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The first was that of the __evening papers (wanbao)__, which in the early years of the reform era were the only newspapers permitted to play to the popular consumer desires of China’s “ordinary people” (laobaixing), and for this reason were able to run highly profitable businesses through the sale of their advertising space. The second model was that of the __metropolitan papers (dushibao)__, which had to compete much harder for readership and did so by proffering bolder and more sensationalized news, while also boosting their revenues by producing and selling soft and black articles. The third model—of which The Times was a product—was that of the __high-end news platforms__ that broke away from the market for massappeal news to target a wealthier and more elite stratum of readers, and sell both conventional advertising space and soft and black articles to companies that wanted to reach this particular demographic. To better appreciate the journalists’ sense of what their newsmaking practice consisted in, it is helpful to consider each of these models more closely.
The Currency of Truth
Emily H. C. Chua
It remained illegal for Americans to own gold for about four decades until the mid-1970s. Interestingly enough, that overlapped quite cleanly with the period where US Treasuries underperformed inflation.
What Is Money, Anyway?
lynalden.com
Similarly if you are a working musician and you put your songs on Spotify and you earn $50, you have $50. If you earn $50,000, you have $50,000. But if you earn $50 million, the math changes: Now you have a catalogue of songs worth hundreds of millions of dollars, which is the present value of your expected future earnings. Some music investment firm would probably pay you hundreds of millions of dollars for that catalogue, if you want. Even if you don’t want, Bloomberg will do the math for you and declare you a billionaire:
Two Sigma Had a Rogue Calibrator
bloomberg.com
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