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The AirlinePropeller Era Is Coming to an End

A chapter of U.S. air travel came to a quiet end on July 4 when the final turboprop flight at American Airlines Group Inc. landed on Maryland’s Eastern Shore at dusk. American regional carrier Piedmont Airlines was the final operator of turboprops among the Big Three U.S. carriers and their affiliates, an era that stretched back to the first flights by Delta Air Lines Inc. and United in 1928. American’s initial commercial service in June 1936 used a Douglas DC-3.  United ended its prop flying May 31, with the last service in…

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Welcome to Waltonville, Where the Worlds Richest Family Reigns

The largest family fortune on earth is run out of two floors of unmarked suites in Bentonville, Arkansas. The building is a discreet nerve center for the Walton family’s $152 billion hoard. There are plenty more overt signs of their success in the heart of the city. Walton’s former five-and-dime store in Bentonville, Arkansas. Photographer: Tom Metcalf/Bloomberg “Outside of monarchies, this is one of the greatest fortunes ever amassed,” said Andy Hart of Delegate Advisors, a multifamily office with locations in San Francisco and Chapel Hill, North Carolina. “Monarchies and…

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The Hedge Fund Summer Reading List

It’s that time of year again: summer reading season. While for many that means books for the beach, some emerging-market fund managers are yearning for titles that shed light on buying opportunities in Asia as well as the human psychology behind investing decisions. Asha Mehta, who oversees emerging markets at Acadian Asset Management in Boston, said she’s eager to crack Evan Osnos’s "Easternization: Asia’s Rise and America’s Decline From Obama to Trump and Beyond," which looks at how the rising wealth of Asian nations is shifting the balance of power…

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How to Launch an Acclaimed Winery for $8 Million or Less

Even by Napa Valley’s astronomical real estate standards, the sale of Heitz Wine Cellars for a reported $180 million raised eyebrows. It’s the new normal there, though: In response, some wineries have determined that it makes fiscal sense to find a less-expensive neighborhood. Jackson Family Wines, maker of Kendall-Jackson Chardonnay (the top selling chardonnay in the country), purchased its first vineyard in southern Oregon’s Willamette Valley in 2013. Today, the company owns and operates four wineries on more than 1,300 acres in the area, Oregon wines were served at the White House state dinner…

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Ford Is About to Abandon American Sedans

Cars will be just 10% of its North American portfolio by 2020 Wall Street cheers CEO Hackett’s ‘bold and decisive action’ Ford Motor Co. has been synonymous with cars. But now Ford, one of the great engines of 20th Century American industry, is about to do the unthinkable: more lucrative models that the company hopes will secure its future as change tears through the global auto industry. What would Henry Ford think? What might seem like a radical departure for Ford has, in fact, been years in the making. The…

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One of the Biggest Diamonds in History Has Just Been Dug Up

One of the biggest diamonds in history has been discovered in the mountainous kingdom of Lesotho in southern Africa. Gem Diamonds Ltd. found the 910-carat stone, about the size of two golf balls, at its Letseng mine in the country. It’s a D color Type IIa diamond, which means it has very few or no nitrogen atoms and is one of the most expensive stones. The diamond is the fifth-biggest ever found. The Letseng mine is famous for the size and quality of the diamonds it produces and has the…

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Malcolm Young, AC/DC Founder Who Rocked to the Top, Dies at 64

Malcolm Young, the AC/DC founder whose driving guitar rhythms and musical direction helped the Scottish-Australian band earn a place among the most successful in rock history with albums such as “Back in Black” and “Highway to Hell,” has died. He was 64. Young died in Sydney after suffering from dementia for several years, his family said in a statement. “It is with deepest sorrow that we inform you of the death of Malcolm Young, beloved husband, father, grandfather and brother,” his family said. For more than four decades, Young provided…

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Da Vincis Christ Portrait Shatters Art Record With $450 Million Sale

“Jesus Christ.” That was the reaction of mega art dealer Larry Gagosian after a rediscovered painting by Leonardo da Vinci became the most expensive work ever sold, soaring to $450.3 million at a Christie’s auction in New York on Wednesday. Alex Rotter, the auction house’s co-chairman of postwar and contemporary art in the Americas, placed the winning bid on behalf of an unidentified client after a 19-minute war that saw offers at $200 million, $300 million and $350 million fall short. The result obliterated previous world records for an art sale of…

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Want to Stay Safe While Traveling? Wear a Rolex

Explorer and conservationist Philippe Cousteau is the grandson of ocean-mapping legend Jacques. Co-founder of EarthEcho International, an environmental nonprofit aimed at inspiring young people to work on sustainability, he travels the world filming documentaries from Sumatra to South Africa. In Cousteau’s latest show, the Travel Channel’s , he and his wife—former host Ashlan Cousteau—investigate stories of lost plunder across the Caribbean. He travels about 200,000 miles a year, usually on United Airlines. “I get Economy Plus for up to half a dozen people traveling with me automatically, if they’re on the same ticket,”…

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Private-Jet Glut Spurs Insane Bargains for Aspiring Buyers

Corporate-jet makers are flooding the market, spurring deep discounts for new aircraft and fueling a three-year slide in prices of used planes. Most major manufacturers, including Gulfstream and Bombardier Inc. — which is also contending with rising hurdles in its commercial-jet business — have slowed production in the last couple years as demand for private jets sagged. That still hasn’t been enough to halt declines in aircraft values, say consultants, brokers and analysts in the $18 billion industry. Gone is the optimism stoked by the election of President Donald Trump, a…

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Martin Shkrelis One-of-a-Kind Wu-Tang Album Listed for Sale on EBay

The one and only copy of, an album by the Wu-Tang Clan purchased by former pharmaceutical executive-turned-convicted criminal Martin Shkreli, was listed for sale on EBay at a deep discount to the $2 million he paid for it.  The  Photographer: Peter Foley/Bloomberg The EBay listing for the recording states “this is the one and only Wu-Tang album,” going on to say that Shkreli “decided to purchase this album as a gift to the Wu-Tang Clan for their tremendous musical output. Instead I received scorn from at least one of their (least-intelligent) members,…

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