Stuck in the middle with you! Dan DeFrancesco in NYC, and I’m fascinated by Insider’s Yeji Jesse Lee’s step-by-step look at how MDMA affects the body and brain.
Today, we’ve got stories on why most finance firms have stopped forcing employees back in the office full time, how to stop mindlessly scrolling through your phone, and why quarter zips are the new hottest fashion item.
But first, it’s Ken Griffin’s world and we’re all just living in it.
1. The top dog.
What’s the relevance of that number?
Is it the valuation of an up-and-coming fintech? Or perhaps the size of a new private-credit fund being raised? Maybe it’s the amount of times my wife and coworkers have brought up the drama on “Vanderpump Rules”? (That number is likely much higher.)
No, 4.1 billion represents the number of dollars Ken Griffin made from his hedge fund, Citadel, in 2022 alone.
Let that sink in. That’s not how much he’s made since he founded the fund in 1990. That’s not his net worth. That’s how much he made for a single year of work.
If Griffin worked 40 hours a week the entire year — something tells me he put in a bit more time — that comes out to an hourly rate of about $2 million. Griffin made more money in one hour than the average American makes in their lifetime!
Griffin’s 2022 comp is in the news because of Institutional Investor’s annual “Rich List,” which ranks the money earned by the top hedge-fund managers. Not only did Griffin secure the top spot by nearly $1 billion — beating out Millennium Management’s Izzy Englander who took home only $3.2 billion — it was also the highest amount of money earned by a hedge-fund manager in the 22-year history of the list, per II.
Oh, and one more thing: That’s not even all the money Griffin earned in 2022!
Griffin, who Insider’s Dakin Campbell expertly profiled earlier this year, is also the founder and majority owner of Citadel Securities, a massive trading firm that handles roughly one out of every four US stocks. The firm, which operates separate from Citadel, posted $7.5 billion in revenue in 2022.
I’ve said before you could make the case for Griffin being the most powerful person on Wall Street. He’s also the richest, at least per Bloomberg. According to Bloomberg Billionaires Index, Griffin’s net worth is $36.5 billion, which puts him 34th in the world and the highest among people from the finance industry.
All this has me wondering: What do you buy Griffin for his birthday? Imagine having to pick out a gift for a guy who literally bought the US constitution. Something tells me he has plenty of ties.
2. Stop trying to make returning to the office happen. It’s NOT going to happen. A recent survey found the vast majority of financial firms, save for a few massive outliers, allow their employees flexibility when it comes to where they work, Bloomberg reported. More on why most of Wall Street has come to grips with remote work.
3. More for me, but not for thee! UBS bumped comp for CEO Ralph Hamers by 11%, to $13 million. The same could not be said for the other UBS employees, who saw their bonus pool cut by 10%. More on pay at the Swiss bank here.
4. AI in Hollywood. From lowering the time and cost of special effects to restoring old films, there are plenty of use cases for artificial intelligence in entertainment. Check out the eight startups that could upend the movies and TV shows you watch.
5. Inside Wall Street’s love affair with higher education. Investment firms and universities have gotten quite cozy over the years as the former provides the latter a place to invest their endowments. Catherine Liu, a professor of Film and Media Studies at the University of California Irvine, examined whether these relationships, and the influence billionaires hold over universities, are actually a detriment. Read more here.
6. The new-look lenders. Apollo, Ares, and Blackstone are among a group of private lenders hoping to squeeze out the banks and offer Carlyle a $5.5 billion loan for a buyout deal, the Financial Times reported. For more on the rise of private credit click here. And be sure to check out our list of the top executives shaping the market.
7. Read this if you want to stop being addicted to your phone. Your head is probably buried in your phone right now. Reading this newsletter is an important and crucial daily exercise, but most of the other stuff is not. So check out this story on how to kick the habit. Read more here.
8. The Patagonia vest has some competition. The quarter zip has become the new status symbol of “men of a certain position,” per The Guardian, which cited David Beckham and Rishi Sunak as big fans of the quarter zip. More on why sometimes you just gotta zip it.
9. I regret to inform you the TikTok influencers are giving financial advice again. This time they’re pitching viewers on how to become a “recession millionaire.” Whatever. More of their advice here.
10. It’s time to upgrade the wardrobe. We’re still a few weeks away from the start of spring, but why not start thinking about getting some new threads for the warmer weather? Check out our rundown of the best T-shirts brands for men and women. Meanwhile, here are 11 items you should get rid of from your wardrobe before spring.