Worthy Insights / Opinion Pieces / Advice

naked capitalism – MIT Study: Median Uber and Lyft Profits Less Than Half Minimum Wage; 30% of Drivers Lose Money – Yves Smith 3/2

• “A team from Stanford, Stephen M. Zoepf, Stella Chen, Paa Adu and Gonzalo Pozo, under the auspices of MIT’s Center for Energy and Environmental Policy Research obtained information from 1100 Uber and Lyft drivers using questionnaires and information about vehicle-specific operating costs, such as insurance, maintenance, repairs, fuel and depreciation.”
• “Their main finding:”
  • “Results show that per hour worked, median profit from driving is $3.37/hour before taxes, and 74% of drivers earn less than the minimum wage in their state. 30% of drivers are actually losing money once vehicle expenses are included. On a per-mile basis, median gross driver revenue is $0.59/mile but vehicle operating expenses reduce real driver profit to a median of $0.29/mile.”

Markets / Economy

Bloomberg Businessweek – Harvard Blew $1 Billion in Bet on Tomatoes, Sugar, and Eucalyptus – Michael McDonald and Tatiana Freitas 3/1

NYT – China’s Biggest Deal Maker Spent Billions. Now the Bill Comes Due. – David Barboza and Alexandra Stevenson 3/2

WSJ – Boom in Share Buybacks Renews Question of Who Wins From Tax Cuts – Akane Otani, Richard Rubin, and Theo Francis 3/1

Environment / Science

NYT – Europe Was Colder Than the North Pole This Week. How Could That Be? – Kendra Pierre-Louis 3/1

China

FT – China’s super-rich lose political clout – Tom Mitchell 3/1

• “Sharp drop in billionaires at parliamentary sessions as standing falls under Xi Jinping.”

Visual Capitalist – China’s Staggering Demand for Commodities – Jeff Desjardins 3/2

New Zealand

FT – ‘Billionaire bolt-holes’ under threat in New Zealand – Jamie Smyth 3/1