It’s almost time to ditch the athleisure: Toronto bankers are slowly making their way back to offices, much later than their Wall Street counterparts.

Catch up: Bankers in Toronto’s downtown core have been working from home for over a year. Meanwhile, many Wall Street bankers began heading back to the office over the summer (though they aren’t all happy about it).

What’s happening: Now that around 80% of Canadians are fully vaccinated, Canada's big banks are planning a bigger return to office in the new year. Scotiabank, Manulife, and CI Financial are all planning a return to the office in January. 

Why it matters: The return to office will breathe life back into businesses around Toronto’s Financial District, which accounts for 14% of Toronto’s GDP.  

The global wealth of billionaires has soared 70% since the global health crisis began. Although billionaires have unlimited access to stocks, luxury homes and private equity, analysts believe investments in art could hand them their biggest payday.

According to the WSJ, “Art is among the hottest markets on earth”. Now, the ultra-wealthy are pouring money into this asset class.

Collectively, Steve Cohen, Bill Gates, and Jeff Bezos hold billions of dollars in art.

Here’s why:

• Contemporary Art prices outpaced the S&P 500 by 174% (1995-2020)
  
  
• Almost no correlation to public equities according to Citi
  
  
• Global value of art expected to reach nearly $3T in under 5 years

With Masterworks.io, the $1B tech platform from New York City, you can invest in multimillion-dollar paintings by Warhol, Picasso, and Banksy, just like buying stocks online.

With over 270,000 members, Masterworks is off to the races.

Why not join them? The Peak Subscribers get priority access*

• See important disclosures

Theranos founder Elizabeth Holmes testified at her trial, confronting allegations that she defrauded investors. 

Some context: Holmes was charged with wire fraud in 2018 when prosecutors accused Holmes of misleading investors about Theranos' business model and technology (which turned out to be a flop). Holmes faces up to 20 years in prison if she’s convicted. 

What happened: During the 12th week of her trial, Holmes admitted to using Pfizer’s and Schering-Plough’s logos on reports that were sent to partners and investors without their knowledge. 

• She also admitted to using third-party blood testing devices instead of Theranos devices because their devices couldn’t handle high volumes, but not, she claimed, because she knew its technology didn’t work. 

TL;DR: Holmes claims she had the best intentions and denied that she was aware her claims about Theranos were wrong or misleading.

Why it matters: The outcome of the Theranos case could compel startup founders to put more thought into the claims they make to potential investors.  

Vancouver-based lithium technology company Mangrove Lithium raised $12.6 million from investors, including Bill Gates.

What does Mangrove Lithium do? Mangrove Lithium developed a cost-effective way to produce lithium hydroxide, a key component of lithium-ion batteries, by cutting out steps from the traditional production process.

• Mangrove’s work is key to producing more lithium, given that current lithium demand far outpaces its supply. 

Bill Gates led Mangrove Lithium’s Series A through his investment group, Breakthrough Energy Ventures, along with BDC Capital. 

What’s next: Mangrove lithium wants to use the funding to build its first commercial plant, the first step in building a lithium refining complex. 

Businesses across Canada are signing up for Float’s corporate cards, and if you’re one of them here’s some good news: Float’s referral program is now offering a $500 Amazon gift card when you refer a friend (and we’ll give them a $500 gift card as well, for good measure).

Learn more about how to participate in Float’s referral program (and if you aren’t using Float yet, sign up here using code PEAK500 to get $500 back on your first $5000 of spend).

• A Georgia jury found all three men guilty of murdering Aumaud Arbery, in a case that fueled Black Lives Matter protests last summer. 
  
  
• Amazon workers across 20 different countries, including Canada, will strike on Black Friday. 
  
  
• Instagram head Adam Mossieri will testify before Congress for the first time in December.  
  
  
• Samsung is building a US-$17 billion chip plant in Texas. 
  
  
• Elon Musk sold another ~US-$1 billion in Tesla shares earlier this week.