It was a slog, to be sure, but Congress finally made President Biden’s infrastructure plan a reality late Friday, guaranteeing nearly “$600 billion in new federal aid to improve highways, bridges, dams, public transit, rail, ports, airports, water quality and broadband over 10 years.” Here’s how some of that shakes out across the states - NYTimes and WSJ and Bloomberg and MarketWatch and Law360
Earlier in the day, the U.S. Jobs Report delivered banner news, with employers adding 531,000 jobs in October—a strong rebound from the disappointing September numbers—and an early indicator of “faster growth in the final month of the years, especially with shoppers feeling bullish as the holiday season approaches” - NYTimes and Bloomberg and Marketplace
The Upshot on the peculiar economic times in which we find ourselves, in which, thanks to major pandemic assistance and a booming stock market, Americans are generally “in a better financial position than they have been in many years,” but are also, generally, not feeling “any better off.” At the heart of that disconnect: inflation - NYTimes
A House committee is reportedly probing McKinsey & Co.’s “role in the opioid crisis,” a nascent investigation kicked off by demands to the consulting giant for “records related to its ‘business practices, conflicts of interest and management standards’” - NYTimes
PE firms Advent Int’l and Permira are in late stage discussions to buy security-software company McAfee for more than $10 billion in a deal that could be announced as early as later today - WSJ and Bloomberg
Mr. Buffett and the Berkshire set had a dismal Q3, with profits falling a third as compared to a year ago, reflecting “the turbulent financial markets as well as a slowdown in the U.S. economic recovery with a spike in Covid-19 cases” - NYTimes and WSJ
Also hurting last quarter: SoftBank, which has China’s recent crackdown on its tech sector to thank for the $3.5 billion loss Masa Son’s conglomerate swallowed in the past 3 months - WSJ
What’s the Twitter long game, Elon? Because we hope it’s something more than just a rich guy complaining about taxes. Over the weekend, in an apparent effort to comment on tax proposals that would target the wealthiest Americans, Musk took to Twitter to poll users on whether he should sell 10% of his Tesla stock, promising to “abide by the results” of the survey - WSJ and Bloomberg and NYTimes
Hard to find a more apt topic than our own internal ENERGY (or lack thereof) on a Monday morning. Mitochondria at the center of it all—who knew? - NewYorker
Stay safe, and get vaxxed,
MDR
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