This week’s highlights: Why You Should Retire in Ecuador, the Success of Burger King, and the Queueing Professional.
It’s Hot Here Down South
Summer has come to Nashville with 90 degree temps and 80% humidity. As happens every summer, this means that about half the city has begun its regular migration to the beaches of 30A in Florida. If you are looking for a beach read – let me commend Ed Thorpe’s new auto-biography, A Man for All Markets. “The incredible true story of the card-counting mathematics professor who taught the world how to beat the dealer and, as the first of the great quantitative investors, ushered in a revolution on Wall Street.”
A quick word of welcome to a number of new subscribers spread across the globe – including Europe, the Middle East and Asia.
Food for Thought:
- NYP – We should thank millennials for ruining these terrible products. Millennials are, according to Business Insider earlier this month, “Killing Chains Like Buffalo Wild Wings and Applebee’s.” And, on behalf of all millennials, I can only say: You’re welcome.
- Chicago Booth – Inequality runs even deeper than previously thought. The data continue to confirm that the right tail of the income distribution has received a massive share of the gains in the last 30 years. See also this one on the same theme, The Hoarding of the American Dream
- TCO – Retirees flock to Latin America to live an upper-class lifestyle on $1,500 a month. Here is a unique way for Americans to address their chronic under-saving for retirement.
- KB – Why I refuse to spend quality time with my kids. This author is spot on – the ‘quality’ moments only happen with a lot of really ‘average’ ones in between.
- MJ – An Open Letter to the Nashville Predators. – Credit MCF – It was an absolute heartbreaking end to the series but kudos to this young fan who I think summarizes this city’s feelings about our team well.
- TRB – I’d like to solve the puzzle, Pat. – Credit SF – If stocks keep going up, why isn’t anyone celebrating?
- KKR – The Ultra High Net Worth Investor: Coming of Age. KKR surveys a group of UHNW investors and looks at how their asset allocations differ from other investors and changes they may need to make in the current investment climate.
- WSJ – Flush With Cash, Top Quant Funds Stumble – Even the computers have capacity limits…
- BI – How a 36-year-old Wall Street prodigy saved Burger King. This is a great piece on Burger King and 3G – but don’t let the “prodigy” title fool you. 3G and this CEO have a methodical process that they execute which has worked across a broad range of industries.
- II – The Last Hedge Fund Pit Bull. – Credit DH – Paul Singer Doesn’t Give a ___ What You think.
- Stratechery – Podcasts, analytics and centralization – I love podcasts, but as Ben Thompson discusses here, there are some structural reasons why they aren’t a great business model, yet.
- Bloomberg – The Man Who Stands in Line for a Living. – Credit SF – Robert Samuel will wait for anything … for a price.
- TG – 7 Lessons From 100+ Failed Startups
- NYT – Making a Marriage Magically Tidy
- Aeon – Conspicuous consumption is over. It’s all about intangibles now