A federal jury in Missouri last week found the National Association of Realtors and large brokerages conspired to keep commissions artificially high, finding them liable for $1.8 billion in damages.

This decision could have a major impact on anyone buying or selling a home. For one, it could lead to a 30% decrease in the $100 billion Americans pay in real estate commissions every year, according to investment banking firm Keefe, Bruyette & Woods (KBW).

What else might change?

More flexibility for buyers. Under the current system, sellers pay their own agent’s commission of roughly 5%–6%, which is shared with the buyer’s agent. If sellers are banned from paying buyers’ agents, then buyers would have to pay their own agent (if they choose to use one) a flat fee or hourly rate.

But first-time buyers could feel the crunch. That fee could be a bigger issue for first-time buyers who haven’t amassed the savings to pay for an agent on top of their down payments and closing costs.

Less commission paid by sellers. In order to advertise a listing on a database known as the MLS (Multiple Listing Service), which populates real estate websites like Zillow and Redfin, sellers in most markets must agree to pay the buyer’s agent’s commission as well as their own agent’s. That practice could be scrapped.

Trouble for real estate agents. With $30 billion potentially leaving the industry, KBW estimates 1.6 million agents could lose their jobs.

Startups get new life. Previously, companies like Purplebricks and REX offered lower or flat fees to sellers and did not promise to pay the buyer’s agent’s commission, but were eventually forced to close their doors. REX co-founder Jack Ryan told the WSJ, “This will be a catalyst because no one could break the cartel.”

Looking ahead…legal battles are still ongoing, and the size of the fallout will become clearer when the judge in the Missouri case explains what industry rules will need to change following the jury’s guilty verdict. But whatever the judge says, the US real estate industry will never be the same.

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Blinken makes high-stakes diplomatic tour of Middle East. Secretary of State Antony Blinken made surprise stops in the Israeli-occupied West Bank and Baghdad, where he discussed getting more aid to civilians in Gaza and suggested the Palestinian Authority could have a “central role” in Gaza should Israel dismantle Hamas’s control in the territory. Over the weekend, pro-Palestinian demonstrations were held in global cities, including a large protest in DC, while Israelis whose family members were taken hostage by Hamas decried the lack of attention on the kidnappings. Influential US senators called on Israel to change tactics and limit Palestinian civilian casualties as the death toll soars.

Elon Musk unveils Grok, the “rebellious” chatbot. There’s a new generative AI chatbot on the scene and it’s here to ask, “How do you do, fellow chatbots?” Elon Musk announced his latest invention Sunday morning, saying his new chatbot, Grok—built by his AI company, xAI—will have a “rebellious streak” and bring a sense of humor and sarcasm that rivals like ChatGPT don’t offer. Musk posted an example of Grok’s cutting-edge abilities on X where the chatbot gave broad instructions for making cocaine but ended the recipe with the famous comedic phrase, “Just kidding!” Grok will have real-time access to X, which Musk says gives it a massive advantage over other chatbots.

Berkshire Hathaway posts surge in profits and record cash. Warren Buffett’s Omaha-based conglomerate reported a 40% increase in operating profits to $10.8 billion and grew its cash pile to a record $157 billion last quarter. Buffett seemed pretty sour on stocks: In Q3, he sold more than $5 billion worth of US and foreign stocks while piling money into Treasury bills now yielding 5% or more. Berkshire-owned insurance company Geico, which Buffett has called his “favorite child,” continued to bounce back from its recent slump with underwriting earnings of $1.1 billion.

As it tries to plug a big financial hole and boost declining readership, the Washington Post hired news industry vet William Lewis as its new CEO and publisher.

Acquired by Jeff Bezos for $250 million in 2013, the Post was on a roll when then-President Donald Trump was in the headlines, reaching a peak of 3 million digital subscribers in 2020. But since Trump left office, the company’s digital audience has plunged 28% and its subscriber base has fallen to 2.5 million. It’s on pace to lose $100 million this year, per the New York Times.

Missed revenue goals and low employee morale caught the attention of Bezos, who took a renewed interest in the Post in January after being hands-off for years. In a letter to journalists last month, Bezos wrote that he’s “as committed to the future of The Post as ever,” but stressed it’s “important” that it become profitable.

Enter: William Lewis. The “relevant experience” section of Lewis’s resume would run well over a page, since he’s been the CEO of WSJ-parent Dow Jones, the editor of the Daily Telegraph, and co-founder of the startup News Movement. He was even knighted earlier this year.

Looking ahead…Lewis will try to capitalize on interest around the upcoming presidential election (ft. Trump) to make Bezos not regret his purchase.

Just gonna circle back . We just wrapped up the 4th season of Fresh Invest, the investing podcast sponsored by Fidelity and powered by Morning Brew. For our final ep, we’re recapping some big hits from the season, including:

• key strategies for millennial investors
• the ins and outs of preparing for retirement
• how AI is changing the landscape of finance
• blending finances with your partner

WeBankrupt: Once among the most valuable startups in the world, WeWork is expected to file for bankruptcy this week. WeWork’s bankruptcy would be a blow to landlords who have leased a large portion of their real estate to the company, particularly in New York, and are struggling to make payments on debt tied to their buildings. It will also be a good time to revisit when WeWork invested in a company that makes artificial surfing waves.

Donald Trump to take the stand in his civil trial: Trump is scheduled to testify today in a civil fraud trial over accusations that he inflated his net worth by billions of dollars to secure better loans from banks. While the former president is not facing prison time, the trial could cost him his real estate empire. The presiding judge already ruled that Trump, his sons, and the Trump Organization committed fraud by exaggerating the value of their assets—all that’s left to be determined is how much they will owe and whether the Trumps can continue doing business in New York.

Virginia election seen as bellwether for national races: As Americans head to the ballot box on Tuesday, Virginia’s statewide elections will be closely watched as a preview of next year’s presidential race. The biggest campaign issue appears to be abortion. According to Politico, Democratic TV ads mentioned abortion ~2.5 times more frequently than the second most talked about issue, education.

Everything else…

• Disney, Warner Bros. Discovery, and Uber highlight another busy earnings week.
• The highly anticipated PlayStation 5 Slim will reportedly be available Friday and come with a copy of Call of Duty: Modern Warfare III.
• The Marvels, starring Brie Larson and Samuel L. Jackson, opens Friday.
• College hoops returns to action today.
• Veterans Day is Saturday (but observed on Friday).

Stat: The Great Catalytic Converter Panic of 2022 has been exhausted. After surging during Covid, the average number of catalytic converter thefts per month has dropped by about half this year, according to the National Insurance Crime Bureau. While law enforcement has cracked down, the primary catalyst for fewer thefts is a simple matter of supply and demand. Catalytic converters became a target when the precious metals they’re made of—like rhodium—spiked in value. But the price of rhodium has plunged from nearly $26,000 per ounce in 2021 to less than $5,000 now, drying up the black market.

Quote: “The situation at Harvard is dire and getting worse, much worse than I had realized.”

Billionaire investor Bill Ackman wrote a letter urging Harvard University President Claudine Gay to take immediate action to address antisemitism on campus. Ackman, a Harvard alum, wrote that Jewish students are facing verbal abuse and are concerned about their physical safety given the spike in antisemitic incidents during the Israel–Hamas war. Ackman’s note follows a letter sent to more than 100 law school deans by top US law firms that implied they’d be hesitant to hire students from universities that don’t take an “unequivocal stance” against antisemitism.

Read: The twilight of prestige television. (New Yorker)

Winter is coming: Here are the signs of seasonal depression.

Travel tips: Five travel lessons and one “mistake” from 50 years of Lonely Planet.

Top to bottom: This very basic website allows you to rank anything objectively.

Screen time: Why Amazon’s Echo Show 8 is still the smart display to beat.

Excel class: You asked, and we delivered. Our popular free events with Miss Excel are back this Wednesday, Nov 8. Learn how to excel at Excel with this exclusive, two-session offering. Snag your seat now.

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