Wealth Management News & Insights – April 4, 2024

Wealth Management News & Insights

Filing Your Taxes in 2024, Where to Watch the Solar Eclipse, Playing the Status Game

 

Our Work

Investment Insights – Keith R. Schicker, CFA, Partner & Portfolio Manager

• Playing the Status Game: Sometimes protecting and building wealth is more psychological and social than financial. [Investment Insights]

 

Primary Sources

• Federal Reserve Banks Combined Financial Statement: We have audited the accompanying combined statements of condition of the Federal Reserve Banks (the “Reserve Banks”) as of December 31, 2023 and 2022, and the related combined statements of operations and changes in capital for the years then ended, and the related notes. [FRB]
• AT&T Addresses Recent Data Set Released on the Dark Web: AT&T has determined that AT&T data-specific fields were contained in a data set released on the dark web; source is still being assessed. [AT&T]

 

Financial Markets

• Bankman-Fried Is Sentenced to 25 Years in Prison Over FTX Collapse: FTX co-founder Sam Bankman-Fried was sentenced to 25 years in prison for stealing billions of dollars from customers, marking the final chapter in a case that has upended the crypto industry. [Bloomberg]
• The Economics of American Lotteries: On April 1st millions of Americans watched as six numbered ping-pong balls tumbled out of a giant popcorn popper. The occasion was the latest drawing of Powerball, a multi-state lottery. The last draw offered punters a shot at a $1bn jackpot, the fifth-biggest in the game’s 32-year history. [Economist]

 

 

The preceding chart illustrates that in 2023, Americans spent over $100 billion on state-operated lotteries.

 

Financial Planning

• Trader Joe’s Just Increased the Price of a Banana for The First Time in More Than 20 Years: Food prices have gone a bit bananas — and that includes a famously priced 19-cent fruit at Trader Joe’s. [CNN]

 

Tax Planning

• Guide to Filing Your Taxes in 2024: The end of the 2024 tax season for most Americans is April 15, 2024. If you are unable to file before that date, you still have options. [CFPB]
• EV Tax Credits: How to Claim the Biggest Tax Break: A guide on the changing rules for federal tax credits for buying electric vehicles and home chargers. [WSJ]

 

Business Strategy

• Hollywood’s New Source of Fresh Characters and Worlds: Studios seek the wisdom of die-hard gaming fans. ‘Every design now is vetted within an inch of its life.’ [WSJ]
• The Sundance Institute is Bringing a Version of Its Famous Film Festival to Chicago: The event will make Chicago the first U.S. city to host a Sundance film and artist event outside of Park City, Utah, the home of the well-known Sundance Film Festival. [NBC]
• Newest One Winnetka Project is All But Done Deal: After more than a decade’s worth of discussion, hundreds of hours of deliberations and dozens of public meetings, the plan for one of the most prized redevelopment opportunities in New Trier Township is all but set in stone. [The Record]

 

 

Hybrid electric vehicles (HEVs) have excellent power performance compared to traditional gasoline-powered vehicles.

 

Life & Work

• Did One Guy Just Stop a Huge Cyberattack: A Microsoft engineer noticed something was off on a piece of software he worked on. He soon discovered someone was probably trying to gain access to computers all over the world. [NYT]
• The Five Minutes That Brought Down the Francis Scott Key Bridge: When a massive cargo ship lost power in Baltimore, crews scrambled to control the ship and to evacuate the bridge lying ahead. But it was too late. [NYT]
• Famously Obstinate, Bill Ackman Is Now Real-Life Famous. What Next? The hedge-funder who loves a public crusade — and taking charge — is on to a new stage of his career: online warrior. [NYT]
• Baseball’s Most Valuable Teams: The average Major League Baseball team is now worth $2.4 billion, 4% more than a year ago. [Forbes]
• Driving Next Week Will Be Brutal for a Huge Chunk of the Country. Blame the Eclipse: Day-trippers for the rare event should take precautions and prepare for a long, slow drive home. [WSJ]