Business Of Fashion : Some Questions for Adidas About the Future of Yeezy

Some Questions for Adidas About the Future of Yeezy
The activewear giant reports earnings this week and has promised an update on its breakup with Ye. That, plus what else to watch for in the coming days.

It’s been a mercifully slow week for Ye news. By this point, most corporate partners have cut ties with the artist formerly known as Kanye West, who over the course of a month blew up his reputation and his ties to the fashion industry with a long list of offensive remarks and actions.

Adidas was among the last to announce a clean break with Ye, doing so in an Oct. 25 statement. The company hasn’t said anything publicly since, though coincidentally it released its latest collaboration with Balenciaga, the luxury brand most closely associated with Ye, on Nov. 3, exactly one month after the rapper’s now infamous Paris Fashion Week show.

The Oct. 25 statement was unambiguous — Adidas said it would “terminate the partnership with Ye immediately, end production of Yeezy branded products and stop all payments to Ye and his companies.” But it raised many questions, some of which are likely to be answered on Wednesday as the company gives its third-quarter results and executives take questions from Wall Street analysts. The call is likely to be eventful even aside from Yeezy: Adidas confirmed Friday that Puma CEO Björn Gulden is being considered to succeed current CEO Kasper Rorsted.

We’ll be listening. Here’s what we’d like to know:

What are the details of the divorce?
Adidas reportedly waited longer than most of Ye’s corporate collaborators to cut ties because it was consulting with US-based lawyers over whether and how it could end the deal, which was set to run through 2026. That implies there was more to consider than whether Ye violated a boilerplate morals clause. Little is known about the contract, other than that it was a profit-sharing agreement where both sides had a hand in the product, rather than a more straightforward licensing deal. That was a constant source of friction while Adidas and Ye were still working together. It wouldn’t be a surprise if it was tricky to untangle now, or if the two sides end up in court.

What happens to existing Yeezy products?
Adidas, like rival Nike, already had an excess inventory problem before October. Last month, the company cut its guidance as it warned it would have to ramp up discounts to move unsold product. Adding Yeezy sneakers and slides to the pile won’t help matters.

Adidas could repurpose unsold Yeezy shoes, perhaps turning them over to designers and artists to create something new, with proceeds going to anti-hate nonprofits. Whether its contract with Ye would allow for such a thing, or if retailers would go for it with their existing stocks, is anyone’s guess.

Otherwise, the options are mostly unappealing: dumping Yeezys on the off-price market or in countries where Ye’s brand isn’t completely toxic could lead to charges Adidas is profiting off of hate speech. Consumers also frown on companies destroying unsold inventory, and dumping truckloads full of non-biodegradable foam runners into landfills isn’t a good look either. Recycling is another option; perhaps future generations of children will play on playgrounds padded with ground-up 350s.

What about the production pipeline?
In addition to store and warehouse inventories, Adidas no doubt had plenty of pairs in production; big sneaker brands tend to work on lead times of up to 24 months to create new items. Manufacturers will likely need to be compensated for a sudden halt to production, and smaller suppliers could be forced to lay off workers. There is precedent: early in the pandemic, Adidas said it paid cancellation fees amounting to the “high double-digit million” euros, which took two percentage points off the company’s gross margins. Any payouts would likely be smaller this time, though still significant — in 2020, Adidas sales fell by over $4 billion, while Yeezys generated about $2 billion in revenue annually.

Does Adidas Have a Backup Plan?
When consumers grow bored with Dunks, Nike finds an Air Jordan silhouette to show a little love. Adidas doesn’t have quite as deep a back catalog. You have to click to the third page on StockX’s list of most popular sneakers to find a non-Yeezy Adidas shoe (the Samba Vegan White Gum). The 33 most transacted Adidas shoes over the last 12 months on StockX are all Yeezys.

The resale market is a small fraction of overall sneaker sales, and Adidas isn’t seeing any of the money spent on secondhand platforms. But it’s a reliable snapshot of how a brand is resonating with consumers, and helps a company that sells everything from socks to soccer cleats pitch itself as more than a seller of functional athletic gear.

With Yeezys out of the picture, Adidas could see Sambas or Ultra Boosts take the spotlight, or pursue other high-profile celebrity partnerships. That will likely provide job security for employees who worked on the Yeezy brand; Footwear News reported in October that an Adidas spokespereson said layoffs were “not up for discussion. We need their talent and skills within the organization.”

FT : US oil producers reap $200bn windfall from Ukraine war price surge

US oil producers reap $200bn windfall from Ukraine war price surge
Record profits put sector in crosshairs of White House as it battles soaring inflation

US oil producers have raked in more than $200bn in profits since Russia’s invasion of Ukraine as they cash in on a period of geopolitical turmoil that has shaken up the global energy market and sent prices soaring.

Aggregate net income for publicly listed oil and gas companies operating in the US came to $200.24bn for the second and third quarters of the year, according to an analysis of earnings reports and estimates carried out by S&P Global Commodity Insights for the Financial Times.

The figure — which includes supermajors, midsized integrated groups and smaller independent shale operators — marks the sector’s most profitable six months on record and puts it on course for an unprecedented year.

“Operating cash flow will likely be record-breaking — or at least very close to it — by year’s end,” said Hassan Eltorie, executive director for upstream equity research at S&P.

The cash bonanza has infuriated the White House as elevated petrol prices drag on Democrats’ polling numbers ahead of next week’s critical midterm elections.


President Joe Biden this week dubbed the outsized earnings a “windfall of war” and accused companies of “profiteering” from Moscow’s invasion. Unless they invested the cash haul into pumping more oil to bring down prices at the pump, he said he would ask Congress to hit them with higher taxes.

Windfall tax legislation remains unlikely to pass in Washington. But it has become a reality across the Atlantic: Brussels has introduced a 33 per cent “solidarity contribution” on excess profits, while London has enacted an additional 25 per cent “energy profits levy” that has taken the tax on profits to 65 per cent until the end of 2025. Rishi Sunak, the new UK prime minister, is considering increasing the levy to 30 per cent and extending it to 2028.

The bumper profits have been underpinned by soaring free cash flow, a key industry metric which is defined as cash flow from operations minus capital spending. Elevated commodity prices have pushed up the former; investor insistence on frugality has slashed the latter.

Brent crude, the international oil benchmark, averaged more than $105 a barrel over the second and third quarters — well above an average of around $70/b over the past five years. It hit a high of almost $140/b in early March after Russian tanks rolled into Ukraine.

Meanwhile, Wall Street, still reeling from a decade of profligacy and persistent losses has demanded companies enter a new era of capital discipline — prioritising shareholder returns over expensive drilling campaigns in pursuit of ever-greater output growth. Investment bank Raymond James estimates capital spending by the world’s 50 biggest producers will be around $300bn this year, roughly half what it was in 2013, the last time prices were at a comparable level.

“Over the past five years, the industry has shifted from ‘drill, baby, drill’ to focusing on what shareholders actually want, which is return of capital,” said Pavel Molchanov, an analyst at Raymond James. “Dividends and share buybacks have never been as generous as they are now.”

Big Oil’s newfound discipline stands in contrast to Big Tech, which has frustrated Wall Street through a perceived failure to rein in investment. Tech stocks have been pummelled in recent weeks after companies including Google and Meta reported lacklustre earnings.

Responding to the prospect of a windfall tax, Darren Woods, chief executive of ExxonMobil, which had its most profitable quarter ever, said his company’s chunky dividend should be considered its way of “returning some of our profits directly to the American people”.

“We prioritised for share value creation over the pursuit of volumes,” said Rick Muncrief, chief executive of Devon Energy, a big shale driller. “And we have rewarded shareholders with market-leading cash returns.”

FT : Maersk warns oil groups are holding back clean energy transition

Maersk warns oil groups are holding back clean energy transition
Shipping company says more affordable green fuel must be offered by suppliers

The oil industry is holding back a clean energy transition in global supply chains, the head of decarbonisation at AP Møller-Maersk has warned, as he called for the shipping group’s suppliers to offer more affordable green fuel.

Morten Bo Christiansen said Maersk risked not having the green methanol supplies it needs to fuel zero carbon ships, as the Danish group signed an agreement with the Spanish government to explore clean energy production in the country.

“Today, we buy our fuel from the oil companies. But they have not offered us any green methanol at a price point we can accept,” he told the Financial Times.

“You would have expected that your current supplier would help you find the new juice. But that has not been the case so far.”

Shipping companies, which are responsible for transporting the vast majority of goods between countries, have long been among the world’s most polluting. In recent months, several have announced commitments to clean up, with Maersk declaring its ambition to achieve net zero emissions by 2040.

But Christiansen said the group will need about 5mn tonnes of green methanol per year by 2030 to hit its targets, adding it may not secure this level of supply unless production accelerates.

The executive was speaking as Maersk announced it had signed a “general protocol for collaboration” with the Spanish government, through which it will “explore the feasibility” of clean energy production.

“We are concerned that we will not see that supply in the market and that is why we have done this arrangement with the Spanish government,” said Christiansen. “We want to initiate new projects that are not on the drawing board today.”

Madrid said the project could eventually draw €10bn of investment. Maersk, which has generated record profits due to sky-high freight rates during recent supply chain disruptions, is currently only investing in research that will determine whether a development is economically viable, Christiansen said.

Nadia Calviño, economy minister and one of Spain’s deputy prime ministers, hailed the move as “a very good symbol” of investor interest in Spain.

“We are in a very attractive position, due obviously to our geographical location for the maritime transportation sector, with top quality infrastructure,” she told the Financial Times.

In recent months, the country has pitched itself as a potential new energy hub for Europe, after the fallout from the Ukraine war disrupted supplies of Russian gas.

Analysts say a number of energy sources could emerge as fossil fuel alternatives for the shipping sector, including ammonia and methanol produced using renewable energy or biomass.

But Christiansen said Maersk does not expect green ammonia to be scalable until the end of the decade, adding its toxicity poses a safety risk.

“Short-term, there is only one green fuel,” Christiansen said, adding that non-green methanol is currently used by the industry. “[Methanol] is the only thing we know that works.”

(ZH) US To Station More Nuke-Capable Assets In Korea

US To Station More Nuke-Capable Assets In Korea

Authored by Kyle Anzalone via AntiWar.com,

The White House has authorized employing strategic assets in South Korea more frequently. The announcement comes as Pyongyang, Seoul and Washington conduct unprecedented aerial war games. At a news conference with Secretary of Defense Lloyd Austin and South Korean Defense Minister Lee Jong-sup, Lee stated Austin pledged to set up deployments of nuclear-capable weapons. He said the US promised, "to effectively respond to any DPRK provocation by employing US strategic assets to the level equivalent to constant deployment through increasing the frequency and intensity of strategic asset deployment in and around the Korean Peninsula."

Austin expressed the deployments would not be permanent but rotate in and out. "No new deployment of strategic assets on a permanent basis, but you’ll see assets move in and out on a routine basis," the defense chief said.

Austin stated the strategic deployments will extend beyond the Korean Peninsula. "What we’re doing together not only to – on a bilateral basis, but also with our allies in Japan," Austin said. Washington, Seoul and Tokyo signed a trilateral defense agreement on the sidelines of the NATO summit in June. Pyongyang denounced the agreement as a NATO-like alliance in the Pacific.

The news conference came after the US and South Korea announced it was extending their largest-ever aerial war games. The military drills, dubbed Vigilant Storm 23, include 240 US and South Korean aircraft. Initially, the exercises were scheduled to run for five days but have now been extended by a day.

Before Vigilant Storm 23 kicked off, North Korean Supreme Leader Kim Jong-un slammed the drills as a rehearsal for invasion and promised a "powerful" response if Seoul and Washington went through with the exercises. On Wednesday, Pyongyang fired 23 short-range ballistic missiles, a single-day record. One missile was fired near the maritime border for the first time since the partition. South Korea responded by firing three air-to-surface missiles into waters north of the inter-Korean maritime border.

North Korea followed the flurry of missiles by launching an intercontinental ballistic missile on Thursday. Seoul believes the ICBM failed in-flight. On Friday, North Korea carried out large-scale aerial maneuvers. South Korea’s Joint Chiefs of Staff said that 180 North Korean warplanes were detected in various areas inland and along the country’s eastern and western coasts. Seoul noted the warplanes did not approach the inter-Korean border.

In response, South Korea scrambled 80 warplanes, including F-35s. The South Korean Joint Chiefs of Staff said it was "maintaining a firm readiness posture for further provocations." Military activity on the Korean Peninsula is at a multi-year high. Pyongyang has carried out a record number of missile tests this year. Washington and Seoul have returned to live-fire war games.

A diplomatic solution currently seems impossible. Austin and Lee reiterated Washington and Seoul’s position that Pyongyang must agree to give up its nuclear arsenal. Kim signed a new law in September that says North Korea will not denuclearize until the US does.

Kim views his nuclear weapons as the only effective deterrent against Washington-based regime change. The White House says it seeks a nuclear-free Korean Peninsula. However, Austin threatened to use nuclear weapons against North Korea at the press conference. Last week, Deputy Secretary of State Wendy Sherman said Washington was prepared to deploy its nukes to defend Seoul.

(ZH) US Space Plane Orbits Earth For 900 Consecutive Days With Mysterious Payloa

US Space Plane Orbits Earth For 900 Consecutive Days With Mysterious Payloads

U.S. Space Force's robotic X-37B space plane keeps extending its flight-duration record, orbiting around the Earth for 900 days, according to Space.com.
The reusable space plane designed and built by Boeing is flying its sixth mission, known as Orbital Test Vehicle-6 or OTV-6, which was initially launched from Cape Canaveral Space Force Station in Florida on May 17, 2020. It remains unclear when the top-secret mission will end.
On Jul. 7, Boeing Space tweeted the X-37 "has set another endurance record — as it has on every mission since it first launched in 2010."
Many of OTV-6's experiments and activities are classified. But some experimental payloads have been made public, such as the U.S. Naval Research Laboratory's Photovoltaic Radio-frequency Antenna Module, a small device that converts solar power into radio frequency microwave energy.
Space.com expands more on the non-classified experiments and technologies being tested:
"Technologies being tested in the X-37B program include advanced guidance, navigation and control, thermal protection systems, avionics, high temperature structures and seals, conformal reusable insulation, lightweight electromechanical flight systems, advanced propulsion systems, advanced materials and autonomous orbital flight, re-entry and landing."
The X-37B is similar to the retired space shuttle, although the space plane is a fraction of the size, coming in at 29 feet in length and 9.5 feet high, with a wingspan of 15 feet.
Boeing boasts the X-37B as "one of the world's newest and most advanced re-entry spacecraft." It can operate anywhere from 150 to 500 miles in altitudes and de-orbit with landing capabilities.
"While there are rumors or theories that the X-37B might be a testbed for orbital weapons or could be used to capture adversary satellites, experts doubt these claims, arguing that the plane is far too small and not maneuverable enough to be used for these roles," Space.com said.
It's anybody's guess when the top-secret space plane will return to Earth. Here's a list of the previous flights:
Meanwhile, Space Force detected last week that China's secretive reusable spaceplane released a mystery object in orbit.

WSJ : How the Chips Act Could Benefit Tech Stocks and Investors

How the Chips Act Could Benefit Tech Stocks and Investors
Semiconductors and other tech stocks have taken a beating. Is it time for a second look?

This has been a rough year for tech stocks—but there could be reason to hope for long-term growth.

Market volatility, supply-chain issues and rising inflation have all contributed to the selloff. Morningstar research also suggests that big tech companies could see a significant hit to third-quarter earnings as a strong dollar eats into profits from abroad.

Many exchange-traded funds that focus on tech-stock themes have had an equally rough go. The two largest semiconductor ETFs, iShares Semiconductor ETF (SOXX) and VanEck Semiconductor ETF (SMH), were trading near 52-week lows at quarter’s end.

So, what’s the good news? The sector—semiconductors in particular—got a boost from Washington this summer.

In August, Congress passed the Chips and Science Act of 2022, a law that will provide $52.7 billion for U.S. semiconductor companies to do research and development, manufacturing and workforce development. The bill also includes provisions to reinforce the supply chain for U.S. companies and spur technological innovation. The bill gives a boost to U.S. chip makers and other tech companies.

Tech-stock experts say the bill could support long-term growth in the sector. “When we think about the economy of the future, we break it out into what we call ‘megatrends,’ ” says Jay Jacobs, U.S. head of thematics and active-equity ETFs at BlackRock Inc. “Semiconductors power every industry in our breakthrough technologies megatrend. Even though we have seen these companies take some hits this year, we think it’s important to focus on the next three, five or 10 years. Over those time horizons, the opportunity is significant.”

Betting on chips
There are a number of thematic ETFs that provide exposure to semiconductor companies, as well as other tech companies that rely on chips to work. Pricing for these funds can vary, and experts warn that tech stocks aren’t out of the woods yet: Investors may have to hang on through some volatility for the remainder of the year.

There are a host of midprice options. SOXX, for instance, with an expense ration of 0.43%, tracks an index of large-cap U.S. semiconductor companies, while SMH, carrying an expense ratio of 0.35%, includes both large-cap and midcap companies, as well as some foreign companies that are listed in the U.S., such as Taiwan Semiconductor Manufacturing Co.

There are a bunch of passive funds whose expenses run the gamut. Invesco PHLX Semiconductor ETF (SOXQ), which carries an expense ratio of 0.19%, tracks a market-cap-weighted index of 30 U.S.-listed semiconductor companies. SPDR S&P Semiconductor ETF (XSD) tracks an all-cap index of U.S. semiconductor companies and has an expense ratio of 0.35%. First Trust Nasdaq Semiconductor ETF (FTXL), which tracks an index of the 30 most-liquid semiconductor companies in the U.S., has an expense ratio of 0.60%.

Invesco also has a fund in this category with a quantitative twist— Invesco Dynamic Semiconductors ETF (PSI). This fund uses a proprietary quantitative methodology to invest in 30 all-cap semiconductor companies, weighted in an index based on their potential for investment return. PSI has an expense ratio of 0.56%.

Powered by chips
Some ETFs take a broader view of the chip market. Since semiconductors power some aspect of almost every major industry in the economy today—most notably in tech—some thematic funds give you exposure to both the chips and the industries they power.

Amplify ETFs’ Amplify Thematic All-Stars ETF (MVPS) has created a composite index of the most-popular companies in each major subsector of tech, including financial technology and healthcare innovation. In this fund, you’ll get companies such as chip maker Nvidia Corp. NVDA 5.48% but also companies powered by chips, including energy-techonology maker Enphase Energy Inc. ENPH -4.62% and chip-powered car maker Tesla. TSLA -3.64% The fund has an expense ratio of 0.49%.

Mike Akins, founding partner of ETF Action, which created the index for MVPS, says a composite index can give a bit of exposure to the most-popular companies across chip-powered sectors. “This is a diverse opportunity set. Things like the chips bill could help U.S. companies pick up more of the market. Anytime you see strategic support like this, it could impact the winners and losers,” he says.

Other thematic funds give more niche exposure. Simplify Volt Cloud & Cybersecurity Disruption ETF (VCLO) is an actively managed thematic fund that invests in the most-popular cloud and cybersecurity companies, sectors that have some overlap with chip makers. And, indeed, the fund has exposure to some of them in addition to the companies putting chips to use for high-performance cloud computing and cybersecurity monitoring, such as Cisco Systems CSCO 1.53% or Infosys. INFY 0.77% But you will pay for the active management; the fund’s expense ratio is 0.95%.

Global X Robotics & Artificial Intelligence ETF (BOTZ) is another example. The fund focuses on robots, but also provides exposure to chip makers such as Nvidia, whose products power the machines. The fund has an expense ratio of 0.68%.

CrunchBase : The Week’s 10 Biggest Funding Rounds: Biotech Leads The Way As Emal

The Week’s 10 Biggest Funding Rounds: Biotech Leads The Way As Emalex And HI-Bio
Even as venture capital funding has declined this year, biotech companies have been able to raise some big rounds — this week was no exception. Two of the top three rounds were raised by biotech startups, and other very traditional sectors including data integration and cyber saw big raises as investors turned to some old favorites.

1. Emalex Biosciences, $250M, biotech: Biotech was big this week, and no bigger than the $250 million Series D raise biotech startup Emalex Biosciences locked up. Emalex was started in 2018 by life science incubator Paragon Biosciences to create treatments for the central nervous system. Chicago-based Emalex has since focused on Tourette syndrome and Willis-Ekbom disease. The startup has a drug in a Phase 3 clinical trial for Tourette syndrome — the last stretch before it can be commercialized and marketed to the public. The new round was led by Bain Capital. In total Emalex has raised $285 million, according to Crunchbase.

2. Alation, $123M, data integration: Data is king, and Redwood City, California-based Alation raised big this week to prove it. The enterprise data intelligence startup raised a $123 million Series E led by Thoma Bravo, Sanabil Investments and Costanoa Ventures at a valuation of more than $1.7 billion. Alation offers everything from data search to analytics, and recently surpassed $100 million in annual recurring revenue. Founded in 2012, Alation says it has raised $340 million.

3. Human Immunology Biosciences,$120M, biotech: San Francisco-based Human Immunology Biosciences (HI-Bio) emerged from stealth this week and announced it closed a $120 million round. The clinical-stage biotech company was developed by Monograph Capital and ARCH Venture Partners, and is looking to fight autoimmune and inflammatory diseases. The startup is looking to target cells such as plasma and mast cells that make up the immune system. Per Crunchbase data, more than $2 billion has been pumped into drug startups tackling the immune system in 2022 alone. The majority of these companies, including Rheos Medicines and Mast Therapeutics, are creating targeted therapies.

4. ColdQuanta, $110M, quantum: Everybody is excited about quantum computing. That includes Boulder, Colorado-based ColdQuanta, which closed a $110 million Series B led by LCP Quantum. Founded in 2007, the company is looking to commercialize its product portfolio which includes quantum algorithms and applications, atomic clocks, sensors and components. Quantum technology and computing is a level of computation much faster and at a level superior to modern computers since it can perform many calculations simultaniously. ColdQuanta has raised nearly $185 million, according to Crunchbase data.

5. Apiiro, $100M, cybersecurity: It’s been an interesting few weeks for Apiiro. In September, Globes reported that Palo Alto Networks was interested in buying the company for around $550 million. Then two weeks ago, the Jewish Business News reported the company would look for funding after talks broke down. Well, Apiiro got that funding. The New York-based application security provider raised a $100 million Series B led by General Catalyst. Apiiro now will look to double down on its approach to cloud-native application security. The startup provides developers and security engineers complete visibility into code bases. Founded in 2019, the company has raised $135 million, per Crunchbase.

6. Project44, $80M, logistics: Chicago-based project44 closed an $80 million round led by Generation Investment Management and A.P. Moller Holding that values the company at $2.7 billion. The company has raised $897.5 million in total since it was started in 2014, per Crunchbase data.

7. AMP Robotics, $91M, robotics: Denver-based AMP Robotics raised a $91 million Series C financing led by Congruent Ventures and Wellington Management. Founded in 2014, the company, which develops robotics solutions for the recycling industry, has raised nearly $170 million, per Crunchbase.

8. Arta Finance, $90M, finance: Mountain View, California-based Arta Finance locked up $90 million while in stealth mode from the likes of Sequoia Capital India, Ribbit Capital, Coatue and more than 140 tech and finance entrepreneurs. The company will offer access to the alternative asset markets for accredited investors.

9. Amagi Media Labs, $82M, media: New York-based media tech company Amagi Media Labs raised $82 million from General Atlantic. Founded in 2008, the developer of cloud-based solutions for broadcast and connected TV, has raised $350 million, according to Crunchbase.

10. Icertis, $75M, SaaS: Bellevue, Washington-based contract management software Icertis locked up $150 million in financing — an even split of a revolving credit facility and convertible financing from Silicon Valley Bank. Founded in 2009, Icertis has raised more than $520 million to date, according to Crunchbase.


Big global deals
Emalex had the biggest raise of the week globally, but two startups outside the U.S. had the next two largest rounds.
  • China-based Beijing Weilan New Energy Technology, a developer of next-generation all-solid-state batteries, closed a Series D worth approximately $209 million.
  • Germany-based Volocopter, an air taxi company, locked up a $182 million Series E.

The New Yorker : Quentin Tarantino’s “Cinema Speculation” Is an Obsessive Inside

Quentin Tarantino’s “Cinema Speculation” Is an Obsessive Insider’s View of Hollywood
The filmmaker brings his passion and prodigious knowledge to his garrulous new book.
November 4, 2022
Martin Scorsese, Harvey Keitel, and Robert De Niro on the set of “Taxi Driver.”Photograph from Alamy

There’s something in the middle of Quentin Tarantino’s new book, “Cinema Speculation,” that made me want to kiss it on both the front and back covers. It’s an encomium to the actor Barry Brown for his performance in “Daisy Miller,” Peter Bogdanovich’s 1974 adaptation of Henry James’s novella. The tribute to Brown is not the most intricate or insightful part of a book that is often delightfully both, but it’s a heartfelt and melancholy memorial for a gifted, distinctive actor who died shockingly young, at twenty-seven, in 1978, by his own hand. There’s an awkwardness to Tarantino’s enthusiasm—he likens his grief to that of Frederick Winterbourne, the character whom Brown plays in the movie—that nonetheless conveys intensity and sincerity. In “Cinema Speculation,” Tarantino ranges widely through the movies of the nineteen-seventies that captivated him in his youth and that still inspire, fascinate, and haunt him. It’s a book of cinema-centricity and Tarantino-centricity that is nonetheless populated by a vivid array of characters—whether real-life ones, such as Brown, or ones seen in the movies—to whom Tarantino offers alluring moments in the spotlight.
There are three basic kinds of good nonfiction: the kind that results from consummately professional work, featuring thorough research, organizational clarity, analytical insight, wide-ranging knowledge, and writerly style; the kind that represents an outpouring of passionate affinity to the subject matter, a Virgil-like journey into otherwise inaccessible realms; and the kind that delivers the uniqueness of personal experience. “Cinema Speculation” has a foot in all three domains, and, since Tarantino has two feet, it makes for a lot of fancy footwork—which he pulls off, for the most part, with jittery, skittery energy. He tells the story of his destiny: of how, when he was seven, in 1970, his mother and stepfather began taking him to films that were wildly age-inappropriate. These films fascinated him, even frightened him, and he responded to them with an unusual curiosity. His mother could have left him with a babysitter, and he understood his side of the moviegoing bargain, which was to keep quiet and behave. As a result, he paid close attention to what he was watching, and he learned what adults got up to when they go out and the sorts of things that they found entertaining.
Barry Brown, Cybill Shepherd, and Cloris Leachman in a scene from “Daisy Miller.”Photograph from Getty

When young Quentin watched the Oscars broadcast in 1971, he’d seen all five Best Picture nominees (“Patton,” “m*a*s*h,” “Five Easy Pieces,” “Airport,” and “Love Story”) and knew well that his movie exposure—and his habit of telling his classmates in detail about what he’d seen—made him stand out. He stood out as well because his mother was dating a Black man named Reggie, who took him to see Blaxploitation films in predominantly Black neighborhoods. He cites their moviegoing habits as the bedrock of his cinematic destiny: “To one degree or another I’ve spent my entire life since both attending movies and making them, trying to re-create the experience of watching a brand-new Jim Brown film, on a Saturday night, in a black cinema in 1972.” The book is centered almost entirely on violent films, action films, horror films, the kinds of films that delighted the child Quentin and the teen Tarantino and that, to all appearances, are still—for better or worse—at the core of his cinematic universe.
“Cinema Speculation” is the work of a filmmaker whose knowledge of movies is prodigious, and who, by dint of his professional experience, can add the insights he has gained from inside the industry, along with interview access to many of the people whose work he writes about. That’s the perspective that informs the book and that raises it above what would in any case be an engagingly garrulous memoir. For instance, Tarantino’s consideration of “Bullitt” is centered on his interviews with the screenwriter and director Walter Hill, who was an assistant director on the film, and with Neile McQueen (known professionally, as an actress, as Neile Adams), Steve McQueen’s wife at the time it was made. Tarantino credits her “good taste and her keen understanding of both her husband’s ability and his iconic persona,” which he identifies as the decisive force behind McQueen’s choice of projects. These interview subjects talk about how McQueen, unlike other actors, would reduce his own dialogue on-set, handing his lines to other actors, knowing that what made his stardom was essentially silent.
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Dear Mama: A Family Bonds in Grief

Tarantino closely and lovingly scrutinizes the work of character actors, and often makes them the fulcrum of his analysis. He treats “Dirty Harry” as the seminal serial-killer movie and spotlights the performance of Andy Robinson, in the role of the Scorpio killer, as the reason for the movie’s historic effect. He looks closely at John Flynn’s “Rolling Thunder” (which he calls “the best combination of character study and action film ever made”) and tells the story of how, at the age of nineteen, he met and interviewed Flynn. He offers overarching historical views on the changes that took place in Hollywood in the late sixties and early seventies, and the overlapping generations of new directors who worked there (and the underlying cultural differences that marked their movies). In his discussion of Sylvester Stallone’s career, he devotes rapturous attention to both “The Lords of Flatbush” and “Paradise Alley,” along with a recollection of the cultural prominence, in the mid-seventies, of fifties nostalgia and the appreciation (strengthened by film-historical details) of the epochal influence of “Rocky.” And he looks gratefully at the career of the critic Kevin Thomas, whose coverage of genre films in the L.A. Times Tarantino considers crucial to the course of movies in the seventies and beyond.
The book’s title is more than rhetoric. The best sections involve Tarantino’s counterfactual speculations, based on his copious reading of books and articles about Hollywood, his familiarity with early versions of scripts, his acquaintance with Hollywood notables, and his critical insights regarding the careers and passions and inclinations of these notables. In the long chapter on “The Getaway,” there’s a great riff on Peter Bogdanovich being attached to the project before Sam Peckinpah was signed to direct it, an extended discussion of how Ali MacGraw came to co-star in it with McQueen and the effect that her performance and her persona had on its reception; a careful look at how the casting of supporting roles determines the movie’s tone as well as its effect on viewers; and a detailed study of the differences between the film and the novel, by Jim Thompson, on which it’s based. The book’s intellectual engine is its auteurist perspective. As a director as well as a virtual critic, Tarantino delves deep into the kinds of decisions that directors make, both at the macro level of major career moves and the micro level of behavioral details and camera angles, with an absorbing acuity.
Steve McQueen and Ali McGraw in “The Getaway.”Photograph from Getty

The extended portraiture of Brian De Palma stands out for the idiosyncrasy of its insights, which spill over into a detailed study of “Taxi Driver,” which De Palma was originally supposed to direct. Tarantino muses on what kind of movie would have resulted, and how De Palma’s entire career may have shifted as a result. (It wouldn’t be Tarantino if the discussion of “Taxi Driver” didn’t pivot on race—he’s obsessed with the fact that the movie’s pimp, played by Harvey Keitel, is white, and he assumes, for reasons that he details at length, that, had De Palma directed it, the pimp would have been Black. It wouldn’t be Tarantino if the book didn’t include the N-word—albeit in quotes.) The book’s concluding chapter is an act of duty and penitence, a reminiscence of a man named Floyd Ray Wilson, a Black man who dated the best friend of Tarantino’s mother and, years later, rented a room from Tarantino’s mother. Wilson was a post-office employee and a movie fanatic who went to movies with the teen-age Tarantino; he also wanted to be a screenwriter. Mentioning a script for a Western that Wilson showed him, Tarantino belatedly credits him with inspiring “Django Unchained.”

“Cinema Speculation” is consistently engaging; with its zinging and zipping observations, its casual opinion-flinging, and its sharp-edged divisions of personalities and eras, it seems designed to arouse fruitful arguments. Like the experienced fictioneer that he is, Tarantino creates images and stories and scenes, tells tales that entice and bewitch even as they invite the same sort of criticism that his movies do. Above all, “Cinema Speculation” is a vision, in motion, of a Hollywood-centric mind. It’s like seeing a watchmaker take apart other craftsmen’s watches and show how they function and why they have marketplace appeal, but never looks at chronometry over all, its place in the world, the existence of other kinds of timepieces, or whether and why people even need such watches anymore. It tells the story of being, in effect, born as an insider (even without an actual professional or industry portfolio), coming to consciousness by way of Hollywood movies. Tarantino displays an extraordinary understanding of how things work; his responsiveness to the industry’s traditions of script construction, character psychology, and genre frameworks is the heart of the book—as it is of his movies. He’s so deep in the conventions that he has gone from loving them, studying them, and revising them to being trapped in them. If, as Tarantino has said, he’s going to make just one more film, this book may well be the clearing of the ground before his great escape—the reckoning of his lifetime on the inside before breaking out. ♦

>>> Weekend Papers Summary

Weekend Papers Summary

NEW YORK TIMES
-Most Candidates Running on Crime Wouldn’t Have Much Power to Solve It. Crime surges and falls for reasons that experts don’t fully understand, and many elected offices have little power to change trends on the ground.
-On New York’s Subways, High-Profile Crimes, High Anxiety, but Low Risk MTA workers, buskers and others whose livelihoods depend on the system offer a complex picture as ridership approaches prepandemic levels.
-Democrats promote tough-on-crime credentials as Party plays defense. With sheriffs vouching for them and a flood of ads proclaiming their support for the police, Democrats are shoring up their public safety bona fides. Still, some worry it’s too late.
-Elon Musk cuts half of Twitter’s staff. The layoffs of roughly 3,700 hit many divisions, including the engineering unit, the content moderation teams and the sales and advertising departments.
-Twitter’s advertisers pull back as layoffs sweep through company. Elon Musk, Twitter’s new owner, acknowledged that ad spending on the platform had slumped. He blamed the drop on pressure from activists.
-Frustrating and often fruitless: The search for missing Russian soldiers. Families searching for loved ones say the system for finding soldiers is as disorganized as Moscow’s campaign, which has been marked by dysfunction.
-Russia sends ill-trained draftees into combat amid losses. Ukraine’s military and Western analysts say Russian forces are making ineffective attacks and taking heavy losses.
-Moderate House Democrats are at risk, putting the majority up for grabs. Several Democrats elected in 2018 with an anti-Trump message in conservative-leaning districts are centering their closing argument on protecting democracy as they try to buck national trends.
-Midterms updates: Both GOP and Democrats seize on jobs report. With the election just days away, both parties are looking for an advantage in the economic news. Candidates are also fanning out on the campaign trail with support from their respective parties’ biggest names.
-The housing market is worse than you think. Buyers, sellers and renters are in for more twists and turns, as soaring mortgage rates and stubborn inflation signal belt tightening ahead.
-Jan. 6 committee gives Trump more time to comply with subpoena. The House panel said it was in discussions with former President Trump over his compliance ahead of an interview scheduled for this month.
-Oath keepers’ leader testifies at Jan. 6 sedition trial. Stewart Rhodes, the founder of the far-right militia group, took the stand in his own defense in Federal District Court in Washington.
-As Israel’s far right nears power, Palestinians feel a pang of fear. To some Palestinians, the return of Benjamin Netanyahu as prime minister can scarcely make things worse. But many fear a surge of violence.

THE FINANCIAL TIMES
-US jobs growth rose at an unexpectedly rapid clip in October, defying expectations for a larger slowdown as the historically tight labor market again showed resilience in the face of the Federal Reserve’s aggressive efforts to curb demand.
-The US Federal Reserve warned of the potential for financial distress that damages the economy if interest rates rise to levels higher than expected, in a report that underscored the stakes of its drive to control stubborn inflation.
-Some of Asia’s biggest battery makers are jeopardizing their access to sufficient raw materials by holding back on direct investments in producers in Australia that supply them.
-As Musk embarks on the cost-cutting cull, he claimed on Friday that Twitter “has had a massive drop in revenue, due to activist groups pressuring advertisers, even though nothing has changed with content moderation and we did everything we could to appease the activists”. Brands such as General Motors, Mondelez, Carlsberg, Volkswagen and General Mills have paused marketing since Musk took the helm, with some advertisers fearful he will allow a wave of hate speech and misinformation to spill on to the platform.
-President Vladimir Putin has called for the evacuation of civilians from Russian-occupied Kherson, his first acknowledgment that Ukraine’s bid to recapture the city was gaining ground.
“The people who live in Kherson need to be taken out of the zone of the most dangerous [combat] operations, because the civilian population shouldn’t suffer,” Putin told a group of volunteers in Red Square on Friday.
-Lorenzo Bini Smaghi, chair of France’s Société Générale and a former European Central Bank board member, wrote to the ECB in October questioning the need for its officials to be present at bank board meetings. He also called for a meeting between top bank chairs and Andrea Enria, the head of the financial supervision unit.
-Veteran financier Tom Barrack has been cleared of illegal lobbying charges stemming from his alleged efforts to sway US foreign policy during the administration of his longtime friend Donald Trump.
The verdict delivered by a New York jury on Friday marks a defeat for prosecutors who had argued that Barrack passed sensitive information to the government of the United Arab Emirates and tried to nudge foreign policy in directions favored by his financial backers in Abu Dhabi.
-By the time voters in Los Angeles go to the polls on Tuesday, billionaire property developer Rick Caruso is expected to have spent $100M on his campaign to persuade voters to elect him as the city’s next mayor. The flood of cash has helped Caruso gain ground in recent weeks against his opponent, California congresswoman Karen Bass, a progressive Democrat who has been endorsed by president Joe Biden and former president Barack Obama.
-In the US, demand for expensive handbags and clothes bounced back very quickly from the coronavirus pandemic and has since proved surprisingly resilient. Luxury sales in the US grew almost twice as fast as the global average in 2021, and one and a half times faster in the first half of 2022, according to Citi Research.
Sector leader LVMH recently reported 19% year-on-year revenue growth in the US, while Hermès grew by 24%. Even the summer boom in luxury sales in Europe was driven by big-spending American tourists. Whether this positive dynamic in the US will continue remains to be seen given the clouds gathering over the economy. After several years of double-digit growth, analysts say a normalization to a slower pace of expansion is inevitable.
-In a world of low interest rates and cheap debt, investors viewed the digital world’s infrastructure assets as ideal sanctuaries for their money.
Both mobile towers — the metal structures on which radio antennas sit — and the real estate groups that house data centers offered steady, long-duration returns in a rapidly digitalizing world. But since June, share prices in many of these sectors’ companies have tumbled as rapidly rising interest rates drive up the cost of capital for their heavily indebted businesses.
-In a world of low interest rates and cheap debt, investors viewed the digital world’s infrastructure assets as ideal sanctuaries for their money.
Both mobile towers — the metal structures on which radio antennas sit — and the real estate groups that house data centers offered steady, long-duration returns in a rapidly digitalizing world. But since June, share prices in many of these sectors’ companies have tumbled as rapidly rising interest rates drive up the cost of capital for their heavily indebted businesses.
-Precious metal miners Pan American and Agnico Eagle have made a joint $4.8bn bid for Yamana Gold, swooping in after Gold Fields faced an uphill battle convincing investors to back its takeover offer. The two companies offered a shares and cash deal that represents a 15% premium to the all-stock offer made in May by South Africa’s Gold Fields and would involve Yamana’s assets being split up between the two groups.

NY POST
-New York’s neck-and-neck race for governor has suddenly gotten the attention of prominent national democrats — for all the wrong reasons. Party bigwigs appear to be in panic mode, critics note, flooding the 2-to-1 Democratic enrollment Empire State with big names like Bill, Hillary, Joe and Kamala in the final stretch to Tuesday’s election as Gov. Kathy Hochul has rapidly lost ground to Republican challenger Rep. Lee Zeldin.
“New York Democrats are smashing the glass and pulling the fire alarm,” state Republican Party Chair Nick Langworthy said Friday.
-Twitter boss Elon Musk was photographed in the parking garage at New York City’s Lincoln Center on Friday ahead of his expected appearance at the Baron Investment Conference. Musk was pictured hurrying into the venue through a side door. He is slated to be interviewed by legendary investor and Tesla shareholder Ron Baron on Friday — the same day that Twitter launched sweeping layoffs reportedly impacting half of its workforce.
-Megyn Kelly celebrated MSNBC’s decision to cut ties with controversial weekend host Tiffany Cross on Friday, referring to the ousted anchor as “the most racist person in all of television.”
Kelly addressed Cross’ exit from MSNBC during a discussion with her guest, conservative radio host Dana Loesch, on Friday’s episode of her SiriusXM podcast “The Megyn Kelly Show” — describing the decision as “good news.” “Tiffany Cross, the most racist person in all of television — and in particular on MSNBC — just got fired,” a gleeful Kelly said. “Poor Tiffany.”