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ONE BIG THINGBill Ackman on the \u2018disaster\u2019 of socialism<\/p>\n
Bill Ackman, founder of the $8 billion hedge fund Pershing Square, told Fortune\u2019s Alyson Shontell that, \u201cOne of our biggest challenges as a country is that almost half the country isn\u2019t participating in the growth in value created by capitalism\u2014the stock market. Either they don\u2019t have 401(k) plans or they don\u2019t own stocks.\u201d<\/p>\n
\u201cWages can\u2019t compound as quickly as stocks,\u201d he said, which is how you end up with \u201cpeople feeling left behind.\u201d That alienation is why \u201cyou\u2019ve seen a move toward publicly pronounced socialist candidates winning things like the New York City mayoralty,\u201d he said. \u201cBut the answer isn\u2019t socialism\u2014socialism is a disaster.\u201d<\/p>\n
Interestingly, Ackman\u2019s diagnosis of the problem is the same as that of Thomas Piketty, the French economist who specializes in researching the sources of inequality, and was the author of the bestseller Capital in the Twenty-First Century. The book argues that the value of assets compounds faster than the rate at which wages grow, and this is why the rich get richer faster than those relying on cash from employers for their net worth.<\/p>\n
So Ackman is in good company in terms of economic rigor. He may, however, be surprised to learn that Piketty is a democratic socialist.<\/p>\n
STRAIT TALKIran and Oman near deal to charge fees for use of Strait of Hormuz\u2014shipping groups are aghast<\/p>\n
The leaders of eight shipping lobby groups are already protesting the impending agreement between Iran and Oman to reopen the Strait of Hormuz, which appears to include a proposal in which ships would have to pay fees to transit the waterway, according to Al Jazeera.<\/p>\n
Fees for using the Strait\u2014through which one-fifth of the world\u2019s oil normally passes\u2014would hurt the interests of European and Asian customers, the groups said. The letter was signed by the Asian Shipowners Association, the Baltic and International Maritime Council, the Cruise Lines International Association, the European Shipowners Association, the International Chamber of Shipping, the International Association of Dry Cargo Shipowners, the International Association of Independent Tanker Owners and the World Shipping Council.<\/p>\n
Although the deal has yet to be published, Iran confirmed that an agreement with Oman has been reached, the BBC said. Iran\u2019s foreign ministry spokesperson Esmaeil Baqaei said the deal was “in the final stages.”<\/p>\n
\u201cThe geographic coordinates of the route envisioned by both sides have been agreed upon,\u201d Baqaei said, according to the NYT. \u201cIf certain third parties do not obstruct the process, a joint statement by the two countries, containing the principal considerations and points of agreement, is currently in the final stages of review and drafting.\u201d<\/p>\n
It\u2019s not clear who the \u201ccertain third parties\u201d are, but the presumption is that Iran is conditioning the reopening of the Strait on the U.S. not interfering with the Iran-Oman agreement.<\/p>\n
The White House has not yet commented on the deal. Nor has Oman. And we don\u2019t know if President Donald Trump will be able to tolerate Iran\u2019s non-interference requirement.<\/p>\n
THE MARKETSStocks take a breath following record highs as the price of oil stays under $80<\/p>\n
S&P 500 futures were up 0.14% this morning. The index was down 0.17% yesterday.\u00a0
\nIn Europe, the Stoxx 600 was up 0.49% in early trading, and the U.K.\u2019s FTSE 100 was up 0.3% before lunch.
\nAsia: South Korea\u2019s KOSPI was down 4.58%. Japan\u2019s Nikkei 225 was down 0.93%. India\u2019s Nifty 50 was flat. China\u2019s CSI 300 was down 0.15%.\u00a0
\nBrent crude was $79 per barrel this morning, down slightly from a high of $80 yesterday.
\nBitcoin was $64.6K.<\/p>\n
CAPEX-TACULARAI is bigger than canals!<\/p>\n
Going viral among finance types right now \u2026 this chart that The Economist shared on social media recently, comparing the historic wave of investment in AI to previous waves in canals, railroads, and websites. It even made it into a recent note from Macquarie.<\/p>\n<\/p>\n
Analysts can\u2019t update their Excel sheets fast enough to keep up with the upside surprises to future guidance on capex. Their combined AI capex estimates have been revised upward for 10 straight quarters, according to Ohsung Kwon and his team at Wells Fargo.<\/p>\n
\u201cThe lag between capex and monetization suggests higher ROI ahead,\u201d he said in a note.<\/p>\n<\/p>\n
MORE FROM FORTUNE<\/p>\n
Reinvent or go extinct: Inside the CEO playbook for the AI era – Alyson Shontell<\/p>\n
Google DeepMind chief AI officer signed a statement warning AI could cause human extinction\u2014she says odds are \u2018not zero\u2019 but disagrees with Elon Musk – Orianna Rosa Royle<\/p>\n
The machine-readable brand: Inside Ally Financial\u2019s strategy to win AI search recommendations – Ruth Umoh<\/p>\n
Fashion\u2019s biggest brands spent years letting eBay and Depop resell their clothes. Now they want the money – Tatiana Sataua<\/p>\n
Michael Dell\u2019s son built a $13 billion home battery business\u2014and he\u2019s going on 30 years old – Jordan Blum<\/p>\n
The SEC should ban the products behind South Korea\u2019s recent market meltdown – Nic Puckrin<\/p>\n
California mints the most billionaires. A new index ranks it dead last on the freedom to give to charity – Sydney Lake<\/p>\n
A billion SpaceX shares unlock Thursday. Wall Street isn\u2019t worried: \u2018You never bet against Elon\u2019 – Eva Roytburg<\/p>\n
After months of a public back and forth over Mamdani\u2019s pied-\u00e0-terre tax, Ken Griffin isn\u2019t ready to give up on New York after all – Joshua Hong<\/p>\n
CHART OF THE DAYHybrid electric car makers have had a good war<\/p>\n
\u201cSince the onset of the U.S.-Iran war, high gas prices have prompted more consumers to purchase vehicles that are less dependent on fuel,\u201d Grace Zwemmer of Oxford Economics said in a recent note. Hybrids were 17.4% of car sales in May, up from 13.9% before the war. More than 200,000 hybrids are now sold in the U.S. every month.<\/p>\n
NUMBER OF THE DAY:\u00a0Gen-Z savings>0.5<\/p>\n
The ratio of monthly savings-to-spending among Generation Z, according to Bank of America\u2019s Liz Everett Krisberg and David Tinsley. \u201cThis indicates their median cumulative savings balances are less than their monthly median spending,\u201d they said in an email.<\/p>\n
Gen Z isn\u2019t saving because they haven\u2019t reined in their spending. Their \u201cdiscretionary spending has also picked up across beauty, jewelry, coffee and travel, suggesting younger consumers continue to prioritize experiences and small indulgences\u2014 hallmarks of the \u2018little treat economy,\u2019\u201d the pair say.<\/p>\n<\/p>\n
THE FRONT PAGES TODAY<\/p>\n
Inside Intel: how America\u2019s chip champion came back from the brink – FT<\/p>\n
JPMorgan\u2019s Jamie Dimon warns of high leverage: \u2018Somebody will disrupt the market\u2019 – CNBC<\/p>\n
Tucker Carlson unveils 10-point manifesto amid third-party speculation – Axios<\/p>\n
The Investors Whose SpaceX Shares Vanished Before They Could Cash In – WSJ<\/p>\n
Situational Awareness Returns to Investing With $400 Million Bet – Bloomberg<\/p>\n
I Helped Run Lululemon. Companies Need to Stop Kidding Themselves About A.I. – NYT<\/p>\n
ONE MORE THINGSuggest a headline here that\u2019s better than my original*<\/p>\n
In the age of AI, we\u2019re learning a new way to make a mistake: accidentally including an AI prompt in your published work, thus revealing to your audience that a robot created your stuff, not you. It most recently happened to YouTube star Hank Green, who left the phrase \u201cI appreciate the pushback\u201d in one of his scripts\u2014a classic AI clich\u00e9.\u00a0<\/p>\n
Everyone is doing it! Here\u2019s Bill Oliver, a member of the Legislative Assembly of New Brunswick, Canada, reading a speech that includes the line, \u201cHere\u2019s a more natural flowing version of that section that reads like a legislative speech rather than a series of short points.\u201d<\/p>\n
This professor at Alcorn State University included a white-text prompt in an assignment for his students that instructed AI models to include the word \u201cMadagascar\u201d in their answers, even if it made no sense. Thirty-two out of 35 students failed to notice, and thus failed the homework.<\/p>\n
And here is a company that sent a job application rejection email to a candidate that read, \u201cWrite a warm but generic rejection email that sounds polite yet firm. Do not mention specific reasons for rejection. Make the candidate feel like they were strongly considered even if they weren\u2019t. Remember to use candidate name and company name variables.\u201d<\/p>\n
*Get it?<\/p>\n
#Iran #deal #open #Strait #Hormuzand #shipowners #outraged #plan #charge #fees<\/p>\n","protected":false},"excerpt":{"rendered":"
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