Yesterday, Saudi Aramco announced record profits of $161bn for 2022, up 46% on the year prior. 2018’s The Shape of Water was the opposite, with a 92% fresh rating amongst critics, but just 72% from viewers. Forrest Gump is the most extreme split between audiences and critics, with a 95% audience approval and only a 71% critic approval rating. Since 1990, just 8 best picture winners have been favored more by fans than critics, compared to 23 in the opposite direction, including EEAAO. That trend can be seen in data from Rotten Tomatoes, a website that aggregates movie reviews from everyday users and professional critics. Agree to disagreeObviously being popular with both reviewers and audiences is a winning formula, but the Academy often gives the gong to movies that win more relative favor with critics, rather than big box office blockbusters. Despite a relatively limited budget, EEAAO managed a solid showing in cinemas - grossing over $100 million worldwide - but also won gushing critical response too. The movie, the second best picture winner from indie studio A24, was a standout favorite in some categories. Everything Everywhere All At Once ( EEAAO) was a big winner at last night’s 95th Academy Awards, taking home a total of 7 Oscars including best picture, best director, best actress, best original screenplay, and more. Go deeper: Great analysis of what happened to SVB from Ben Thompson. SVB’s critical error was to take much of that cash and buy mortgage bonds that offered a slightly higher rate of return - but locked the money up for much longer - a departure from its previous strategy that turned into a major problem when liquidity dried up. Deposits at SVB swelled to nearly $200bn during the pandemic, as venture funding hit record highs and startups had to put their cash somewhere. Formed in 1983, SVB had long been a partner to some of the most innovative companies in the world, providing banking services to half of all venture-backed tech and life sciences companies in the US. Yesterday, the US Treasury, Federal Reserve and FDIC stepped in to ensure all deposits at the failing bank would be backstopped and quickly accessible, as another major bank ( Signature) also collapsed. SVB’s collapse is the second-largest bank failure in American history, and the speed of the bank run left regulators scrambling over the weekend to limit any possible contagion. The stream of withdrawals quickly turned into a flood, as depositors tried to retrieve $42bn from their accounts - nearly a quarter of the bank’s total - in a single day. Within an hour of our newsletter being sent it was already out of date. ![]() meditation, deleting apps, installing apps, etc.).In Friday’s newsletter we included a “quick cut” chart of Silicon Valley Bank’s share price - which was cratering amidst a rumor that the bank was insolvent. A better approach is to inform people how you developed those skills (e.g. ![]() ![]()
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