Lloyd Blankfein, who led Goldman Sachs for 12 years, reflected in his memoir published in March that spending money proved harder than earning it after he became wealthy. The self-made financier, who grew up in poverty and rose to CEO of a top Wall Street investment bank, said in 'Streetwise' that philanthropy was 'the last thing that comes to mind for someone who grew up poor,' noting that the concept of spending money on others felt foreign to someone who spent years saving and searching for scholarships. Blankfein left Goldman Sachs in 2018 and now studies physics and linguistics, reads military history and biographies, and continues to trade stocks daily in his personal account 'because it's fun,' according to Business Insider on May 5 (local time).
Blankfein Studies Physics and Trades Stocks Daily After Goldman Exit
Blankfein told Business Insider that being able to freely follow his curiosity over the past few years 'felt like a luxury and a blessing.' He engages in various advisory roles and commentary, supports nonprofit organizations, spends more time with family, and enjoys exercise and travel. He recalled advice from a senior colleague when he became a Goldman Sachs partner: 'If your obituary is nine paragraphs, the Goldman Sachs story should not exceed three paragraphs — that should be your life goal.' Blankfein added that the message meant 'you had to contribute to the world separately from Goldman Sachs and have a life after Goldman Sachs.'
US House Members Purchase SpaceX Stock After Historic IPO
Two US House members purchased SpaceX stock through themselves or family members following the company's historic initial public offering, according to CNBC on May 5 (local time) citing disclosed House financial documents. Rep. Dan Meuser (R-Pennsylvania) disclosed that his dependent child purchased between $15,001 and $50,000 in SpaceX stock on June 15. The documents showed this was the first time in years that Meuser or his family had purchased individual company stock. Rep. Gil Cisneros (D-California) purchased between $1,001 and $15,000 in SpaceX stock on June 18. SpaceX, Elon Musk's aerospace and satellite company, went public on the 12th of last month with a market capitalization exceeding $2 trillion.
CNBC noted that 'the trades could become politically sensitive due to the nature of the committees these lawmakers serve on.' Meuser serves on the House Financial Services Committee, which oversees securities and exchanges, while Cisneros serves on the House Armed Services Committee, which supervises the Department of Defense — a major SpaceX customer. US lawmakers and their immediate family members can own and trade individual stocks as long as they comply with disclosure rules and do not use confidential information obtained through public office. Under the STOCK Act, lawmakers must disclose stock transactions by themselves, spouses, and dependent children.
MANGOS Stocks Decline Since June Amid Datacenter Investment Concerns
The New York Times reported on May 5 (local time) that the acronym 'MANGOS' — representing Meta, Anthropic, Nvidia, Google, OpenAI, and SpaceX — began spreading less than a month ago but 'may already be starting to wither.' The term emerged as shorthand for six companies leading the AI ecosystem and gained traction among venture capitalists, tech investors, and financial circles. SpaceX's successful large-scale IPO, achieving a valuation exceeding $2 trillion, fueled the MANGOS momentum, along with active buying by retail investors.
Wall Street moved quickly, launching over 10 mutual funds in the past month betting on MANGOS stocks' rise and fall, with attempts to include unlisted Anthropic and OpenAI through options and derivatives. However, since early June when the MANGOS term spread widely via social media, AI-related stocks entered correction territory. Concerns about datacenter investment overheating, rising corporate debt, massive computing cost burdens, and potential profitability deterioration from intensifying AI service competition drove Meta, Nvidia, and Alphabet stock prices lower recently. SpaceX also retreated significantly from its post-listing high, and OpenAI reportedly considered delaying its IPO to next year.
George Mason University finance professor Derek Horstmeyer commented, 'When something becomes a buzzword, the trend has often already largely passed.' Many of Wall Street's flashy nicknames represented their eras but were not permanent. The 1950s 'Seven Sisters' referring to oil majors mostly disappeared through mergers and acquisitions, with only one company maintaining its original name as an independent entity.
Lab-Grown Diamonds Capture 61% of US Engagement Ring Market
The rapid growth of lab-grown diamonds is causing structural changes in the natural diamond market, according to Business Insider on May 4 (local time). Lab-grown diamonds have supplied quality nearly indistinguishable from natural diamonds at much lower prices since the pandemic, causing natural diamond demand to plummet sharply. Markets initially expected the lab-grown diamond boom to be temporary, but the natural diamond market is actually bifurcating into low-priced products and high-priced products with high scarcity.
The Diamond Standard Index tracking investment-grade diamond prices fell to record lows this spring, down 68% from its 2011 peak. Conversely, sales of 1.05–1.09 carat lab-grown diamonds increased 3% year-over-year last year. Experts identified lab-grown diamond expansion rapidly eroding the wedding and engagement ring market as the core cause of natural diamond market decline. According to wedding platform The Knot, 61% of US engagement ring purchases last year were lab-grown diamond products, a 239% increase from 2020. China's luxury consumption slowdown and global marriage rate decline also pressured natural diamond demand.
Analyst Paul Zimnisky assessed, 'Lab-grown diamonds have significantly weakened consumer perception of diamond scarcity and value. The industry is being hit on all fronts.' Rapaport senior analyst Joshua Friedman diagnosed, 'The current situation is likely not a simple cyclical downturn but a fundamental crisis for the diamond industry.'
World Cup Fans Spend Up to $150,000 on Tournament Attendance
Global soccer fans are willingly opening their wallets despite skyrocketing World Cup attendance costs, CNBC reported on May 5 (local time). According to the outlet, ticket trading platform StubHub last week briefly listed some popular resale seats for major tournament matches at approximately $20,000 (about 30 million won). Upper-level resale seats also traded at around $5,000 (about 7.66 million won). Adding airfare, hotels, rental cars, meal costs, and souvenir purchases, total tournament attendance costs can increase by several thousand dollars or more.
New York soccer fans told CNBC they expect to spend anywhere from a few thousand dollars to as much as $150,000 to attend the World Cup, yet none regretted the expenditure. One tourist couple anticipated spending approximately $150,000 to watch 10 World Cup matches, with about $100,000 for FIFA ticket packages and the remainder for transportation, accommodation, and other expenses. They plan to attend the next World Cup co-hosted by Portugal, Spain, and Morocco.
Another tourist spared no expense on FIFA Hospitality packages — premium products over general admission guaranteeing desired match entry plus food, beverage, and lounge access. He paid approximately $2,000 per ticket and expected to spend over $12,000 total attending five matches. Another tourist anticipated spending approximately $2,500 during the New York trip, including match tickets ($700), airfare ($500), and hotel costs ($1,200). He previously spent about $1,500 including Airbnb costs at another World Cup match in Mexico City, stating he 'saved cash separately for four years' for this trip and 'it was 100% worth it.'
Japanese NISA Accounts Projected to Reach 28.21 Million by Year-End
Japanese youth are reducing spending and investing heavily in NISA (Nippon Individual Savings Account) for fear of missing stock market gains, according to Nikkei Asia on the 6th. Rio Taniguchi (27), a mother of two, currently puts about 20,000 yen (approximately 190,000 won) monthly into NISA after her second child was born last year. Taniguchi said, 'We used to eat out at McDonald's almost every weekend, but we stopped. I want to travel too, but I'm putting it off for a while for my children's future.'
NISA is Japan's flagship policy encouraging households to shift some cash savings into stock and other financial asset investments. According to Japan's Financial Services Agency, NISA started in January 2014 with 4.92 million accounts and is expected to grow nearly sixfold to 28.21 million accounts by the end of 2025. Behind this trend lies anxiety about post-retirement finances and fear of missing investment opportunities (FOMO) in stock market gains.
Seiya Nakamura (24), an office worker in Aichi Prefecture, said, 'At lunchtime, colleagues often talk about public pension benefits potentially decreasing, which prompted me to start investing through NISA. Seeing the anxiety about the future and the social media atmosphere that people around me are already investing made me think I should start investing too.'
FAQ
What did Lloyd Blankfein say about spending money after leaving Goldman Sachs?
Lloyd Blankfein reflected in his memoir 'Streetwise' published in March that spending money proved harder than earning it after he became wealthy. He stated that philanthropy was 'the last thing that comes to mind for someone who grew up poor' and that the concept of spending money on others felt foreign to someone who spent years saving and searching for scholarships. Blankfein left Goldman Sachs in 2018 after leading the firm for 12 years.
Why did MANGOS stocks decline after the acronym became popular?
MANGOS stocks (Meta, Anthropic, Nvidia, Google, OpenAI, SpaceX) entered correction territory since early June when the term spread widely via social media. The New York Times reported on May 5 (local time) that concerns about datacenter investment overheating, rising corporate debt, massive computing cost burdens, and potential profitability deterioration from intensifying AI service competition drove stock prices lower. SpaceX retreated significantly from its post-listing high, and OpenAI reportedly considered delaying its IPO to next year.
How much are Japanese NISA accounts expected to grow by the end of 2025?
According to Japan's Financial Services Agency, NISA accounts started in January 2014 with 4.92 million accounts and are expected to grow nearly sixfold to 28.21 million accounts by the end of 2025. Nikkei Asia reported on the 6th that Japanese youth are reducing spending and investing heavily in NISA for fear of missing stock market gains, driven by anxiety about post-retirement finances and fear of missing investment opportunities.
