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Welcome to The Pittsburgh Newsletter!

In today’s edition:

• Business bankruptcy filings in Pittsburgh up 77% during first half of 2024.

• UpcomingPittsburgh Pirates match

• A deep-dive into the life of Thomas Mellon

• And more…

Quote of the Week

“Success is no accident. It is hard work, perseverance, learning, studying, sacrifice and most of all, love of what you are doing or learning to do.” 

–Pele

Sponsored

Investors have trusted this platform with +$1bn - here’s why

Through COVID, soaring inflation, and today’s crushing interest rates, a group of enterprising investors have collectively entrusted one billion dollars from their portfolios to Masterworks’ art investing platform.

Why? Because the contemporary art Masterworks offers—from legends like Picasso and Banksy—has demonstrated a low correlation to the stock market, inflation resistance, and exceptional appreciation potential. Not to mention Masterworks has completed 23 successful exits to date, distributing over $60+ million in net proceeds to investors in those offerings.

These investors didn’t need art expertise to diversify with blue-chip art, because Masterworks does all the heavy lifting, finding artists with appreciation potential (buying <3% of works offered) and then breaking an art offering into shares for you. If Masterworks sells a piece again for a profit, investors get a return. With 3 illustrative sales, Masterworks investors have realized net annualized returns of +17.6%, +17.8%, and +21.5%.

With 65,000+ investors, offerings can sell out quickly. Luckily, you can get priority access here.

Past performance is not indicative of future returns. Investment involves risk.

Disclosures:

The content is not intended to provide legal, tax, or investment advice.

No money is being solicited or will be accepted until the offering statement for a particular offering has been qualified by the SEC. Offers may be revoked at any time. Contacting Masterworks involves no commitment or obligation.

Contemporary art data based on repeat-sales index of historical Post-War & Contemporary Art market prices from 1995 to 2023, developed by Masterworks. There are significant limitations to comparative asset class data. Indices are unmanaged and a Masterworks investor cannot invest directly in an index. 

Net proceeds distributed back represents the total liquidation proceeds distributed back to investors, net of all fees, expenses and proceeds reinvested in Masterworks offerings, of all works Masterworks has exited to date.

See important Reg A disclosures at masterworks.com/cd.

Trivia

Here is your trivia question of the week. The answer will be shown in next week’s newsletter. Which do you think it is? No cheating!

Which Pittsburgh native and famous Jazz vocalist is known for the hit "God Bless the Child"?

A) Nina Simone

B) Lena Horne

C) Billie Holiday

D) Ella Fitzgerald

Answer to Last Week's Trivia: The Allegheny Observatory is located in C) Riverview Park, Pittsburgh.

News

💼Business

Business bankruptcy filings in Pittsburgh up 77% during first half of 2024. (Link)

Walnut Capital proposes to build on McKee Place in Oakland. (Link)

🏒Sports

Hideki Matsuyama avoids collapse, rallies to win FedEx Cup playoffs opener. (Link)

Jose Luis Ballester fends off Noah Kent to becomes first Spaniard to win US Amateur. (Link)

🏦Finance

Two credit unions in Pittsburgh's South Hills plan to merge. (Link)

Upcoming Events

Here are some events that are happening in our city this week. There is a good mix between sports, entertainment, conferences, concerts, and more.

Sports

⚾ Cincinnati Reds at Pittsburgh Pirates
PNC Park, Pittsburgh
Fri, Aug 23rd - Sun, Aug 25th | (More info)

⚾ Chicago Cubs at Pittsburgh Pirates
PNC Park, Pittsburgh
Mon, Aug 26th - Wed, Aug 28th | (More info)

Music & Concerts

🎵 One Ray
Mansions on Fifth, Pittsburgh
Thursday, Aug 22nd | (More info)

🎵 Silverada
Thunderbird Cafe & Music Hall, Pittsburgh
Friday, Aug 23rd | (More info)

Family

📚 Sunday Storytime at Squirrel Hill
5841 Forbes Ave, Pittsburgh
Sunday, Aug 25th | (More info)

Image of the Week

Every week, I have a habit of making some AI art about our city.

This week, I typed in “Pittsburgh with a large, central, computerized public library” and this is what I got.

Let me know what ideas you have for this. I really enjoy making these types of photos.

Pittsburgh Historical Events

1999: The G20 Summit is held in Pittsburgh, highlighting its post-industrial transformation.

In 1999, Pittsburgh underwent a significant transformation as it hosted the G20 Summit, marking a pivotal moment in its post-industrial evolution. The city, once known for its steel industry, had experienced economic devastation due to the decline of traditional manufacturing. However, the G20 Summit in 1999 served as a catalyst for Pittsburgh's revitalization, paving the way for its transition into a modern, knowledge-based economy. This transformation was a testament to the city's resilience and ability to adapt to the changing global landscape.

The G20 Summit in Pittsburgh highlighted the city's emergence as a hub for innovation, technology, and sustainable development. It showcased Pittsburgh's commitment to environmental sustainability and clean energy initiatives, positioning the city as a leader in the green economy movement. The summit's focus on economic cooperation and global governance also contributed to Pittsburgh's rebranding as a forward-thinking, post-industrial metropolis, setting the stage for its continued growth and prosperity in the 21st century.

Following the G20 Summit, Pittsburgh's post-industrial narrative shifted from one of decline to one of renewal and reinvention. The city's success in leveraging its industrial heritage to drive innovation and economic diversification became a model for other post-industrial cities around the world. The G20 Summit of 1999 played a pivotal role in shaping Pittsburgh's identity as a modern, dynamic city that embraces change and embraces the future with confidence and optimism.

Famous People From Pittsburgh

Thomas Mellon (1813–1908): Judge and founder of Mellon Bank.

Thomas Mellon was a distinguished and highly successful Pittsburgh entrepreneur, judge, and banker. Born in Ulster with a Scotch-Irish heritage, Thomas Mellon immigrated to the United States in 1818 at the age of five. His legacy extends beyond his entrepreneurial success, as his descendants would play major roles in American business, art, and philanthropy.

Early Life and Education (1813-1837)

Thomas Mellon was born on February 3, 1813, in Ulster, Ireland, and immigrated to the United States in 1818 at the age of five. In October 1834, he enrolled at the Western University of Pennsylvania, known as the University of Pittsburgh, and graduated in 1837.

Legal Career and Entrepreneurship (1837-1869

After graduating, Thomas Mellon pursued a career in law and became a prominent lawyer in Pittsburgh. He invested the proceeds from his legal work shrewdly, buying up large portions of downtown Pittsburgh real estate, laying the foundation for his future business ventures.

Founding of Mellon Bank (1869-1870)

In 1869, Thomas Mellon founded Mellon Bank, which would become one of the most prominent financial institutions in the United States. His vision and leadership laid the groundwork for the bank's success and its enduring legacy in the financial industry.

Judicial Career and Influence (1870-1908)

Thomas Mellon served as a judge and greatly influenced the fortunes of his hometown, Pittsburgh, throughout the late 19th century. His contributions to the legal system and his impact on the city's development solidified his reputation as a respected figure in Pittsburgh.

Legacy and Family Dynasty

Thomas Mellon's sons, Andrew William and Richard Beatty, joined him in building the family's wealth and influence, becoming some of the wealthiest men in the United States. The Mellon family's legacy extended to major roles in American business, art, and philanthropy, leaving a lasting impact on the nation's history.

Key Achievements of Thomas Mellon:

• Founded Mellon Bank, one of the most prominent financial institutions in the United States.

• Shrewdly invested in downtown Pittsburgh real estate, laying the foundation for future business ventures.Served as a judge and greatly influenced the fortunes of Pittsburgh.

• - Built a family dynasty that played major roles in American business, art, and philanthropy.

• Left a lasting legacy that continues to impact the nation's history.

In summary, Thomas Mellon's life was marked by entrepreneurial success, legal acumen, and a lasting impact on Pittsburgh and the United States. His founding of Mellon Bank and his influence on the city's development solidified his reputation as a respected figure, and his family's legacy continues to shape American business, art, and philanthropy.

Connect With Me

If you want to connect, reply to this email and let me know what you think.

I would love to hear from you. Don’t be shy.

-Matthew Larsen

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