It’s tax day (actually April 18) and a 3-day weekend! Let’s start with our weekend mornings:

• America’s top earners and their taxes revealed Secret IRS documents reveal America’s highest earners and how their tax rates exceed their earnings. Tech giants, hedge fund managers and heirs dominated the list, while the likes of Taylor Swift and LeBron James didn’t even make the top 400. (No public)

• U.S. firms add expensive inventories as new supply tensions emerge in China Many American companies are in the same position. Inventory levels have risen in recent months as congestion at U.S. ports eased and supply chains began to unravel. Wholesale inventories rose 19.9% ??in February from a year earlier, data from the Commerce Department showed on Thursday. They were up 2.5% from January. (Reuters) see also Freight boom is hitting the brakes as freight demand slows Freight rates are falling after a period of strong profitability for freight companies, and shipping demand and capacity appear to be leveling off. (Wall Street Journal)

• Will Elon Musk really buy Twitter for $43 billion? Maybe? If you’re in the “Musk probably didn’t really think about this at all” camp, you’re probably right. In an interview today, Musk said that, like his non-bid to take Tesla private, he may not have secured financing for it. Meanwhile, Twitter’s board is reportedly considering a so-called “poison pill” that would make it harder for Musk to get more Twitter stock. (sound)

• Understanding America’s Housing Crisis in an Age of Inflation Economist Jenny Schuetz offers a practical guide to one of the biggest challenges facing renters and homebuyers: skyrocketing home prices. (Urban Lab + Green)

• No, the Fed’s balance sheet doesn’t explain stock market movements Just because two lines on a graph look similar doesn’t mean they are related. (Fisher)

• Crypto Revolution Spurs Central Banks Designing the Future of Money Six projects around the world offer clues to the next phase of digital cash. (Bloomberg)

• How homeownership can change you: It’s not just a financial commitment. It can transform people’s relationships with communities, places, and even time. (atlantic organization)

• ‘Insanity is getting stronger’: Birds aren’t real How to deal with conspiracy theorists At one parade, Peter McIndore held a sign talking about how the “Deep State” has replaced all birds with drones. This was meant to be a small act of satire, but it has become the ideologue of the mass movement. (protector)

• “It’s spectacular.” See how Tonga volcano unleashes a once-in-a-century shockwaveWhen an underwater volcano in the Pacific island nation of Tonga erupted violently in mid-January, it unleashed a tsunami that devastated many of the country’s islands and hit remote shores across the ocean. (New York Times)

• 50 Best Places to Travel in 2022 From far-flung destinations to hometown favorites, 2022 is the year to get back there and make your dream trip a reality. (Travel)

Be sure to check out our Master of Business interview this weekend with Luana Lopez LauraCo-founder Karsh, has been approved by the Commodity Futures Trading Commission (CFTC) as an Authorized Designated Contract Market (DCM). Kalshi operates a federally regulated exchange that allows investors to trade directly on the expected outcome of future events.

Few bright spots for bond fund investors’ worst quarter in years

source: Barron

Sign up for our read-only mailing list here.