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WeWTF, Part Deux (Scott Galloway)

Prof. Galloway shares more thoughts on the WeWork debacle. Will it turn out to be as bad as Theranos? Let’s wait and see.

Commentary: These ultra-low interest rates are hurting the economy (Channel NewsAsia)

Great read on how the ultra-low interest rate environment is going to lead to more inequality at the corporate level. Makes sense.

It’s a “sign of the times” triple read

1. Furious debate as Aussie bets his retirement on Bitcoin (Micky)

2. Unprofitable Companies IPO (The Big Picture)

3. Koreans Who Didn’t Read Fine Print Risk Losing It All on Derivatives (Bloomberg)

I’m particularly angry when reading article 3 because it reminds me of the High Notes debacle that happened in Singapore during the GFC. Structured Products aren’t something that people should touch with a 10-foot pole unless you have money that you’re prepared to lose.

The worse part is that the banks sell them to people who aren’t exactly poor but don’t have millions to lose either. The banks then try to get away with it by saying that these customers aren’t exactly unsophisticated because they are private banking clients but the funny thing is that the people selling these products probably don’t know exactly how these products work either.

So yea, it already happened in Singapore in 2009 so I’m not sure why it’s happening in Korea in 2019.