitter can cut misinfo sharing in half, according to a new study. (Grid)

• Wild solar weather is causing satellites to plummet from orbit. It’s only going to get worse. The change coincided with the onset of the new solar cycle, and experts think it might be the beginning of some difficult years. (Space)

Videos of the Week

'Better Late' ft. Brandon Semenu Always, “Better Late”, as never isn’t an option. An ensemble of moments in time with the creative people who built memories that define resilience and commitment to never say never. Thank you to those involved for all the adventure that won’t go unseen.

In The Hills Gang X Tirefire: In The Hills Gang is a collective of freeride mountain bikers who dig, ride, and push each other in all aspects of life. They are authentic to themselves and don't care what anyone else thinks. All for one, one for all.

Back To Back - Cinema BMX In Boston: We took Chad Kerley, Dakota Roche, Garrett Reynolds, and Nathan Williams out East for a change of pace to the great city of Boston, MA. Needless to say it was a heavy week in the streets captured by Peter Adam. You do not want to miss this one! Hit play, then hit it again.

Layos: Last year, Rich Forne started a project with Ruben Rodriguez and Sergio Layos joined them on a couple of trips to film for “Layos,” a video project by Rich and Sergio filmed all over Spain. Rich wants to say this is the best video part that Sergio has ever filmed.

Shor West "Evisen" Part Shor’s technique is as hair-raising as it is timeless. Get stoked as he surfs Japan’s best street waves and scenic pools.

Gabriel Summers' "Dedication" Zero Part Gabbers puts his body on the line damn near every time he hops on his board. From massive rails to brutal bank bombs, our guy gets it done.

Monarch's "~Hello~" Video Monarch's first vid puts their amateur roster front and center with the likes of Kieran Woolley, Blake Norris, Evon Martinez and more. Leticia, Diego and Sky stop by while Killer Mike keeps the track lit.

Crypto Chaos, Fossil Fuels, Gas Prices, and Unemployment

Thursday morning news drop

• Crypto Crash Widens a Divide: ‘Those With Money Will End Up Being Fine’ No cryptocurrency investor has been spared the pain of plunging prices. But the fallout from more than $700 billion in losses is far from even. (New York Times)

• A $2 Trillion Free-Fall Rattles Crypto to the Core A market that has gone through several major downdrafts in its short life may be facing its biggest test yet. (Bloomberg)

• Crypto Miners Face Margin Calls, Defaults as Debt Comes Due in Bear Market Margin calls are coming for cryptocurrency miners as the bear market continues to claim victims. The private and publicly listed crypto miners have racked up debts anywhere between $2 billion to $4 billion to finance the construction of their gargantuan facilities across North America, according to data compiled by CoinDesk and industry participants. (Yahoo Finance)

• The Decline of Fossil Fuels Is Going to Be Expensive Just because demand for gasoline is headed downward doesn’t mean prices will fall automatically. (Bloomberg)

• Why You Might Buy Your Next Car Online Tesla shifted to selling cars entirely online in 2019. Now, some established automakers, like Ford, are talking about taking a similar approach. (New York Times)

• The biggest myths about gas prices Making sense of the political theater over gas prices. (Vox)

• The Rise and Precarious Reign of China’s Battery King Zeng Yuqun is China’s most prolific battery billionaire. His ascent has major implications for a world increasingly reliant on electric vehicles. (Wired)

• Should we raise unemployment to fight inflation? No, we need to protect jobs: Summers is talking about 5.8 million to 15 million Americans reduced to joblessness in order to bring down inflation. (Los Angeles Times)

• The postal service is already one of the US’s main abortion providers As some US states move to enforce bans on abortion, pills-by-mail will become a legal challenge as well as one of enforcement. While states can regulate access to health within their borders, they can’t regulate federal mail. And monitoring the contents of each of the millions of packages coursing through the national postal system is unrealistic in a post-pandemic world where healthcare has moved beyond brick-and-mortar clinics. (Quartz)

• Formula One’s Sharpest Car Designer Is Also Its Master of Loopholes Faced with the most sweeping rule changes in a generation, Red Bull’s Adrian Newey is proving he can still dominate—and designing $6 million supercars on the side. (Wall Street Journal)

Financial Advisors, Electric Cars, Natural Resources, and Crypto

Wednesday morning news drop

• When Should You Hire a Financial Advisor? Should you hire a financial advisor? Are they worth the cost? Is now the right time? (Of Dollars and Data)

• GM and Ford, Driving to Beat Tesla, Turn on Each Other Detroit’s greatest rivalry is intensifying in the race to dominate in electric vehicles; Silverado vs. F-150 Lightning: GM plans to flood the market with a few dozen EV models across a wide price spectrum. Ford plans a narrower range of models but has emphasized speed to market. (Wall Street Journal)

• Water Investments Are No Longer Just an Environmental Play “It’s an industry that’s characterized [by] some of the most positive long-duration, inflation-protected pricing power of any industry,” says Water Asset Management’s Matthew Diserio. (Institutional Investor)

• Clearing Out: BC’s Logging Industry Sets Its Sights on the US Facing ecological and political uncertainty at home, some of the province’s largest lumber producers are looking south (Walrus)

• Metals Haven’t Crashed This Hard Since the Great Recession Prices for copper, tin and other metals plummeted last week as recession fears grow. (Bloomberg)

• America Wasted Its Chance to Push the Economy Forward: Interest rates were low for years. Imagine how much the country could have gotten done. (The Atlantic)

• Missing Middle mythbuster: Developer debunks 5 misconceptions of Victoria’s housing initiative If you live in the City of Victoria you’ll soon receive a notice in the mail with details on the city’s information session for its much-discussed Missing Middle Housing Initiative. (Cheknews)

• Cancelled flight? Shoddy clothing? Disappointing meal? Blame skimpflation, the hidden curse of 2022 Reluctant to raise prices, refusing to sacrifice profits, travel companies, retailers and restaurateurs are cutting corners wherever they can, usually without telling their customers. Is poor quality the new normal? (The Guardian)

• Mike Novogratz on His Big Crypto Mistake and What’s Ahead for Bitcoin The crypto crash, in luna and the industry more broadly, has burned Galaxy’s portfolio and, presumably, a chunk of Novogratz’s net worth. To be fair, in our last conversation, around cryptocurrency’s peak last year, he did advise newly rich crypto investors to “be prudent, take some chips and buy yourself a house if you can afford it.” (New York Magazine)

• Can Crypto’s Richest Man Stand the Cold? Changpeng Zhao built Binance into the world’s biggest digital currency exchange. Now he faces a looming regulatory crackdown in a brutal crypto winter. (Businessweek)

• Game over? New language law puts Quebec's video game industry at risk, insiders say Bill 96 will make it harder to attract talent during skilled labour shortage, sector fears (CBC)

• The Supreme Court’s Legitimacy Is Already Lost: Regardless of Roe falling, the leaks, and the court’s disregard for the public it is supposed to serve, have already gone too far. (Slate)

• Southern Ontario’s challenge: increase housing without losing farmland Golden Horseshoe municipalities have until July 1 to produce a growth plan that looks to 2051. Doug Ford's government prefers single-family housing, but some cities and regions are resisting urban sprawl (Narwhal)

Google Search, Electric Trucks, Bitcoin, Bonds, China, and Extremists

Tuesday morning news drop

• The Open Secret of Google Search One of the most-used tools on the internet is not what it used to be. (The Atlantic)

• Greenwashed: Electric Pickup Trucks Are Dirtier Than You Think Building an electric truck makes far more emissions than a gas one. So where’s the break-even point when they both hit the road? We decided to find out. (The Drive)

• Bitcoin Is A Hideous Monstrosity Made Out Of Computers And Greed That Must Be Destroyed Before It Devours The World, Part I “The cryptocurrency murderer’s row just want your money and they will fuck you any which way they can to get it. Steal from you, manipulate you with rigged games you can’t win, dump shitcoins with a value proposition significantly lower than $0 on you at exorbitant prices so that they can cash out while you take incredible losses — these are not the side effects of their business models. These are their business models.” (Medium)

• Ethereum Mining Is Going Away, and Miners Are Not Happy The shift from proof-of-work to proof-of-stake will cut power consumption sharply—and leave some expensive technology searching for new uses. (Businessweek)

• When Bonds Do Not Hedge Stocks For the first time in decades, bonds haven’t protected balanced portfolios. What to do? (Morningstar)

• The Biden Administration Screwed Over the Solar-Panel Industry But solar companies subsequently paused hundreds of in-development power projects, the New York Times reported in April, leading states like Indiana—facing rising energy costs because of inflation and the war in Ukraine—to kickstart coal plants that were to be phased out in favor of renewable energy. (Slate)

• Sick and struggling to pay, 100 million people in the U.S. live with medical debt: 100 million people in the U.S. live with medical debt (NPR)

• Far-Right Anti-Vaxxers Aren’t Just Influencing Americans In the United States, the proliferation of disinformation about COVID vaccines and treatments has been widely publicized, and most of these myths come from a few powerful influencers. Last year, the anti-extremism group Center for Countering Digital Hate found that 65 percent of vaccine disinformation on Facebook and Twitter came from just 12 people, including the activist Robert F. Kennedy Jr. and the natural lifestyle influencer Joseph Mercola. The target audience is in bastions of American conservatism—in rural communities, among evangelical Christians, and among Trump voters. (Slate)

• China’s ‘Very Dangerous Trajectory’ The Communist regime has always been brutal, but it was at least predictable and, in its own way, practical. No longer. (The Atlantic)

• Leaked Audio From 80 Internal TikTok Meetings Shows That US User Data Has Been Repeatedly Accessed From China “I feel like with these tools, there’s some backdoor to access user data in almost all of them,” said an external auditor hired to help TikTok close off Chinese access to sensitive information, like Americans’ birthdays and phone numbers. (Buzzfeed News)

Work From Home, Housing Markets, Asset Prices, and the Anxiety of Influencers

Monday morning news drop

• How a Recession Could Weaken the Work-From-Home Revolution: Company culture may soon resemble what bosses want, rather than what workers want—and that could mean a lot more people in the office. (The Atlantic)

• The World’s Bubbliest Housing Markets Are Flashing Warning Signs: Global monetary tightening is squeezing homebuyers, adding risks that a slowdown could ripple through the economy. (Bloomberg)

• The Case For Owning Bonds: Yields are much higher than they were during the onset of the pandemic. The Fed is raising rates to bring down inflation which could lead to a recession. If we go into a recession yields will likely fall as the Fed will eventually be forced to lower interest rates. (Wealth of Common Sense)

• Where does the wealth go when asset prices go down? It vanishes into nothingness. I’ve been writing a lot about the crashes in the stock and crypto markets. Sometimes I say stuff like “Over $2 TRILLION of notional value has now been wiped out compared to the peak in late 2021.” And some people have been asking me: Where did all that wealth go? The short answer is: It didn’t “go” anywhere. It vanished. It stopped existing. That’s not a natural or intuitive idea — how can wealth just disappear? — so this post is an explainer of how that works. And as we’ll see, this has implications for policy, for how we think about inequality, and for how we plan our own financial futures. (Noahpinion)

• Scammers have been around forever. Then came crypto. Who is responsible for reining in cryptocurrency fraud? (Grid)

• How Nike Won the Cultural Marathon: As the brand turns 50, it’s not letting up. After half a century there is no escaping the fact that, if Goldman Sachs was once described as the “vampire squid” on the face of humanity, Nike has become part of the root system that underlies the culture. And not just sneaker culture. (New York Times)

• The Anxiety of Influencers: Educating the TikTok generation: According to a poll released in 2019, some 54 percent of Americans between the ages of 13 and 38 would, if given the chance, become a social-media influencer. A whopping 12% believed that this term already fit them. Once the purview of heiresses like Paris Hilton and Kim Kardashian, it seems that influencing has become fully democratized: “It’s the new A-list celebrity except it’s attainable for anybody. You can be in Cleveland, Ohio, alone in your bedroom, and you can get a million followers overnight. That’s fucking crazy. That’s never been possible. Wealth, fame, status has never been more attainable for anyone in the history of the world the way it is right now.” (Harpers)

• From bad refs to brain-eating amoebas: How climate change is reshaping warm-weather sports Increasing temperatures, rising sea levels and more extreme weather are affecting how we play outdoor sports at all levels, from the weekend warriors to the pros. (Grid)

• Spotify’s Billion-Dollar Bet on Podcasting Has Yet to Pay Off Joe Rogan, Bill Simmons, and Call Her Daddy haven’t fixed the business. (Businessweek)

Videos of the Week, the Crypto Meltdown, the comedown, and American Democracy

Friday morning news drop

• The Fire Burning Beneath Crypto’s Meltdown The cryptocurrency implosion followed rampant creation of new digital money, something that never ended well in the traditional world. (Wall Street Journal)

• Crypto’s frozen mystery: The fate of billions in Celsius deposits A disruptive company with a charismatic leader threw a lot of wealth into uncertainty — and vividly demonstrates the end of the crypto party. (Washington Post)

• Six Things That Might Go Right Inflation Eases / Rates Stabilize; Growth Accelerates; Corporate Profits Hold Up Ok; Russia / Ukraine War Ends; Better Valuations, Better Future Returns; Investors Learn & Become Better Long-Term Investors (Validea)

• How Susceptible Are You to Financial Bullshit? One of the biggest leading indicators of people’s tendency to be swayed by bad investment advice is in their susceptibility to put their faith in pseudo-profound financial jargon. A new academic study seeks to actively measure consumers’ ability to detect “financial bullshit”. Its findings are startling. (Evidence Based Investor)

• The comedown: After stimulus boom, Americans face a darkening economy Pandemic-era aid ended as prices spiked — and now the middle class is feeling squeezed again. (Washington Post)

• The US Can Halve Its Emissions by 2030—if It Wants To The economics are clear: Renewables are cheap enough for the country to rapidly decarbonize. Less evident is the political will to pull it off. (Wired)

• As a heat wave grips the US, lessons from the hottest city in America Summer is becoming unbearable. Phoenix holds solutions on how to cope. (Grist)

• Why Social Media Makes People Unhappy—And Simple Ways to Fix It Research suggests platform designs make us lose track of time spent on them and can heighten conflicts, and then we feel upset with ourselves. (Scientific American)

• Former Federal Judge Warns of Danger to American Democracy: Retired Federal Judge J. Michael Luttig issued a dire warning to the country: 17 months after the riot on the U.S. Capitol, “Donald Trump and his allies and supporters are a clear and present danger to American democracy.” Luttig was appointed to the federal bench by George H.W. Bush and had worked in both the Bush and Reagan administrations, and was a legal adviser to former Vice President Mike Pence. The United States is at a crossroads similar to the one the country faced during the Civil War, and he said America needs help. (NPR)

• Visual Guide to the Aztec Pantheon Aztec codices and a whole world of deities, each taking care of some aspects of human life, illustrated to reveal the complexity of the Aztec Pantheon, make the academic research more accessible, and show how this civilization is still alive in our global culture. With luck, they will also help you see this society with the wonderment of your inner child’s eyes, just like I did all those years ago. (The Pudding)

Videos of the Week

Emil Johansson First Place Run at Crankworx Innsbruck 2022

Kevin Peraza - Con Todo: Vans BMX is proud to present the latest short film from team rider Kevin Peraza, Con Todo, directed by filmmaker and friend Juani Zurita. Meaning “giving it all” or “with everything,” the film explores Kevin’s roots, highlighting his high-energy riding at spots throughout Hermosilo, Sonora Mexico, as well as Arizona and California. This film brings together all of Kevin’s strengths – dirt, park, and street—into one cohesive film laying claim that Kevin is one of the world’s most all-rounded riders.

Lew Is Fiending: Lewis Mills shredding in Sydney, Melbourne, Brisbane, Gold Goast, and California.

Hobie Doan Roll Up: Hobie's riding is a treat to watch.

CUT DOWN: 30 Years Of The Vans Half Cab

Lesque's Team Video A steady sampling of Tokyo dream spots with a squad who knows how to tackle the terrain.

Pusher Bearings "Outta Bounds" Video Ledges, hip-hop and plazas—Pusher’s international team of technicians knows the recipe. Kilian Zehnder, Nick Dias, Carlos Iqui and more bring the flow from South America to Spain.

After Skid Row: This film documents the journey of Barbie Carter (aka: Gangster Granni) as she comes to terms with her identity and navigates the road ahead after living on the streets of Skid Row for the past 10 years. The film illuminates the intimate humanity behind homelessness in an effort to replace judgement with empathy and demystify the homeless and housing crisis experienced across the US.

Corporate America, Chip Shortages, Housing Markets, and Brad Pitt

Thursday morning news drop

• Sheryl Sandberg and the Crackling Hellfire of Corporate America In publishing, there are some books that are too big to fail. Very early on you get the message that this is a Major and Very Important Book. In 2013, that book was Sheryl Sandberg’s Lean In: Women, Work, and the Will to Lead, which sold more than 1.5 million copies in its first year. She was the chief operating officer of Facebook, back when most of us had no understanding of the platform’s fearsome powers—in the halcyon days when we thought it was just for sharing pictures of the grandkids and ruining marriages. The book was about how women can make it to the top. It was a sort of “work-life balance” category buster, because she was telling women to pretty much forget about the “life” part. (Atlantic)

• The Lords of Money Pose Massive Threats to Markets When central banks unexpectedly go into full reverse, watch out. (Wall Street Journal)

• How to Beat the Chip Shortage and Buy a Car Without Getting Cheated If you need to buy a car or truck, follow these expert tips for getting a fair price. (Popular Mechanics)

• The World’s Bubbliest Housing Markets Are Flashing Warning Signs Global monetary tightening is squeezing homebuyers, adding risks that a slowdown could ripple through the economy. (Bloomberg)

• How OXO Conquered the American Kitchen The company diced, peeled, and salad-spun its way to America’s heart. Is it really that good? (Slate)

• The slow, frustrating effort to vaccinate young children — against polio A highly effective vaccine had countered a deadly virus, and America was moving on. Only the virus hadn’t disappeared, of course, and millions of unvaccinated young children remained vulnerable to its devastating impacts. The year was 1961, and the virus was polio. (Washington Post)

• If aliens are calling, let it go to voicemail: Receiving signals from extraterrestrial civilizations could pose an existential risk. Really. (Vox)

• The federal government just extended B.C. salmon farm licences. Here’s what you need to know Fisheries and Oceans Canada Minister Joyce Murray announced a two-year extension for dozens of salmon farm licences that were set to expire at the end of June (Narwhal)

• Brad Pitt Opens Up His Dream World We know him as a legendary leading man, a Hollywood power broker, maybe the greatest heartthrob of all time. But Brad Pitt isn’t attached to any of those old conceptions. And, as Ottessa Moshfegh discovers, his ambitions for the rest of his life are more mystical than we ever could have imagined. (Brad Pitt)

Bitcoin and Inflation, Bear Markets, Recessions, and the Amazon Workforce

Wednesday morning news drop

• Canada's inflation rate now at 7.7% — its highest point since 1983 Gas prices up 48% in the past year (CBC)

• Wasn’t Bitcoin Supposed to Be a Hedge Against Inflation? If inflation continues at current rates, the purchasing power of wealth held in dollars will be cut in half over the next eight years. But cryptocurrencies can beat that: They can lose half their value in just a few months. (New York Times)

• Crypto Just Had Its Lehman Moment. What’s Next? Crypto investors confront hard truths in the wake of the Terra debacle. (Institutional Investor)

• How Long Does it Take For Stocks to Bottom in a Bear Market? The good news is it typically takes much longer to reach 20% losses than the bottom, which makes sense when you consider not every bear market goes to the extremes. It’s taken an average of 21 months for the last 12 bear markets to breakeven from the bottom. (A Wealth of Common Sense)

• Stocks Historically Don’t Bottom Out Until the Fed Eases Investors ask how long the selloff will last after the S&P 500 posts its worst week since March 2020. (Wall Street Journal)

• The market beatings will continue until inflation improves: Renewed concerns about inflation have the Fed triggered (TKer)

• We are not in a recession, nor is one inevitable. Americans are rightly angry about inflation. A strong labor market is not enough reason to celebrate. But, we are coming out of, not going into the hurricane. (Stay At Home Macro)

• Keep It Going: The most important investing question is not, “What are the highest returns I can earn?” It’s, “What are the best returns I can sustain for the longest period of time?” (Collaborative Fund)

• Leaked Amazon memo warns the company is running out of people to hire Unions might not be the tech giant’s biggest labor threat. (Vox)

• A History of Rock Music in 500 Songs We have to start somewhere, of course, and there’s no demarcation line for what is and isn’t rock and roll, so we’re starting well before rock and roll itself, in 1939. We’re starting, in fact, with swing. (500 Songs)

• As Toronto gets hotter, not everyone is sweating equally From less shade to more health conditions, climate change and heat waves are felt most by Torontonians already living with inequity — such as whether they can afford air conditioning (Narwhal)