BUSINESS:
- Warren Buffett: Why Index Funds Trump Hedge Funds (Kiplinger) " To recap: In 2007, Buffett made a $1 million wager that a Standard & Poor’s 500-stock index fund would outperform a group of hedge funds over the next decade. From the start of the bet in 2007 through the end of 2016, a basket of hedge funds selected by Protégé Partners – the hedge-fund managers with whom Buffett made the bet – returned 2.2% compounded annually. Buffett’s S&P 500 index fund, however, returned 7.1% compounded annually. Recall that the stock market crashed 50% at one point during the timeframe of the wager. The hedge-fund guys had perhaps a once-in-a-lifetime opportunity to buy assets on the cheap and deliver ballistic returns. Yet they failed to even keep pace with the broader market. It’s far too easy to overpay for underperformance, even when you’re rich."
ENTERTAINMENT:
- Wahlberg got $1.5M for 'All the Money' reshoot, Williams paid less than $1,000 (USAToday) "Wahlberg and Williams are both represented by the William Morris Endeavor agency. Actors pay a team of agents, managers and lawyers an average of 10% of their salaries to advocate for them. Williams previously told USA TODAY that when Scott's team called to request her time for the reshoot, 'I said I'd be wherever they needed me, whenever they needed me. And they could have my salary, they could have my holiday, whatever they wanted. Because I appreciated so much that they were making this massive effort.'"
NEWS:
- In stark reversal, Trump administration removes Florida from offshore drilling targets (USAToday) "Sen. Bill Nelson, D-Fla., said the decision to remove Florida so quickly after it had been included in an energy-development plan that was months in the making smacked of political gamesmanship. [Florida governor Rick] Scott is expected to challenge Sen. Bill Nelson, a long-time drilling foe, later this year in what would be one of the nation’s most hotly contested Senate races." and Democrats on both coasts cry foul after Trump administration exempts Florida from offshore drilling plan (LA Times) "Democratic officials in California and New York accused the Trump administration of unfair partisan treatment after Interior Secretary Ryan Zinke exempted Florida from expanded offshore drilling. 'Secretary Zinke must also abandon his efforts to drill along California's beautiful coastline,' Sen. Kamala Harris (D-Calif.) tweeted. 'Protection of our ocean shouldn't depend on the D, R, or I after the governor's name.' In New York, Democratic Gov. Andrew Cuomo also tweeted a protest. 'New York doesn't want drilling off our coast either,' he said. 'Where do we sign up for a waiver @SecretaryZinke?'"
- How a Coal Baron’s Wish List Became President Trump’s To-Do List (NYT) "The memo was written by Robert E. Murray, a longtime Trump supporter who donated $300,000 to the president’s inauguration. In it, Mr. Murray, the head of Murray Energy, presented Mr. Trump with a wish list of environmental rollbacks just weeks after the inauguration. Nearly a year later, the White House and federal agencies have completed or are on track to fulfill most of the 14 detailed requests, even with Monday’s decision by federal regulators to reject a proposal by Energy Secretary Rick Perry to subsidize struggling coal and nuclear plants."
TECHNOLOGY:
- CoffeeMiner hijacks public Wi-Fi users' browsing sessions to mine cryptocurrency (ZDNet) "While you’re sitting in the coffee shop typing away, your computer may unwittingly become a revenue generator for cryptocurrency miners. Leaning on the recent discovery of a cryptocurrency miner on a Starbucks Wi-Fi network, a proof-of-concept project called CoffeeMiner uses malicious code to force all devices connected to the Wi-Fi network to covertly mine cryptocurrency."
- Math Says You're Driving Wrong and It's Slowing Us All Down (Wired) "...the math says that if everyone kept an equal distance between the cars ahead and behind, all spaced out in a more orderly fashion, traffic would move almost twice as quickly."
TRUMPTEL:
- Trump lawyer files lawsuits against BuzzFeed, Fusion GPS over dossier (CNN) "Trump's personal lawyer Michael Cohen hit both Fusion GPS and BuzzFeed with lawsuits on Tuesday. Cohen says BuzzFeed and several of its staffers defamed him [Trump] when the site published the 35-page Russia dossier on January 10, 2017."
- Facing staffing exodus, Trump struggles to fill West Wing (CNN) "While a revolving door is common in any administration, people who work inside the White House with previous West Wing experience say the exhaustion is magnified remarkably under Trump. The unpredictability and chaos, along with a fear of costly legal fees in the wake of the Russia investigation, have added to the fatigue... Unlike previous presidents...Trump has alienated large swaths of Republicans who might otherwise leap at the opportunity to work at the White House. Some of Trump's allies, along with establishment Republicans, have voiced worry that a second wave of operatives and policy staffers does not appear to be waiting on the bench as aides announce their departures.
BOTTOM OF THE NEWS:
- How You Go About Giving Away 8,000 Dildos (Fast Company) "Sex toy magnate Brian Sloan’s strange philanthropic quest began with a straightforward Facebook post: 'Looking for a [nonprofit] charity that wants a donation of several pallets of dildos and vibrators without retail packaging,' he wrote to friends on social media in early December. Sloan, the CEO and founder of Very Intelligent Ecommerce Inc., estimates he had about '8,000 units' of erotic playthings that just weren’t sellable because they’d become unexpectedly overpriced and outdated."
TODAY'S SONG:
- Burning Down the House (Talking Heads)
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