Wall Street needs to find the next generation of economists and traders — and the search needs to start in middle school
- Despite the long-running bull market, strong economic expansion and a universal focus on enhancing risk management, the memory of the crisis is still fresh in the minds of a generation of graduates.
- In these efforts, we must do more to convey the value of our markets — to both consumers and future candidates alike — and demonstrate how the deployment of capital fuels innovation and growth across industries, while improving the lives of countless people.
- Through lending and issuing securities and offering risk management and other investment tools, the financial services industry plays a constructive role in everyday concerns, ranging from home mortgages and car loans, to pension funds and 401ks, to the funding of innumerable infrastructure projects such as the development of schools, bridges and public parks.
- Exposure to underlying financial concepts such as risk management is limited or non-existent for teenagers, despite the outsized role these concepts play in the global economy as well as people's daily lives.
Google is giving up some control of the AMP format
- Ever since Google’s instant article format, Accelerated Mobile Pages (AMP) launched in 2016, the company has stridently pushed back on the idea that it was a Google-specific project.
- That message didn’t really resonate with the web community, which has largely seen it as (at best) a Google project and (at worst) an attempt to co-opt the entire web with a Google-controlled format.
- It plans to move the AMP Project to a “new governance model,” which is to say that decisions about the code will be made by a committee that includes non-Googlers.
- A new governance model for an open-source project doesn’t sound particularly interesting on the face of it, but it’s a bigger deal than it seems because the project we’re talking about has taken over a sizable portion of the mobile web.
Fitbit erases its losses after report says smartwatches won't be on tariff list
- Fitbit shares erased their losses after Bloomberg reported the US won't include smartwatches on the list of $200 billion worth of Chinese goods that will be hit with upcoming tariffs.
- Shares were down 3% before the news.
- Tariffs on smartwatches and fitness trackers would hit Fitbit particularly hard.
- In August, Fitbit posted a loss of $0.22 a share for second quarter, topping the Wall Street consensus of a $0.24 loss per share, according to Reuters data.
- The company also said revenues totaled $299.3 million, above the $285.4 million that was expected.
- Shares of Fitbit are down 8% this year.
The Ledger: Ethereum and Litecoins' Round Trip, Bitcoin Trading at Citi and Morgan Stanley, New Crypto Crackdowns
- The video, posted three weeks ago on YouTube and embedded on Coins Miner’s website, is a corrupted version of a short explanatory clip I filmed more than a year ago for Fortune, where I am a senior writer.
- Kendrick Nguyen, the co-founder and CEO of Republic, joined this week’s Balancing The Ledger to discuss how the equity crowdfunding site—a sister company to AngelList—is working with cryptocurrency, not only by helping several crypto projects raise money, but also with a planned token sale of its own.
Linus, His Apology, and Why We Should Support Him
- Today, Linus Torvalds, the creator of Linux, which powers everything from smartwatches to electrical grids posted a pretty remarkable note on the kernel mailing list.
- As a little bit of backstory, Linus has sometimes come under fire for the ways in which he has expressed feedback, provided criticism, and reacted to various scenarios on the kernel mailing list.
- Historically he has been seemingly reluctant to really internalize this feedback, I suspect partially because (a) the Linux kernel is a very successful project, and (b) some of the critics have at times gone nuclear at him (which often doesn’t work as a strategy towards defensive people).
- His post today is a clear example of him putting Linux as a project ahead of his own personal ego.
- Put yourself in Linus’s position: his little project has blown up into a global phenomenon, and he didn’t necessarily have the social tools to be able to handle this change.