8. Country Garden China’s Largest Property Developer has $100B Ghost Town in Malaysia
Forest City, a luxury estate in southern Malaysia, is one of the most controversial developments in the country’s history. Six years into development, the $100 billion estate is already a ghost town. Marielle Descalsota
Forest City, Johor Bahru, Malaysia. Marielle Descalsota/Insider
The development is in Johor Bahru, Malaysia, just north of Singapore. It was built by Country Garden, China’s largest property developer.
Forest City is huge: It spreads across 1,740 hectares, or four times the size of city-state Monaco. Around 700,000 people were initially expected to live in the estate.
But as of 2019, only around 500 people lived in the estate, according to a 2019 report by Foreign Policy. An expert who declined to be named for security reasons told me the estate’s population has since grown to several thousand — which is still less than 5% of the expected number of residents.
Country Garden declined to comment on the number of residents in the development.
9. The State of Betting in the U.S.-USA TODAY….Is it me or the entire NFL is now Vegas?
Where in the United States is sports betting legal, and where can you place your wagers online? Check out our interactive map of the U.S. for updated legal news and recent state sports betting developments.
From Callum Thomas Chart Storm Out of Energy: ETF investors completely bailed on energy stocks this year. (contrarians, take note) https://www.chartstorm.info/
8. A Record Amount of Americans Plan to Travel Internationally
Torsten Slok, Ph.D.Chief Economist, PartnerApollo Global ManagementThe Conference Board’s consumer confidence survey asks households if they plan to travel to a foreign country, and the first chart below shows that a record-high share of US consumers are planning to go on vacation to a foreign country within the next six months.
The continued strong demand for consumer services is the reason why it is so difficult for the Fed to get supercore inflation under control. US households want to travel on airplanes, stay at hotels, eat at restaurants, go to sporting events, amusement parks, and concerts, and that is why inflation in the nonhousing service sector continues to be so high, see the second chart.
The bottom line is that rates will stay higher for longer because the Fed is not succeeding with getting nonhousing service sector inflation under control.
9. Cruises Exceed Pre-Pandemic Levels.
Chartr Blog All aboard! So, the headline is that cruises are back. Indeed, cruise tourism is expected to make a titanic comeback this year, with passenger volumes forecast to exceed pre-pandemic levels by 6% — increasing at an even faster rate than overall international tourist arrivals in 2023, which are only estimated to have returned to 80-95% of the number of voyagers seen in 2019.
Operator Global Ports Holdings, which claims to be the world’s largest cruise port operator, revealed almost 2x as many passengers across its network in the three months to June 30, translating to a quarterly revenue increase of 60%.
Furthermore, the largest cruise operators in the world are showing little problem filling the rooms on their increasingly enormous fleets. Royal Caribbean experienced record-breaking demand for its new flagship Icon of the Seas — set to be delivered in October — which is nothing short of a remarkable feat of engineering. Coming in at 1,196 feet, or nearly 4 Statues of Liberty laid end-to-end, Icon will offer its 5,600+ guests the choice of 6 waterslides, 7 pools, 19 floors to explore, and 40+ bars and restaurants.
Not waving, but drowningThat demand suggests that the industry is getting back on an even keel, with consistent profits likely to follow. Indeed, in the decade 2010-2019, Carnival Corporation — at the time the world’s largest cruise ship company — was a slick operation, raking in more than $24bn in operating profits across those 10 years, with ~$3.3bn coming in 2019 alone. But, the pandemic very nearly sunk the ship, kickstarting 3 cash-hemorrhaging years for the company and industry at large.
Below deck As passengers have gradually started to don their deck shoes once again, Carnival’s revenues have crept up, but still not enough to match the costs that come with operating the floating hotels. Just fueling its fleet, for example, cost Carnival a whopping $2.2 billion in 2022. All told, Carnival Corp. reported an operating loss of $4.4 billion as passenger tickets and onboard sales failed to rebound sufficiently… and that was a significant improvement on the $7.1 billion loss the year before.
Shawn Johal is an Entrepreneurs’ Organization (EO) member in Montreal, a leadership speaker, bestselling author, and founder of Elevation Leaders, a business growth practice helping companies 10X their business valuation. We asked Shawn how he handles challenging conversations in his company. Here’s what he shared:
As a Business Growth Coach, I’ve encountered many entrepreneurs who struggle to initiate difficult conversations in their companies. It usually stems from one of two scenarios:
First, there’s the guilt-ridden entrepreneur who asks, “How can I deliver honest feedback without crushing this person’s spirits?” On the other hand, there’s the entrepreneur who embraces conflict a bit too comfortably. They might say, “I don’t enjoy confrontation, but until we become a billion-dollar company… .”
High-impact conversations are psychological and can trigger emotional responses. In growth times or in crisis times (for some companies, life oscillates between the two), these high-emotion moments tend to manifest more frequently.
Building a business with the potential to 10X doesn’t stop at processes, strategy, hiring, or cash flow management. The ability to engage in, and successfully emerge on the positive end of, hard conversations either contributes to or hinders a company’s growth.
So, whether you’re facing a challenging dialogue with a direct report, a business partner, an investor, or your peers, here are three strategies to master the art of difficult conversations.
1. Create a Safe Space
We hear the term “safe space” everywhere lately. But what is it, and how can we actually create one?
We all value a place where we can freely share our thoughts and concerns without fear of judgment or consequence. It’s part of the human experience, and it applies to business contexts, too. At its core, a “safe space” is an environment — a feeling in the air.
To create one, start by giving your undivided attention. When someone is speaking, be fully present and attentive. Forget about your busy schedule or the next point you want to make. Show that you genuinely value their words and opinions.
Then, lead with empathy. It’s easy to get caught up in our own perspectives, but difficult conversations require understanding. Put yourself in their shoes and try to see things from their point of view. The other party will quickly feel understood.
When we’re able to achieve this, our businesses can overcome daily obstacles with greater ease and progress through constructive dialogue.
2. Find Common Ground
There is no successful outcome to a difficult conversation unless you first establish common ground.
I’ll never forget the time I found myself in a critical meeting with a CEO who seemed more interested in his phone than our discussion. His entire leadership team of senior experts was in the room, but he wanted nothing to do with the (very significant) issue at hand. It felt as if this CEO was in one corner of the room while the entire C-suite sat in the opposite corner. Nobody looked at each other. Such a tense moment!
How did it get resolved? I focused my communication on one thing: Reiterating the shared objective everyone in the room had (a successful outcome that benefited the business). Identifying common ground — the “one thing” that everyone in that room equally wanted — reminded each person that they shared a collective purpose that mattered to them.
When you find yourself in a complicated conversation, reflect on the common ground that connects all parties. Finding that shared objective will pave the way forward.
3. Don’t Let Emotions Get the Best of You
The thing about emotions is: They are highly contagious. If you enter a difficult conversation with your emotions on your sleeve, the other party involved will likely get emotional, too. Things can get unproductive — fast.
To prevent that, pay attention to your tone of voice, body language, and choice of words. Non-verbal cues can have a major impact on how your message is received. Strive to maintain a composed demeanor, using a tone that conveys respect and openness.
Phrases like “I’m disappointed” or “You could’ve” can come across as accusatory. Instead, focus on stating facts, seeking their perspective, and sharing your experience.
However, if you notice the emotional intensity escalating to a point where it hinders productive communication, recognize when it’s time to pause the meeting. Remember, your mental health should never be compromised during these discussions.
Sometimes, it feels like navigating difficult discussions is part of a business owner’s job description. I personally spent years figuring out how to best handle these conversations. Applying key tactics helps — but none of the tactics work if you don’t adjust your mindset first.
My advice to all entrepreneurs: Don’t shy away from hard conversations. Look at them as catalysts for growth, enhancing both your business and personal development.
If you figure out how to 10X the success of difficult conversations, you can 10X the productivity, culture, and profitability of your company; I guarantee it!
2. Large Cap Premium Valuation Over Small Cap Close to Internet Bubble Levels
Wisdom TreeScott Welch, CIMA ®This valuation dispersion can be illustrated differently by examining the ratio of small-cap to large-cap P/E multiples. The discount is as wide as it has been since the tech bubble of the early 2000s (ignoring the anomalous COVID-19 period).
Small Cap to Large Cap Historical P/E Ratio (x100)
It is not just that small-cap stocks are trading at wide discounts to large-cap stocks—they are also trading at a wide discount relative to their own historical averages. “NTM” refers to estimates of the next twelve months earnings, also expressed as “12-month forward estimates.”
3. AI Mentions by S&P 500 Companies Up 366% Since Start of Year
Business Insider-A new analysis by Wall Street Zen found the number of mentions of “AI” and related terms (machine learning, automation, robots, etc.) in S&P 500 earnings calls skyrocketed over the past year and a half, as the chart above illustrates. AI mentions in the first quarter of 2022 totaled 1,156. That dipped to 805 in the third quarter of 2022 before rising 177% to 2,182 in the next quarter. Then, during this year’s second quarter, that ballooned to 7,358 — a 366% increase compared to the start of the year.
4. Non NVDA AI Stokcs….C3.ai +120% in 2023…..-77% Since Inception
8. A Huge Threat to the U.S. Budget Has Receded. And No One Is Sure Why-NYT
NY Times By Margot Sanger-Katz, Alicia Parlapiano and Josh Katz Sep. 4, 2023 For decades, runaway Medicare spending was the story of the federal budget.Now, flat Medicare spending might be a bigger one.
Something strange has been happening in this giant federal program. Instead of growing and growing, as it always had before, spending per Medicare beneficiary has nearly leveled off over more than a decade.
The trend can be a little hard to see because, as baby boomers have aged, the number of people using Medicare has grown. But it has had enormous consequences for federal spending. Budget news often sounds apocalyptic, but the Medicare trend has been unexpectedly good for federal spending, saving taxpayers a huge amount relative to projections.
“Without a doubt, this is the most important thing that has happened to the federal budget in the last 20 years,” said David Cutler, a professor of health policy and medicine at Harvard, who helped the Obama White House develop the Affordable Care Act.
9. According to WSJ 30% of Rural Hospitals at Risk of Closing
WSJ Akiko MatsudaA growing number of hospital operators across the country are in financial distress or have declared bankruptcy under the pressure of labor shortages and high inflation in the wake of the pandemic. Small independent hospitals serving rural communities have been hit especially hard. More than 600, or about 30%, of all rural hospitals in the country are at risk of closing, according to the Center for Healthcare Quality and Payment Reform, a national policy center. As of August, 13 rural hospitals had shut their doors, exceeding seven and three in 2022 and 2021, respectively, according to the Cecil G. Sheps Center for Health Services Research, a unit of the University of North Carolina at Chapel Hill. https://www.wsj.com/articles/hospital-distress-worsens-amid-labor-scarcity-and-inflation-1ca31b87
1. August Saw A Lot of Selling at the Close of Market Day
2. Crude Oil Rally Still Well Below 2022 Highs
Light Crude Oil Chart Held 200 Week Moving Average…Coming up on next resistance level
3. Energy Prices Up and Airlines Down
JETS corrects back to Spring levels with rise in crude oil
4. Recessions and Bonds….Long-Bond Lost Decade
@Callum_Thomas Recession Realities: But one thing I have to keep coming back to is the tyranny of the stats — historically treasuries put in their best performance, and stock-beating performance during recessions. I would note, you don’t need a recession for bonds to do ok, but you do need a recession for bonds to do spectacular (hence why bonds are often referred to as diversifying assets… at least outside of inflationary shocks!).
Treasury Troubles: In real (CPI adjusted) total return terms, long-term US treasuries have seen a lost decade, and a catastrophic -50% drawdown off the peak in mid-2020 (p.s. for anyone who’s new to bonds remember: yields up = price down). Essentially this is what happens when an otherwise safe and conservative asset meets an inflation (+ monetary policy) shock.
1. Rob Arnott Research Affiliates Top Tech Names in 2000 ….20 Year Returns
Following the peak of the tech bubble in March 2000, the average stock in the S&P 500 rose by 25% over the next two years, while a cap-weighted index dominated by tech stocks fell by 21%. Arnott points to the list of tech firms that were the top 10 most-valuable at the peak of the dot-com bubble. None were able to beat the market by the time the next bull run peaked in 2007, and only Microsoft Corp. and Oracle Corp. are ahead today, two decades later.
The goal of establishing routine needs to include time for socializing.
Social connection encompasses three fundamental components: structure, function, and quality.
Social connection helps us live a happier, healthier, and longer life.
As a professor and a mother, the end of summer is always a bittersweet and busy time of year. Whether or not you are gearing up for back-to-school, the end of the summer marks a point where we all feel like we need to get back into a rhythm. This can be a busy time. Whether it is the addition of homework, yard work, or the many other tasks that seem to pop up, we often find ourselves overscheduled and overstressed, yearning to establish a sense of equilibrium in our lives. As we settle into a routine, we must center our lives around the things that matter most and will help us live happy and healthy lives.
When you think of living a healthy life, what do you imagine? Does your list consist of getting more steps in, eating healthier, going to bed earlier, or swapping out soda for sparkling water? These are all important for our health, but most people don’t realize that many other factors dramatically influence physical health. What specifically am I talking about? Social connection.
The evidence supporting the health benefits of social connection is compelling and wide-ranging. Studies have consistently underscored the association between social bonds and a reduced risk of earlier death, bolstered cardiovascular well-being, enhanced immunity against infections, and mitigated levels of inflammation. Those fortified by social networks also report lower rates of depression, anxiety, and other mental health disorders. Moreover, social connection has been linked to better cognitive function and resilience to stress. In essence, fostering social connections is not just about enhancing our emotional well-being; it’s a cornerstone of our physical health and overall quality of life.
In my role as the lead scientific editor for the US Surgeon General Advisory on the Healing Effects of Social Connection and Community, we aimed to seek to create awareness and ignite change to help us focus more on the importance of social connection in our own lives and the communities that we live in. This advisory goes beyond providing evidence of concerning trends about isolation and loneliness in our country to provide detailed recommendations for schools, communities, businesses, governments, and, importantly, individuals. As we understand more about the need for human connection, we are better able to prioritize it in our lives and enjoy the many benefits that come from it.
Social connection encompasses three fundamental components: structure, function, and quality. The structure, or size and variety of social relationships, is the foundation of our social connection by ensuring the presence of people in our lives and regular social contact. Function comes into play as we acknowledge the diverse roles others fulfill, meeting our physical, emotional, and achievement needs. Quality can span the spectrum from highly positive and nurturing to hostile and conflict-ridden, pointing to the need for high-quality and fulfilling relationships and interactions. Together, these exert a multifaceted impact on our health and well-being.
We all face barriers to connection, whether it is a busy schedule, geographical distance, poor health, or our insecurities. As we think about prioritizing our connections, we need to consider each aspect of social connection. Improving and prioritizing our social connections can not only increase our happiness and quality of relationships but also increase our physical health, longevity of our lives, and overall well-being. As you settle into a new routine, seek to improve the elements of connection in your life by asking yourself a few questions:
· Do I prioritize the relationships that matter most to me?
· Do I make time in my busy schedule for socializing?
· Do I regularly check in on the people I care about to see how they are doing?
· Do I have a group (e.g., book club, hobby, fitness, faith) I consistently participate in?
· Do I spend time in my community to provide opportunities to get to know or strengthen my relationships with my neighbors?
· Do I practice kindness, respect, and responsive listening in my interactions with others?
You can build and strengthen your relationships in many ways, but if you find yourself answering “no” to some or all of these questions, ask yourself why not. Are you spending your time on the things that matter most to you? If not, it is time to prioritize what matters most.
