Friday's Fast Five: Week of 1.20

A Breach at LastPass Has Password Lessons for Us All (The New York Times): LastPass published details about a recent security breach in which cybercriminals had obtained copies of customers’ password vaults, potentially exposing millions of people’s online information. From a hacker’s perspective, this is the equivalent of hitting the jackpot.

Sam Zell – Common Sense and Uncommon Profits (podcast) (Capital Allocators): Sam Zell, chairman of Equity Group Investments, joins to discuss his early entrepreneurial efforts, formation of his investment strategy, and comfort being a contrarian. The conversation also covers Sam’s thoughts on team development, evaluating people, real estate, generational businesses, emerging markets, and opportunities for the future.

The Case Against Frequent Rebalancing of Portfolios (The Wall Street Journal): The conventional wisdom on portfolio rebalancing is clear: Do it on a regular schedule so your balance of asset classes doesn’t get out of whack. But the statistical evidence is equally clear: Frequent portfolio rebalancing is a largely pointless exercise. The benefits of rebalancing are often exaggerated, and those that are realistic can be achieved at significantly less frequent intervals.

Here’s how much money it takes to be considered middle class in 20 major U.S. cities (CNCB): The middle class has been shrinking throughout the last five decades as more Americans have entered either the upper or lower income brackets, according to Pew Research Center. Here are the income thresholds for the middle class in the 20 most populous U.S. metros.

Best and Worst Airlines of 2022: The Effect of the Southwest Mess (The Wall Street Journal): It was a turbulent year for carriers in 2022. But Southwest’s holiday meltdown stands out. So how much did the cancellations, lost bags and complaints affect the company’s place in WSJ’s annual airline rankings?