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“Darkness cannot drive out darkness; only light can do that. Hate cannot drive out hate; only love can do that.” - Martin Luther King Jr.

Simple Math Fortune's Shawn Tully takes up the challenge of Apple, and finds that the stock has become so expensive that investors will be lucky to make plodding, mid-single-digit returns. "Apple was so appealing a few years ago because it was a slow-growth stalwart that was dirt cheap," he...

PizzaHut operator bankruptcy NPC International, the largest franchisee of Wendy's and Pizza Hut, filed for bankruptcy, under pressure from COVID-19 lockdowns which have decimated the restaurant sector. The company has struggled to move towards delivery and away from traditional dine-in, as...

Amazon buys self-driving company Zoox. The Everything Store is paying about $1.2 billion to acquire the startup, according to a report in The Wall Street Journal. Reports of a possible deal had first surfaced a month ago, also in The Journal. Amazon is thought to be interested in self-driving...

India bans TikTok India announced Monday that it was banning TikTok, WeChat, and a slate of other Chinese-owned apps, in what appears to be retaliation over a clash between Chinese and Indian soldiers on the Himalayan border earlier this month, during which at least 20 Indian soldiers were...

Wall Street fees While the last six months have been rough for sectors from hospitality to energy—not to mention government finances—one group has done surprisingly well. Investment banking fees soared to a record of $57 billion, largely through emergency financing deals from some of America's...

Reddit bans r/The_Donald The platform has banned the subreddit group after updating its content policies addressing hate speech, saying the group has repeatedly violated its new standards. It's one of 2,000 groups to be banned. Separately, YouTube has banned six channels known to promote white...

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"If you have two firms with strong current performance, but one of them has steady performance in the past, the other one’s performance has been variable, the odds are the firm with variable performance got lucky and will see reversals in the future." - Partha Mohanram

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“Spread love everywhere you go. Let no one ever come to you without leaving happier.” - Mother Teresa

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June 2020 Newsletter June 29, 2020 Recent Articles & Podcasts: Article: “Fixing” the Debt Problem Podcast: Fiscal Taking Over (Market Huddle) Podcast: Investing During Chaos (Investor’s Podcast Network) Discussion: Lining Up the Dollar Dominoes (Real Vision, paywall) In the world of...

It’s Gotten Harder to Divorce Your GP Fund terms have shifted in favor of general partners — but the pandemic could help investors gain the upper hand. Amy Whyte June 26, 2020 Illustration by II As established managers and mega funds increasingly dominate the private capital industry...

The boss of the beach:Peter B. Stein oversees the largest lifeguard corps in the United States. His 1,374 guards protect 13.3 million annual visitors to 14 miles of beach and 53 outdoor pools, from Coney Island to the Bronx. Stein, 75, has relied on a playbook of patronage, power brokering, and...

The leader who killed her city:Carrie Lam has become the most unpopular and calamitous leader in Hong Kong’s modern history. In the last year, Hong Kong has sunk into a recession, slipped in the global business rankings, and the United States no longer believes the city to be highly autonomous...

The house servant who pioneered the franchising business model Martha Matilda Harper defied social roadblocks and gender norms to build a successful chain of hair salons. More than a century later, she’s still largely unknown to the general public. BY ZACHARY CROCKETT Ray Kroc is often...