Your Weekend Reading: Markets Hit More Records as Year Ends
Your Weekend Reading: Markets Hit More Records as Year Ends
(Bloomberg) --
It was a fire and ice decade that changed everything on Wall Street. It started with animal spirits left for dead by the financial crisis. Now it's set to finish with stocks near records, volatility vanquished and the credit supercycle on steroids. Here's how it all happened.
What you’ll want to read this weekend
Boeing's new CEO faces a daunting task to get the 737 Max back into the skies and restore the company's tarnished standing. New issues surfaced this week: pilot training become its own profit center, and a new batch of documents portrayed a "very disturbing picture" about the 737 Max from employees.
The world richest keep getting richer. The 500 wealthiest billionaires on Earth added $1.2 trillion to their fortunes in 2019, boosting their collective net worth 25% to $5.9 trillion. Jeff Bezos lost the most, dropping $9 billion after divorcing his ex-wife MacKenzie. He's still the richest person in the world.
Clemson football wins on the field, but can't compete on profit. The team, which plays in the Peach Bowl on Saturday, earned just $7.5 million in 2018.
The changes in drinking habits over the past decade will probably continue into the 2020s. Watch for craft spirits and low-alcohol tipple to gain popularity as beer fizzles out.
There were some really bad bond bets in the 2010s, and not just big names like WeWork or Neiman Marcus. Remember the Mozambican Tuna fleet, with its surprise anti-pirate gunboats?
What you’ll need to know next week
- World leaders are set to deliver New Year's addresses.
- Russia and Ukraine are set to complete a prisoner swap.
- California bans alligator boots and purses.
- GM, Ford and other automakers report earnings.
- Mexico will boost its minimum wage 20%.
What you’ll want to read in Businessweek
“Its ambition is to become indispensable,” Businessweek wrote in its first issue in 1929. A few weeks later the stock market crashed, and the Great Depression set in. From World War II to WeWork, the magazine has been born anew every seven days.
To contact the editor responsible for this story: Josh Petri at jpetri4@bloomberg.net
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