Stories by Felix Salmon

Facebook's terrible, horrible, no good, very bad week

Mark zuckerberg looks at his phone outside
Facebook CEO Mark Zuckerberg. Photo: Drew Angerer/Getty Images

Less than a year ago, Recode's Kurt Wagner could write a story saying that "no one in Facebook’s upper ranks ever seems to leave the company." That's not true anymore.

Driving the news: Facebook's #3 executive, Chris Cox, left this week, along with Chris Daniels, who ran WhatsApp. Daniels himself was running the messaging subsidiary only because both of the app's co-founders had already departed — as have Instagram's co-founders.

2018 SPIVA scorecard shows percentage of funds that underperformed S&P

SPIVA is a national treasure. Run by S&P Dow Jones Indices, it's by far the most rigorous attempt to measure the probability that an active fund manager will outperform the relevant passive index.

Data: SPIVA U.S. Year-End 2018; Chart: Harry Stevens/Axios

Bill McGlashan's firing exposes hypocrisy in impact investing

Illustration: Lazaro Gamio/Axios

In a big week for hypocrisy, the leader of the pack was surely Bill McGlashan, the CEO of the world's largest impact investing fund.

McGlashan, who was once described by the New York Times as resembling "a Buddhist monk," led a multibillion-dollar investing vehicle designed (among other things) to "expand access to educational attainment." Simultaneously, he was allegedly spending $250,000 of his own money to bribe his son's way into a selective university.

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