“Why are the wealthy so much wealthier than everyone else? One reason is that the rich tend to store their wealth in businesses and stocks, and those in the middle class store theirs in housing. The top 10 percent of the wealthiest households own nearly 90 percent of the stocks in America, while those in the bottom 90 percent own a little more than half of all the real estate in America.
So you can think of wealth inequality as a race between the stock market and the housing market. . . . In periods when home prices are rising, wealth inequality tends to shrink as the wealth in the middle class grows. But during periods when the stock market outperforms real estate, wealth inequality tends to increase.
Another reason is that income inequality feeds wealth inequality. . . . Even if the rich and the poor had the same proportion of stocks and bonds, and saved at the same rate, the rich would simply put away more money.”
“The Japanese high school baseball championships (known colloquially as Koshien, after the stadium where they take place) are unlike anything in sports on this side of the Pacific. Crowds pack the nearly 50,000 seats in the stadium and people watch on national TV as 56 teams from around the country compete over the course of 15 days to be crowned champs. Daisuke Matsuzaka once threw a 17-inning complete game, because the tournament is such a big deal.
The stakes are incredibly high. The vast majority of these kids will never have an athletic moment as important as this. And yet, one player in a game on Sunday passed up a free base. Kennobu Sugawara from Tokuei Hanasaki was hit by a pitch in the seventh inning of his team’s game against Akashi Shoten. But rather than take first base, he admitted that he leaned in to the pitch. Sugawara bowed to the pitcher, then to the opponents’ dugout, and stepped back in the box. Then he blasted a homer.”
For the life of me, I don’t see any leaning, it looks like he just maintains his stance. Regardless, big props for refusing the free base and then going deep.
“History can be manipulated, whitewashed and rewritten, but people who have lived in history all have their stories, which no single dictator or censor can rob. Memories, kept in stories, keep history alive. And who, among American writers, is a fiercer and braver keeper of the memories that have made America the country it is today, in the most beautiful and powerful language?”
“In a place with open borders, crafting incentives is complex: If you make life on Svalbard appealing—with good schools, for instance, or better housing—there’s no way to guarantee that it will be Norwegians who come. At the same time, Svalbard cannot turn away anyone on account of nationality. The result, which can be easily justified with the treaty’s mandate of low taxes, is that the Norwegian government provides as little as possible: Unlike the mainland, the islands have minimal health care, child care, and housing benefits.”
Bernal, Columbia’s first Tour de France winner, and at 22 years old, the youngest rider in the race, seems to be Armstrong’s opposite in every way. Granted, variety is the spice of life, but I’ll take Bernal’s soft spoken, low key humility to Armstrong’s angry brashness every day of the week. Here’s hoping fame doesn’t change him too much.
The Open Championship is over. Final rest day at the Tour de France.
The Open Championship is the best golf tournament in the world. Way more inclusive than the other three majors. Way more authentic than the Masters. I love seeing the players sporting winter hats, with the sideways rain, playing from hellish pot bunkers and gorse. Port Rush Ireland is one of the more beautiful settings for golf I’ve ever seen. It boggles my mind that fewer than 2m people live in North Ireland and 237,000 watched the Championship live.
Irish passion for golf was evident in Rory’s Friday charge, all the Irish player’s comments, and Lowry’s 63 on Saturday. Professional golf doesn’t get any better than that. Only wish I had been there.
And the outcome of le Tour is still up in the air after two weeks. Given the weakness of his team, I do not think 2 minutes is enough of a cushion for Alaphilippe. Of course, we’ll probably have to wait 8 years to determine the winner.
Thanks to this movie preview, which gave me an Open Championship like jolt of joy, I think I’ll be okay today.