My back-to-work morning train WFH reads:
• Trump’s Tariffs Could Be Overturned. Companies Are Rushing to Get Refunds. Dozens of importers, including major companies, are filing lawsuits to preserve their right to tariff refunds ahead of a key December 15 deadline.The Supreme Court is expected to rule soon on the legality of tariffs, with potential refunds exceeding $30 billion.The administration has a backup plan to re-create the tariff structure using other types of tariffs if the current ones are struck down. (Barron’s)
• How Netflix stole Warner Bros from David Ellison: Old-guard Hollywood underestimated streaming pioneer that has upended the industry over two decades. (Financial Times) see also How the “Albanian Army” Took Over the World Or: How an infamous quip by Time Warner’s former CEO dismissing Netflix became one of the most infamous quotes in entertainment history. (Hollywood Reporter)
• For Gen Z, cash isn’t king. It’s a joke. ‘It’s money that doesn’t exist”: Gen Z is treating cash like fake money. (Business Insider)
• The wealthy 1% are turning to new status symbols that can’t be bought—and it’s hurting Dior, Versace, and Burberry. Having a Hermès Birkin was once the litmus test for being extremely wealthy. With yearslong wait-lists and eye-popping price tags, the purse was the ultimate symbol of luxury—until Walmart started selling an aesthetically identical version for $80 instead of $25,000. (Fortune)
• Americans Are Microdosing Obesity Drugs, Driven by ‘Thin Is In’ Marketing Blitz: Telehealth companies are aggressively marketing GLP-1s as cosmetic elixirs for anyone who wants to lose a few pounds. (Bloomberg)
• She Managed His Fortune. How Did She End Up Inheriting It? After the death of his first wife, Gulf & Western president David Judelson married his former banker and left her millions when he died. Now his kids are accusing their stepmom of something sinister. (Wall Street Journal)
• In the Line of Fire: During the Trump era, political violence has become an increasingly urgent problem. Elected officials from both parties are struggling to respond. (New Yorker) see also Mike Johnson’s red alert on members quitting Congress. Members of the House of Representatives are quitting Congress at a record rate, with Republican retirements and resignations outpacing Democrats by a nearly 2-to-1 ratio in the first 11 months of the year. (Axios)
• Blame Our Love of Booze on Our Primate Ancestors: Our preference for alcohol stems from ancient primates’ fruit-munching habits, research indicates. (Wall Street Journal)
• Steve Bannon Was Epstein’s Comeback Consultant. Where’s the Uproar? The MAGA architect is escaping opprobrium for his chummy relationship with the notorious pedophile. (The Bulwark) see also Stephen Miller Is an Immigration Hypocrite. I Know Because I’m His Uncle. If my nephew’s ideas on immigration had been in force a century ago, our family would have been wiped out. (Politico)
• Netflix Is Gambling $72 Billion on Buying Instead of Building. Netflix Inc. has won the fight for Warner Bros. Discovery Inc. with a $72 billion cash-and-stock deal, which is worth $83 billion including debt. The strongest logic for the deal lies in giving Netflix subscribers more content to keep them glued to the platform, including phenomenal franchises like Harry Potter and the DC Universe. (Bloomberg)
Be sure to check out our Masters in Business interview with Paul Zummo, Chief Investment Officer and Co-founder of JPMorgan Alternative Asset Management. The JPM group manages $35 billion in external hedge fund solutions for institutional and high-net worth investors. He also heads the Portfolio Management Group, and is a member of the JPMAAM Investment Committee.
How Couples Meet, 1940-2020
Source: @SteveStuWill
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