Klarman's Mind, Bernanke's Theoretical Nobel, Consumers Paycheck to Paycheck Living Rises

Inside the Mind of Young Seth Klarman

Ten years into his career, we can see the young Klarman operate a nimble Baupost during the golden age of value and distressed investing — a much less competitive market with regularly occurring credit cycles. “We want to stay small because it is more fun,” he said. Then added that “the last thing I want to be is manager of a staff of a dozen analysts and portfolio managers.” (Neckar's)

More:

• Ultra-Rich Young Americans Are Investing In Stocks Half As Much As Older People With Similar Wealth (Forbes)
• The Triumph of Logos  (Of Dollars And Data)
• The Intelligent Investor Review: Key Concepts & Actionable Tips (FinMasters)
• Bill Ackman: The Best Businesses In The World Have Pricing Power (Acquirer's Multiple)
• Making Peace With Your Losses (Jason Zweig/WSJ)
• The Sages of Wall Street (Verdad)

Ben Bernanke Wins a Nobel, in Theory

The former Federal Reserve Chairman’s research about financial crises didn’t help prevent one in 2008. An old joke has it that economists like to grouse that something may work in practice but does it work in theory? That comes to mind with the news that former Federal Reserve Chairman Ben Bernanke is sharing this year’s Nobel prize in economics for his research into financial crises. His insights worked in theory but not in practice. (WSJ)

Share of U.S. Consumers Living Paycheck to Paycheck is Rising

Persistent price hikes in just about every sector of the economy are forcing even higher-income consumers to count down the hours ’til payday. In August, some 45% of people earning more than $100,000 said they were living paycheck to paycheck, representing a rise of seven percentage points in just over a year. And 27.5% of consumers earning more than $200,000 also reported they were living from one payday to the next.

MoneyScoop

More:

• The Last Time the Fed Created a Recession (A Wealth Of Common Sense)
• There’s No Fed “Pivot” Coming (Pragmatic Capital)
• Whither Long-Term Inflation? What the current indicators suggest (Morningstar.com)
• Even Banksters Are Being Forced To Admit That The U.S. Economy Is Really Starting To Come Apart At The Seams (The Economic Collapse)
• Hazlitt's Lesson Restated: New Jersey's Disastrous Ban on Single-Use Plastic (Mises)
• Funding Panic Imminent? Fed Quietly Sends $3.1 Billion To Switzerland Via Swap Line (ZeroHedge)

• Meta debuts Meta Quest Pro VR headset that will cost $1,500 (CNBC)
• China's electric car market is booming but can it last? (BBC)
• Uber facing FTC probe over rewards complaints: report (FOX Business)
• Cameco, Brookfield Renewable Partners to Buy Westinghouse Electric for $7.88 Billion (WSJ)

• EU Lawmakers Pass Landmark Crypto Assets Regulation Bill (Decrypt)
• Google Partners With Coinbase to Accept Crypto Payments for Cloud Services (CoinDesk)
• America’s Oldest Bank, BNY Mellon, Will Hold That Crypto Now (WSJ)
• Decentralized Solana-based trading platform Mango reportedly hit by $115 million exploit (Fortune)