My end-of-week morning Miami/Artwork Basel reads:
• How A lot Will the Inventory Market Fall in 2026? What is going to the worst drawdown appear to be? Going again to 1928, the common peak-to-trough drawdown in a given calendar yr is -16%. Drawdowns had been worse than common in 2025 (-18.9%), 2022 (-25.4%) and 2020 (-33.9%). Peak-to-trough drawdowns had been higher than common in 2024 (-8.5%), 2023 (-10.3%) and 2021 (-5.2%). (A Wealth of Widespread Sense)
• The Finish of the Lunch Bowl Period: Diners have bowl fatigue, with some deriding them as ‘slop.’ Even Chipotle’s founder has moved on by beginning a sandwich chain. (Bloomberg free)
• Fundamental statistical flaws of bitcoin’s four-year value ‘cycle’ The concept BTC follows a four-year cycle in any respect originates from the cadence of its coinbase reward halving each 4 years. As a result of the provision of BTC issuance programmatically decreases each 4 years, it’s straightforward to invent a statistical mannequin about that halving’s supposed impact on value. Nonetheless, this ignores the truth of monetary markets the place tens of millions of buyers low cost future costs based mostly on all presently identified info. (Protos)
• Recreation Concept Explains How Algorithms Can Drive Up Costs: Latest findings reveal that even easy pricing algorithms could make issues dearer. (Wired)
• Every part Is Not Nice within the Artwork World: Public sale headlines supply an image of well being that hides a physique in disaster. (Hyperallergic)
• The Value of Remission: Once I was recognized with most cancers, I got down to perceive why a single capsule of Revlimid price the identical as a brand new iPhone. I’ve lined excessive drug costs as a reporter for years. What I found shocked even me. (ProPublica)
• It’s their job to maintain AI from destroying every thing. Spoiler: the nine-person staff works for Anthropic. What occurs when only a handful of staff at one of many world’s main AI firms — one that almost tripled its valuation to $183 billion in lower than a yr, and is now valued within the vary of $350 billion — are given the blanket activity of determining how the ultra-disruptive expertise goes to influence society? (The Verge)
• Would You Monitor Your Stools Like You Monitor Your Steps? Geared up with sensors and AI, good bogs promise to observe hydration, intestine well being and even most cancers danger — if customers can get previous the ick issue. (Bloomberg free)
• Will new physics have an effect on our Universe’s far future? Now we have an image of how and when it is going to all come to an finish. These three massive concepts may nonetheless profoundly change how our cosmos evolves. (Huge Assume)
• The NBA Celebrity Who’s Kobe, Steph, Wilt and Jordan—All Rolled Into One: Nikola Jokic, the three-time NBA MVP, is having the most effective season of his whole profession. He’s additionally surpassing a number of the greatest gamers of all time in a number of statistical classes. (Wall Avenue Journal)
You should definitely try our Masters in Enterprise interview this weekend with Paul Zummo, Chief Funding Officer and Co-founder of JPMorgan Different Asset Administration. The JPM group manages $35 billion in exterior hedge fund options for institutional and high-net price buyers. He additionally heads the Portfolio Administration Group, and is a member of the JPMAAM Funding Committee.
Will Netflix be the winner of the Warner Bros. Discovery contest?
Supply: Sherwood
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