Luke Littler won the World Masters for the first time and became the joint-third most successful player in PDC history with a 6-5 win over Luke Humphries. The teenager now has 11 major PDC titles, leaving him level with James Wade and behind only Michael van Gerwen (48) and Phil Taylor (79). The win for Littler, which followed on from beating Gerwyn Price 5-4 in a terrific match in the semi-finals...
Luke Littler won the World Masters for the first time and became the joint-third most successful player in PDC history with a 6-5 win over Luke Humphries. The teenager now has 11 major PDC titles, leaving him level with James Wade and behind only Michael van Gerwen (48) and Phil Taylor (79). The win for Littler, which followed on from beating Gerwyn Price 5-4 in a terrific match in the semi-finals, has left the European Championship as the only major television PDC title still to be won by the two-time world champion. A high-quality finale saw 25 maximums thrown as the lead changed hands multiple times before Littler eventually nailed his favourite double 10 to seal the £100,000 first prize. After a semi-final that saw Price miss a match dart, Littler upped his level from the start. A stunning 153 checkout laid down the gauntlet to Humphries, but the world number two came into the final having beaten Gian van Veen 5-0 in the last four and continued in that form by winning the opening set. Littler, who averaged 104.72 to Humphries' 105.51 in the final, then powered into a 3-1 lead, hitting a 121 finish along the way. But Humphries did not want to concede the title he won last year and levelled the match. With the score at 3-1 to the world champion, Humphries rallied with 10 and 13-dart legs on his way to levelling the match. Littler missed three darts to move into a 5-3 lead and Humphries capitalised to level again before hitting his first 100-plus checkout on his way to moving one set away from another title. But Littler was not done there. The 19-year-old reeled off legs in 13 and then 12 darts to force a deciding set. A break of throw in the first leg of the deciding set gave Littler control and he did not let it slip. One dart at double 10 was all he needed to land his first World Masters title. All four of the semi-finalists will be back in action when the 2026 Premier League starts in Newcastle on Thursday.
Key Points Bought 656,658 shares in AKRE, estimated at $43.02 million based on quarterly average pricing. Quarter-end value of the new stake increased by $43.02 million, reflecting valuation change including price moves. The new AKRE position represents 6.92% of reported 13F assets under management. Post-trade, Affiance Financial held 656,658 shares valued at $43.02 million. The new AKRE position ...
Key Points Bought 656,658 shares in AKRE, estimated at $43.02 million based on quarterly average pricing. Quarter-end value of the new stake increased by $43.02 million, reflecting valuation change including price moves. The new AKRE position represents 6.92% of reported 13F assets under management. Post-trade, Affiance Financial held 656,658 shares valued at $43.02 million. The new AKRE position accounts for 6.92% of fund AUM, making it the fund's fourth-largest holding. These 10 stocks could mint the next wave of millionaires › Affiance Financial initiated a new position in the Akre Focus ETF (NYSE:AKRE), acquiring 656,658 shares in the fourth quarter, with an estimated transaction value of $43.02 million based on quarterly average pricing, according to a January 21, 2026, filing. What happened According to an SEC filing dated January 21, 2026, Affiance Financial disclosed a new position in the Akre Focus ETF, buying 656,658 shares. The estimated transaction value was $43.02 million, calculated using the average closing price in the quarter. The firm held no shares in the prior period. The quarter-end value of the position increased by $43.02 million, reflecting both the purchase and price movement. What else to know This was a new position for Affiance Financial, representing 6.92% of its 13F reportable assets under management as of December 31, 2025. Top holdings after the filing: NYSEMKT:VOO: $124.11 million (20.0% of AUM) NYSEMKT:AGG: $89.66 million (14.4% of AUM) NYSEMKT:VTI: $69.53 million (11.2% of AUM) NYSEMKT:AKRE: $43.0 billion (6.9% of AUM) NYSEMKT:VEA: $33.80 million (5.4% of AUM) As of January 21, 2026, shares of Akre Focus ETF were priced at $61.41, 8.83% below the 52-week high. Company overview Metric Value Price (as of market close January 21, 2026) $61.41 Net assets $9.37 billion Sector Financial Services Industry Asset Management Company snapshot Offers a diversified ETF investing in U.S. equities, preferred stocks, and equity-like instruments, w...
Bomb cyclone brings bitter cold and snow to the Southeast toggle caption Sean Rayford/Getty Images A powerful winter weather system — including an intense low-pressure "bomb cyclone" along the East Coast — is affecting a large swath of the country and driving extremely cold air deep into the Southeast. Temperatures in southern Florida fell into the 20s on Sunday morning — it's the coldest it's bee...
Bomb cyclone brings bitter cold and snow to the Southeast toggle caption Sean Rayford/Getty Images A powerful winter weather system — including an intense low-pressure "bomb cyclone" along the East Coast — is affecting a large swath of the country and driving extremely cold air deep into the Southeast. Temperatures in southern Florida fell into the 20s on Sunday morning — it's the coldest it's been since 1989, according to the National Weather Service. A statement on the agency's website warned of freezing temperatures and "bitterly cold air" surging down the Florida Peninsula. "All of our climate sites set new record lows for the date this morning," read a social media statement from the NWS office in Melbourne, Fla., "and most even set new monthly record lows for February!" Sponsor Message Though not unusually cold for much of the country, Florida isn't well-equipped for such temperatures, said Brian McNoldy, who studies cyclones at the University of Miami. " It's just something that people aren't used to," he said, "I mean, not every house even has heat, a lot of people don't have heavy coats." The cold did not keep some Floridians from their normal outdoor recreation, says David Nolan, who lives in Miami. "I went past the park today, there were people playing golf. There were people running, there were people bicycling," he said. "I think this is a case where people are still doing the things they would normally do — they're wearing a sweatshirt now." Nolan — an atmospheric scientist at the University of Miami — observed that there used to be more frequent cold snaps in Florida. " There were some very, very cold winters in Miami in the early eighties," he said. "It's just warmer now." On Friday, the Florida Fish and Wildlife Conservation Commission issued an executive order allowing people to remove live, cold-stunned iguanas from the wild and turn them in at specific locations. Stunned iguanas falling from trees can cause hazards for pedestrians or motorists. t...
The cosmetics stock has blown past the S&P 500 during the first few weeks of the year. Last year was a brutal one for cosmetics giant e.l.f. Beauty (ELF 0.05%). Its shares plummeted nearly 40% as tariffs and concerns about the economy weighed down its valuation. So far, 2026 has been much better for the company. As of Jan. 26, the stock is up an incredible 17% to start the year, while the S&P 500 ...
The cosmetics stock has blown past the S&P 500 during the first few weeks of the year. Last year was a brutal one for cosmetics giant e.l.f. Beauty (ELF 0.05%). Its shares plummeted nearly 40% as tariffs and concerns about the economy weighed down its valuation. So far, 2026 has been much better for the company. As of Jan. 26, the stock is up an incredible 17% to start the year, while the S&P 500 has risen by less than 2%. The uncertainty around tariffs hasn't gone away, but investors appear to be taking a second look at e.l.f.'s beaten-down valuation, and may be seeing some intriguing potential. Is the stock destined to go even higher in the months ahead, or has it already gotten too hot to buy right now? The company showed resilient growth last quarter One of the reasons investors may be encouraged by e.l.f.'s stock is the company's versatility. While tariffs did result in the company raising prices on many products, its recent performance has by no means been catastrophic. When e.l.f. last reported earnings in November, the company's sales rose by 14% to $343.9 million for the period ending Sept. 30, 2025. The company's gross margin worsened by 165 basis points, primarily due to tariffs, but it remained fairly strong at 69%. But with the company's selling, general, and administrative expenses rising by 24%, e.l.f.'s overall profit for the period ended up declining by a staggering 84%, to $3 billion (versus $19 billion in the prior-year period). The results did, however, include acquisition and other one-time expenses that skewed its overall numbers; its adjusted earnings were down by a more modest rate of less than 10%. Expand NYSE : ELF e.l.f. Beauty Today's Change ( -0.05 %) $ -0.04 Current Price $ 84.99 Key Data Points Market Cap $5.1B Day's Range $ 83.78 - $ 87.45 52wk Range $ 49.40 - $ 150.99 Volume 1.7M Avg Vol 2.4M Gross Margin 66.54 % Why the stock still looks like a good buy If the courts rule that tariffs are illegal and are no longer in effect, e.l.f.'...
The 68th annual Grammy Awards are taking place on Sunday at the Crypto.com Arena in Los Angeles, and spirits were high from the jump after a few back-to-back, history-making moments. “Golden” from K-Pop Demon Hunters won best song written for visual media, marking the first time a K-pop act has won a Grammy. The songwriters delivered their acceptance speech in both English and Korean, highlighting...
The 68th annual Grammy Awards are taking place on Sunday at the Crypto.com Arena in Los Angeles, and spirits were high from the jump after a few back-to-back, history-making moments. “Golden” from K-Pop Demon Hunters won best song written for visual media, marking the first time a K-pop act has won a Grammy. The songwriters delivered their acceptance speech in both English and Korean, highlighting the song’s bilingual appeal. Best music film went to the documentary Music by John Williams, which means Steven Spielberg, who produced the film, has officially won his first Grammy. Advertisement The Premiere Ceremony, a pre-telecast show held at the adjacent Peacock Theatre, began with musician and host Darren Criss setting the scene – giving out the first award of the day, for best pop/duo group performance to Cynthia Erivo and Ariana Grande for “Defying Gravity”. They were not present to accept the award. An impressive 86 Grammys will be handed out pre-broadcast. Advertisement Yungblud won his first Grammy for rock performance for his cover of Black Sabbath’s “Changes (live from Villa Park)”, which he performed at Ozzy Osbourne’s final show. Hardcore band Turnstile also won their first Grammy for best rock album.
Silas Stein | Picture Alliance | Getty Images Indonesia has allowed Elon Musk's Grok chatbot to resume services, lifting a ban over sexualised images on the app, after X Corp committed to improving compliance with the country's laws, according to a government statement. Indonesia suspended Grok from operating in the Southeast Asian nation three weeks ago, citing the risk of AI-generated pornograph...
Silas Stein | Picture Alliance | Getty Images Indonesia has allowed Elon Musk's Grok chatbot to resume services, lifting a ban over sexualised images on the app, after X Corp committed to improving compliance with the country's laws, according to a government statement. Indonesia suspended Grok from operating in the Southeast Asian nation three weeks ago, citing the risk of AI-generated pornographic content, becoming the first country to deny access to the AI tool. The statement from the Ministry of Communication and Digital Affairs, seen by Reuters on Sunday, said the government was processing the resumption of access on "a conditional basis and under strict supervision." X and xAI, which operates Grok, did not immediately respond to emailed requests for comment outside business hours. Governments and regulators from Europe to Asia have condemned sexualised content generated by Grok and some have opened inquiries. "The normalization of access to Grok services is being carried out conditionally after X Corp submitted a written commitment containing concrete steps for service improvement and prevention of abuse. This commitment is the basis for evaluation, not the end of the supervision process," senior ministry official Alexander Sabar said in the statement. He added that X had implemented a number of "layered" measures to address the misuse of Grok services, and that these would be continuously verified.
In Brief How many of the companies with recent layoffs are truly adapting their workforces to the efficiencies and challenges of artificial intelligence? And how many of them were just using AI as an excuse to cover other problems? That’s the question posed by a New York Times article on the trend of “AI-washing,” where companies will cite AI as the reason for layoffs that might actually be caused...
In Brief How many of the companies with recent layoffs are truly adapting their workforces to the efficiencies and challenges of artificial intelligence? And how many of them were just using AI as an excuse to cover other problems? That’s the question posed by a New York Times article on the trend of “AI-washing,” where companies will cite AI as the reason for layoffs that might actually be caused by other factors, like over-hiring during the pandemic. AI was the stated reason for more than 50,000 layoffs in 2025, with Amazon and Pinterest among the tech companies who blamed the technology for recent cuts. But a Forrester report published in January argued, “Many companies announcing A.I.-related layoffs do not have mature, vetted A.I. applications ready to fill those roles, highlighting a trend of ‘A.I.-washing’ — attributing financially motivated cuts to future A.I. implementation.” Molly Kinder, a senior research fellow at the Brookings Institute, noted that saying layoffs were caused by AI is a “very investor-friendly message,” especially when the alternative might mean admitting, “The business is ailing.”
How many of the companies with recent layoffs are truly adapting their workforces to the efficiencies and challenges of artificial intelligence? And how many of them were just using AI as an excuse to cover other problems? That’s the question posed by a New York Times article on the trend of “AI-washing,” where companies will cite AI as the reason for layoffs that might actually be caused by other...
How many of the companies with recent layoffs are truly adapting their workforces to the efficiencies and challenges of artificial intelligence? And how many of them were just using AI as an excuse to cover other problems? That’s the question posed by a New York Times article on the trend of “AI-washing,” where companies will cite AI as the reason for layoffs that might actually be caused by other factors, like over-hiring during the pandemic. AI was the stated reason for more than 50,000 layoffs in 2025, with Amazon and Pinterest among the tech companies who blamed the technology for recent cuts. But a Forrester report published in January argued, “Many companies announcing A.I.-related layoffs do not have mature, vetted A.I. applications ready to fill those roles, highlighting a trend of ‘A.I.-washing’ — attributing financially motivated cuts to future A.I. implementation.” Molly Kinder, a senior research fellow at the Brookings Institute, noted that saying layoffs were caused by AI is a “very investor-friendly message,” especially when the alternative might mean admitting, “The business is ailing.”
Newly released footage shows the late sex offender Jeffrey Epstein saying "I have a good mirror", when asked if he thinks he's the devil himself. The full video file - which runs for nearly two hours - shows Epstein facing questions from an interviewer. It has not been confirmed who is asking the questions, or when and why the footage was filmed. In one section, Epstein is questioned about his wea...
Newly released footage shows the late sex offender Jeffrey Epstein saying "I have a good mirror", when asked if he thinks he's the devil himself. The full video file - which runs for nearly two hours - shows Epstein facing questions from an interviewer. It has not been confirmed who is asking the questions, or when and why the footage was filmed. In one section, Epstein is questioned about his wealth, and it is later put to him whether he is a "class three sexual predator". The video is part of millions of files released on Friday by the US Department of Justice.
A China National Aviation Fuel refueling truck refuels a China Eastern Airlines passenger jet at an airport in Changzhou, Jiangsu province, on Aug. 17, 2019. Photo: VCG Once reviled as a public health menace in China, “gutter oil” is now a prized commodity. Used cooking oil (UCO), to give it its more formal name, has become one of the world’s most sought-after feedstocks for sustainable aviation f...
A China National Aviation Fuel refueling truck refuels a China Eastern Airlines passenger jet at an airport in Changzhou, Jiangsu province, on Aug. 17, 2019. Photo: VCG Once reviled as a public health menace in China, “gutter oil” is now a prized commodity. Used cooking oil (UCO), to give it its more formal name, has become one of the world’s most sought-after feedstocks for sustainable aviation fuel. Prices have soared as airlines scramble to cut carbon emissions and comply with tightening international mandates. In 2025, a ton of UCO sold for hundreds of dollars more than conventional jet fuel.
The inaugural Women's Champions Cup delivered the kind of spectacle Fifa would have hoped for when launching the new inter-continental competition last March. Arsenal's extra‑time triumph over Brazilian champions Corinthians produced plenty of drama, tension and quality at the Emirates Stadium. In a game where momentum swung both ways, Corinthians struck a 96th-minute penalty to force extra time i...
The inaugural Women's Champions Cup delivered the kind of spectacle Fifa would have hoped for when launching the new inter-continental competition last March. Arsenal's extra‑time triumph over Brazilian champions Corinthians produced plenty of drama, tension and quality at the Emirates Stadium. In a game where momentum swung both ways, Corinthians struck a 96th-minute penalty to force extra time in which Arsenal's Catilin Foord then emerged as the hero with a 104th-minute winner that secured the silverware. The scenes at full-time said plenty too as Arsenal's celebrations after receiving the trophy from club legend Arsene Wenger underlined just how valuable this competition was to a squad searching for momentum amid a challenging domestic season. "It's not often that you can write history at Arsenal because history has been written so many times," goalscorer Lotte Wubben-Moy told Sky Sports after the triumph. "We stand on the shoulders of giants. To come to this inaugural competition and win it and do it with all of our fans here in style - our fans are wonderful and that's who we do it for." Arsenal captain Kim Little added: "It's obviously a unique experience - it being the first Champions Cup. We'll take a lot from winning today and getting a trophy."
There are estimated to be a million undiscovered geniuses in the UK, and this show is out to find one. It’s a stressful, heartwarming, shocking watch – which raises big questions about the UK This, then, is what Alan Carr did next. Fresh from his victory as the last traitor standing in The Celebrity Traitors, and elevation to national treasure status, the Chatty Man is co-presenting Secret Genius ...
There are estimated to be a million undiscovered geniuses in the UK, and this show is out to find one. It’s a stressful, heartwarming, shocking watch – which raises big questions about the UK This, then, is what Alan Carr did next. Fresh from his victory as the last traitor standing in The Celebrity Traitors, and elevation to national treasure status, the Chatty Man is co-presenting Secret Genius with Countdown’s dictionary-botherer, the lexicographer and author Susie Dent. On second thoughts, given the lead times for these things, this is probably better billed as “What Alan Carr was contracted to do next” but no matter. We are here to have fun and fun we shall! Though, this being a reality-competition show in which people take part in regional heats to find out who among them is “one of the estimated million undiscovered geniuses” in the UK (no definition of the term given – Dent, you had ONE JOB), it comes with a buffet of sob stories, a side order of stress and a hefty dollop of whatever the word is for that patented mix of schadenfreude and voyeurism on which the genre depends. We begin with a dozen participants drawn from north-west England and Northern Ireland. They have either nominated themselves or – more often – been nominated by friends and family who know them as the cleverclogses of their circles. All will compete in the first round: eight will reach the second. Continue reading...
Key Points Shares of this innovative payments enterprise trade 77% below their peak, supporting its low valuation. Two key operating segments continue to register solid growth. By investing in Bitcoin-related products and services, this fintech stock could soar as the crypto's price rises. 10 stocks we like better than Block › The last several years have been very interesting for investors to watc...
Key Points Shares of this innovative payments enterprise trade 77% below their peak, supporting its low valuation. Two key operating segments continue to register solid growth. By investing in Bitcoin-related products and services, this fintech stock could soar as the crypto's price rises. 10 stocks we like better than Block › The last several years have been very interesting for investors to watch. For instance, some companies experienced a surge in demand during the pandemic, only to see those gains slow down as the economy normalized. This resulted in market sentiment that registered wild swings. One fintech stock in particular ended up being a clear portrayal of this volatile trend. And right now, it trades 77% below its all-time high, which was established in August 2021. Continue reading to learn more about this business and why it could surge before Wall Street notices. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » This fintech stock trades at a compelling valuation The main reason why this business should be considered a sleeper pick is because of its valuation. Shares of Block (NYSE: XYZ) currently trade at an attractive EV-to-EBIT ratio of 15.1. In a market environment in which valuation is a leading concern, this opportunity stands out. All else equal, investors should want to pay a lower valuation multiple as opposed to a more expensive one. This introduces a margin of safety should your expectations about a company's future results end up being too optimistic. Allocating capital in this manner helps to minimize the downside risk. Block is a growing and profitable business. The Square segment posted 9% year-over-year gross profit growth in the third quarter. Cash App, with its 58 million monthly active users, saw gross profit rise at an even better 24% during the third quarter. And the company's operating income has been soaring. Bitcoin is an underappreciated focus ...
Argentina bought $808 million in special drawing rights from the US Treasury to confront its latest interest payments at the International Monetary Fund without tapping a swap line shared between both countries, according to the local newspaper La Nacion. Unnamed government officials told La Nacion the purchase was a standard balance-of-payments operation rather than a fresh activation of the exis...
Argentina bought $808 million in special drawing rights from the US Treasury to confront its latest interest payments at the International Monetary Fund without tapping a swap line shared between both countries, according to the local newspaper La Nacion. Unnamed government officials told La Nacion the purchase was a standard balance-of-payments operation rather than a fresh activation of the existing $20 billion swap line US President Donald Trump ’s government extended to Argentina last year as President Javier Milei ’s libertarian administration faced a midterm election crunch. Press offices for the IMF, Argentina’s Economy Ministry and the US Treasury didn’t immediately respond to requests for comment. Argentina’s Central Bank declined to comment. Argentina’s government purchased the $808 million worth of special drawing rights, an international reserve asset used by the IMF, on Jan. 29, according to the US Treasury website . Argentina had interest payments due on Feb. 1 worth $837 million, according to the IMF website . Argentina faces the second review of its $20 billion program with the IMF this month that could unlock $1 billion. So far, Argentina has already received $14 billion of the $20 billion program it signed in April 2025. US Treasury Secretary Scott Bessent provided Milei, a top US ally in Latin America, with a sweeping rescue package as Millei faced a market selloff before his party won midterm elections in late October and turned around investor sentiment. The Treasury bought Argentine pesos to shore up investor confidence. Argentina paid down the $2.5 billion it had activated of the swap using funding from an unnamed multilateral lender in early January.
Affiance Financial initiated a new position in the Akre Focus ETF (NYSE:AKRE) , acquiring 656,658 shares in the fourth quarter, with an estimated transaction value of $43.02 million based on quarterly average pricing, according to a January 21, 2026, filing. According to an SEC filing dated January 21, 2026, Affiance Financial disclosed a new position in the Akre Focus ETF, buying 656,658 shares. ...
Affiance Financial initiated a new position in the Akre Focus ETF (NYSE:AKRE) , acquiring 656,658 shares in the fourth quarter, with an estimated transaction value of $43.02 million based on quarterly average pricing, according to a January 21, 2026, filing. According to an SEC filing dated January 21, 2026, Affiance Financial disclosed a new position in the Akre Focus ETF, buying 656,658 shares. The estimated transaction value was $43.02 million, calculated using the average closing price in the quarter. The firm held no shares in the prior period. The quarter-end value of the position increased by $43.02 million, reflecting both the purchase and price movement. Akre Focus ETF pursues long-term capital appreciation by investing in a concentrated portfolio of U.S. and select international equities, emphasizing business quality and sustainable growth. The fund's disciplined investment process and flexible mandate allow it to identify and hold companies with robust fundamentals and attractive reinvestment prospects. Its competitive advantage lies in its rigorous stock selection and ability to adapt allocations across various equity and equity-like instruments to optimize risk-adjusted returns. Continue reading
Without a weighty Le Carré novel behind it, there were fears the steamy, stylish spy series would feel phoned in. We needn’t have worried – it’s been a delight This article contains spoilers for the season finale of The Night Manager What a pleasure it is to be seduced – and The Night Manager is just about the most seductive show on television. The palatial houses and swish hotels; the expensive s...
Without a weighty Le Carré novel behind it, there were fears the steamy, stylish spy series would feel phoned in. We needn’t have worried – it’s been a delight This article contains spoilers for the season finale of The Night Manager What a pleasure it is to be seduced – and The Night Manager is just about the most seductive show on television. The palatial houses and swish hotels; the expensive suits and crisp shirts (does anyone wear a button-up better than Tom Hiddleston?); all the beautiful people with their beautiful faces, elegantly stabbing one another in the back. The first season aired 10 years ago – an entirely different world – so when it was announced that a second season was coming, my first thought was: oh no, lightning doesn’t strike twice. Delightfully, I was wrong. If you haven’t revisited The Night Manager since 2016, here are the pertinent points: Jonathan Pine (Hiddleston), a night manager in a Cairo hotel, weaseled his way into the rarefied world of arms dealer Richard Onslow Roper (Hugh Laurie), AKA “the worst man in the world”, under the direction of Angela Burr (Olivia Colman), who ran a British intelligence operation. As a supposedly loyal henchman, Pine beguiled Roper, shtupped his girlfriend, imploded his arms deal and made off with a cool $300m, as Roper was dragged off screaming to a violent fate by unhappy customers. Continue reading...
A white 2024 Tesla Model Y slowly rolls down the lane through a crowd of mostly men dressed in golf shirts and jeans. The onlookers, buyers from car dealerships who’ve all descended onto this auction site in Chandler, Arizona, snap photos of the vehicle and place bids by raising their hand or using their phone. A screen hanging nearby lists the current bid at $30,000. The Tesla sits there for bare...
A white 2024 Tesla Model Y slowly rolls down the lane through a crowd of mostly men dressed in golf shirts and jeans. The onlookers, buyers from car dealerships who’ve all descended onto this auction site in Chandler, Arizona, snap photos of the vehicle and place bids by raising their hand or using their phone. A screen hanging nearby lists the current bid at $30,000. The Tesla sits there for barely two minutes before the sale is closed and the driver, wearing a bright orange vest, moves it along. Next up: a tired-looking green 2006 Isuzu Ascender. A burly auctioneer with a dark goatee rhythmically chants, “ Homina, homina, homina , opening bid, $1,100.” The screen says grimly that the car is being sold “as is.” The site, one of 56 across the US, is owned by Carvana Co. It’s not something you’ll hear about in the many commercials Carvana runs on TV and podcasts about the happy experience of buying and selling a used car online, and there’s no gimmicky car-vending-machine tower in sight. The Chandler location sells 1,000 cars a week—some come in after drivers’ leases expire; some are traded in by dealerships; some are rentals retired from Hertz and Enterprise. Carvana offloads the models it doesn’t want to competitors and keeps others to list for sale on its site. Carvana is by far the most valuable used-car seller in the US, and it wants to become the Amazon.com of cars. To try to accomplish this Ernie Garcia III , the co-founder, chief executive officer and chairman, did the most American of things: He loaded the company up on debt. It took out $3.5 billion in high-interest loans to buy an auction house named Adesa just as the Covid-19-fueled fever dream in sky-high used-car prices was winding down. The timing was disastrous. Short sellers circled, sensing an opportunity to profit from a falling share price, and Carvana—a pandemic meme stock— suddenly lost 99% of its market value . But investors got over it. The shares reached an all-time high in January, and debt ...
Lawrence J. Lau is a Hong Kong economist specialising in economic development and East Asian economies. He was a professor of economics at Stanford University before serving as vice-chancellor and president of the Chinese University of Hong Kong until 2010. Lau has held the Ralph and Claire Landau Professor of Economics chair at the university since 2007. This interview first appeared in SCMP Plus...
Lawrence J. Lau is a Hong Kong economist specialising in economic development and East Asian economies. He was a professor of economics at Stanford University before serving as vice-chancellor and president of the Chinese University of Hong Kong until 2010. Lau has held the Ralph and Claire Landau Professor of Economics chair at the university since 2007. This interview first appeared in SCMP Plus . For other interviews in the Open Questions series, click here. What is your take on China’s drive to build a high-quality production force? How much has China shifted to this new model, and what more should Beijing do? In 1978, when China’s economic reform and opening first began, we can say that China was mostly working harder, generating more output from more inputs, not smarter. Advertisement But China is entering a stage where it really is trying to work smarter, which means that its total factor productivity increases. That’s the gist of the emphasis on the new quality productive forces. Basically, growth doesn’t come from just quantity any more – it also comes from quality. China is believed to be good at taking other people’s technology and turning it into large-scale production. That is its edge. But can China invent from scratch? Advertisement That is a very good question because this is what people say when they distinguish between, say, going from 0 to 1, and from 1 to n. China does have the advantages of economies of scale and “learning by doing” through repetitive production. It’s absolutely correct that from 1 to n China is extremely good. Think, for example, of Alipay, WeChat, high-speed trains, aircraft carriers, nuclear weapons, TikTok and DeepSeek. And the question that you raised really has to do with from 0 to 1.