Get rich differently.

+ 6 million dead underneath this city

June 21, 2024

057

OVERWORLD:
-How Gen-Z and Millennials get rich differently-

ONE BETWEEN:
-Harvard study shows AI might put freelancers’ heads on a stick-

THE DEPTHS:
-6 million people lay dead underneath this city-

“'Twas but my tongue, 'twas not my soul that swore.”
— Euripides

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✦DISCOVERY PICKS✦

New investors

How Gen-Z and Millennials get rich differently

You've got FunkoPops? You're a freak. A smart freak.

Apparently, alternative investing in collectibles and crypto is how over 1,000 young high-net-worth individuals with over $3 million in assets go about things.

That’s according to a recent survey by Bank of America Private Bank, in collaboration with market research firm Escalent.

In recent years, many younger investors have explored alternative investments and collectibles for potential returns, more so than their older counterparts.

The data revealed that:

The old school is dead: 72% of younger investors, aged 21 to 43, believe achieving above-average returns solely through traditional stocks and bonds is no longer feasible.

On the other hand: In contrast, only 28% of investors over the age of 44 shared this sentiment.

The new school is here: This shift in perspective is reflected in their portfolio compositions, with stocks making up just 28% of younger investors' portfolios compared to 55% for older investors.

Where do the young invest? The survey shows that alternative investments and cryptocurrencies constitute 31% of their portfolios, compared to a mere 6% for older investors.

Inside your house, probably.

✦The psychology behind it✦

This fat difference in investment strategy can be traced back to formative experiences, or trauma if you will. To them, the stock market is perceived as either boring or rapacious.

Millennials witnessed significant market downturns during the early 2000s and the 2008 financial crisis. not to mention the pandemic-induced market chaos. These events have profoundly influenced their approach to asset allocation, diversification, and risk management.

New generational access: Younger investors have benefitted from the rise of fintech platforms and the advent of cryptocurrencies like Bitcoin — also a 2008 event.

These platforms have democratized access to a variety of asset classes, fostering greater interest in alternatives beyond traditional stocks and bonds.

THE KING NEEDS YOU

Human, you are a mere . Do you not seek grander ventures? A greater title? Honor? Take up arms, and help me expand my kingdom!

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Refer a friend with this link.
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✦QUICK HITS✦

✦Business & Tech✦

Nemesis backstory begins: Ilya Sutskever the co-founder who left OpenAI for mysterious reasons has gone one to start Safe Superintelligence, focusing solely on AI safety. The name very much feels like Altman shade.

Sorry, kinda: Elon Musk clarified last years "go fuck yourself" remark, saying it targeted censorship, not advertisers. He emphasized X as a free speech platform and reassured ad groups about its future.

Fisker, the electric vehicle startup, filed for Chapter 11 bankruptcy due to low consumer demand, cash burn, and operational issues. This is Henrik Fisker's second car company to collapse. Rest in peace.

✦Fashion & Culture✦

Metroid Prime 4: Beyond, revealed at Nintendo Direct, is coming to Switch in 2025 after years of development issues. Retro Studios resumed development, and gameplay footage was shown featuring classic Samus actions.

Pharrell just did his third installment of Louis Vuitton for Paris Fashion Week. The SS25 show showcased a collapsible leather Speedy bag in new hues, innovative Damier prints, and rhinestone embellishments. Despite the spectacle, some critique Pharrell's collections for becoming formulaic.

Kendrick Lamar performed his Drake diss "Not Like Us" 8 times at "The Pop-Out" concert featuring pretty much every LA artist. The crowd energetically joined in the Drake crusade, uniting for a historic Juneteenth event.

Timbaland and Swizz Beatz are reviving Verzuz with a distribution deal on Elon Musk's X platform, retaining full ownership and creative control. Future Verzuz events will stream live for free on X.

✦Hmm… Interesting✦

Cozy 1-minute-read: Hacking Hard-work

Really cool 8-minute-read: I Will Fucking Piledrive You If You Mention AI Again

Hardware: Why Your SSD (Probably) Sucks and What Your Database Can Do About It

Watch: Japanese People Arguing Over Western Cartoons

ONE 

BETWEEN

Same ole’ song

Harvard study shows AI might put freelancers’ heads on a stick

Another day, another warning about how AI is stealing your life.

This time; freelancers. Yes, all of you freelancers have been peacefully frolicking and making money in the creative fields for too long.

This time it isn’t based on some speculative internet article though. The sauce comes from a recent study by Imperial College Business School, Harvard Business School, and the German Institute for Economic Research.

Quickly explained, significant decline in demand for digital freelancers. Particularly in writing and coding, since the launch of ChatGPT in November 2022.

What the report found:

Job listings in automation-prone fields such as writing, software, and app development have decreased by 21%.

Similarly, roles in data entry and social media post-production saw a 13% drop.

Image-generation positions, including graphic design and 3D modeling, fell by 17%.

These trends were corroborated by Google search data, indicating a notable decline in sectors that are both aware of and utilizing generative AI.

✦Why it’s pretty certified✦

The study, titled "Who is AI Replacing? The Impact of Generative AI on Online Freelancing Platforms," analyzed nearly two million job postings across 61 countries from July 2021 to July 2023.

It categorized jobs into automation-prone roles, manual work, and image generation, revealing significant declines in job postings across these sectors following the introduction of ChatGPT.

✦Why it’s not the apocalypse✦

Dr. Xinrong Zhu, Assistant Professor of Marketing at Imperial College Business School tells Tech Radar that technological advancements often create new job opportunities.

He says that freelancers who adapt their skill sets to the evolving landscape will continue to find work.

To safeguard against the encroachment of AI, digital freelancers should diversify their skills. specializing in areas where human creativity and emotional intelligence are paramount, such as strategic thinking, complex problem-solving, and nuanced content creation.

We’ll frickin see.

THE DEPTHS

Nice place on Earth

6 million people lay dead underneath this city

Beneath the bustling streets of Paris lies a world of dead people: the Catacombs of Paris — a vast network of underground ossuaries that holds the remains of over six million people.

The origins of the Catacombs date back to the late 18th century. Paris, struggling with overflowing cemeteries that posed health hazards, found a solution in the ancient limestone quarries stretching beneath the city.

(Below is the Catacombs during the mid 19th century)

In 1786, the city began transferring bones from cemeteries to these underground tunnels. The first transfers were from the Cemetery of the Innocents, a site infamous for its overcrowding and unsanitary conditions.

Visitors today can explore a small portion of this subterranean labyrinth. The entrance, located in the 14th arrondissement, leads to a descent of 131 steps down to the tunnels.

Once inside, the atmosphere changes dramatically. The air is cool and damp, and the narrow, dimly lit passageways are lined with meticulously arranged bones and skulls, often forming macabre patterns and decorations.

The journey through the Catacombs is both fascinating and somber. Along the way, plaques mark significant points and offer historical context. One such plaque reads, "Arrête! C'est ici l'empire de la Mort" ("Stop! This is the empire of Death").

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