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☆ How to Revamp Your Wardrobe Without Buying a Thing
▼ + stars: | 2023-04-08 | by ( Ann Binlot | ) www.wsj.com time to read: +1 min

BLESS THIS MESS A defeated Cher (Alicia Silverstone) tries to find a DMV-worthy outfit in 1995’s ‘Clueless.’“I HAVE nothing to wear.” It’s a common refrain heard in bedrooms nationwide. Who among us hasn’t peered into an overstuffed closet, sighed in disgust and struggled to find something—anything!—suitable? Even Cher Horowitz, Alicia Silverstone’s style-savvy character in the era-defining 1995 film “Clueless,” had an angst-addled relationship with her abundant wardrobe. Watch the scene depicted above, in which she seeks to assemble a “responsible-looking” outfit for her driver’s test. Our advice: Spend a few hundred to hire a wardrobe stylist for an hour or two and rediscover what you already have.

☆ Cash-strapped Chinese cities are cutting medical benefits for seniors
▼ + stars: | 2023-03-31 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Censors removed hashtags for “Wuhan health insurance” from Weibo’s hot topics section after the demonstrations began in January. State media reported at the time that some other regions had already spent public money on mass testing. CFOTO/Future Publishing/Getty ImagesCovering the shortfallChina’s health insurance scheme is a key part of its limited social safety net. To protesters, however, it looked like local governments were dipping into their individual accounts to cover the shortfalls of the collective pool. “There has to be some resolution of the financial capacity of local governments to meet current, and prospective, age-related costs,” Magnus said.

☆ Wall Street investment firms are thirsty for the West's vanishing water
▼ + stars: | 2023-03-22 | by ( Lucy Kafanov | ) edition.cnn.com time to read: +10 min

And it comes at a time when Arizona’s allocation of Colorado River water is being slashed amid a decadeslong megadrought. “In the face of record shortages on the Colorado River, we have voluntarily answered urgent and repeated calls to conserve water. Water Asset Management owns at least 3,000 acres in Western Colorado’s Grand Valley, where Mueller works to protect Colorado’s share of the river. “Water Asset Management has engaged in a number of different purchase methods to keep their transactions unknown to many of the local jurisdictions,” Mueller said. The Colorado River in Eagle County, Colorado.

☆ Texas abortion pill case: Lawyers requesting mifepristone’s removal from market concede there’s no precedent
▼ + stars: | 2023-03-15 | by ( Michelle Mark | ) www.businessinsider.com time to read: +3 min

A Texas lawsuit has demanded that the judge revoke the FDA approval of the abortion pill mifepristone. The group alleged in their lawsuit that the FDA approved an "unsafe" drug back in 2000. During Wednesday's hearing, The Washington Post and Associated Press reported that all parties acknowledged the unprecedented nature of the Alliance Defending Freedom's demand. The attorney representing the Alliance Defending Freedom, Erik Baptist, responded, "No, I can't." Drugs like mifepristone and misoprostol have been thrown into the spotlight ever since the Supreme Court overturned Roe v. Wade last June.

☆ #BoycottHersheys spreads on Twitter over Women’s Day campaign
▼ + stars: | 2023-03-02 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +2 min

New York CNN —Calls to boycott Hershey are spreading on Twitter in response to the chocolate company’s International Women’s Day Canadian campaign, which includes a trans woman. It’s the latest example of a brand generating a strong but mixed reaction to a promotional campaign that touches on cultural or societal issues. Fae Johnstone, a queer, trans and feminist activist, posted about being included in the Her for She campaign in a series of tweets on Wednesday. On Thursday, some used #BoycottHersheys to voice their opposition to the campaign — while others used it to criticize the critics. In this campaign, Hershey tapped five women, including Johnstone, who are activists in their fields.

☆ Goldman doubles down on the wealthy, as it should
▼ + stars: | 2023-02-28 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +7 min

Instead, he indicated that the wealth business would be a “key driver for growth." One key pillar of that plan is Goldman’s alternative assets business, which includes running buyout, private credit and real-estate investing funds. For example, Goldman plans to take $2 billion in management and other fees from the alternative business next year. Last year, of the $72 billion Goldman raised for alternative, a third of that came from its wealth business. Goldman has dabbled in this now-dubbed “One Goldman” concept before, and gave it significant airtime on Tuesday.

☆ DeSantis to host donors ahead of likely 2024 White House bid
▼ + stars: | 2023-02-23 | by ( James Oliphant | ) www.reuters.com time to read: +3 min

The Republican race to take on Democratic President Joe Biden next year has gotten off to a largely quiet start. Former South Carolina Governor Nikki Haley joined Trump in the Republican field this month, but several other prospective candidates have yet to jump in. DeSantis is not expected to make any overt statements about a presidential campaign at his Palm Beach event. The source with knowledge about the gathering downplayed its significance, saying it will be similar to past policy forums DeSantis has convened. In remarks at an event in West Palm Beach on Monday, Trump labeled DeSantis his “enemy.”“I always say hit your enemy a little early," Trump said.

☆ Dogs Win the Super Bowl Ad Lineup, Surveys Show
▼ + stars: | 2023-02-13 | by ( Patrick Coffee | ) www.wsj.com time to read: +5 min

The winner of USA Today’s annual Super Bowl Ad Meter was a commercial for dog-food delivery company Farmer’s Dog Inc. that tracked one chocolate Lab’s relationship with its owner from puppyhood to old age. The USA Today rankings had some overlap with other results. Research by Ace Metrix, a unit of TV ad measurement firm iSpot.tv Inc., crowned Jeep’s Super Bowl commercial as the most likable of the night. Jeep had the game’s most likable ad, according to Ace Metrix. “In past years, we’ve seen the majority of Super Bowl conversation generated in the weeks leading up to the Big Game,” a Mars spokeswoman said.

Blackstone Inc. became one of the world’s most powerful financial firms by investing on behalf of large institutional investors. To boost growth, it decided to offer its products to individuals. Its new fund was a huge success, becoming the biggest Blackstone had ever raised. Then it became a crisis.

☆ Glossier, Ugg, Le Creuset: Product releases this week
▼ + stars: | 2023-02-03 | by ( Krystin Arneson | ) edition.cnn.com time to read: +8 min

There are a ton of great products that drop every week — and we’re here, as always, to keep you up to date on the best of them. This week brings the launch of Otherland’s ’90s-inspired candle collections, Ikea’s stunning collab with Sabine Marcelis and Le Creuset’s new matte navy cookware. Shop our favorite new releases below, but be fast — they’re prone to selling out. The $90 device comes in black, white, brushed steel and brass, so it’s also easy to match to your kitchen fixtures. Loungewear-meets-streetwear from the expertsUggIf anyone knows a thing or two about creating comfortable things to wear, it’s Ugg.

☆ Breit Flows Aren’t the Be-All and End-All for Blackstone
▼ + stars: | 2023-01-27 | by ( Telis Demos | ) www.wsj.com time to read: 1 min

Money swirls around Blackstone . Much of the headline news regarding Blackstone lately has been the much-discussed jump in redemption requests by wealthy individual investors from the nontraded Blackstone Real Estate Income Trust, or Breit. But after dropping on that news late last year, Blackstone’s shares have surged back. Its stock is up 26% so far in 2023, including more than 5.5% after its quarterly earnings report on Thursday. A big reason is that base management fees—one of Blackstone’s core ballasts—continue to grow.

☆ Formula One accuses FIA head of commercial interference
▼ + stars: | 2023-01-24 | by ( Alan Baldwin | ) www.reuters.com time to read: +3 min

LONDON, Jan 24 (Reuters) - Liberty Media-owned Formula One has accused FIA president Mohammed Ben Sulayem of interfering with its commercial rights by publicly questioning a reported $20 billion valuation of the sport. They also fuel the sense of an emerging turf war between the governing body and a commercial rights holder eager to grow an expanding and increasingly popular championship in new directions. Sky Sports News reported that Formula One's legal head Sacha Woodward Hill and Liberty Media counterpart Renee Wilm had sent a joint letter to the FIA accusing the governing body of exceeding its remit. "The FIA has given unequivocal undertakings that it will not do anything to prejudice the ownership, management and/or exploitation of those rights," Sky quoted Formula One's letter as saying. There was no comment from Formula One and no immediate response from the FIA.

The most chilling moment in Gerard Johnstone’s new horror film, “M3GAN,” comes early. Its wildly popular — and immediately viral — trailer seems to give away the entire story, beat by beat, but what it can’t convey is the picture’s delightfully oddball tone, which is poised at a peculiar juncture of slasher horror and self-aware satire. Gemma, dressed in flannels, so you know she’s an antisocial nerd, has developed M3GAN, short for Model 3 Generative ANdroid. As a character, M3GAN is a marvel of design, combining body actor (Amie Donald), voice (Jenna Davis), animatronics, makeup and special effects. (“Humanity kills every day, just to make its existence more bearable,” M3GAN cackles, presumably after doing some online reading about Apple and Foxconn’s Longhua facility.)

☆ U.K. Property Funds Extend Withdrawal Limits
▼ + stars: | 2023-01-06 | by ( Julie Steinberg | ) www.wsj.com time to read: 1 min

In the U.S., Blackstone’s giant real-estate fund aimed at wealthy individuals has said it would limit redemptionsLONDON—Some large U.K.-focused property funds are limiting withdrawals, extending restrictions that began in the fall, as investors such as pension funds pull back from the sector. BlackRock Inc. is deferring meeting third-quarter requests for redemptions from a fund that would ordinarily have been paid at the end of December, said a person familiar with the matter.

☆ Blackstone’s Leaky Property Fund Pays for a Thumbs-Up
▼ + stars: | 2023-01-04 | by ( Carol Ryan | ) www.wsj.com time to read: 1 min

Blackstone’s flagship property fund got a boost that bosses hope will deter investors from asking for their money back. There is a catch, though: It had to agree to sweeter terms than normal. The New York private-equity firm said on Tuesday that the University of California will buy shares worth $4 billion in BREIT. The nontraded real-estate fund has been receiving more applications from clients asking to take their cash out than it can contractually pay. In December, investors put in redemption requests equivalent to 5.44% of the fund’s total net asset value, above both BREIT’s 2% monthly and 5% quarterly limits.

☆ Blackstone’s Leaky Property Fund Pays for a Thumbs Up
▼ + stars: | 2023-01-04 | by ( Carol Ryan | ) www.wsj.com time to read: 1 min

☆ Blackstone’s Hefty Concession Is a Warning to Investors
▼ + stars: | 2023-01-04 | by ( James Mackintosh | ) www.wsj.com time to read: 1 min

Blackstone will use up to $1 billion to pay UC Investments if it fails to earn 11.25% a year after fees. If you are trying to get your money out of Blackstone’s giant private property fund, the new year brought some bad news, and some potentially very good news. The bad news was that no, you can’t have all your money back right now. So many other people tried to withdraw in December that the 5% quarterly cap will limit the amount that comes out until March, assuming everyone renews their withdrawal requests.

☆ University of California to Invest $4 Billion in Blackstone’s BREIT Real-Estate Vehicle
▼ + stars: | 2023-01-03 | by ( Miriam Gottfried | ) www.wsj.com time to read: 1 min

A Blackstone real-estate vehicle aimed at individual investors will get an investment from the University of California. The University of California is putting $4 billion into a Blackstone Inc. real-estate vehicle aimed at individual investors, providing crucial ballast for a fund that has been beset by a wave of redemptions. The investment will come in the form of common equity in Blackstone Real Estate Income Trust Inc., known as BREIT, and will be subject to the same fees and terms the vehicle’s other shareholders get, Blackstone executives said. The typical BREIT investor has the option to sell shares monthly, but University of California manager UC Investments will effectively be committing to hold its shares for six years.

☆ Same Building, Different Prices: a Two-Speed Property Market Can’t Last
▼ + stars: | 2022-12-27 | by ( Carol Ryan | ) www.wsj.com time to read: 1 min

If identical side-by-side houses had different asking prices, home buyers would be understandably confused. In recent weeks, private property funds like Blackstone’s nontraded, semiliquid BREIT vehicle have had to explain their jarringly strong performance relative to listed stocks. BREIT has reported returns of 8.4% so far this year, compared with around minus 25% for publicly traded U.S. real-estate investment trusts. The fund was forced to freeze redemptions after a number of clients asked to cash out at its seemingly rosy valuations. Another big nontraded fund, Starwood Real Estate Income Trust, has also closed its gates.

☆ Brenntag M&A gambit may prompt its own breakup
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +2 min

LONDON, Dec 20 (Reuters Breakingviews) - Chemicals group Brenntag’s (BNRGn.DE) bold dealmaking foray has attracted the attentions of an activist. PrimeStone Capital is calling on the 9 billion euro German group to scrap a potential merger with U.S. peer Univar Solutions (UNVR.N). Brenntag’s other shareholders hardly seem enamoured of the deal: its shares lost some 10% on the day it was announced. The problem is that PrimeStone’s other idea, a breakup of Brenntag, also looks viable. Brenntag meshes together the humdrum business of transporting chemicals with one that serves customers in more specialised sectors like pharmaceuticals and nutrition.

☆ Buyout barons will court the panicking masses
▼ + stars: | 2022-12-20 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

Since they’ve already scoured traditional funding sources like pension funds and insurers, they’ll make a priority of tapping wealthy individuals in 2023. Even those slower to embrace the trend, like Carlyle (CG.O), are getting about 10% of inflows from individuals. Pension plans and other stalwarts have seen their stocks and bonds slump in value, potentially leaving them overexposed to buyout funds, private credit, real estate and infrastructure. These investors don’t always have the resources or stomach to lock up their money for half a decade or longer. Third-party platforms like Moonfare are proliferating, pooling retail capital into vehicles that buy stakes in buyout funds.

☆ "Yellowstone" prequel “1923” bring white grievances to Paramount Plus
▼ + stars: | 2022-12-18 | by ( Ani Bundel | Ani Bundel Is A Cultural Critic Who Has Been Writing Regularly Since Her Work Can Also Be Found At Elite Daily | Weta'S Telly Visions | ) www.nbcnews.com time to read: +5 min

It’s a grimmer chapter of an ongoing story, and one that is plagued by an inability to articulate why these white men murdering their way across the landscape are heroes worth rooting for. Cultural critics love prestige series. Few celebrated the end of the toxically misogynist “The Big Bang Theory,” or have seemed eager to discuss the resurgence of seemingly endless police procedurals starring white men. But the series has gained viewership year over year, with subsequent spinoffs debuting on new flagship streaming service, Paramount+. Like so many white male grievances, to question the logic is to side with the enemy.

LANSING — State officials in Michigan announced changes this week to address administrative failures that have made it difficult for some of the state’s most vulnerable foster youth to earn a high school diploma. The actions came after NBC News reported on foster youth in Michigan who were denied credit for classes they took while living in state-funded, state-licensed residential facilities. He was one of five foster youth who addressed the board or had their statements read into the record on Tuesday. “The first thing we need to do is to get into the Legislature and make certain that there’s no such thing as noncredit-bearing courses in Michigan public education. The foster youth and their advocates said they’re hopeful that real change is coming.

☆ Blackstone’s BREIT Highlights Looming Dangers of Private Funds
▼ + stars: | 2022-12-12 | by ( James Mackintosh | ) www.wsj.com time to read: 1 min

The Blackstone Real Estate Income Trust says withdrawals have come primarily from overseas investors, particularly in Asia. Top executives at Blackstone Inc. declared themselves baffled that so many retail investors want their money back from its giant private property fund, given its strong performance. They shouldn’t be surprised. The very design of the fund encourages investors to withdraw when they see others doing so. My worry is, those same incentives could hit other parts of the financial system as central banks pull back from easy money.

☆ Blackstone gets a slap from efficient markets
▼ + stars: | 2022-12-08 | by ( Jonathan Guilford | ) www.reuters.com time to read: +9 min

NEW YORK, Dec 8 (Reuters Breakingviews) - Private markets seemed, for a while, the perfect antidote to the weirdness of public markets. Those models typically move much more slowly than the rapidly changing prices served up by public markets. These charms became much more potent during the stresses of Covid-19, when it became clear that public markets are not always a ruthlessly efficient price-discovery mechanism. RESILIENCE OR INTRANSIGENCECovid briefly scrambled the world, but bigger changes are coming that may scramble the calculus for private markets. During Covid, public markets seemed backward-looking, overreacting to the present moment while private markets were able to focus on the future.

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