My end-of-week morning Miami/Artwork Basel reads:
• How A lot Will the Inventory Market Fall in 2026? What’s going to the worst drawdown appear to be? Going again to 1928, the common peak-to-trough drawdown in a given calendar 12 months 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 Frequent 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 worth ‘cycle’ The concept that 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 simple to invent a statistical mannequin about that halving’s supposed impact on worth. Nevertheless, this ignores the truth of economic markets the place tens of millions of traders low cost future costs primarily based on all presently recognized data. (Protos)
• Sport Principle Explains How Algorithms Can Drive Up Costs: Current findings reveal that even easy pricing algorithms could make issues costlier. (Wired)
• Every little thing Is Not Fantastic within the Artwork World: Public sale headlines provide 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 all the things. Spoiler: the nine-person group works for Anthropic. What occurs when only a handful of workers at one of many world’s main AI firms — one that just about tripled its valuation to $183 billion in lower than a 12 months, and is now valued within the vary of $350 billion — are given the blanket process 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 bathrooms promise to observe hydration, intestine well being and even most cancers threat — if customers can get previous the ick issue. (Bloomberg free)
• Will new physics have an effect on our Universe’s far future? We have now an image of how and when it is going to all come to an finish. These three massive concepts might nonetheless profoundly change how our cosmos evolves. (Massive 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 perfect season of his total profession. He’s additionally surpassing among the finest gamers of all time in a number of statistical classes. (Wall Avenue Journal)
You’ll want to take a look at 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 value traders. 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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