Stellar Recap | Aug 13-19
AUG. 20, 2023
👋 Hello there,
Welcome to another edition of the Stellar Recap, a weekly newsletter where I share interesting content you may have missed over the week. This issue features 80 bullets.
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📊 Business, Economics & Personal Finance
The number of job listings related to AI on Indeed have risen by ~3x (🔒WSJ) since the beginning of the year. Base salaries for sr-level positions can range from $260K-$437K/yr.
Bloomberg surveyed ~1K Americans who make at least $175K/yr (an amount that puts you in the top 10% of US taxpayers) and 1 in 4 said they felt “very poor,” “poor,” or like they’re “getting by but things are tight” (🔒Bloomberg).
56% of student loan borrowers, including 45% of those earning $100K+/yr, said they’ll have to choose between paying off their debt and paying for necessities like rent and groceries when payments resume next month.
Credit reporting complaints against the 3 major credit reporting services (Equifax, Experian, and TransUnion) rose by 336% between 2019 and 2022. The largest complaint, particularly last year, was fraud - consumers lost ~$8.8B in fraud in 2022, up 30% YoY.
At the end of 2022, the world's total private wealth stood at $454.4T, slightly down from $465.7T in 2021. Total global wealth is expected to rise by 38% in the next 5 yrs, with middle-income countries reaping the majority of the benefits. Another stat that was shared in the report is that the US lost 1.7M millionaires and another 17.3K no longer qualify as ultra-high net worth (worth $100M+). Despite the war in Ukraine and economic sanctions, Russia added ~56K millionaires.
IBM will replace ~8K jobs with AI, largely in noncustomer-facing roles across departments like HR, finance, and accounting.
On average, US lawyers make more over their lifetime than US doctors ($7.1M vs. $6.5M, respectively). But if you dive into the data, rural doctors actually have the highest earnings (🔒WP). The best-paid doctors work in the Dakotas, where they averaged $524K/yr (South) and $468K/yr (North) in their prime earning years (ages 40-55). That’s well above the $405K/yr average doctor salary and $288K/yr average lawyer salary.
The share of companies offering pet insurance rose by 120% from 2020 to 2023, while offerings for child and elder care assistance grew by 177%.
The number of Americans with $1M+ in their 401(k) and IRA accounts jumped 12% YoY in Q2 (🔒Bloomberg), according to Fidelity Investments. The average age of a 401(k) millionaire is 59.
The national average price of daycare and preschool services rose 6% in Jul. YoY (🔒WSJ), nearly 2x the rate of overall inflation. Part of the reason is wages. Child-care workers earned an average of $19.95/hr in Jun, up 4.6%.
The last remaining new car with an average transaction price <$20K in Jul. was the Mitsubishi Mirage but the company just announced that it will be discontinued. After the Mirage, the next cheapest vehicles were the Kia Rio ($20,157), Nissan Versa ($20,763) and Hyundai Venue ($23,971).
The value of Danish company, Norvo Nordisk, has grown to $419B (🔒WSJ), which is more than the GDP of Denmark ($406B). Norvo Nordisk makes the weight-loss drugs Ozempic and Wegovy.
On average, entry-level workers are looking at a hiring cycle of ~6 weeks, according to new research from LinkedIn. The average hiring cycle is 7 wks for more senior roles. Consulting has the longest time to hire at ~9 wks.
🧘 Health
A new study found that smelling a strong fragrance during sleep (for 2 hrs) is associated with a boost in cognitive performance among older adults.
Several insurers in North Carolina, Pennsylvania, and New York won't cover the Alzheimer’s drug Leqembi, which comes with an annual price tag of $26.5K, because they regard the treatment as experimental. Currently, <1 in 10 patients potentially eligible for new Alzheimer's drugs may be prescribed them.
A new study found that people living in areas with high levels of fine particulate matter (PM2.5) could have a greater risk of developing dementia in their late stage of life.
New findings showed that the amount of time it takes stroke patients to receive care in US hospitals is ~1 hr longer than the recommended limit. Wait times are higher for patients of color, women, and adults ages 80+.
Afghanistan and Pakistan — the last 2 countries in which polio is endemic — could eradicate wild polio by the end of the year. To fully eliminate the virus worldwide, public-health experts say that vaccination and environmental-surveillance efforts must be sustained despite persistent social and political challenges.
A new poll showed that 66% of American adults have a personal or familial experience with alcohol or drug addiction. 51% said they are worried that someone in their family will experience substance use disorder or addiction to drugs or alcohol.
A recent survey of adults with obesity found that 44% of respondents would switch jobs to gain coverage for obesity treatment, which can be pricey, especially in the US. The sticker price for Ozempic, for example, is $936/mo in the US which is ~5.5x the monstly price in Japan, the next most expensive country.
A majority of American adults believe, incorrectly, that inhaling marijuana smoke is safer than inhaling smoke from tobacco, according to a new survey. They also believe there is less harm to adults and children from secondhand marijuana smoke than tobacco smoke.
New findings suggest that visceral fat can influence the brain (🔒Science), likely by altering how neurons connect and communicate.
CDC data showed that there were ~10.3K Covid hospital admissions between Jul. 30-Aug. 5. Hospitalization rates are rising the fastest in Mississippi (+73% MoM), Alabama (+66%), and Louisiana (+66%).
3 high-profile medical associations warned that emergency rooms cannot sustain the surge in kids seeking emergency psychiatric care without more local resources for youth mental health. ERs aren't guaranteed to have the capacity or training to manage these cases.
The overall rate of early on-set cancers, a category that includes adults under age 50, increased by 1% between 2010 and 2019. The rate in women increased by 4.35% during the decade, while it declined by 4.91% in men.
A record-high 39% of Americans believe moderate drinking (1-2 drinks/day) is unhealthy, up 11% since 2018. The biggest jump over that period (18%) was among adults ages 18-34.
Lung cancer is the deadliest cancer in the US, with 350+ deaths every day. Part of the reason why so many die from it is because ~50% of people are diagnosed in late stages. Early detection and treatment can cure 80% of lung cancers but the screening rate is only ~6% due to strict insurance requirements to qualify (must be between 50-80 yrs old, a current smoker or quit within the past 15 yrs, or have a 20-pack-yr smoking history). Up to 20% of diagnoses are among never-smokers.
An investigation by WSJ reporters found that >50 websites are selling knock-off versions of popular weight loss drugs like Ozempic, Wegovy, and Mounjaro (🔒WSJ), with disclaimers that say that the drugs are intended for research only. The FDA called such disclaimers “bogus” and advised against buying the substances. That hasn’t stopped some people (including doctors) from purchasing them.
A Maryland resident who lives in the DC area contracted malaria despite not having recently traveled out of the country or to states where malaria has been detected. It’s the first case in >40 yrs.
🎓 Lifelong Learning
Visualizing the world’s space debris by country responsible.
A visual breakdown of street network orientation, connectivity, granularity, and entropy in 100 cities around the world.
The etymology of 5 words in the English language that were heavily influenced by hip hop (🔒NYT): dope, woke, cake, wildin’, and ghost.
A visual exploration of climate change (🔒Bloomberg) and just how hot it’s been this year.
🌴 Lifestyle & Travel
A new trend among the wealthy is buying $2M-$7M submersibles (🔒NYT), which can only be deployed on boats that are 120+ ft.
Image features two Triton Submarines (the model shown costs ~$3M-$4M) A report by relocation company Moving to Spain ranked Portugal as the #1 European country for retirement, based on factors such as cost of living, visas, and healthcare.
🗳️ Politics, Security & International Affairs
20-30 masked criminals stole ~$100K in merchandise during a “flash mob” robbery at a California Nordstrom. A similar incident occurred at a Saint Laurent store a few days before.
The Chinese government will no longer publish employment data by age groups (🔒WP). Experts in the West say it’s an attempt to mask the high jobless rate among young adults which reached a record 21.3% in Jun.
A Texas jury awarded a woman $1.2B after she sued her ex-boyfriend for spreading explicit photos of her on social media and porn sites after they broke up. The fine is unlikely to be paid in full but the verdict sends a message to anyone who is on a “mission to ruin someone emotionally.”
The entire police force in Goodhue, MN, resigned, citing insufficient pay.
A new poll suggests there are 6 types of voting Republicans (🔒NYT): 1) the moderate establishment (14%) which are highly-educated, affluent, socially moderate Never Trumpers; 2) traditional conservatives (26%) which are economic and social conservatives who oppose abortion and prefer corporate tax cuts to new tarrifs (they don’t love Trump but support him); 3) the right wing (26%) which are “very conservative” and disproportionately evangelical (they love Trump more than any other group); 4) blue collar populists (12%) which are mostly Northern, socially moderate, econ populatists who hold conservative views on race and immigration (they embrace Trump almost as much as the right wing); 5) libertarian conservatives (14%) who are conservatives who value small government and mostly live in the W and MW (they’re at the lower end of Trump supporters); and 6) newcomers (8%) who are “disaffected” young and diverse moderates who don’t like Republicans (they tend to embrace Trump too).
Donald Trump is planning to skip the first GOP debate this upcoming Wed.
A new US intelligence report estimated that the total number of troops killed in the war in Ukraine is ~500K (~300K Russian military casualties).
As of last week, 200+ ships were waiting to pass through the Panama Canal. Wait times for large container ships have risen to 16-17 days, which is longer than it takes them to traverse the Pacific Ocean. The canal accounts for a third of the maritime trade between the Americas and Asia. This likely means that the cost of gifts this holiday season will be more expensive.
⏩ Pop Culture, Art, Sports & Entertainment
A new survey showed that 38% of Americans prefer to watch TV with subtitles on. Adults ages 18-29 are more than 2x as likely to say they prefer subtitles on than adults ages 65+.
Retired NFL player Michael Oher, featured in the popular movie and book The Blind Side, filed a lawsuit against his “parents” Sean and Leigh Anne Tuohy for allegedly tricking him into signing conservatorship papers that he believed made him a member of their family but instead gave the couple the rights to make business deals in his name. According to the filing, he received $0 for The Blindside film but Mr. and Mrs. Tuohy negotiated a deal that made them and their two biological kids $225K each + 2.5% of net proceeds from the film, which grossed more than $300M.
Several big music publishers filed a suit against the Internet Archive (IA) for digitizing and distributing 2,749 copyrighted recordings, including ones by Frank Sinatra, Ella Fitzgerald, and Duke Ellington. IA is also being sued by book publishers for similar infringement claims. IA is the primary archive of the internet and an essential project for understanding the web’s history. These suits could seriously hurt IA’s ability to sustain its efforts.
Actress Margot Robbie stands to earn ~$50M in salary and box office bonuses for her role as Barbie in the Barbie film.
TV accounted for <50% of US viewing time for the first time ever. Cable subscriptions have fallen by ~25% over the past decade due to the rise of streaming services like Netflix and Hulu.
Since the Academy Awards began in 1929, biopics have received 126 Best Picture nominations and won 22. Since 2010, 8 biographical movies have seen their protagonists win Best Actor — 4 of which grossed >$100M.
There have been 35 non-English songs that have ever made it to the top 10 of Billboard’s Hot 100. 23 of those 35 songs reached the top 10 since 2012. All of those 23 songs have been in either Korean or Spanish, and 6 of them rose to the top 10 in 2023.
The International Chess Federation temporarily banned trans women from participating in women’s chess events, while it “studies the issue” over the next 2 yrs.
Spotify reported that white noise and ambient podcasts (e.g., rainforest mixes; static sounds) made up 3M daily consumption hrs on its platform, with some raking in ~$18K/mo from ads. But now some podcast producers are complaining that their content has been disappearing.
🏡 Real Estate
A ~1.7K-acre ranch in Patagonia, AZ, was listed for $29.95M, making it Southern AZ’s priciest listing (🔒WSJ). The structures on the property include a main house, a guest casita, 2 stand-alone employee houses, and 3 employee apartments.
As of Aug. 14, the average 30-yr mortgage rate was 7.24%. The typical monthly payment at that rate on a $500K house, with a 20% down payment, is ~$2.7K. Last year when the average rate was 5.25%, the payment on that same house would have been ~$2.2K. Two yrs ago (Aug. 2021) when the 30-yr mortgage rate was 2.99%, the monthly payment for that same house would have been ~$1.7K.
Investors accounted for more than 1 in 4 US homebuyers in Q2, down 90K purchases YoY but up 43K when compared with the same months in 2019. An investor is defined as an entity (individual or corporate) that has retained 3 or more properties simultaneously within the past 10 yrs. Small investors ( which own 3-9 properties) accounted for the greatest share of investors (47%).
There are 50+ homes on Palm Beach Island that have an underground tunnel that connects the main home to a beach home across the street.
The US would return to pre-pandemic housing affordability levels if incomes spiked by 69% or home prices fell by 41% or mortgage rates fell to 2.96%.
According to HomeAdvisor, the national average cost of building a 1.5K-2.2K sq ft. home in the US is between $110.8K - $480.9K. Mississippi is the least expensive state to build a home (~137/sq ft) while Hawaii is the most expensive ($205/sq ft).
🌎 Society
>Half of 11 to 15-yr-old girls using Instagram and Snapchat in the US have been contacted by strangers in a way that made them feel uncomfortable.
The number of people who are homeless in the US (~577K) increased 11% from 2022 (🔒WSJ), which is the biggest recorded increase since the government started tracking comparable numbers in 2007. The jump is due to the expiration of pandemic emergency measures.
What happened in 2012? It appears to mark the beginning of cultural and psychological changes like youth depression, more explicit lyrics in chart-topping songs, prejudice, and divisions in political ideologies.
32% of Americans have at least 1 tattoo. Women are more likely to have a tattoo than men (38% vs 27%). 24% said they regretted getting at least 1 of their tattoos.
A new study of millennial and Gen Z couples found that 37% feel like their relationship is financially unequal. Experts said the survey results underscore that when it comes to sharing expenses, equal isn’t always equitable, or fair.
🧪 Science, Climate, Environment & Technology
~2 in 3 American voters said they are "somewhat" or "mostly" concerned by the growth in AI. 72% prefer slowing down the development of AI and 56% of voters support a federal agency regulating AI, compared to 14% who don't.
CNBC reporters tracked their Executive Editor Jay Yarow’s old Tesla and found that it was now in southern Ukraine and the new owner was listening to Drake on Yarow’s Spotify account. Yarow contacted Tesla to see how he could log out of his former car, and the company instructed him to disconnect the vehicle from his account. But several steps (like entering new owner info) were impossible and disconnecting an account from the car doesn’t prevent your data from being extracted.
>110 people were killed in the Maui wildfires, making it the deadliest US wildfire in 100+ yrs. As of Fri., >1K people were still missing. The fire caused $5.52B+ of damage. Here’s a list of reputable sources to donate to help those who were affected.
A Montana state court ruled in favor of 16 young people who alleged the state violated their right to "a clean and healthful environment" by promoting the use of fossil fuels. The plaintiffs did not not seek money in their lawsuit but experts believe this could set a precedent for future climate litigation.
This winter in South America has been one of the hottest on record. For example, the average temp in Buenos Aires in early Aug. is typically 59F, but it was 86F this year. Temps in parts of Chile hit 100F.
A new study found that software used to spot plagiarism and AI-generated writing flagged 5.1% of human-written text by native English speakers compared with 61.3% human-written text by non-native English speakers.
The average global surface temp. in Jul. was 2.02F above average, ranking it as the warmest Jul in NOAA’s 174-year record.
Scientists discovered 46K-yr-old nematodes (microscopic worms) in Siberian permafrost, making them the oldest known living animals.
Chinese engineers have developed a cooling system that allows high-energy lasers to be used “indefinitely,” thanks to a new cooling system that completely eliminates the build-up of waste heat. The technology could significantly change the face of battle by extending engagement times and increasing range and damage.
Hurricane Hilary strengthened into a Cat 4 hurricane last Fri, bringing peak wind speeds of ~145mph to southern Cali and the SW. The last tropical storm to make landfall in SoCal was in 1939.
Rain forecast from the NWS A new study suggests that the human yolk sac stands in for vital organs that arise later in the developmental process of a fetus. At 4 wks after conception, the structure develops blood-forming stem cells, macrophages, and other circulatory system cells, in addition to proteins that break down harmful toxins. As development progresses, the yolk sac hands over its functions to the forming liver, which then passes it to the bone marrow.
Last Fri., >20K people in Canada’s Northwest Territories were ordered to evacuate because of the 200+ wildfires in the area. The are currently >1K wildfires burning across Canada.
There are currently 5 storms in the Atlantic that may develop into a hurricane within the next 7 days, with 4 exhibiting a probability of at least 50% (2 show a 70% probability).
Wishing you a good week
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