10 Wednesday Morning Readings: The Big Picture

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The myth of the broke millennial: After a rocky start, the generation is thriving. Why don’t you feel that way? (the atlantic)

How 2022 Became a Record Year for US Income Taxes: A boom in asset prices, a progressive tax code and inflation interacted to drive effective rates higher than ever. Now the process is working in reverse. (Bloomberg) See also Tax season is getting longer. Blame climate change. Tax day is April 18, but the IRS postponed tax deadlines for taxpayers in parts of seven states due to natural disasters. (Washington Post)

Will we see affordable housing prices again? You can see that those trends were already around before the pandemic, as millennials are now the largest demographic in the United States. The demographic wave of millennials in their formative years from home more than offset the phenomenon of remote work. This same demographic wave of household formation is making it difficult for house prices to fall substantially. (common sense wealth)

The unexpected reason Apple is dominating the US smartphone market: It’s not just fancy marketing and the threat of green bubbles: Apple’s commitment to supporting older phones has allowed it to capture a share of the market previously held by low-cost Android devices. (Wall Street Journal)

Twitter is broken. Thank you Elon. About six months ago, Elon Musk bought your favorite neighborhood bar. He then fired the bouncers and veteran bartenders, tried to con the owner and at least one vendor, and required regular customers to pay an extra charge. He has often had trouble serving his customers, but has penalized them for mentioning the competition. Actually, he’s controlled the partying in general: Many conversations at his watering hole have been drowned out by Musk’s own never-ending act, which mostly consists of him yelling dad jokes at customers through a megaphone. (New York Times)

Fox News lost the lawsuit but won the war: Dominion’s choice to settle is a huge disappointment to many Fox critics, and it’s probably a smart financial move as well. For critics, this case was about democracy and misinformation and provided an opportunity to hold Fox accountable for years of broadcasting nonsense. For Dominion, it was mostly about business. No matter how lofty the language its spokespersons used, the company did not sue to fix the American media landscape. (the atlantic)

Why don’t we take in as many Chinese refugees as we can? Let’s be the City on a Hill again. (noahpinion)

The grueling story of fatigue: Having too much to do can be exhausting; having nothing to do can be worse. (New Yorker)

Why is 21 cm the magic length of the Universe?: Photons come in all wavelengths you can imagine. But one particular quantum transition produces light at precisely 21 cm, and it’s magical. (great thought) See also New Dark Matter Map Validates Einstein’s Theory of Gravity: Researchers can “clearly see the features of this invisible world that is hundreds of millions of light-years across.” (gizmodo)

Can the Knicks’ youth movement push them over the hump? Jalen Brunson and Julius Randle deserve much of the credit for the Knicks’ success this season. But New York wouldn’t be in this position if it weren’t for its young core, and that group could be the X factor in the team’s first-round series against the Cavs. (the ringer)

Be sure to check out our Master of Business next week with joe barattaglobal director of private equity at the giant PE black stone. In the 2000s, he helped establish the firm’s private equity business in Europe. He sits on Blacktone’s Board of Directors and its Management Committee and is a member of many of the company’s investment committees.

So do you want to launch a hedge fund?

Fountain: net interest

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