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☆ Goldman Sachs: Is David Solomon on his way out? The CEO whisperer weighs in
▼ + stars: | 2023-08-21 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

New York CNN —David Solomon, CEO and president of Goldman Sachs, is getting bad press — a lot of bad press. And while shares of Goldman Sachs (GS) may be down by more than 5% this year, they’re still up by about 40% since he took over in 2018. Goldman Sachs did not respond to requests for comment for this article. Before the Bell: What is going on at Goldman Sachs? There have been articles purporting that former Goldman CEO Lloyd Blankfein isn’t happy with the job David Solomon has done and that he has offered to step in to help.

Persons: David Solomon, Goldman Sachs, Marcus, Solomon, they’re, Bell, Jeffrey Sonnenfeld, Lloyd Blankfein isn’t, that’s, Lloyd, he’s, That’s, David, ‘, Juliana Liu, Michelle Toh, ” Julian Evans, Pritchard, Zichun Huang, Hang, Lehman, Hillary, Eva Rothenberg, Harry Reid, Hilary Organizations: CNN Business, Bell, New York CNN, Financial Times, Yale School of Management’s, Leadership Institute, Nokia, BlackBerry, Microsoft, Goldman, People’s Bank of China, Reuters, Capital Economics, Hang Seng, The Bank of Korea, Bank Indonesia, country’s National Bureau of Statistics, Harry, Harry Reid International, San Diego International Locations: New York, Lloyd, China, Hong Kong, Shanghai, Asia, Las Vegas, California, Nevada, Southern California, Idaho

☆ One in 5 Chinese young adults looking for work is unemployed. The lack of work slows down the whole economy
▼ + stars: | 2023-08-19 | by ( Sebastian Cahill | ) www.businessinsider.com time to read: +3 min

Over one in 5 Chinese young adults looking for work can't find it, according to China's National Bureau of Statistics. According to UNICEF, youth unemployment can lead to social and economic unrest. For their July data released last week, Chinese government officials entirely omitted the data on youth unemployment. According to research from United Nations Children's Fund, youth unemployment impacts present and future economic growth and stability. The report also warns that youth unemployment can have "significant and serious social repercussions" and social unrest.

Persons: Sun Xin, Sun, haven't, Xi Jinping, it's, Liu Xingyu, Liu Organizations: National Bureau of Statistics, UNICEF, Service, China's National Bureau of Statistics, King's College London, NBC News, CNBC, The New York Times, Times, United Nations Children's Fund, Street Journal Locations: Wall, Silicon, China, COVID

☆ Why stock investors are suddenly so scared
▼ + stars: | 2023-08-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

That means that if China’s economy slows down, global economic growth slows down. “When global economic growth slows down, that tends to be negative US equities. But a string of strong economic data has challenged those notions. Russia’s invasion of Ukraine continues to stoke fears of rising commodity prices, global economic instability and uncertainty around security. It’s been chock full of economic data and big corporate reports.

Persons: That’s, Lehman, ”, Alex Etra, Bond, Jamie Dimon, JPMorgan Chase, hasn’t, Banks, Michael Burry, Fitch, It’s Organizations: New, New York CNN, Nasdaq, Dow, CNN, country’s National Bureau of Statistics, Apple, Intel, Starbucks, Nike, Federal, Federal Reserve, Atlanta Fed, JPMorgan, CNBC, First Republic Bank, Huntington Bank, PacWest, Western Alliance, Bank Locations: New York, China, Ukraine, Beijing, stoke, Huntington

It warned investors to be vigilant of fraud, but has not commented on the issue of missed payments to investors. Investors were afraid of “contagion” spreading to the country’s $2.9 trillion investment trust industry, Citi analysts wrote in a Wednesday research report. Last year, Zhongrong extended payments on several of its real estate trust products, saying that the companies couldn’t repay their debts. Most trust products are closed-ended, which means they can only be repaid at maturity, and hence are not vulnerable to panic selling. In addition, thanks to new regulations launched in 2017, the traditional banks have curbed their off-balance-sheet business, including trust products.

Persons: Technology —, Zhongrong, hasn’t, ”, Stringer, Zhongrong’s, China’s “ Lehman, ” Nomura, Lehman, “ Organizations: Beijing CNN, Service, KBC Corporation, Xianheng, Science, Technology, CNN, Zhongzhi, International Trust Co, Bloomberg, Getty, Investors, Citi, China, Association, Companies, Kaisa, Sunac, Nomura, Consumer, National Bureau of Statistics, People’s Bank of China Locations: Hong Kong, Beijing, China, Shanghai, Shenzhen, …, Sunac China

☆ China's economic model is 'washed up on the beach' and it's not going to bounce back, veteran investor says
▼ + stars: | 2023-08-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Veteran investor David Roche told CNBC that China's economic model is "washed up on the beach." He doesn't anticipate it to bounce back as it deals with deflation, slowing growth, and other economic snags. He noted that China's economy has a "huge number of legacy holes in it." Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. The troubled property market helps explain China's weak second-quarter GDP, which came in below expectations at 6.3%.

Persons: David Roche, it's, " Roche, CNBC's, they're, Roche Organizations: CNBC, Service, Independent, National Bureau of Statistics, People's Bank of, Country Garden Holdings Locations: Wall, Silicon, China, People's Bank of China

☆ Premarket stocks: How China's economic turmoil could hurt your portfolio
▼ + stars: | 2023-08-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

Why it matters: “For most of the last two decades, China’s economic growth has been a major driver of the global economy,” said Alex Etra, a strategist at data analytics firm Exante. That means that if China’s economy slows down, global economic growth slows down. ExxonMobil (XOM) may not be doing too much business with China, said Etra, but if Chinese growth slows, that means oil prices go down. Earlier this year, Bank of America compiled a list of the S&P 500 companies with the highest exposure to China. The grand total of all the private wealth in the world fell 2.4% to $454.4 trillion last year, according to the annual Credit Suisse and UBS global wealth report.

Persons: Joe Biden, BlackRock, ”, Alex Etra, Michael Burry’s, Allison Morrow, That’s, Jason Hart, Winn, ” Hart, “, Ramishah Maruf Organizations: CNN Business, Bell, New York CNN, country’s National Bureau of Statistics, ExxonMobil, Apple, Intel, Starbucks, Nike, Bank of America, Las, Qualcomm, Nvidia, Wynn Resorts, WYNN, MGM Resorts, MGM, Funds, PitchBook, Michael Burry’s Scion Asset Management, Moore Capital Management, D1 Capital, Tiger Global, Securities, Exchange, Credit Suisse, UBS, Millionaires, Aldi, Dixie, Winn, CNN Locations: New York, Beijing, China, Ukraine, United States, Aldi, Winn

LAUNCESTON, Australia, Aug 17 (Reuters) - China made a rare draw on crude oil inventories in July as imports softened and refinery processing remained elevated to meet rising domestic demand and a surge in refined fuel exports. China doesn't disclose the volumes of crude flowing into or out of strategic and commercial stockpiles, but an estimate can be made by deducting the amount of crude processed from the total of crude available from imports and domestic output. The volume of crude available to refiners was 14.36 million bpd, consisting of imports of 10.29 million bpd and domestic output of 4.07 million bpd. Subtracting the refinery throughput from the total crude available leaves a deficit of 510,000 bpd. Imports dropped 2.38 million bpd in July from June's 12.67 million bpd, and were the lowest monthly total since January.

Persons: China doesn't, refiners, Brent, Robert Birsel Organizations: National Bureau of Statistics, Brent, Refinitiv Oil Research, Reuters, Thomson Locations: LAUNCESTON, Australia, China, storages, June's, East, Saudi Arabia, Brent, Singapore

☆ Analysis: Country Garden undone by promise to bring 5-star life to China's hinterland
▼ + stars: | 2023-08-16 | by ( Clare Jim | ) www.reuters.com time to read: +4 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Smaller Chinese cities, whose revenues have already been deteriorating, could have a glut of unfinished homes, a social problem Beijing is trying to avoid. But as China's economy started slowing during and after its COVID-19 lockdowns, property sales in those areas has plummeted along with values of the homes themselves. Country Garden's sales in 2020 were 570.7 billion yuan ($78.22 billion), but that slipped to 357.5 billion yuan in 2022. Country Garden has nearly 1 million homes to complete, according to estimates from Japanese investment bank Nomura.

Persons: Aly, HONG KONG, Oscar Choi, Yang Huiyan, Lu Ting, Nomura, Gerwin Bell, Clare Jim, Liangping Gao, Matt Tracy, Davide Barbuscia, Christian Schmollinger Organizations: Shanghai Country Garden, REUTERS, Country, HK, National Bureau, Statistics, Partners Capital, China Evergrande, Oxford Economics, Nomura, Thomson Locations: Shanghai, China, HONG, Beijing, Dezhou, Hong Kong, Asia, Washington, New York

☆ What do ‘Big Short’ Michael Burry and Warren Buffett know that we don’t?
▼ + stars: | 2023-08-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

Michael Burry, the “Big Short” investor who became famous for correctly predicting the epic collapse of the housing market in 2008, also made a gigantic bet last quarter on a Wall Street crash. Bank of America released its August global fund manager survey on Tuesday and found that money managers are feeling the least pessimistic about markets since February 2022. So what do Buffett and Burry know that the rest of us don’t? Russia and Ukraine: Global inflation is finally coming down, but heightened geopolitical tensions threaten to raise food and oil prices across the globe. Russia’s invasion of Ukraine continues to stoke fears of increased commodity prices, global economic instability and uncertainty around security.

Persons: Warren, Berkshire Hathaway, That’s, Michael Burry, Buffett, Jamie Dimon, JPMorgan Chase, hasn’t, Fitch, ”, Gregory Daco, Catherine Thorbecke, Catherine Organizations: CNN Business, Bell, New York CNN, Nasdaq, Federal Reserve, Securities, Exchange, Scion Asset Management, Bank of America, Traders, National Bureau of Statistics, JPMorgan, CNBC, Bank, First Republic Bank, Huntington Bank, PacWest, Western Alliance, Commerce Department Locations: New York, China, Ukraine, Russia, stoke, Huntington, Lahaina , Hawaii, Lahaina, Las Vegas, Maui

☆ China's new home prices fall for first time this year, dimming economic outlook
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +3 min

The 0.2% fall month-on-month came after June's flat reading, according to Reuters calculations based on National Bureau of Statistics (NBS) data. The decline in home prices comes amid a worsening debt crisis at major developers, sliding property investment and home sales. Among 70 cities, 49 saw a fall in new home prices month-on-month in July from 38 cities the previous month. However, most economists expect the downside trend in home sales and prices to persist for while. "Without additional major policy easing and/or fiscal support, property sales and investment may weaken further or stay at the bottom for longer than assumed in our baseline," said Wang.

Persons: Jason Lee, Goldman Sachs, Wang Tao, Wang, Qiaoyi Li, Liangping Gao, Ryan Woo, Sam Holmes Organizations: REUTERS, National Bureau of Statistics, Goldman, Asia Economics, China, UBS Investment Bank, Thomson Locations: Wangjing, China, BEIJING, Zhengzhou, Xian, Fuzhou

☆ China's economy is getting worse as falling prices for new homes add to mounting alarms
▼ + stars: | 2023-08-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

The housing market data followed indicators earlier this week that showed retail sales and industrial output slowed. The housing market data followed other signs that China's economy is weakening further. And consumer prices dropped annually in July for the first time in two years, joining producer prices in deflation territory. "Housing prices are going down, so people aren't making purchases," Dexter Roberts, a senior fellow at the Atlantic Council, told Insider in a recent interview. The Chinese government won't be able to lift the property sector without that confidence."

Persons: Dexter Roberts Organizations: Service, National Bureau of Statistics, Bloomberg, Atlantic Council Locations: Wall, Silicon, Shenzhen

☆ China is hiding key data to pretend its economy is doing OK. It's not.
▼ + stars: | 2023-08-16 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

China is hiding unflattering data, with its economy struggling. The National Bureau of Statistics didn't report youth unemployment numbers this month. The National Bureau of Statistics said Tuesday it would stop releasing youth unemployment numbers, after joblessness among 16-to-24 year olds spiked to 21% in June. China's economy could be a "ticking time bomb", the President told a fundraiser event in Utah, adding that "when bad folks have problems, they do bad things." Those measures could help jumpstart China's struggling economy – but trying to turn off the bad news tap will not.

Persons: Brad Setser, Joe Biden, jumpstart Organizations: National Bureau, Statistics, Financial Times, Service, National Bureau of Statistics, Treasury Locations: China, Beijing, Wall, Silicon, Japan, Utah, China's

Construction workers take a nap in front of a wall of a construction site during their lunch break in Beijing, China, May 5, 2015. REUTERS/Kim Kyung-Hoon /File PhotoAug 15 (Reuters) - China suspended publication of its youth jobless data on Tuesday, saying it needed to review the methodology behind the closely watched benchmark, which has hit record highs in one of many warning signs for the world's second-largest economy. Fu Linghui, a spokesman for the National Bureau of Statistics (NBS), said the release of data would be suspended while authorities look to "optimise" collection methods. "The declining availability of macro data may further weaken global investors' confidence in China," said Ting Lu, chief China economist at Nomura, adding that youth unemployment was expected to have risen in July. The most recent NBS data on youth unemployment, published last month, showed the jobless rate jumping to a record high of 21.3% in June.

Persons: Kim Kyung, Fu Linghui, Fu, Ting Lu, Tuesday's, Laurie Chen, Albee Zhang, Muralikumar Anantharaman, Sam Holmes, Gerry Doyle Organizations: REUTERS, National Bureau of Statistics, Nomura, China News Service, Thomson Locations: Beijing, China, Weibo

Nomura analysts were equally downbeat on China's economic outlook. Most economists see downside risk to Chinese growth but they don't expect a recession. It was the slowest growth since December 2022, and shows just how much of a challenge authorities face as they try to make consumption the key driver of future economic growth. MORE STIMULUSAsian stocks stalled at one-month lows, the yuan hit a 9-month nadir while the dollar held broadly firm after the weak Chinese data and latest policy easing measures. But we do need to lower our expectations for China's growth."

Persons: Julian Evans, Pritchard, Nomura, Nie Wen, Robert Carnell, Liangping Gao, Albee Zhang, Shri Navaratnam Organizations: National Bureau of Statistics, Capital Economics, Retail, Hwabao Trust, Investment, Reuters, ING, NBS, Nomura, Thomson Locations: BEIJING, Beijing, China, Asia, Pacific

Asian stocks were down and the dollar held firm after the weak Chinese data and latest policy easing measures. Investment in the property sector tumbled 8.5% year-on-year in January-July, after shrinking 7.9% in January-June, extending its fall for the 17th consecutive month. Demand for the property sector, once a pillar of economic growth, has remained weak in recent weeks. The nationwide survey-based jobless rate climbed slightly to 5.3% from 5.2% in June. After the youth jobless rate rose to record high of 21.3% in June, NBS spokesperson Fu Linghui said at Tuesday's press conference the bureau will suspend publishing the survey-based jobless rate for the 16-24 years old from August, adding China will further improve its employment statistics.

Persons: Julian Evans, Pritchard, Bruce Pang, Jones Lang Lasalle, Fu Linghui, Albee Zhang, Liangping Gao, Shri Navaratnam Organizations: National Bureau of Statistics, Retail, Capital Economics, Jones, Investment, Communist Party, NBS, Thomson Locations: BEIJING, China

☆ China stats bureau sees no deflation risks, plays down property woes
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: 1 min

A customer shops for vegetables at a wet market in Beijing, China August 10, 2023. REUTERS/Yew Lun TianBEIJING, Aug 15 (Reuters) - There is no deflation in China and there will be no deflation in the future, a spokesman of China's statistics bureau said on Tuesday. China's economic recovery faces challenges, National Bureau of Statistics spokesperson Fu Linghui told a press conference in Beijing. Still, the bureau expects a decline in producer price index to moderate further, according to Fu. Fu also said that risks for property developers could be gradually resolved due to policy optimisation.

Persons: Lun Tian, Fu Linghui, Fu, Muralikumar Organizations: REUTERS, National Bureau of Statistics, Beijing, Thomson Locations: Beijing, China, Lun Tian BEIJING

Total refinery throughput in the world's second-largest oil consumer was 63.13 million metric tons last month, data from the National Bureau of Statistics (NBS) showed. Production was up slightly from the 14.83 million bpd of oil processed in June. Domestic fuel demand has picked up with the arrival of the summer travel season, notably in gasoline and jet fuel. China's crude oil imports in July pared back from close-to-record levels during the previous month, totalling 43.7 million metric tons, or 10.3 million bpd, according to the customs data. The NBS data on Tuesday also showed China's domestic crude oil production in July was 17.31 million metric tons, or 4.1 million bpd, versus 17.13 million metric tons in 2022.

Persons: Dominique Patton, refiners, Production, Andrew Hayley, Jacqueline Wong Organizations: Shandong Haiyou Petrochemical Group, REUTERS, National Bureau of Statistics, Reuters, Zhuochuang, Thomson Locations: Shandong, county, Shandong province, China, BEIJING

☆ China Suspends Report on Youth Unemployment, Which Was at a Record High
▼ + stars: | 2023-08-15 | by ( Claire Fu | More About Claire Fu | ) www.nytimes.com time to read: +1 min

The Chinese government, facing an expected seventh consecutive monthly increase in youth unemployment, said Tuesday that it had instead suspended release of the information. The unemployment rate among 16- to 24-year-olds in urban areas hit 21.3 percent, a record, in June and has risen every month this year. It was widely forecast by economists to have climbed further last month. Fu Linghui, a spokesman of the National Bureau of Statistics, said at a news briefing that the government would stop making public employment information “for youth and other age groups.” He said the surveys that government researchers use to collect the data “need to be further improved and optimized.”China’s youth unemployment rate has doubled in the last four years, a period of economic volatility induced by the “zero Covid” measures imposed by Beijing that left companies wary of hiring, interrupted education for many students, and made it hard to get the internships that had often led to job offers.

Persons: Fu Linghui, ” Organizations: National Bureau of Statistics Locations: Beijing

☆ The hits keep coming for China's economy — its July report card missed expectations and it altogether omitted youth unemployment stats from the announcement
▼ + stars: | 2023-08-15 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +2 min

Industrial production rose 3.7% on-year in July, badly missing the analysts' target of 4.4%. Interestingly, the July economic report omitted any mention of youth unemployment statistics in the country. Most interestingly, the July economic report omitted any mention of youth unemployment statistics in the country. Youth unemployment soared to a record high of 21.3% in the second quarter of 2023, per the statistic bureau's June report. Instead, the country reported that urban unemployment was 5.3% in July, up from 5.2% in June.

Organizations: Bureau, Statistics, Service, Reuters, Exports, National Bureau of Statistics, CNBC Locations: Wall, Silicon, China

☆ Cramer points out stocks to watch as China's economy slows down
▼ + stars: | 2023-08-15 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer gave investors his top sectors and stocks to watch following Tuesday's weaker-than-expected Chinese economic data. The Dow Jones Industrial Average slid more than 300 points as concerns over China's economy began to mount. The country's July economic data broadly missed expectations, and the National Bureau of Statistics' report did not include youth unemployment numbers. Cramer recommended investors consider infrastructure stocks because the U.S. government is investing heavily in that sector, signaling out equipment manufacturer Caterpillar and steelmaker Nucor . Cramer also recommended drug stocks like Eli Lilly , homebuilding stocks Lennar and DR Horton as well as tech giants like Nvidia .

Persons: CNBC's Jim Cramer, Cramer, Eli Lilly, DR Organizations: Dow Jones, National Bureau of Statistics, Caterpillar, Boeing, Honeywell, DR Horton, Nvidia

☆ China reports big data miss in July, stops releasing youth unemployment numbers
▼ + stars: | 2023-08-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Retail sales rose by 2.5% in July from a year ago, below expectations for a 4.5% increase, according to analysts polled by Reuters. Within retail sales, catering saw the biggest increase of 15.8%, while sports and entertainment products saw a 2.6% year-on-year increase. Retail sales posted the slowest growth since a decline in December, according to official data. Top leaders in late July signaled a shift away from its crackdown on real estate speculation. But the overall approach to additional stimulus has been cautious, especially in real estate.

Organizations: Bloomberg, Getty, National Bureau, Statistics, Reuters, National Bureau of Statistics, CNBC, Authorities Locations: BEIJING, China

☆ China’s economic activity slows further in July as recovery stalls
▼ + stars: | 2023-08-14 | by ( Laura He | ) edition.cnn.com time to read: +1 min

Hong Kong CNN —China has reported a slew of disappointing economic data showing another month of tepid growth in the world’s second largest economy. The NBS said it would no longer release data on youth unemployment, after that figure hit consecutive record highs in previous months. Retail sales expanded 2.5% last month from a year ago, slowing from the 3.1% increase recorded in June. It was up 3.7% in July from a year earlier, compared to growth of 4.4% in June. Fixed-asset investment rose 3.4% in July, compared to the 3.8% growth recorded in June.

Organizations: Hong Kong CNN, Consumer, National Bureau of Statistics, NBS Locations: Hong Kong, China

☆ China's economy is stumbling, but it still isn't as dire as Japan's 1990s collapse
▼ + stars: | 2023-08-14 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

China's sputtering growth and property market hurdles have led to comparisons with Japan's troubles in the 1990s. But key differences remain and China's economy isn't yet at the level of Japan's crisis 30 years ago. China's National Bureau of Statistics reported that the consumer price index dropped 0.3% annually in July, tipping the economy into deflation and fueling reminiscences of Japan in the early 1990s. Only this year have Japan's stock markets returned within range of the highs seen in 1990. Real estate prices in Japan fell about two-thirds, and the stock market still has never got back to where it was in 1989.

Persons: David Dollar Organizations: JPMorgan, Service, China's National Bureau of Statistics, Financial Times, Nikkei, Brookings Institute, Brookings Locations: China, Wall, Silicon, Beijing, Japan, 1Q23, Tokyo, United States, Real

☆ Fed officials are divided, but holding rates steady in September seems likely
▼ + stars: | 2023-08-13 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Washington, DC CNN —Federal Reserve officials meet next month to determine whether to raise interest rates for the 12th time to cool the economy or hold them steady. Some officials think the Fed has already raised its benchmark lending rate enough to curb inflation, but others think it’s too soon to tap the brakes. Philadelphia Fed President Patrick Harker echoed that sentiment in a speech last week, saying “I believe we may be at the point where we can be patient and hold rates steady.”Other Fed officials agree. “Inflation is still significantly above” the Fed’s 2% target, Fed governor Michelle Bowman said last week at an event in Atlanta. The Federal Reserve releases minutes from its July policymaking meeting as well as July figures on industrial production.

Persons: ” Rajeev Sharma, ”, Jerome Powell, Patrick Harker, “, Raphael Bostic, there’s, Michelle Bowman, ” Carol Schleif, ” Schleif, Katie Lobosco, Brinker Organizations: CNN Business, Bell, DC CNN — Federal Reserve, Key Private Bank, CNN, “, Fed, Financial, Philadelphia Fed, Atlanta Fed, BMO Family Office, Internal Revenue, Tax Administration, IRS, Kansas City Tax Processing, Fresno Tax Processing, China’s National Bureau of Statistics, Depot, US Commerce Department, Target, Federal Reserve, Walmart Locations: Washington, Jackson Hole , Wyoming, Atlanta, Kansas, Fresno

☆ Letter to a Young Crypto Enthusiast (or the Merely Curious)
▼ + stars: | 2023-08-13 | by ( Ron Lieber | More About Ron Lieber | ) www.nytimes.com time to read: +1 min

It’s at 12 percent this year, according to a National Bureau of Economic Research working paper, and Bitcoin’s price has risen more than 75 percent from its 2022 low. Crypto conviction — or just curiosity — is not something that merits condescension from the olds and scolds of personal finance. It just requires you to ask a few questions about who you are and why you find crypto alluring. It is true that younger adults are more open to this way of putting money to work. If you’re under 40, you’re more likely to own crypto than people over 60, according to the N.B.E.R.

Persons: It’s, Sam Bankman, you’re, You’re Organizations: National Bureau of Economic Research Locations: United States

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