Good morning friends. The workweek is almost over. One more digest before the weekend. Let’s get to it:
News Briefing
•Ukrainian president Zelensky, during a video address to NATO, said: "This morning, by the way, phosphorus bombs were used Russian phosphorus bombs. Adults were killed again and children were killed again". More on this here.
•A Russian warship was destroyed in the Ukrainian port of Berdyansk. Here’s footage of it burning:
•The EU is expected to announce a deal which will see the US supply it with more liquefied natural gas (LNG) supplies to replace Russian imports.
The US is set to provide at least 15 billion cubic meters of LNG by year's end. European nations are scrambling to reduce their reliance on Russian fossil fuels in the wake of Moscow's invasion of Ukraine.
•Biden said NATO "would respond" if Russia used chemical weapons in Ukraine, but did not elaborate on how. The West has warned of such a scenario as the fight in Ukraine drags into its fifth week.
•Also this:
•Putin has demanded that all ‘unfriendly countries’ pay for Russian gas in rubles, while ‘friendly’ ones can pay in cryptocurrencies or their local currency if they want. The ruble has lost 20% of its value since the war began.
•In other news, the US jobless claims were at lowest level since 1969. Just 187,000 people filed for unemployment, the Labor Department reported. That was down roughly 28,000 from the previous week. The figures show a stark turnaround in the job market in the US since the start of the coronavirus pandemic.
Roman Abramovich (part 2)
Abramovich had good relations with Vladimir Putin, and unlike Berezovsky and other oligarchs who fell out with the new president, Abramovich continued to flourish.
He made another fortune from the acquisition of companies in Russia’s aluminum industry. In 2003 he sold a 25% stake in the RusAl aluminium company to another oligarch, Oleg Deripaska, for $1.9bn.
Then in 2005, Gazprom, majority-owned by the Russian state, bought his then 72% stake in Sibneft, paying £7.4bn. The billions Abramovich made from Russia’s privatisations funded his famously lavish lifestyle: grand houses, private jets, yachts and fast cars, the £1.5bn he pumped into Chelsea, and a portfolio of further investments.
He then bought a 29% stake in Evraz, a London Stock Exchange-listed industrial conglomerate with steel production plants in Russia, the US and Canada. Evraz was accused of providing services or goods to the Russian state, which included potentially supplying steel to the Russian military which may have been used in the production of tanks. The value of Evraz – £12bn in 2021 – has plummeted 86%, and trading in its shares was suspended after sanctions were imposed on Abramovich.
The oligarch has previously vehemently disputed reports suggesting his alleged closeness to Putin and Russia, or that he has done anything to merit sanctions being imposed against him.
A Bunch of Related and Unrelated Financial Things
•What factors are correlated with higher wealth? Age and education. Age is a proxy for how much time you have worked/saved, while education is a proxy for income.
•Warren Buffett has a saying, “It’s not about timing the market, it’s about time in the market” and the data below confirms that:
•One more thing on Warren:
•Rich vs Wealthy
•Some market knowledge:
•Some behavioral finance:
•Taxes
•Rational markets:
•Median vs. Average
•Apocalypse Now
•Inflation:
•Deal-making:
•Jeff Bezos’ ex-wife outperforming everyone:
Book Review of the Week: The Subtle Art of Not Giving a Fuck
So yeah, there you have it, the summary of the book by the author himself.
As you could tell from the title (or this tweet), the author isn't shy of using profanity. Other self-help books maybe good and all, but Mark Manson really engages you on a personal level. Imagine going to the doctor, and he's been all professional... but a tad boring and nearly sends you to sleep. Now imagine the same doctor taking you to the bar, having a pint and a laugh, but telling you the same advice. Who would you connect with better?
Controversial title aside, the book isn't about just not giving a damn, but about focusing WHAT to not give a damn about. Stop getting stressed about by what the media (and others) want us to be, not getting worked up by social media, stuff like that. Instead, focus the damns on the important stuff: family, friends, your well being. The book does take a while to pick up, with the early chapters focusing on examples of people who you may or may not relate to, or even care about. It can start to drag on, but eventually, Mr. Manson really dives into the meat of the book, and asks yourself to challenge your beliefs. Knowing that you're not always right all the time. Not denying your own flaws by redirecting the blame onto other people when challenged. Acknowledging you're not perfect and rolling with it. Realizing your emotions and problems aren't exclusive.
Pics, vids & memes
Ded.
Good ol’ Hollywood, and with Bollywood taking off, I bet in a couple of years the largest contributor will be India.
Path in the woods, Ireland.
Go for it girl.
I feel old.
Me too.
That was it for this week folks. Wish you a nice restful weekend ahead. See you on Monday.