# Wednesday Morning Reads: Financial and Business Highlights From the mortgage king to Chinese EVs, today's top financial and business stories. - **Source:** [The Big Picture](https://ritholtz.com) - **Published:** 2026-08-12 - **Topic:** [Business](https://brifing.si/c/business) - **Original article:** - **On Brifing:** https://brifing.si/s/23d1a36e-8b8b-45ce-b85a-d1a8de44e3cb ## Mortgage King Loses $600 Million United Wholesale Mortgage CEO Mat Ishbia lost $600 million due to a failed takeover attempt and poorly timed bets on interest rates. The rescue by Oaktree Capital Management highlights how harsh terms can be in the financial world. Ishbia's company is the second-largest mortgage lender in the U.S. ## Chinese EVs Shake Up Global Market High gasoline prices are boosting China's electric vehicle exports. Thailand cut excise taxes on imported EVs and its prime minister swapped his Rolls-Royce for a BYD. Laos banned gasoline car imports outright. Chinese manufacturers are becoming increasingly dominant in the global auto market. ## Could a Drone 'Hellscape' Protect Taiwan? Inspired by Ukraine's battlefield successes, Taiwan is investing in drone technology to deter a potential Chinese invasion. The Pentagon's plan to fill the Taiwan Strait with thousands of cheap autonomous systems is seen as a strategic move. However, the effectiveness of these systems remains debated. ## Greenland Warns Trump-Linked Oil Company The Greenland government issued a 'strong warning' after Trump-linked Greenland Energy brought drilling equipment ashore. Authorities clarified no drilling permits were issued. Environmental groups highlight the ecological risks of oil exploration in the Arctic region. ## Animation Studios' AI Dilemma Studios are laying off skilled animators only to rehire them to fix AI model errors. According to the Washington Post, this 'full cycle' is creating more problems than efficiency in the industry. Experts argue AI's role in creative processes needs reevaluation. ## The Best Way to Sell a Concentrated Position Nick Maggiulli's analysis in Of Dollars And Data shows mathematical approach is crucial when selling concentrated positions. Most discover they need to sell more than they'd like. While not promising huge gains, this strategy provides financial security. ## 2026 Solar Eclipse: Viewing Guide The total solar eclipse in August 2026 promises an unforgettable experience for skywatchers. National Geographic details viewing locations and conditions. Experts warn even partial eclipses require proper eye protection. ## Turning Point in Financial Markets The convergence of forward P/E ratios between chipmakers and healthcare sectors for the first time in years has become a significant indicator for investors. Apollo data suggests this signals shifting sectoral balances. Experts emphasize portfolio diversification importance. ## Sources covering this story - https://ritholtz.com/2026/08/10-wednesday-am-reads-384/ — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._