Musings on Markets
Earnings and Cash Flows: A Primer on Free Cash Flow
It is never pleasant to be in the midst of a market correction, but a market correction does operate...
over a year ago
It is never pleasant to be in the midst of a market correction, but a market correction does operate as a cleanser for excesses that enter into even the most disciplined investors' playbooks in the good times. This correction has been no exception, as the threat of losing...
Moneyness
Central bank digital currencies and the fallacy of immaculate adoption
I recently noticed that the Bank of Jamaica, Jamaica's central bank, has implemented two new...
a year ago
I recently noticed that the Bank of Jamaica, Jamaica's central bank, has implemented two new marketing strategies to drive adoption of its new central bank digital currency, Jam-Dex. Jam-Dex is one of only four operational central bank digital currencies (CBDCs) in the world,...
Mazdak
Working Out Will Change Your Life
Do you want to lose weight? Have more energy? Sleep better? Improve your mood? If so, then you need...
a year ago
Do you want to lose weight? Have more energy? Sleep better? Improve your mood? If so, then you need to start working out. Working out has a myriad of benefits that can improve your life in many ways. Here are just a few of the ways that working out can change your life:
Bits about Money
Financial systems take a holiday
Ever wondered about what happens when banks are closed or why some apps have operating hours? It's...
10 months ago
Ever wondered about what happens when banks are closed or why some apps have operating hours? It's fascinating.
The Rational Walk
Berkshire Hathaway’s Q2 2023 Results
Thoughts on Berkshire Hathaway's second quarter results with a focus on GEICO, BNSF, HomeServices,...
a year ago
Thoughts on Berkshire Hathaway's second quarter results with a focus on GEICO, BNSF, HomeServices, Clayton Homes, Apple, and share repurchases.
Calculated Risk
Hotels: Occupancy Rate increased Year-over-year
From STR: U.S. hotel results for week ending 7 December
The U.S. hotel industry reported positive...
a month ago
From STR: U.S. hotel results for week ending 7 December
The U.S. hotel industry reported positive year-over-year performance comparisons, according to CoStar’s latest data through 7 December. ...
Occupancy: 59.0% (+0.5%)
emphasis added
The following graph shows the seasonal...
The Rational Walk
What I’ve Been Reading
Thoughts on the books I read in Q4 2023
a year ago
Thoughts on the books I read in Q4 2023
Musings on Markets
Dealing with Aging: Updating the Intel, Walgreens and Starbucks Stories!
A few weeks ago, I posted on the corporate life cycle, the subject of my latest book. I argued that...
4 months ago
A few weeks ago, I posted on the corporate life cycle, the subject of my latest book. I argued that the corporate life cycle can explain what happens to companies as they age, and why they have to adapt to aging with their actions and choices. In parallel, I also noted that...
The Rational Walk
Warren Buffett on Inflation — Part 2
Inflation took the auto insurance industry by surprise in the 1970s, impacting Berkshire's auto...
a year ago
Inflation took the auto insurance industry by surprise in the 1970s, impacting Berkshire's auto insurance business as well as nearly bankrupting GEICO.
FIRE v London
Feb ’23: taking profits
February was cold, but mercifully dry. The days are becoming a welcome bit longer. London is filling...
a year ago
February was cold, but mercifully dry. The days are becoming a welcome bit longer. London is filling up again, post covid, though Mondays and Fridays remain subdued to put it mildly. Market movements in February In the markets, February started strongly, but then something...
Mazdak
Tech Today - Apple Smart Home Camera
Subscribe to our newsletter at Mazdak.com
2 months ago
Subscribe to our newsletter at Mazdak.com
Musings on Markets
Toys for Billionaires: Sports Franchises as Trophy Assets!
I have always loved sports, playing tennis and cricket when I was growing up, before transitioning...
a year ago
I have always loved sports, playing tennis and cricket when I was growing up, before transitioning to fan status, cheering for my favored teams from the sidelines. I also like finance, perhaps not as much as sports, but there are winners and losers in the investment game as well....
Bits about Money
Deposit franchises as natural hedges
Many observe that banks seem to be blowing up due to predictable consequences of rising interest...
a year ago
Many observe that banks seem to be blowing up due to predictable consequences of rising interest rates. How did we get here?
Mazdak
Four Dumb Things You're Doing That Are Making You Lose Money in the Stock Market
Navigating the stock market can be a daunting task, especially for those new to investing. While...
a year ago
Navigating the stock market can be a daunting task, especially for those new to investing. While there are many strategies that can help you achieve your financial goals, there are also some surefire ways to lose money. Here are four of the most common mistakes investors make:
Musings on Markets
Market Bipolarity: Exuberance versus Exhaustion!
As we enter the last quarter of 2023, it has been a roller coaster of a year. We started the year...
a year ago
As we enter the last quarter of 2023, it has been a roller coaster of a year. We started the year with significant uncertainty about whether the surge in inflation seen in 2022 would persist as well as about whether the economy was headed into a recession. In the first half of...
Musings on Markets
Data Update 1 for 2025: The Draw (and Danger) of Data
For the last four decades, I have spent the first week of each year collecting and analyzing data on...
a week ago
For the last four decades, I have spent the first week of each year collecting and analyzing data on publicly traded companies and sharing what I find with anyone who is interested. It is the end of the first full week in 2025, and my data update for the year is now up and...
Mazdak
Yelp's Transformation: From Review Revolution to Advertising Efficiency
Yelp, the online review platform that revolutionized local business discovery, has undergone a...
a year ago
Yelp, the online review platform that revolutionized local business discovery, has undergone a remarkable transformation in recent years. Shifting from a sales-driven model to a self-service advertising engine, Yelp has achieved significant efficiency gains and revitalized its...
Calculated Risk
NAHB: Builder Confidence "Edges Up" in January
The National Association of Home Builders (NAHB) reported the housing market index (HMI) was at 47,...
2 days ago
The National Association of Home Builders (NAHB) reported the housing market index (HMI) was at 47, up from 46 last month. Any number below 50 indicates that more builders view sales conditions as poor than good.
Builder Confidence Edges Up Even as Market Risk Concerns...
Mazdak
OpenAI in Turmoil: Altman and Brockman Join Microsoft, Employees Revolt
In a stunning turn of events, Sam Altman and Greg Brockman, the ousted CEOs of OpenAI, the...
a year ago
In a stunning turn of events, Sam Altman and Greg Brockman, the ousted CEOs of OpenAI, the non-profit research company behind groundbreaking artificial intelligence advancements, are joining Microsoft to lead a new research unit. This move comes after failed talks to reinstate...
Mazdak
Anthropic's AI Breakthrough & Boeing's Q3 Disaster
Boeing's Q3 earnings report reveals a massive loss, while Anthropic's Claude AI showcases...
2 months ago
Boeing's Q3 earnings report reveals a massive loss, while Anthropic's Claude AI showcases mind-blowing new capabilities.
Calculated Risk
Monday: Pending Home Sales
Weekend:
Schedule for Week of December 29, 2024
Chicago Purchasing Managers Index for...
2 weeks ago
Weekend:
Schedule for Week of December 29, 2024
Chicago Purchasing Managers Index for December.
Pending Home Sales Index for November. The consensus is for a 0.7% increase in the index.
Dallas Fed Survey of Manufacturing Activity for December. This is the last of regional...
Musings on Markets
The Corporate Life Cycle: Corporate Finance, Valuation and Investing Implications!
As I reveal my ignorance about TikTok trends, social media celebrities and Gen Z slang, my children...
5 months ago
As I reveal my ignorance about TikTok trends, social media celebrities and Gen Z slang, my children are quick to point out my age, and I accept that reality, for the most part. I understand that I am too old to exercise without stretching first or eat a heaping plate of cheese...
The Rational Walk
The Berkshire Hathaway Playbook
Competition tends to eliminate high profits resulting from business models that have worked...
11 months ago
Competition tends to eliminate high profits resulting from business models that have worked spectacularly well. Will Berkshire's playbook continue to perform well in the future?
Moneyness
Why I'm in favor of financial illiteracy
I'm not a fan of mandatory investor education classes. The issue was brought up recently by former...
9 months ago
I'm not a fan of mandatory investor education classes. The issue was brought up recently by former chair of FDIC, Sheila Bair, who sees such classes as ways to stop future FTX-style disasters.
The model of finance I've been using for many years is the fairly dismal dark forest...
Mazdak
Gannett Sues Google for Digital Advertising Monopoly.
Gannett Sues Google for Digital Ad Monopoly. iPhone 15 Pro Max: Everything We Know So Far About...
a year ago
Gannett Sues Google for Digital Ad Monopoly. iPhone 15 Pro Max: Everything We Know So Far About Apple's Next Flagship. Reddit Protests Continue as Company Threatens to Remove Moderators. Gannett Sues Google for Digital Ad Monopoly. Gannett, the largest U.S. newspaper chain, has...
FIRE v London
Apr ’23: Wind and windfalls
April saw the season of long weekends begin here in the UK. Easter saw me inspired by the Ermine to...
a year ago
April saw the season of long weekends begin here in the UK. Easter saw me inspired by the Ermine to check out Dorset’s Chesil beach. We struck lucky with the weather and had a fine, distinctly non-London, time, over a very blustery Easter weekend. My walking shoes seem to have...
Mazdak
Unlocking Tax Savings and Building Wealth for Your Children: A Smart Strategy for Business Owners
As a business owner, you're constantly seeking ways to optimize your operations, reduce costs, and...
a year ago
As a business owner, you're constantly seeking ways to optimize your operations, reduce costs, and maximize profits. But have you considered a strategy that not only benefits your business but also sets your children up for financial success? The concept of hiring your children...
Moneyness
How should money laundering laws apply to DeFi?
Everyone agrees that money laundering laws apply to DeFi. The question is: how to apply them?
DeFi,...
4 months ago
Everyone agrees that money laundering laws apply to DeFi. The question is: how to apply them?
DeFi, or decentralized finance, is an emerging segment of the broader financial industry that delivers traditional financial services, say like trading or lending, using a novel type of...
FIRE v London
August ’24: From triumph to tragedy
Looking back on the month, it was more eventful than Augusts are reputed to be. In the UK we are...
4 months ago
Looking back on the month, it was more eventful than Augusts are reputed to be. In the UK we are getting used to our new government. And, in some cases, violently testing its boundaries with some summer rioting. We’ve seen some dreadful street behaviour, frequently of a racist /...
Moneyness
Renovatio monetae
This silver pfennig from the Archbishopric of Magdeburg (1152-1192) was subject to a policy of...
8 months ago
This silver pfennig from the Archbishopric of Magdeburg (1152-1192) was subject to a policy of renovatio monetae. Twice a year whoever held it had to bring it in to be changed for new coins at a rate of four old coins to three new coins. That suggests an annualized tax rate on...
The Rational Walk
Berkshire Hathaway’s Q3 2023 — Overview
A high level overview of third quarter results and year-to-date repurchase activity.
a year ago
A high level overview of third quarter results and year-to-date repurchase activity.
Citation Needed
Issue 56 – What are you gonna do, arrest me?
The Binance CEO's sentencing draws near, and prosecutors have been busy chasing down other crypto...
8 months ago
The Binance CEO's sentencing draws near, and prosecutors have been busy chasing down other crypto criminals. Also, lawmakers take another stab at stablecoin regulation.
balajis.com
All It Takes Is All You Got
Your assets are the government's collateral.
9 months ago
Your assets are the government's collateral.
Calculated Risk
2nd Look at Local Housing Markets in November
Today, in the Calculated Risk Real Estate Newsletter: 2nd Look at Local Housing Markets in...
a month ago
Today, in the Calculated Risk Real Estate Newsletter: 2nd Look at Local Housing Markets in November
A brief excerpt:
NOTE: The tables for active listings, new listings and closed sales all include a comparison to November 2019 for each local market (some 2019 data is not...
The Diff
Are VCs Incentivized to be too Nice for Venture Debt?
Plus! Art of the Cram-Down; Transaction Costs; Amazon Air; Bull Markets; Misinformation
a month ago
Plus! Art of the Cram-Down; Transaction Costs; Amazon Air; Bull Markets; Misinformation
Citation Needed
Issue 44 – Four
The Justice Department's interest in Binance isn't just "FUD" anymore.
a year ago
The Justice Department's interest in Binance isn't just "FUD" anymore.
The Rational Walk
Costco’s Director Compensation
Charlie Munger's service on Costco's board makes the retailer's director compensation approach a...
a year ago
Charlie Munger's service on Costco's board makes the retailer's director compensation approach a potential model for Berkshire Hathaway in the future.
Moneyness
Stablecoins are non-fungible, bank deposits are fungible
On Twitter/X, I recently suggested that the network effects of the stablecoin market are massive....
4 days ago
On Twitter/X, I recently suggested that the network effects of the stablecoin market are massive. Tether, which has four times more wallets than all other stablecoins, is locked-in as the stablecoin lingua franca, just like English has been locked-in as the global language of...
Mazdak
Binance CEO Steps Down and Pleads Guilty as Part of $4.3 Billion Settlement
Binance is the world's largest crypto exchange, and CEO Changpeng "CZ" Zhao is the most powerful...
a year ago
Binance is the world's largest crypto exchange, and CEO Changpeng "CZ" Zhao is the most powerful player in the industry. This deal puts an end to a years-long investigation into Binance. The deal: CZ agreed to pay $50 million in fines and is prohibited from operating or managing...
Mazdak
What Expenses Can You Write Off Against Your Business Income?
Taxes are an inevitable part of running a business, but that doesn't mean you have to pay more than...
11 months ago
Taxes are an inevitable part of running a business, but that doesn't mean you have to pay more than your fair share. Fortunately, the law allows you to deduct certain expenses from your business income, lowering your taxable amount and saving you money. But navigating the world...
Farnam Street
Focus to Win
Anyone can say no to bad ideas, but only a focused person can say no to good ideas. Focus is about...
over a year ago
Anyone can say no to bad ideas, but only a focused person can say no to good ideas. Focus is about saying no. When talking about one of the biggest lessons he learned from Steve Jobs, Jonny Ive said it was focus. This sounds really simplistic, but it still shocks me how few...
Calculated Risk
BLS: CPI Increased 0.4% in December; Core CPI increased 0.2%
From the BLS:
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent on a...
3 days ago
From the BLS:
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent on a seasonally adjusted basis
in December, after rising 0.3 percent in November, the U.S. Bureau of Labor Statistics reported today. Over the
last 12 months, the all items index...
Calculated Risk
Q4 GDP Tracking: 2.1% to 3.0% Range
From BofA:
Since our last weekly publication, our 4Q GDP tracking estimate has moved up...
16 hours ago
From BofA:
Since our last weekly publication, our 4Q GDP tracking estimate has moved up three-tenths to 2.1% q/q saar. [Jan 17th estimate]
emphasis added
From Goldman:
Following this morning’s data, we boosted our Q4 GDP tracking estimate by 0.1pp to +2.6%...
Musings on Markets
Data Update 1 for 2023: Setting the table!
In my last post, I talked about the ritual that I go through every year ahead of my teaching each...
over a year ago
In my last post, I talked about the ritual that I go through every year ahead of my teaching each spring, and in this one, I will start on the first of a series of posts that I make at the start of each year, where I look at data, both macro and company-level. In this post, I...
Calculated Risk
CPI Preview
The Consumer Price Index for December is scheduled to be released tomorrow. The consensus is for...
4 days ago
The Consumer Price Index for December is scheduled to be released tomorrow. The consensus is for 0.3% increase in CPI, and a 0.2% increase in core CPI. The consensus is for CPI to be up 2.9% year-over-year and core CPI to be up 3.3% YoY.
We expect a 0.25% increase in December...
Mazdak
Cloudflare 2024 Internet Report Analysis
Join us as we break down Cloudflare's groundbreaking report and expose fascinating trends in...
a month ago
Join us as we break down Cloudflare's groundbreaking report and expose fascinating trends in internet traffic, security, and adoption.
The Rational Walk
The Digest #201
Daily Journal, The Oresteia, Elon's compensation, TSMC, Banks in disguise, Reading about stupidity,...
7 months ago
Daily Journal, The Oresteia, Elon's compensation, TSMC, Banks in disguise, Reading about stupidity, Zweig on Ben Graham's continued relevance, 3G Capital, Morgan Housel, Christopher Tsai
Citation Needed
"The Monkey Fraud": An interview with Ryder Ripps
An interview with Ryder Ripps, a defendant in the Yuga Labs v. Ripps case about Bored Ape Yacht Club...
9 months ago
An interview with Ryder Ripps, a defendant in the Yuga Labs v. Ripps case about Bored Ape Yacht Club trademark infringement and racism.
Commoncog
Data and the Capital Cycle: How Koch Became an Empire
How Koch Industries became an empire. We draw on ideas from both the Becoming Data Driven series and...
a year ago
How Koch Industries became an empire. We draw on ideas from both the Becoming Data Driven series and the Capital Expertise series.
Moneyness
The strange new world of multifunctional assets
I would never own it, but the cryptocurrency BNB is probably one of the strangest most interesting...
a year ago
I would never own it, but the cryptocurrency BNB is probably one of the strangest most interesting assets I've ever analyzed. No other asset (perhaps ever?) provides its owner with so much functionality.
Is the sort of multi-functionality offered by assets like BNB a feature...
balajis.com
Going Meta
Meta may be Android to Apple's Apple.
a year ago
Meta may be Android to Apple's Apple.
Musings on Markets
AI's Winners, Losers and Wannabes: An NVIDIA Valuation, with the AI Boost!
I will start this post with a couple of confessions. The first is that my portfolio has held up well...
a year ago
I will start this post with a couple of confessions. The first is that my portfolio has held up well this year, in a market that has been top-heavy and tech-driven, and one big reason is that it contains both NVIDIA and Microsoft, two companies that have benefited from the AI...
Mazdak
More Creators Can Now Make Money on YouTube
YouTube Lowers Monetization Requirements for Creators. New Twitter CEO Linda Yaccarino Sets Out...
a year ago
YouTube Lowers Monetization Requirements for Creators. New Twitter CEO Linda Yaccarino Sets Out Vision for the Platform. YouTube Makes It Easier for Small Creators to Earn Money YouTube is lowering the eligibility requirements for creators to make money from their channels....
Calculated Risk
ISM® Manufacturing index Increased to 49.3% in December
(Posted with permission). The ISM manufacturing index indicated contraction. The PMI® was at 49.3%...
2 weeks ago
(Posted with permission). The ISM manufacturing index indicated contraction. The PMI® was at 49.3% in December, up from 48.4% in November. The employment index was at 45.3%, down from 48.1% the previous month, and the new orders index was at 52.5%, up from 50.4%.
Manufacturing...
The Diff
Longreads + Open Thread
Kotkin, Luttwak, Poker, DRW, PCs, Statistics, AI, Hamilton
a month ago
Kotkin, Luttwak, Poker, DRW, PCs, Statistics, AI, Hamilton
Mazdak
The Dangers of AI "Answers"
From fake presidential pardons to AI-generated movie reviews, artificial intelligence is blurring...
a month ago
From fake presidential pardons to AI-generated movie reviews, artificial intelligence is blurring the lines between fact and fiction.
Moneyness
For the first time ever, euro paper money in circulation is shrinking
Why is the paper euro shrinking? Are we at peak cash?
To begin with, here is the data,...
a year ago
Why is the paper euro shrinking? Are we at peak cash?
To begin with, here is the data, charted:
As the orange line shows, Europe is experiencing its first year-over-year drop in paper money in circulation.
While it's tempting to attribute this to paper money's declining...
Commoncog
Commoncog's Next Phase
Announcing the launch of the Commoncog Case Library, setting the Learning in Ill-Structured Domains...
a year ago
Announcing the launch of the Commoncog Case Library, setting the Learning in Ill-Structured Domains series free, and one more thing.
Farnam Street
Language: Why We Hear More Than Words
It’s a classic complaint in relationships, especially romantic ones: “She said she was okay with me...
over a year ago
It’s a classic complaint in relationships, especially romantic ones: “She said she was okay with me forgetting her birthday! Then why is she throwing dishes in the kitchen? Are the two things related? I wish I had a translator for my spouse. What is going on?” The answer: Extreme...
The Rational Walk
The Digest #223
Corporate Taxes, Election Gambling in 1916, Berkshire's Cash, Treasury Inflation Protected...
2 months ago
Corporate Taxes, Election Gambling in 1916, Berkshire's Cash, Treasury Inflation Protected Securities, Market Prices as Political Predictors, The Three Indias, Semiconductor Progress
Moneyness
Is it legal to mix cash in a jar?
Chris Blec asks the following question:
Source: Twitter
Chris's premise is that it is "not...
a year ago
Chris Blec asks the following question:
Source: Twitter
Chris's premise is that it is "not illegal" for him to get together with a bunch of strangers to mix cash. But that's not quite right. It can be legal. It can also be illegal. To determine which it is, we need to...
Commoncog
Building a Valuable Business? It's How You Spend It That Matters
The skill of capital allocation — a mysterious, under-discussed element of remarkable business...
a year ago
The skill of capital allocation — a mysterious, under-discussed element of remarkable business performance.
Calculated Risk
Tuesday: Trade Deficit, Job Openings, ISM Services
From Matthew Graham at Mortgage News Daily: Mortgage Rates Barely Budge to Start New Week
The bond...
a week ago
From Matthew Graham at Mortgage News Daily: Mortgage Rates Barely Budge to Start New Week
The bond market and interest rates have arrived at the first full week of the new year almost exactly where they left off before the X-mas/New Year holiday weeks. ... Although the past 2...
Commoncog
Lia DiBello and Neil Sahota on Human-AI Symbiosis
Lia DiBello and Neil Sahota join Cedric Chin to talk about a human-first, expertise-oriented...
5 days ago
Lia DiBello and Neil Sahota join Cedric Chin to talk about a human-first, expertise-oriented approach to AI in real world domains.
Commoncog
The Secret at the Heart of Continuous Improvement
Continuous Improvement sounds simple, even obvious. And yet there's a profound secret at its heart...
9 months ago
Continuous Improvement sounds simple, even obvious. And yet there's a profound secret at its heart that doesn't seem to get talked about.
The Rational Walk
What I’ve Been Reading
This post is a list of books that I read in the second quarter of 2024, including Aeschylus,...
6 months ago
This post is a list of books that I read in the second quarter of 2024, including Aeschylus, Herodotus, the Odyssey, and American Scripture.
The Diff
The Loneliness Economy Wins Through Higher Sustained Productivity Growth
Plus! Bond Vigilantes; Deeper AI Search; Analysts; Shareholder Votes; Networks are Expensive to...
a week ago
Plus! Bond Vigilantes; Deeper AI Search; Analysts; Shareholder Votes; Networks are Expensive to Build
Musings on Markets
Data Update 4 for 2023: Country Risk - Measures and Implications
I describe myself as a dabbler, and it does get in the way of my best laid plans. A few weeks ago, I...
a year ago
I describe myself as a dabbler, and it does get in the way of my best laid plans. A few weeks ago, I posted my first data update pulling together what I had learned from looking at the data in 2023, and promised many more on the topic. In the month since, I have added two more...
Musings on Markets
The Seven Samurai: How Big Tech Rescued the Market in 2023!
I was planning to finish my last two data updates for 2024, but decided to take a break and look at...
11 months ago
I was planning to finish my last two data updates for 2024, but decided to take a break and look at the seven stocks (Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia and Tesla) which carried the market in 2023. While I will use the "Magnificent Seven" moniker attached by these...
Mazdak
A Guide to 2024 Tax Brackets and Rates (Canada 🇨🇦)
Tax season can be a daunting journey, with its intricate paths and hidden obstacles. For Canadian...
a year ago
Tax season can be a daunting journey, with its intricate paths and hidden obstacles. For Canadian taxpayers, understanding the tax code and optimizing their financial position requires careful planning and informed decisions. This comprehensive guide equips you with the knowledge...
Moneyness
How is the foreign expansion of Canadian banks going?
With the high profile nixing of TD Bank's purchase of First Horizon Bank last month, I thought I'd...
a year ago
With the high profile nixing of TD Bank's purchase of First Horizon Bank last month, I thought I'd take a step back and try to visualize the last few decades of Canadian bank expansion outside of the country.
What I've done is go through the annual reports of the big-5 banks at...
Commoncog
The Disaffected PhD Skunkworks: A Story About Process Improvement
A concrete story of positive process improvement, deep from the trenches of early customer service...
over a year ago
A concrete story of positive process improvement, deep from the trenches of early customer service at Amazon.
Mazdak
2024 Tax Changes in Canada: A Detailed Guide for Canadians 💰🇨🇦
The Canadian tax landscape undergoes periodic shifts, and 2024 is no exception. This year,...
a year ago
The Canadian tax landscape undergoes periodic shifts, and 2024 is no exception. This year, adjustments and updates across various areas present both opportunities and considerations for taxpayers. Let's explore the key changes and consider their potential ramifications.
Calculated Risk
Question #8 for 2025: How much will Residential investment change in 2025? How about housing starts...
Today, in the CalculatedRisk Real Estate Newsletter: Question #8 for 2025: How much will Residential...
3 weeks ago
Today, in the CalculatedRisk Real Estate Newsletter: Question #8 for 2025: How much will Residential investment change in 2025? How about housing starts and new home sales in 2025?
Earlier I posted some questions on my blog for next year: Ten Economic Questions for 2025. Some of...
Calculated Risk
CoreLogic: US Home Prices Increased 3.4% Year-over-year in November
Notes: This CoreLogic House Price Index report is for November. The recent Case-Shiller index...
a week ago
Notes: This CoreLogic House Price Index report is for November. The recent Case-Shiller index release was for October. The CoreLogic HPI is a three-month weighted average and is not seasonally adjusted (NSA).
CoreLogic: Northeastern, New England States Continue to Lead US for...
Mazdak
Nvidia Takes the Crown: The AI Chip Giant Dethrones Apple
Nvidia has overtaken Apple as the world's most valuable company.
2 months ago
Nvidia has overtaken Apple as the world's most valuable company.
balajis.com
Bond Villain
When Powell devalued bonds, he destroyed the economy.
a year ago
When Powell devalued bonds, he destroyed the economy.
Mazdak
Big Tech Layoffs, Musk Acquiring TikTok, ChatGPT's New Features, ...
Meta is executing a strategic 5% workforce reduction, but this isn't your typical layoff.
3 days ago
Meta is executing a strategic 5% workforce reduction, but this isn't your typical layoff.
Calculated Risk
Housing Dec 30th Weekly Update: Inventory down 2.5% Week-over-week, Up 26.8% Year-over-year
Altos reports that active single-family inventory was down 2.5% week-over-week.
Inventory will...
2 weeks ago
Altos reports that active single-family inventory was down 2.5% week-over-week.
Inventory will continue to decline seasonally until early next year and probably bottom in late January or February.
The first graph shows the seasonal pattern for active single-family inventory...
Moneyness
Inflation as a tax
Last week I explored how Henry VIII resorted to coin debasement as a way to raise revenues in order...
a year ago
Last week I explored how Henry VIII resorted to coin debasement as a way to raise revenues in order to fight his wars. This provided Henry with the financial firepower to annex the city of Boulogne from the French in 1544, albeit at the price of England experiencing one of its...
Citation Needed
AI isn't useless. But is it worth it?
AI can be kind of useful, but I'm not sure that a "kind of useful" tool justifies the harm.
9 months ago
AI can be kind of useful, but I'm not sure that a "kind of useful" tool justifies the harm.
Calculated Risk
Weekly Initial Unemployment Claims Decrease to 211,000
The DOL reported:
seasonally adjusted initial claims was 211,000, a decrease of
9,000 from the...
2 weeks ago
The DOL reported:
seasonally adjusted initial claims was 211,000, a decrease of
9,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 219,000 to
220,000. The 4-week moving average was 223,250, a decrease of 3,500 from the previous...
Mazdak
Jeff Bezos sold around $240 million worth of Amazon shares
Jeff Bezos sold around $240 million worth of Amazon shares last week. The transactions were listed...
a year ago
Jeff Bezos sold around $240 million worth of Amazon shares last week. The transactions were listed as contributions to nonprofit organizations. Shares of Amazon fell 1.8% on Nov. 15 and 0.3% on Nov. 16. Bezos still holds 988.3 million shares of Amazon, around 10% of the company.
Mazdak
ETFs vs. Mutual Funds : The Great Investment Debate
For many investors, both seasoned and new, choosing between Exchange-Traded Funds (ETFs) and mutual...
9 months ago
For many investors, both seasoned and new, choosing between Exchange-Traded Funds (ETFs) and mutual funds can be a head-scratcher. Both offer diversification, professional management options, and access to a variety of asset classes. However, they differ significantly in how they...
Mazdak
2024 Tax Strategies for Optimization and Savings
The new year dawns, not just with fresh resolutions, but also the opportunity to reassess and...
a year ago
The new year dawns, not just with fresh resolutions, but also the opportunity to reassess and optimize your tax strategy. While taxes may not be the most exhilarating topic, savvy planning can significantly reduce your liability and boost your financial well-being. So, grab your...
Calculated Risk
ISM® Services Index Increases to 54.1% in December
(Posted with permission). The ISM® Services index was at 54.1%, up from 52.1% last month. The...
a week ago
(Posted with permission). The ISM® Services index was at 54.1%, up from 52.1% last month. The employment index decreased to 51.4%, from 51.5%. Note: Above 50 indicates expansion, below 50 in contraction.
Services PMI® at 54.1% December 2024 Services ISM® Report On...
Calculated Risk
AIA: Architecture Billings "Flat" in November; Multi-family Billings Turn Slightly Positive
Note: This index is a leading indicator primarily for new Commercial Real Estate (CRE)...
a month ago
Note: This index is a leading indicator primarily for new Commercial Real Estate (CRE) investment.
ABI November 2024: Architecture firm billings remain flat
Despite the AIA/Deltek Architecture Billings Index (ABI) score dipping slightly below 50 for the month, it remains close...
Mazdak
Interest Rates Dip, But Will Demand Follow?
As the housing market continues its dynamic dance, a recent drop in interest rates presents a...
a year ago
As the housing market continues its dynamic dance, a recent drop in interest rates presents a curious conundrum. While the average 30-year fixed-rate mortgage for qualifying loans sunk to 6.83%, purchase applications surprisingly declined 1%. This begs the question:
Calculated Risk
3rd Look at Local Housing Markets in November
Today, in the Calculated Risk Real Estate Newsletter: 3rd Look at Local Housing Markets in...
a month ago
Today, in the Calculated Risk Real Estate Newsletter: 3rd Look at Local Housing Markets in November
A brief excerpt:
The NAR is scheduled to release November Existing Home sales on Thursday, December 19th at 10:00 AM. The consensus is for 3.97 million SAAR, up from 3.96 million...
Commoncog
An Increase in Membership Prices
Commoncog is increasing membership prices on 1st August 2023. If you'd like to lock in the old...
a year ago
Commoncog is increasing membership prices on 1st August 2023. If you'd like to lock in the old prices, you should probably sign up before then.
Bits about Money
Markets in power
How physics and infrastructure combine to generate (ba dum bum) the power market.
over a year ago
How physics and infrastructure combine to generate (ba dum bum) the power market.
The Rational Walk
Charlie Munger (1924 – 2023)
A life well lived
a year ago
The Rational Walk
In the Zone
Biohacking can be taken too far, but the intelligent use of modern technology has the potential to...
8 months ago
Biohacking can be taken too far, but the intelligent use of modern technology has the potential to provide valuable insights about our health.
Bits about Money
The Long Shadow of Checks
A lot of more modern financial infrastructure follows the paths blazed by checks, at least in the...
a year ago
A lot of more modern financial infrastructure follows the paths blazed by checks, at least in the U.S.
Mazdak
A Look at the Struggling Office Sector in the US
The Covid-19 pandemic may be largely in the rearview mirror, but there is at least one area of the...
a year ago
The Covid-19 pandemic may be largely in the rearview mirror, but there is at least one area of the economy that remains ill: the office sector of the U.S. commercial real-estate market. ** What's the Problem?** Hybrid/remote work: What began as a two-week work-from-home...
Farnam Street
Evaluating Information: Find the Signal in the Noise
We are drowning in information. Most of that information is irrelevant. If only we could sort what...
over a year ago
We are drowning in information. Most of that information is irrelevant. If only we could sort what matters from what doesn’t. The good news is that you can train your brain to evaluate the quality of information. Not only can you quickly determine if someone knows what they are...
The Rational Walk
Warren Buffett on Inflation — Part 3
During periods of high inflation, capital-light businesses have important advantages. See's Candies...
a year ago
During periods of high inflation, capital-light businesses have important advantages. See's Candies during the Great Inflation of the 1970s and early 1980s is a perfect case study.
Citation Needed
Issue 57 - I take deep breath and I get real high
Changpeng Zhao's sentencing, FOIA requests reveal past FBI investigations into Coinbase, and the SEC...
8 months ago
Changpeng Zhao's sentencing, FOIA requests reveal past FBI investigations into Coinbase, and the SEC is on a Wells notice bender.
Seeking Wisdom
Modeling Life: Linear Algebra
This is the 4th post in my series summarizing the key takeaways from reading the book Modeling Life....
8 months ago
This is the 4th post in my series summarizing the key takeaways from reading the book Modeling Life. I recommend reading my previous posts first to gain a solid understanding on how to model dynamic systems. This post focuses on how linear algebra is employed in modeling dynamic...
Commoncog
The Skill of Capital
What, exactly, is the skill of capital? What does it consist of? How do you recognise it? We walk...
a year ago
What, exactly, is the skill of capital? What does it consist of? How do you recognise it? We walk through three stories, and then talk about the shape of the skill in practice.
The Rational Walk
Endurance
The amazing story of Shackleton's legendary voyage to the Antarctic and how his 28 men survived...
11 months ago
The amazing story of Shackleton's legendary voyage to the Antarctic and how his 28 men survived shipwreck, ice floes, and constant danger.
Mazdak
The AI Invasion: Is humanity on the verge of a digital takeover?
The AI Invasion: Is humanity on the verge of a digital takeover?
2 months ago
The AI Invasion: Is humanity on the verge of a digital takeover?
Commoncog
Colin Bryar on the practice of Amazon's Weekly Business Review
Cedric talks to Colin Bryar, early Amazon executive and former shadow to Jeff Bezos, on one of...
a year ago
Cedric talks to Colin Bryar, early Amazon executive and former shadow to Jeff Bezos, on one of Amazon's secret operational weapons: the Weekly Business Review.
Musings on Markets
The Sugar Daddy Effect? Corporate venture capital, Sovereign funds and Green Energy!
It is a sign of the times that I spent some time thinking about whether the title of my post would...
2 months ago
It is a sign of the times that I spent some time thinking about whether the title of my post would offend some people, as sexist or worse. I briefly considering expanding the title to "Sugar Daddies and Molasses Mommies", but that just sounds awkward, or even replacing the words...
Musings on Markets
Data Update 2 for 2025: The Party Continued (for US Equities)
In my last post, I noted that the US has extended its dominance of global equities in recent years,...
15 hours ago
In my last post, I noted that the US has extended its dominance of global equities in recent years, increasing its share of market capitalization from 42% in at the start of 2023 to 44% at the start of 2024 to 49% at the start of 2025. That rise was driven by a surge in US equity...
Calculated Risk
BLS: Job Openings "Little Unchanged" at 8.1 million in November
From the BLS: Job Openings and Labor Turnover Summary
The number of job openings was little changed...
a week ago
From the BLS: Job Openings and Labor Turnover Summary
The number of job openings was little changed at 8.1 million on the last business day of November, the
U.S. Bureau of Labor Statistics reported today. Over the month, hires and total separations were little
changed at 5.3...
Mazdak
Inflation is Cooling Off: A Glimpse of Economic Stability ☀️
📰 Highlights Inflation is finally starting to show signs of easing on both sides of the Atlantic....
a year ago
📰 Highlights Inflation is finally starting to show signs of easing on both sides of the Atlantic. The moderation of inflation is a significant development that alleviates pressure on consumers and provides central banks with some breathing room. Core PCE, the Federal Reserve's...
The Rational Walk
The Digest #184
Ed Thorp: A Man for All Markets, Howard Marks on easy money, Active patience, Activist investing,...
a year ago
Ed Thorp: A Man for All Markets, Howard Marks on easy money, Active patience, Activist investing, Damodaran's 2024 data update, Michael Ovitz, Live Oak, Red Bull, Capital allocation
Moneyness
Are central banks too reliant on SWIFT for domestic payments?
Central bank settlement systems are the the tectonic plates of the payment system: they are vitally...
a year ago
Central bank settlement systems are the the tectonic plates of the payment system: they are vitally important to our lives, but we never see them in action. All of a nations' electronic payments are ultimately completed, or settled, on these systems. If they stop working, our...
Calculated Risk
NAR: Existing-Home Sales Increased to 4.15 million SAAR in November
From the NAR: Existing-Home Sales Elevated 4.8% in November; Post Strongest Year-Over-Year Increase...
4 weeks ago
From the NAR: Existing-Home Sales Elevated 4.8% in November; Post Strongest Year-Over-Year Increase Since June 2021
Existing-home sales grew in November, according to the National Association of Realtors®. Sales advanced in three major U.S. regions and remained steady in the...
The Rational Walk
The Digest #216
Trading Berkshire, The Theban Plays, The laws of economics, Fed fairy tales, Buffett's "retirement",...
3 months ago
Trading Berkshire, The Theban Plays, The laws of economics, Fed fairy tales, Buffett's "retirement", Caro's writing process, Buffett's ground rules, Sherwin Williams, Mysterious owls
The Rational Walk
Daily Journal: The Canary in the Coal Mine?
Daily Journal and Berkshire Hathaway have little in common aside from Charlie Munger's influence....
7 months ago
Daily Journal and Berkshire Hathaway have little in common aside from Charlie Munger's influence. Recent development at Daily Journal raise concerns.
Calculated Risk
Friday: No major economic releases scheduled
Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios.
Friday:
• No...
a month ago
Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios.
Friday:
• No major economic releases scheduled.
Commoncog
Executing on Becoming Data Driven
Every analytics project consists of two parts. The technical part, and then the 'get the...
a year ago
Every analytics project consists of two parts. The technical part, and then the 'get the organisation on board' part. We talk about why the latter is the real challenge.
Citation Needed
Issue 63 – RobConf 2024
Coinbase responds to campaign finance violation allegations, Trump panders to bitcoiners, and I chat...
5 months ago
Coinbase responds to campaign finance violation allegations, Trump panders to bitcoiners, and I chat with Lyn Alden about sexism in bitcoin.
Calculated Risk
Lawler: Interest Rates Since the Federal Reserve Began Cutting Rates
From housing economist Tom Lawler:
Click on graph for larger image.
10-Year T1PS Yield
3 weeks ago
From housing economist Tom Lawler:
Click on graph for larger image.
10-Year T1PS Yield
Mazdak
How to Use Pain to Fuel Your Personal Evolution
Pain is inevitable, especially if you're chasing ambitious goals. But what if I told you that pain...
a year ago
Pain is inevitable, especially if you're chasing ambitious goals. But what if I told you that pain can be a powerful tool for personal evolution? When you're feeling pain, it's a sign that you need to find a solution. This is an opportunity to learn and grow. If you can develop a...
Citation Needed
Issue 59 – Hot damn, this is going to get interesting quickly
Are US legislators warming to crypto? The SEC approves Ethereum ETPs, and a crypto bill gets through...
7 months ago
Are US legislators warming to crypto? The SEC approves Ethereum ETPs, and a crypto bill gets through the House.
Bits about Money
The business of check cashing
Check cashing, as a business, is a poorly understood "alternative" financial service.
11 months ago
Check cashing, as a business, is a poorly understood "alternative" financial service.
Citation Needed
Issue 64 – Pointing its arsenal at our friends
As parts of the crypto industry scramble to court the Harris administration with events like...
5 months ago
As parts of the crypto industry scramble to court the Harris administration with events like “Crypto4Harris”, others insist it is Harris who must “bend the knee”.
balajis.com
Too Fake to Tell
US government stats aren't reliable. More importantly, neither are US government bonds.
a year ago
US government stats aren't reliable. More importantly, neither are US government bonds.
Moneyness
The intensifying effort to isolate Russia's banks
Last week the U.S. government expanded the coverage of its secondary sanctions to encompass most of...
7 months ago
Last week the U.S. government expanded the coverage of its secondary sanctions to encompass most of Russia's banks. It's a very big step, one that has been long-awaited by sanctions watchers, and will likely have significant repercussions for Russia and its trading partners....
Mazdak
The Psychology of Investing: 5 Critical Traps That Can Destroy Your Wealth
The path to investment success is riddled with psychological pitfalls that can turn promising...
2 months ago
The path to investment success is riddled with psychological pitfalls that can turn promising portfolios into cautionary tales.
Mazdak
Capital Gains Tax Hike: Sell Now or Hold On? A Canadian Investor's Guide
Canada's recent federal budget has sent ripples through the investment and real estate communities....
7 months ago
Canada's recent federal budget has sent ripples through the investment and real estate communities. A key change: a looming increase in capital gains tax on sizeable transactions. This has many wondering – should I sell assets before June 25th, 2024, to avoid the taxman's bite?...
Calculated Risk
New Home Sales Increase to 664,000 Annual Rate in November
The Census Bureau reports New Home Sales in November were at a seasonally adjusted annual rate...
3 weeks ago
The Census Bureau reports New Home Sales in November were at a seasonally adjusted annual rate (SAAR) of 664 thousand.
Sales of new single-family houses in November 2024 were at a seasonally adjusted annual rate of 664,000, according
to estimates released jointly today by the...
Mazdak
The Future of Healthcare: Your AI Health Pod is Here! 🩺
Get ready for a revolution in healthcare! Say goodbye to long waits and crowded waiting rooms, and...
a year ago
Get ready for a revolution in healthcare! Say goodbye to long waits and crowded waiting rooms, and hello to the CarePod, your self-contained doctor's office powered by artificial intelligence. Imagine: Stepping into a futuristic pod at your local mall, gym, or even office...
Moneyness
China is slowly joining the economic war against Russia
I recently shared a chart on Twitter showing Chinese exports of ball bearings to Russia. Here it...
5 months ago
I recently shared a chart on Twitter showing Chinese exports of ball bearings to Russia. Here it is:
Having accelerated after Putin's invasion of Ukraine to a run-rate of around US$5-7 million per month in 2023, Chinese ball bearing exports to Russia have been ratcheted down...
Commoncog
Members Preview: An Easier Way to Create XmR Charts
Early access to some software we've built to make XmR charts more accessible.
10 months ago
Early access to some software we've built to make XmR charts more accessible.
Moneyness
Kraken v Kraken, or how to protect the public from crypto exchange failures
It's been a full year since FTX International and FTX-US collapsed, and the shocking thing is –...
a year ago
It's been a full year since FTX International and FTX-US collapsed, and the shocking thing is – there is still no regulated crypto venue in the U.S.! You'd think some lessons would have been learnt.
To best protect the public from the Sam Bankman-Frieds of the world, what the...
Bits about Money
BAM's Early Adopter discount ends soon
Bits about Money's Early Adopter discount ends on January 31st, 2023.
a year ago
Bits about Money's Early Adopter discount ends on January 31st, 2023.
Commoncog
A Most Unlikely Master of Capital Allocation
If the most unlikely, most un-businesslike person could become a masterful capital allocator late in...
a year ago
If the most unlikely, most un-businesslike person could become a masterful capital allocator late in her life, then perhaps you could, too.
balajis.com
The Balaji Chat
A forum for balajis.com subscribers.
a year ago
A forum for balajis.com subscribers.
Calculated Risk
Housing Dec 23rd Weekly Update: Inventory down 2.2% Week-over-week, Up 26.3% Year-over-year
Altos reports that active single-family inventory was down 2.2% week-over-week. Inventory is now...
3 weeks ago
Altos reports that active single-family inventory was down 2.2% week-over-week. Inventory is now 9.7% below the peak for the year (9 weeks ago).
Inventory will continue to decline seasonally until early next year and probably bottom in January or February.
The first graph...
Bits about Money
Deposit insurance maximization as a service
In the wake of the recent banking crisis, there is some attention to deposit insurance limits. Some...
a year ago
In the wake of the recent banking crisis, there is some attention to deposit insurance limits. Some products increase them; here is how.
Mazdak
X's Ad Business Faces Its Toughest Challenge Yet
In a major blow to X, formerly Twitter, a number of marquee advertisers have announced that they are...
a year ago
In a major blow to X, formerly Twitter, a number of marquee advertisers have announced that they are suspending ad spending on the platform. This comes in response to owner Elon Musk's endorsement of an antisemitic post, as well as to a report by Media Matters For America that...
The Rational Walk
The Other Side of the Trade
Reflections on trying to profit from the technical problems that caused Berkshire Hathaway and other...
7 months ago
Reflections on trying to profit from the technical problems that caused Berkshire Hathaway and other stocks to temporarily crash on June 3, 2024.
The Rational Walk
Wealth vs. Income
Early retirees are often misunderstood when it comes to their financial status. Being in a position...
a year ago
Early retirees are often misunderstood when it comes to their financial status. Being in a position to deal with "social debt" requires conservatism and a substantial financial reserve.
The Rational Walk
Poor Charlie’s Almanack
My thoughts on the new edition with a focus on inconsistency avoidance, one of the twenty-five...
9 months ago
My thoughts on the new edition with a focus on inconsistency avoidance, one of the twenty-five psychological tendencies that can cause human misjudgment.
Calculated Risk
Fed's Flow of Funds: Household Net Worth Increased $4.8 Trillion in Q3
The Federal Reserve released the Q3 2024 Flow of Funds report today: Financial Accounts of the...
a month ago
The Federal Reserve released the Q3 2024 Flow of Funds report today: Financial Accounts of the United States.
Click on graph for larger image.
Net worth increased $4.8 trillion in Q3 to an all-time high. As a percent of GDP, net worth increased in Q3 but is below the peak in...
Mazdak
The $50 Billion TikTok Dilemma: ByteDance’s Next Move in the U.S.
In the world of social media, few platforms have experienced a meteoric rise like TikTok.
3 days ago
In the world of social media, few platforms have experienced a meteoric rise like TikTok.
Mazdak
The Grim Outlook for Offices in 2024
The future of your workspace is facing some serious turbulence.
a year ago
The future of your workspace is facing some serious turbulence.
Musings on Markets
Data Update 2 for 2024: A Stock Comeback - The Low Expectations Game!
Heading into 2023, US equities looked like they were heading into a sea of troubles, with inflation...
a year ago
Heading into 2023, US equities looked like they were heading into a sea of troubles, with inflation out of control and a recession on the horizon. While stocks had their ups and downs during the year, they ended the year strong, and recouped, at least in the aggregate, most of...
Bits about Money
The Bond villain compliance strategy
Jurisdictional gamesmanship is a common strategy for crypto businesses. Here is how it worked out...
a year ago
Jurisdictional gamesmanship is a common strategy for crypto businesses. Here is how it worked out for Binance and its CEO. Spoiler: poorly.
Musings on Markets
Data Update 1 for 2024: The data speaks, but what does it say?
In January 1993, I was valuing a retail company, and I found myself wondering what a reasonable...
a year ago
In January 1993, I was valuing a retail company, and I found myself wondering what a reasonable margin was for a firm operating in the retail business. In pursuit of an answer to that question, I used company-specific data from Value Line, one of the earliest entrants into the...
The Rational Walk
The Digest #155
Early Retirement, Chris Davis on Berkshire's future, Howard Marks on market cycles, Threads vs....
a year ago
Early Retirement, Chris Davis on Berkshire's future, Howard Marks on market cycles, Threads vs. Twitter, Costco takes the high road, James Cameron, GEICO in the 1970s
The Rational Walk
Warren Buffett’s Evolving Estate Plan
Warren Buffett has revised his will to leave his remaining assets at the time of his death to a new...
6 months ago
Warren Buffett has revised his will to leave his remaining assets at the time of his death to a new charitable trust run by his children.
The Rational Walk
Progressive is Firing on All Cylinders
Progressive resumed aggressive growth in the first quarter of 2024 while reporting a strong combined...
9 months ago
Progressive resumed aggressive growth in the first quarter of 2024 while reporting a strong combined ratio.
Mazdak
The Pros and Cons of Buying Real Estate Through a Corporation in Canada
This article explores the advantages and disadvantages of using a corporation to purchase real...
10 months ago
This article explores the advantages and disadvantages of using a corporation to purchase real estate in Canada. It's important to note that this strategy is generally more complex and may not be suitable for everyone. When Owning Real Estate Personally Might Be Better
The Rational Walk
American Scripture
A review of Pauline Maier's book, "American Scripture", which details the conditions leading up to...
7 months ago
A review of Pauline Maier's book, "American Scripture", which details the conditions leading up to the drafting of the Declaration of Independence.
Mazdak
Google: Monopolized?
Is Google too big? For years, the tech giant has dominated the search market, facing little...
a month ago
Is Google too big? For years, the tech giant has dominated the search market, facing little competition.
Mazdak
Minimize Taxes, Maximize Inheritance: A Canadian Guide to Estate Planning with Real Estate
For Canadians nearing retirement, minimizing probate fees and ensuring smooth inheritance become key...
11 months ago
For Canadians nearing retirement, minimizing probate fees and ensuring smooth inheritance become key concerns. In this context, real estate, often the largest asset, presents unique challenges and opportunities. While strategies like adding children to titles were once popular,...
Mazdak
Canadian Mortgage Debt Growth Slows to Two-Decade Low, But Remains Elevated
Canadians are taking on mortgage debt at a slower pace than ever before in two decades, according to...
a year ago
Canadians are taking on mortgage debt at a slower pace than ever before in two decades, according to data from the Bank of Canada (BoC). However, mortgage debt growth remains historically high, despite the recent slowdown. The BoC's latest data shows that outstanding mortgage...
Citation Needed
Become a Wikipedian in 30 minutes
What will we do if Wikipedia falls to the type of AI-generated garbage that seems to be...
10 months ago
What will we do if Wikipedia falls to the type of AI-generated garbage that seems to be proliferating on the web? The number one thing you can do is learn to edit, and I will walk you through how to get started in only 30 minutes.
Mazdak
Don't Let Savings Turn into Penalties: Understanding RRSP and TFSA Contribution Limits
Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs) are cornerstones...
11 months ago
Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs) are cornerstones of Canadian financial planning. Both offer distinct advantages for saving and investing, but exceeding their annual contribution limits can lead to unwanted financial consequences.
Citation Needed
Effective obfuscation
Silicon Valley's "effective altruism" and "effective accelerationism" only give a thin philosophical...
a year ago
Silicon Valley's "effective altruism" and "effective accelerationism" only give a thin philosophical veneer to the industry's same old impulses.
The Rational Walk
Buffett Accelerates Gifts to Family Foundations
For the second year in a row, Warren Buffett has made gifts to four family foundations in excess of...
a year ago
For the second year in a row, Warren Buffett has made gifts to four family foundations in excess of the annual commitments pledged in 2006.
Commoncog
Process Improvement is Trickier Than You Think
Most companies skimp on process improvement. But the surprising thing is that they do so not because...
over a year ago
Most companies skimp on process improvement. But the surprising thing is that they do so not because they're bad or lazy — but because there are system dynamics that prevent them from doing so. We take a look at what those are.
Mazdak
Tesla Cybertruck beats a Porsche 911 while towing a 911 🫡👀
a year ago
The Rational Walk
The Digest #202
George Washington on debt, Superinvestors of micro-caps, BYD, OXY/BHE joint venture, Imposter...
7 months ago
George Washington on debt, Superinvestors of micro-caps, BYD, OXY/BHE joint venture, Imposter syndrome, Decline of higher education, Howard Schultz, Cathie Wood, Robert Hagstrom
Citation Needed
Issue 65 – World Liberty Fiasco
Even the most pro-Trump crypto faithful think Trump’s new crypto scheme is a terrible idea.
4 months ago
Even the most pro-Trump crypto faithful think Trump’s new crypto scheme is a terrible idea.
Commoncog
What Rigorous Process Improvement in Education Looks Like
What an rigorous trial and error looks like when applied to improving disadvantaged student outcomes...
3 months ago
What an rigorous trial and error looks like when applied to improving disadvantaged student outcomes ... and why you should do this in your own organisational contexts.
Calculated Risk
Fed's Beige Book: "Economic activity increased slightly to moderately"
Fed's Beige Book
Economic activity increased slightly to moderately across the twelve Federal...
3 days ago
Fed's Beige Book
Economic activity increased slightly to moderately across the twelve Federal Reserve Districts in late November and December. Consumer spending moved up moderately, with most Districts reporting strong holiday sales that exceeded expectations. Vehicle sales grew...
The Diff
Longreads + Open Thread
Paradigms, AI, Pentium, Netflix, China, SBF
a week ago
Paradigms, AI, Pentium, Netflix, China, SBF
The Rational Walk
The Berkshire Hathaway MBA
Studying Warren Buffett, Charlie Munger, and Berkshire Hathaway's history can provide a level of...
a year ago
Studying Warren Buffett, Charlie Munger, and Berkshire Hathaway's history can provide a level of fluency in business and investing rivaling a costly MBA degree.
Calculated Risk
YoY Measures of Inflation: Services, Goods and Shelter
Here are a few measures of inflation:
Click on graph for larger image.
Services were up 4.4% YoY as...
3 days ago
Here are a few measures of inflation:
Click on graph for larger image.
Services were up 4.4% YoY as of December 2024, down from 4.5% YoY in November.
The second graph shows that goods prices started to increase year-over-year (YoY) in 2020 and accelerated in 2021 due to both...
Mazdak
Apple & Google Face Mounting Threats to $500 Billion Market
The $500 billion app store market, which has been a cash cow for Apple and Google for years, is...
a year ago
The $500 billion app store market, which has been a cash cow for Apple and Google for years, is facing a growing number of threats. A recent court ruling against Google and new regulations in Europe and Asia could force the two tech giants to open up their app stores to more...
FIRE v London
Mar ’23: Harvesting tax losses
March has been rather a wet month in London. Wet, and cold. This translates into the ski slopes in...
a year ago
March has been rather a wet month in London. Wet, and cold. This translates into the ski slopes in the French Alps (finally) having great conditions – sadly too late for me to enjoy. Further north, it’s been a month of big change in Scotland. Nicola Sturgeon, the...
Calculated Risk
MBA Survey: Share of Mortgage Loans in Forbearance Increases to 0.50% in November
From the MBA: Share of Mortgage Loans in Forbearance Increases to 0.50% in November
The Mortgage...
3 weeks ago
From the MBA: Share of Mortgage Loans in Forbearance Increases to 0.50% in November
The Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey revealed that the total number of loans now in forbearance increased to 0.50% as of November 30, 2024. According to MBA’s...
Mazdak
Block, TikTok & Beyond
From Block's latest moves to TikTok's impact on the music industry, we explore the trends shaping...
2 months ago
From Block's latest moves to TikTok's impact on the music industry, we explore the trends shaping our digital world.
The Rational Walk
The Sad Irons
During the depths of the Great Depression, Lyndon Johnson was determined to electrify the Texas Hill...
a year ago
During the depths of the Great Depression, Lyndon Johnson was determined to electrify the Texas Hill Country. Success was integral to his path to greater power.
Calculated Risk
FDIC: Number of Problem Banks Increased Slightly in Q3 2024
The FDIC released the Quarterly Banking Profile for Q3 2024:
The Industry’s Net Income Decreased...
a month ago
The FDIC released the Quarterly Banking Profile for Q3 2024:
The Industry’s Net Income Decreased From the Prior Quarter, Driven by One-Time Items
Asset Quality Metrics Remained Generally Favorable, Though Weakness in Certain Portfolios
Persists
the industry reported the largest...
Calculated Risk
Vehicles Sales Increase to 16.80 million SAAR in December
Wards Auto released their estimate of light vehicle sales for December: U.S. Light-Vehicle Sales End...
2 weeks ago
Wards Auto released their estimate of light vehicle sales for December: U.S. Light-Vehicle Sales End 2024 With Long-Time High December, Q4 SAARs (pay site).
December’s 6% year-over-year rise in the daily selling rate capped off a fourth quarter rebound after demand dropped in Q2...
Moneyness
Why bitcoiners should learn to accept bitcoin's ponzi nature as a good thing
When I describe bitcoin as a type of ponzi or pyramid, idealistic bitcoiners usually view this as an...
a year ago
When I describe bitcoin as a type of ponzi or pyramid, idealistic bitcoiners usually view this as an attack on the nobility of the bitcoin project. But they shouldn't. Bitcoin's ponzi nature is one of its greatest strength.
Imagine that you are trying to bootstrap an unorthodox...
Citation Needed
Issue 69 – Nice
Coinbase threatens me that continuing to report on their activities would be “.... unwise”. Also,...
2 months ago
Coinbase threatens me that continuing to report on their activities would be “.... unwise”. Also, election spending hits a fever pitch, with several new crypto PACs coming out of the woodwork.
Bits about Money
Credit cards as a legacy system
Credit cards have been in use for almost 75 years. Some long-ago decisions still cause consequences...
over a year ago
Credit cards have been in use for almost 75 years. Some long-ago decisions still cause consequences in the present day. But change is possible.
Citation Needed
We can have a different web
Many yearn for the “good old days” of the web. We could have those good old days back — or something...
8 months ago
Many yearn for the “good old days” of the web. We could have those good old days back — or something even better — and if anything, it would be easier now than it ever was.
The Rational Walk
Berkshire Hathaway’s 2023 Results — Overview
This article provides a 30,000 foot overview of Berkshire Hathaway's results for 2023 with a focus...
10 months ago
This article provides a 30,000 foot overview of Berkshire Hathaway's results for 2023 with a focus on the components net operating earnings.
The Rational Walk
Paid Subscriptions
The reasons behind my decision to discontinue paid subscriptions.
9 months ago
The reasons behind my decision to discontinue paid subscriptions.
Seeking Wisdom
Books I loved reading in 2022
over a year ago
Farnam Street
Reciprocity: Getting What You Give
This article is an excerpt from the bestselling book The Great Mental Models Volume 2: Physics,...
over a year ago
This article is an excerpt from the bestselling book The Great Mental Models Volume 2: Physics, Chemistry and Biology Reciprocity teaches us why win-win relationships are the way to go, why waiters leave candies with the bill, why it’s a good idea to use the least force possible...
Mazdak
Reddit CEO: Third-Party App Developers Have Made Millions, So They Should Pay for API Access
The Future of Third-Party Reddit Apps: Will They Survive the API Changes? Binance.US Lays Off 50...
a year ago
The Future of Third-Party Reddit Apps: Will They Survive the API Changes? Binance.US Lays Off 50 Employees After SEC Charges. Google Bans AI Chatbots to Protect Sensitive Information. The Future of Third-Party Reddit Apps: Will They Survive the API Changes?
balajis.com
Network State Conference 2023
Come to Amsterdam on October 30, 2023 to build the parallel establishment.
a year ago
Come to Amsterdam on October 30, 2023 to build the parallel establishment.
Mazdak
Salary vs. Dividends: Picking the Right Paycheck as a Business Owner
Whether it's the joy of self-employment or the burden of payroll decisions, every business owner...
11 months ago
Whether it's the joy of self-employment or the burden of payroll decisions, every business owner faces unique financial considerations. One critical choice arises early on: to pay yourself a salary or take dividends? Understanding the pros and cons of each path empowers you to...
Mazdak
TFSA Talk: Unlocking Tax-Free Wealth 🇨🇦
Tired of paying taxes on your investments?
2 months ago
Tired of paying taxes on your investments?
Mazdak
AI's Energy Problem: Can We Power Progress Without Wrecking the Planet? ⚡️🌎
AI is booming, but its appetite for energy is a growing concern. As world leaders gather in Dubai...
a year ago
AI is booming, but its appetite for energy is a growing concern. As world leaders gather in Dubai for COP28, it's more important than ever to understand the complex relationship between AI and climate change. Why it matters: AI could become one of the biggest energy guzzlers on...
Mazdak
Understanding Employment Insurance (EI)
Employment Insurance (EI) is a social insurance program in Canada that provides temporary financial...
11 months ago
Employment Insurance (EI) is a social insurance program in Canada that provides temporary financial support to eligible individuals who lose their jobs through no fault of their own. While this is the most commonly understood purpose of EI, the program offers various benefits...
The Rational Walk
Coffee Can Investing
Sometimes an investing approach that is not necessarily "rational" from an economic perspective can...
a year ago
Sometimes an investing approach that is not necessarily "rational" from an economic perspective can produce superior results when one accounts for human nature.
Citation Needed
Issue 71 – (Crypto) banks are not your friends
Celsius’ Alex Mashinsky pleads guilty to fraud, some Tornado Cash sanctions are overturned, and tech...
a month ago
Celsius’ Alex Mashinsky pleads guilty to fraud, some Tornado Cash sanctions are overturned, and tech billionaires complain about “debanking”.
Seeking Wisdom
Neural Networks – Part 1
This is my 5th post on my journey to build a toy GPT. I’d recommend checking out my previous posts...
a year ago
This is my 5th post on my journey to build a toy GPT. I’d recommend checking out my previous posts before diving into this one. Take the statement, ‘I will only go for a walk if it’s nice outside AND I have free time.’ This can be neatly represented using a truth table. We can…
Seeking Wisdom
Embeddings – Part 1
This is the 8th post in my series on building a toy GPT. For better understanding, I recommend...
a year ago
This is the 8th post in my series on building a toy GPT. For better understanding, I recommend reading my earlier posts first. I love playing and watching cricket. The dominance India showed in the recently concluded World Cup is astounding. I have never seen anything like it in...
Mazdak
The Shadow Bankers Rise: Private Credit Fuels M&A in a Turbulent Market
While 2023 witnessed a 6% dip in US M&A value, a silent force has emerged as the lifeblood of...
a year ago
While 2023 witnessed a 6% dip in US M&A value, a silent force has emerged as the lifeblood of deal-making in this uncertain market: private credit. Stepping in where traditional bank financing hesitates, private credit has carved a niche with its nimble agility and diverse tools.
The Rational Walk
What I’ve Been Reading
This post is a list of books that I read in the first quarter of 2024, most notably The Diary of...
9 months ago
This post is a list of books that I read in the first quarter of 2024, most notably The Diary of Anne Frank, Endurance, Crime and Punishment, and the Iliad.
Commoncog
Becoming Data Driven, From First Principles
People often say things like "become data driven" without explaining what that means or how to do...
11 months ago
People often say things like "become data driven" without explaining what that means or how to do it. This is everything you need to know to actually become data driven, from scratch, using the same first principles that Amazon, Koch, and Toyota used back in their day.
Seeking Wisdom
Few thoughts on life, psychology, and mindset
I’ve been writing my thoughts on life, psychology, and mindset for some time. I’ve considered...
a year ago
I’ve been writing my thoughts on life, psychology, and mindset for some time. I’ve considered transferring some of these writings from Notion into this post. In physics, three laws can explain 99% of observations. However, in life, psychology, and mindset, 99 laws can barely...
The Rational Walk
The Power of Investment Journals
Writing down the rationale for investment decisions is a prerequisite for success. This articles...
a year ago
Writing down the rationale for investment decisions is a prerequisite for success. This articles explores lessons I learned dating back to 2009.
Calculated Risk
Sunday Night Futures
Weekend:
Schedule for Week of December 15, 2024
Empire State manufacturing survey for December. The...
a month ago
Weekend:
Schedule for Week of December 15, 2024
Empire State manufacturing survey for December. The consensus is for a reading of 5.8, down from 31.2.
Pre-Market Data and Bloomberg futures S&P 500 and DOW futures are mostly unchanged (fair value).
WTI futures at $71.12 per...
The Rational Walk
The Limits of the 25th Amendment
The 25th Amendment is intended to clarify Presidential succession procedures, but it has severe...
6 months ago
The 25th Amendment is intended to clarify Presidential succession procedures, but it has severe limits that should be acknowledged.
Citation Needed
Issue 62 – Grassroots
Coinbase’s Stand With Crypto Alliance fudges the numbers, a (former) crypto industry CEO has a...
5 months ago
Coinbase’s Stand With Crypto Alliance fudges the numbers, a (former) crypto industry CEO has a meltdown, and another exchange suffers a nine-figure hack.
The Rational Walk
The Year in Review
Growth in 2023, top articles, and plans for the future
a year ago
Growth in 2023, top articles, and plans for the future
Musings on Markets
Tesla in November 2023 : Story twists and turns, with value consequences!
I was planning to start this post by telling you that Tesla was back in the news, but that would be...
a year ago
I was planning to start this post by telling you that Tesla was back in the news, but that would be misleading, since Tesla never leaves the news. Some of that attention comes from the company's products and innovations, but much of it comes from having Elon Musk as a CEO, a man...
Commoncog
Announcing the Commoncog Case Library Public Beta
We're testing a cognitive flexibility theory-driven learning library, designed to accelerate...
over a year ago
We're testing a cognitive flexibility theory-driven learning library, designed to accelerate business expertise. Find out more.
The Rational Walk
The Digest #169
Apple Watch, Musical Chairs at Dollar General, IPOs, Impact Investing, Buffett in 1988, Mapping the...
a year ago
Apple Watch, Musical Chairs at Dollar General, IPOs, Impact Investing, Buffett in 1988, Mapping the human brain, Interviews of Nassim Taleb, Jensen Huang, John and Patrick Collison, and more ...
Calculated Risk
Friday: ISM Mfg, Vehicle Sales
Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios.
Mortgage rates...
2 weeks ago
Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios.
Mortgage rates as of Monday (a little lower on Tuesday).
ISM Manufacturing Index for December. The consensus is for the ISM to be at 48.3, down from 48.4 in November.
Light vehicle sales for...
Calculated Risk
Housing Starts Decreased to 1.289 million Annual Rate in November
From the Census Bureau: Permits, Starts and Completions
Housing Starts:
seasonally adjusted annual...
a month ago
From the Census Bureau: Permits, Starts and Completions
Housing Starts:
seasonally adjusted annual rate of 1,289,000. This is 1.8 percent below the revised October estimate of 1,312,000 and is 14.6 percent below the November 2023 rate of 1,510,000. Single-family housing starts in...
Musings on Markets
Catastrophic Risk: Investing and Business Implications
In the context of valuing companies, and sharing those valuations, I do get suggestions from readers...
11 months ago
In the context of valuing companies, and sharing those valuations, I do get suggestions from readers on companies that I should value next. While I don't have the time or the bandwidth to value all of the suggested companies, a reader from Iceland, a couple of weeks ago, made a...
The Rational Walk
The Digest #183
Daily Journal, Apple, Costco, Moody's, Munger's wisdom, Tesla's narratives, Tim Urban on writing,...
a year ago
Daily Journal, Apple, Costco, Moody's, Munger's wisdom, Tesla's narratives, Tim Urban on writing, Rivian, AI's morality, AI bubble?, How James Longstreet defied the South after the war
Mazdak
Unplugging Australia: Kids vs. Social Media
Australia is going offline!
a month ago
Australia is going offline!
The Rational Walk
The Digest #205
Books I read in Q2, Buffett's estate plan, The magic of compounding, How to read a book, Portfolio...
6 months ago
Books I read in Q2, Buffett's estate plan, The magic of compounding, How to read a book, Portfolio rebalancing, Ben Graham in 1955, Sam Walton, LBJ, Robert Moses, The origins of language
The Rational Walk
The Odyssey
Homer's epic poem tells the story of how Odysseus struggled to return home after the Trojan War. It...
8 months ago
Homer's epic poem tells the story of how Odysseus struggled to return home after the Trojan War. It is one of the greatest stories in history.
Calculated Risk
Part 2: Current State of the Housing Market; Overview for mid-January 2025
Today, in the Calculated Risk Real Estate Newsletter: Part 2: Current State of the Housing Market;...
3 days ago
Today, in the Calculated Risk Real Estate Newsletter: Part 2: Current State of the Housing Market; Overview for mid-January 2025
A brief excerpt:
Yesterday, in Part 1: Current State of the Housing Market; Overview for mid-January 2025 I reviewed home inventory, housing starts...
Calculated Risk
Schedule for Week of December 15, 2024
The key economic reports this week are Retail Sales, Housing Starts, Existing Home Sales, the 3rd...
a month ago
The key economic reports this week are Retail Sales, Housing Starts, Existing Home Sales, the 3rd estimate of Q3 GDP, and November Personal income and outlays.
----- Monday, December 16th -----
8:30 AM: The New York Fed Empire State manufacturing survey for December. The...
Calculated Risk
Q4 GDP Tracking: 1.8% to 2.7% Range
From BofA:
Since our last weekly publication, our 4Q GDP tracking estimate has moved down three...
a week ago
From BofA:
Since our last weekly publication, our 4Q GDP tracking estimate has moved down three
tenths to 1.8% q/q saar. The final estimate of 3Q GDP came in at 3.1% q/q saar, close to
our tracking of 3.0%. [Jan 10th estimate]
emphasis added
From Goldman:
We left our Q4 GDP...
The Rational Walk
The Use of Letters
As Mark Twain said, a person who won't read has no real advantage over a person who can't read. It...
a year ago
As Mark Twain said, a person who won't read has no real advantage over a person who can't read. It makes no sense to refuse to learn vicariously.
Calculated Risk
Review: Ten Economic Questions for 2024
At the end of each year, I post Ten Economic Questions for the following year (2024). I followed up...
4 weeks ago
At the end of each year, I post Ten Economic Questions for the following year (2024). I followed up with a brief post on each question. Here is review (we don't have all data yet, but enough). I've linked to my posts from the beginning of the year, with a brief excerpt and a...
Bits about Money
Why the CrowdStrike bug hit banks hard
Regulation-induced monocultures meet unfortunate but explicable engineering decisions.
5 months ago
Regulation-induced monocultures meet unfortunate but explicable engineering decisions.
Commoncog
Putting Amazon’s PR/FAQ to Practice
What it's like putting Amazon's famed Working Backwards process to practice in a small company...
over a year ago
What it's like putting Amazon's famed Working Backwards process to practice in a small company context, and what was surprising and difficult about it.
balajis.com
#5 - India's Largest Exit
Listen now (161 min) | The $16B acquisition of Flipkart was the largest in Indian tech history....
a year ago
Listen now (161 min) | The $16B acquisition of Flipkart was the largest in Indian tech history. Balaji speaks with Flipkart founder/CEO Binny Bansal on how he built the company from scratch when Indian startups weren't even a thing — and how Flipkart's rise parallels the rise of...
Calculated Risk
Thursday: Unemployment Claims
Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios.
Mortgage rates...
3 weeks ago
Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios.
Mortgage rates as of Monday (a little lower on Tuesday).
initial weekly unemployment claims report will be released. Initial claims were at 220 thousand last week.
The Rational Walk
The Digest #174
Working Hard, Berkshire Q3 Recap, ProPublica attacks Buffett, Chipotle's international ambitions,...
a year ago
Working Hard, Berkshire Q3 Recap, ProPublica attacks Buffett, Chipotle's international ambitions, The AI Gold Rush, 100th anniversary of Hitler's beer hall putsch, The Federalist Papers
Mazdak
Today's Top Tech News - Amazon's Discount Store
Amazon is taking on Temu and Shein with its new discount store, where everything is under $20!
2 months ago
Amazon is taking on Temu and Shein with its new discount store, where everything is under $20!
The Rational Walk
The Digest #191
The dopamine loop, Berkshire Hathaway's annual report recap, Tom Gayner's letter to Markel...
10 months ago
The dopamine loop, Berkshire Hathaway's annual report recap, Tom Gayner's letter to Markel shareholders, Investing lessons from Earnest Shackleton, Google's Gemini AI goes off the rails
The Rational Walk
The Digest #211
Thucydides, Corporate life cycles, Ben Graham's first big win, Buffett's early lesson in activist...
4 months ago
Thucydides, Corporate life cycles, Ben Graham's first big win, Buffett's early lesson in activist investing, Perils of forecasting, Orwell's 1984, Guy Spier, Ben Thompson, Estée Lauder
FIRE v London
Feeling broke
My psychology around money has changed significantly over the last two years. While some of that is...
a year ago
My psychology around money has changed significantly over the last two years. While some of that is captured in my monthly portfolio updates, I thought it was worth recording some of my emotions while they are still fresh. Two years ago Turning the clock back, my financial...
Mazdak
The Future of TikTok in the U.S.: What Happens on January 19?
The fate of TikTok in the United States hangs in the balance as we approach January 19.
yesterday
The fate of TikTok in the United States hangs in the balance as we approach January 19.
Calculated Risk
Question #10 for 2025: Will inventory increase further in 2025?
Today, in the CalculatedRisk Real Estate Newsletter: Question #10 for 2025: Will inventory increase...
3 weeks ago
Today, in the CalculatedRisk Real Estate Newsletter: Question #10 for 2025: Will inventory increase further in 2025?
Earlier I posted some questions on my blog for next year: Ten Economic Questions for 2025. Some of these questions concern real estate (inventory, house prices,...
Seeking Wisdom
Buffett’s Bathtub Memory
I love reading physical books. But there’s one problem with physical books. My shelf space is...
over a year ago
I love reading physical books. But there’s one problem with physical books. My shelf space is limited. To overcome the shelf space limitation, I developed a simple fitness function for my books. Books that I won’t reread will be donated to the library. Don’t get me wrong. They...
Commoncog
Charlie Munger’s Supply Demand Curve Puzzle
What a puzzle from Charlie Munger tells us about a supply-side business model with unreasonably high...
a year ago
What a puzzle from Charlie Munger tells us about a supply-side business model with unreasonably high returns.
Calculated Risk
Real Estate Newsletter Articles this Week: New Home Sales Increase to 664,000 Annual Rate in...
At the Calculated Risk Real Estate Newsletter this week:
Click on graph for larger image.
New Home...
2 weeks ago
At the Calculated Risk Real Estate Newsletter this week:
Click on graph for larger image.
New Home Sales Increase to 664,000 Annual Rate in November
FHFA’s National Mortgage Database: Outstanding Mortgage Rates, LTV and Credit Scores
Lawler: New Census Population Estimates Show...
Citation Needed
Not just one bad apple: FTX's practices were business as usual in crypto
Adversary cases from the FTX collapse further expose how crypto companies do business: with secret...
2 weeks ago
Adversary cases from the FTX collapse further expose how crypto companies do business: with secret acquisitions of “grey area” businesses, buying influence, and creative accounting.
Mazdak
News Publishers Sue Perplexity AI for Copyright Infringement
Jeff Bezos-Backed AI Faces Legal Scrutiny Over Content Scraping Allegations.
2 months ago
Jeff Bezos-Backed AI Faces Legal Scrutiny Over Content Scraping Allegations.
Calculated Risk
Happy Holidays and Merry Christmas to All!
High Sierra webcam (it is snowing!)
beach in Newport.
Best Wishes to All!
3 weeks ago
High Sierra webcam (it is snowing!)
beach in Newport.
Best Wishes to All!
Mazdak
Jury Delivers Major Blow to Google in Antitrust Case: Play Store Deemed Illegal Monopoly
In a historic ruling that could shake the foundations of the mobile app ecosystem, a federal jury...
a year ago
In a historic ruling that could shake the foundations of the mobile app ecosystem, a federal jury has found Google Play guilty of violating antitrust laws in a lawsuit brought by Epic Games. This landmark decision has sent shockwaves through the tech industry and raised questions...
The Rational Walk
The Digest #217
Berkshire Hathaway Acquires BHE Minority Interests, Measuring Competence, Greg Abel Interview, The...
3 months ago
Berkshire Hathaway Acquires BHE Minority Interests, Measuring Competence, Greg Abel Interview, The Fed's Inflationary Bias, Jimmy Carter at 100, Sam Altman, Bruno Leoni, Thermopylae
Commoncog
Cultural Advantage is Counter Positioning
Competitive advantages in business that come from cultural differences tend to be...
over a year ago
Competitive advantages in business that come from cultural differences tend to be counter-positioning, not process power. Why this is surprising, and why it matters.
Calculated Risk
Housing Jan 6th Weekly Update: Inventory down 2.4% Week-over-week, Up 27.3% Year-over-year
Altos reports that active single-family inventory was down 2.4% week-over-week.
Inventory will...
a week ago
Altos reports that active single-family inventory was down 2.4% week-over-week.
Inventory will continue to decline seasonally and probably bottom in late January or February.
The first graph shows the seasonal pattern for active single-family inventory since 2015.
Click...
FIRE v London
I’m 28, and can’t figure out how to start on FatFIRE – what would you do in my shoes?
From: TazTo: FvL Hi FvL I’ve read your blog on and off for the past year or three. I graduated from...
7 months ago
From: TazTo: FvL Hi FvL I’ve read your blog on and off for the past year or three. I graduated from the London School of Economics in 2017 after which I went through the hardest few years of my life mentally and ended up unemployed or in dead-end low paid jobs. I currently work...
Commoncog
Business Ecosystem Change Takes Time
The birth of Sony, and the possibility that private corporations and private individuals can change...
7 months ago
The birth of Sony, and the possibility that private corporations and private individuals can change broader business ecosystems.
Commoncog
The Limits of Operational Excellence
An answer to a puzzle: why is that some businesses go down the Deming path, become data driven,...
9 months ago
An answer to a puzzle: why is that some businesses go down the Deming path, become data driven, achieve operational excellence, and die, and others acquire Process Power and win?
Musings on Markets
Beat your Bot: Building your moat against AI
It seems like a lifetime has passed since artificial intelligence (AI) became the market's biggest...
4 months ago
It seems like a lifetime has passed since artificial intelligence (AI) became the market's biggest mover, but Open AI introduced the world to ChatGPT on November 30, 2022. While ChatGPT itself represented a low-tech variation of AI, it opened the door to AI not only as a business...
Mazdak
The Latest in Smartglasses Tech
From Samsung's latest specs to the buzz surrounding Apple's potential entry, the world of...
2 months ago
From Samsung's latest specs to the buzz surrounding Apple's potential entry, the world of smartglasses is heating up!
Citation Needed
Businessweek: Crypto Got What It Wanted in November’s Election. Now What?
The industry is now in a position to weaken financial rules that might protect consumers from the...
a month ago
The industry is now in a position to weaken financial rules that might protect consumers from the next crypto crash.
The Diff
In Credit Underwriting, Better is Worse
Plus! IRR; Structure; Financial Epiphytes; Shale; Weakening the Cartel
2 weeks ago
Plus! IRR; Structure; Financial Epiphytes; Shale; Weakening the Cartel
Mazdak
How to Build Wealth: 5 Key Principles
Building wealth is a long-term goal that requires time, discipline, and consistency. But it is...
a year ago
Building wealth is a long-term goal that requires time, discipline, and consistency. But it is possible for anyone who is willing to put in the work. Here are 5 key principles to help you build wealth: Live below your means. This is the single most important thing you can do to...
Mazdak
Move Your Business Abroad: A Step-by-Step Guide for Entrepreneurs
Expanding your business abroad can be a great way to reach new markets, increase revenue, and...
a year ago
Expanding your business abroad can be a great way to reach new markets, increase revenue, and diversify your portfolio. However, it's important to do your research and take the necessary steps to ensure a successful transition. Here are some practical tips for entrepreneurs...
The Rational Walk
Free Articles!
All articles older than six months are now free to read.
a year ago
All articles older than six months are now free to read.
The Rational Walk
The Digest #164
Howard Marks on intelligent risks, Li Lu's amazing life story, Damodaran on streaming, Thompson on...
a year ago
Howard Marks on intelligent risks, Li Lu's amazing life story, Damodaran on streaming, Thompson on Charter vs. Disney, Taleb's favorite literary works, Buffett's Japanese investments, and more ...
Moneyness
Another Indian payments idea: a lightweight portable payments system for catastrophes
India is so far ahead of most of the world when it comes to payments technology that when a new...
a year ago
India is so far ahead of most of the world when it comes to payments technology that when a new Indian payments idea emerges, we should probably pay attention.
In its recent annual report, the Reserve Bank of India, the country's central bank, put forward the idea of a...
Musings on Markets
Data Update 6 for 2023: A Wake up call for the Indebted?
We have an uneasy relationship with debt, both in our personal and business lives. While it is a...
a year ago
We have an uneasy relationship with debt, both in our personal and business lives. While it is a financial decision, it is one that is freighted with moral overtones, since almost every religion inveighs against debt's sins, labeling those who lend as sinners and those who borrow...
Calculated Risk
Schedule for Week of December 22, 2024
Happy Holidays and Merry Christmas!
----- Monday, December 23rd -----
8:30 AM: Chicago Fed National...
3 weeks ago
Happy Holidays and Merry Christmas!
----- Monday, December 23rd -----
8:30 AM: Chicago Fed National Activity Index for November. This is a composite index of other data.
----- Tuesday, December 24th -----
8:30 AM: Durable Goods Orders for November. The consensus is for a 0.4%...
Moneyness
The first round of U.S. secondary sanctions on Russia is working
Turkish banks halted transactions with Russian banks last month and are only slowly reintroducing...
11 months ago
Turkish banks halted transactions with Russian banks last month and are only slowly reintroducing payments for a narrow range of products that are on a so-called "green list," reports Ragip Soylu. This broad debanking of Russia by Turkey is part of the fallout from President...
The Rational Walk
The Digest #206
The Trust Deficit, EU Regulations, Medicare Advantage scams, Munger soldiered on, The cult of...
6 months ago
The Trust Deficit, EU Regulations, Medicare Advantage scams, Munger soldiered on, The cult of Silicon Valley, Self-esteem and outer scorecards, MMT's founder is worried about deficits
The Rational Walk
Roth IRA Conversions For Early Retirees
Roth IRA conversions could make sense for early retirees who are able to control their income and...
3 months ago
Roth IRA conversions could make sense for early retirees who are able to control their income and avoid falling into a high tax bracket.
The Rational Walk
The Trust Deficit
My thoughts on the severe deficit of trust facing the United States on its 248th birthday and the...
6 months ago
My thoughts on the severe deficit of trust facing the United States on its 248th birthday and the urgent need to correct course.
Musings on Markets
A Business Upended: Streaming disrupts the Entertainment Business!
It has been an unsettling summer for anyone with a stake in the movie, television and broadcasting...
a year ago
It has been an unsettling summer for anyone with a stake in the movie, television and broadcasting businesses. The strike by screen actors and writers which started in July is now into almost into its third month, with no end in sight, putting at risk the pipeline of movies and...
The Rational Walk
The Digest #225
A Dangerous Interregnum, Trump's Energy Policy, Damodaran on ESG, Buffett in 1970, Inflation's Role...
2 months ago
A Dangerous Interregnum, Trump's Energy Policy, Damodaran on ESG, Buffett in 1970, Inflation's Role in Trump's Victory, Taxes in Retirement, James J. Hill, IKEA, F. A. Hayek, Shakespeare
Mazdak
Google and the Canadian Government Reach a Deal on Online News Act
The Government of Canada and Google have reached a deal on the Online News Act (C-18), just three...
a year ago
The Government of Canada and Google have reached a deal on the Online News Act (C-18), just three weeks before the act is scheduled to come into effect. The deal will see Google continue to show Canadian news on its platforms in exchange for annual payments to Canadian news...
The Rational Walk
Buffett Resumes Occidental Purchases
Berkshire spent $246.4 million to acquire 3.9 million OXY shares between October 23 and October 25.
a year ago
Berkshire spent $246.4 million to acquire 3.9 million OXY shares between October 23 and October 25.
Mazdak
ChatGPT’s Newest Feature Lets You Customize Its Personality
OpenAI has announced an exciting update for ChatGPT users: the ability to customize the chatbot’s...
17 hours ago
OpenAI has announced an exciting update for ChatGPT users: the ability to customize the chatbot’s personality and interaction style.
The Rational Walk
Berkshire Hathaway HomeServices
The real estate brokerage industry will change due to a settlement in a key lawsuit. Berkshire...
10 months ago
The real estate brokerage industry will change due to a settlement in a key lawsuit. Berkshire Hathaway HomeServices was not a party to the agreement but its business model will still be affected.
Calculated Risk
Weekly Initial Unemployment Claims Increase to 217,000
The DOL reported:
seasonally adjusted initial claims was 217,000, an increase of
14,000 from the...
2 days ago
The DOL reported:
seasonally adjusted initial claims was 217,000, an increase of
14,000 from the previous week's revised level. The previous week's level was revised up by 2,000 from 201,000 to
203,000. The 4-week moving average was 212,750, a decrease of 750 from the previous...
Calculated Risk
Friday: Housing Starts, Industrial Production
Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios.
Housing Starts...
yesterday
Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios.
Housing Starts for December. The consensus is for 1.315 million SAAR, up from 1.289 million SAAR.
Industrial Production and Capacity Utilization for December. The consensus is for a 0.3% increase...
Mazdak
Canada's Retail Pulse: Holiday Shopping Season Navigates Mixed Signals
Canada's retail landscape is offering a mixed bag of signals heading into the critical holiday...
a year ago
Canada's retail landscape is offering a mixed bag of signals heading into the critical holiday season. While October saw a surprising 0.7% increase in retail sales, exceeding economist expectations, concerns linger about the sustainability of this trend in the face of rising...
Musings on Markets
The Power of Expectations: Nvidia's Earnings and the Market Reaction!
Last Wednesday (August 28), the market waited with bated breath for Nvidia’s earning call, scheduled...
4 months ago
Last Wednesday (August 28), the market waited with bated breath for Nvidia’s earning call, scheduled for after the market closed. That call, at first sight, contained exceptionally good news, with revenues and earnings coming in at stratospheric levels, and above expectations,...
FIRE v London
Jan ’23: Mr Market defuses my tax bombshell
January is always a miserable month to be in London. Thankfully I managed to get away a bit during...
a year ago
January is always a miserable month to be in London. Thankfully I managed to get away a bit during the month (not to Davos, no), and enjoy myself in London despite the wintry weather. What you’re paying for in Mayfair these days Market movements in January The markets on the...
Citation Needed
Issue 47 – Residual garbage
All my "absolute top tier apes" gone, anti-rug-pull rug pulls, and an update on this newsletter.
a year ago
All my "absolute top tier apes" gone, anti-rug-pull rug pulls, and an update on this newsletter.
Calculated Risk
Question #7 for 2025: How much will wages increase in 2025?
Earlier I posted some questions on my blog for next year: Ten Economic Questions for 2025. Some of...
3 weeks ago
Earlier I posted some questions on my blog for next year: Ten Economic Questions for 2025. Some of these questions concern real estate (inventory, house prices, housing starts, new home sales), and I posted thoughts on those in the newsletter (others like GDP and employment will...
FIRE v London
Mar ’24: A towering influence
I’ve enjoyed March. I managed to enjoy a few days’ skiing, despite less snow than any of us would...
9 months ago
I’ve enjoyed March. I managed to enjoy a few days’ skiing, despite less snow than any of us would like, in the Austrian alps. Back at home, the sun has been getting stronger, and the evenings have been getting lighter – and now with Summer Time we will enjoy lovely late evenings...
Mazdak
5 Sneaky Financial Traps Sabotaging Your Middle-Class Dream (and How to Escape Them)
In today's dynamic financial landscape, the middle class faces unique challenges. Building wealth...
a year ago
In today's dynamic financial landscape, the middle class faces unique challenges. Building wealth amidst rising costs and shifting landscapes requires careful navigation, avoiding insidious traps that can derail your financial goals. This newsletter identifies
Calculated Risk
Final Look at Local Housing Markets in November and a Look Ahead to December Sales
Today, in the Calculated Risk Real Estate Newsletter: Final Look at Local Housing Markets in...
2 weeks ago
Today, in the Calculated Risk Real Estate Newsletter: Final Look at Local Housing Markets in November and a Look Ahead to December Sales
A brief excerpt:
After the National Association of Realtors® (NAR) releases the monthly existing home sales report, I pick up additional local...
The Diff
Longreads + Open Thread
Shanghai, Wrong, Returns, Nuclear, Employee Performance, Feedback Loops, Buffett
a month ago
Shanghai, Wrong, Returns, Nuclear, Employee Performance, Feedback Loops, Buffett
Moneyness
Your finances are being snooped on. Here's how
We all have a pretty good idea that our finances are being snooped on, but most of us aren't quite...
6 months ago
We all have a pretty good idea that our finances are being snooped on, but most of us aren't quite able to articulate how. We know that we're being snooped on by two groups, corporations and the government. This post will focus on how the government snoops on our transactions,...
Mazdak
AI Fuels Alphabet's Growth
Google's parent company Alphabet is on a roll, and AI is the fuel.
2 months ago
Google's parent company Alphabet is on a roll, and AI is the fuel.
Commoncog
Lesley Sim on Skill Acceleration in Ultimate
Cedric talks to Lesley Sim about her experience coaching the Singaporean Ultimate Women's World...
a year ago
Cedric talks to Lesley Sim about her experience coaching the Singaporean Ultimate Women's World Championship Team in 2020, her approach to skill acceleration, and why a teaching technique designed for dogs and dolphins works just as well on humans!
The Rational Walk
By diverse means we arrive at the same end
Montaigne's Essays: Book 1, Chapter 1
a year ago
Montaigne's Essays: Book 1, Chapter 1
Citation Needed
Issue 54 – Cases continue
Crypto-related litigation is in full swing, as the Terra civil fraud trial has kicked off and two...
9 months ago
Crypto-related litigation is in full swing, as the Terra civil fraud trial has kicked off and two other cases against crypto companies have survived motions to dismiss.
Calculated Risk
Moody's: Apartment Vacancy Rate Increased in Q4; Office Vacancy Rate at Record High
Today, in the Calculated Risk Real Estate Newsletter: Moody's: Apartment Vacancy Rate Increased in...
a week ago
Today, in the Calculated Risk Real Estate Newsletter: Moody's: Apartment Vacancy Rate Increased in Q4; Office Vacancy Rate at Record High
A brief excerpt:
From Moody’s Analytics Economists: Multifamily Continued to Defy the Supply Shock, Office’s Vacancy Rate Broke Another...
Calculated Risk
Weekly Initial Unemployment Claims Increase to 242,000
The DOL reported:
emphasis added
The following graph shows the 4-week moving average of weekly...
a month ago
The DOL reported:
emphasis added
The following graph shows the 4-week moving average of weekly claims since 1971.
Click on graph for larger image.
The dashed line on the graph is the current 4-week average. The four-week average of weekly unemployment claims increased to...
Commoncog
When Action Beats Prediction
One of the great paradoxes of business is that management is prediction, but entrepreneurship ......
a year ago
One of the great paradoxes of business is that management is prediction, but entrepreneurship ... isn't. What a theory of expertise in entrepreneurship tells us about creating new things in business.
The Rational Walk
Free Articles!
A selection of fifteen formerly paywalled articles
9 months ago
A selection of fifteen formerly paywalled articles
Calculated Risk
Case-Shiller: National House Price Index Up 3.6% year-over-year in October
S&P/Case-Shiller released the monthly Home Price Indices for October ("October" is a 3-month average...
2 weeks ago
S&P/Case-Shiller released the monthly Home Price Indices for October ("October" is a 3-month average of August, September and October closing prices).
S&P CoreLogic Case-Shiller Index Records 3.6% Annual Gain in October 2024
The S&P CoreLogic Case-Shiller U.S. National Home...
The Rational Walk
The Digest #160
Steve Jobs in his own words, Risk free rates, Saving for a home, Buffett's investments in Japan,...
a year ago
Steve Jobs in his own words, Risk free rates, Saving for a home, Buffett's investments in Japan, Flawed memories, Podcast interviews with Rudy Havenstein, Doomberg, Paul Graham, and Guy Spier.
Calculated Risk
Housing Jan 13th Weekly Update: Inventory down 1.7% Week-over-week, Up 23.6% Year-over-year
Altos reports that active single-family inventory was down 1.7% week-over-week.
Inventory will...
5 days ago
Altos reports that active single-family inventory was down 1.7% week-over-week.
Inventory will continue to decline seasonally and probably bottom in late January or February.
The first graph shows the seasonal pattern for active single-family inventory since 2015.
Click...
Mazdak
Trudeau's resignation, Dana White joining Meta's board, YouTube taking on TikTok, SuperIntelligence...
After nearly a decade in leadership, Justin Trudeau announced his decision to step down as Prime...
a week ago
After nearly a decade in leadership, Justin Trudeau announced his decision to step down as Prime Minister of Canada.
Moneyness
How to debase the coinage in order to pay for wars
Henry VIII, after Hans Holbein the Younger
It's fun to imagine traveling back in time and engaging...
a year ago
Henry VIII, after Hans Holbein the Younger
It's fun to imagine traveling back in time and engaging with the then-prevailing technologies. Would you be able to ride a boneshaker or use a counting board? It's probably harder than you think: kids today can't even use a 1980s rotary...
Mazdak
How to Win Friends and Influence People by Dale Carnegie: A Summary and Key Takeaways
Dale Carnegie's How to Win Friends and Influence People is one of the most popular and influential...
a year ago
Dale Carnegie's How to Win Friends and Influence People is one of the most popular and influential self-help books ever written. First published in 1936, it has sold over 50 million copies and been translated into over 30 languages. The book is a practical guide to improving...
Farnam Street
The Winner’s Edge
A lot of otherwise talented people are too pessimistic to actually do anything. They are paralyzed...
a year ago
A lot of otherwise talented people are too pessimistic to actually do anything. They are paralyzed by risks that don’t exist and greatly exaggerate them where they do, preventing them from being one of the best. Consider this lightly edited excerpt from a conversation between...
Musings on Markets
Data Update 5 for 2023: The Earnings Test
As I have argued in all four of my posts, so far, about 2022, it was year when we saw a return to...
a year ago
As I have argued in all four of my posts, so far, about 2022, it was year when we saw a return to normalcy on many fronts, as treasury rates reverted back to pre-2008 levels, and risk capital discovered that risk has a downside. During the course of the year, investors also...
Citation Needed
The stones left unturned in the Sam Bankman-Fried trial
From billions of mysterious Tethers to the apparent identity theft of Thai sex workers, many...
a year ago
From billions of mysterious Tethers to the apparent identity theft of Thai sex workers, many questions remain about what happened at Bankman-Fried's crypto empire.
Calculated Risk
Schedule for Week of January 5, 2024
The key report this week is the December employment report on Friday.
----- Monday, January 6th...
a week ago
The key report this week is the December employment report on Friday.
----- Monday, January 6th -----
No major economic releases scheduled.
----- Tuesday, January 7th -----
8:30 AM: Trade Balance report for November from the Census Bureau.
10:00 AM ET: Job Openings and Labor...
Citation Needed
Issue 58 – Threats to the stability and integrity of Ethereum
The Justice Department worries about the stability of Ethereum, DCG tries to bilk their subsidiary's...
8 months ago
The Justice Department worries about the stability of Ethereum, DCG tries to bilk their subsidiary's creditors, and Biden threatens a crypto veto.
Calculated Risk
Leading Index for Commercial Real Estate Increased 10% in December
From Dodge Data Analytics: Dodge Momentum Index Grows 10% in December
The Dodge Momentum Index...
a week ago
From Dodge Data Analytics: Dodge Momentum Index Grows 10% in December
The Dodge Momentum Index (DMI), issued by Dodge Construction Network, grew 10.2% in December to 212.0 (2000=100) from the revised November reading of 192.3. Over the month, commercial planning increased 14.2%...
balajis.com
The Elondrop
Build the political support necessary to free Twitter with the largest airdrop in history.
over a year ago
Build the political support necessary to free Twitter with the largest airdrop in history.
Mazdak
Meta's AI & Reuters: A New Era of News?
Meta's AI is changing how we consume news. The tech giant has partnered with Reuters, a leading...
2 months ago
Meta's AI is changing how we consume news. The tech giant has partnered with Reuters, a leading global news provider, to bring real-time news updates directly to users through Meta's AI chatbot.
Citation Needed
Issue 67 – Bug out bitcoin
Crypto resurfaces on the campaign trail and the FTX fallout continues to unfold. Also, merch!
3 months ago
Crypto resurfaces on the campaign trail and the FTX fallout continues to unfold. Also, merch!
The Rational Walk
American Prometheus
The tragic story of J. Robert Oppenheimer encompasses far more than science and politics. It is a...
a year ago
The tragic story of J. Robert Oppenheimer encompasses far more than science and politics. It is a cautionary tale of human nature that holds timeless lessons.
Commoncog
Strong at Capital, Bad at Everything Else
Two examples of operators who were strong on the capital side of the business expertise triad, but...
a year ago
Two examples of operators who were strong on the capital side of the business expertise triad, but weak in just about everything else.
Mazdak
The Best Age to Start Taking Social Security: It's Not What You Think
When you reach full retirement age (FRA), you can start taking Social Security benefits. But you may...
a year ago
When you reach full retirement age (FRA), you can start taking Social Security benefits. But you may want to consider taking them sooner, even if it means a smaller monthly check. Here's why: Your benefits will grow by 8% per year for each year you delay taking them, up to age...
FIRE v London
Sep ’24: Ominous politics, juicy economics
September was fairly action-packed. I enjoyed getting out on a friend’s boat around Poole and the...
3 months ago
September was fairly action-packed. I enjoyed getting out on a friend’s boat around Poole and the Solent. I made it to the Labour party conference in Liverpool, which was fascinating albeit wet. I am apparently firmly in the tax-raising sights of the Government, but I wasn’t the...
FIRE v London
Aug ’23: …
A belated write-up of the month of August. Thinking back a month, two stories pop out for me. One...
a year ago
A belated write-up of the month of August. Thinking back a month, two stories pop out for me. One was the death of Russian mutineer Yevgeny Prigozhin – a larger-than-life modern day warlord, responsible for the ‘little green men’ at the start of the Russian/Ukraine war in 2014,...
Moneyness
Top 13 blog posts
I've been writing on this blog for a while now – over ten years. Many of those posts are now...
a year ago
I've been writing on this blog for a while now – over ten years. Many of those posts are now forgotten (by myself included), but some were pretty popular at the time, and a few still get a steady stream of readers. Someone recently asked me for a list of my top ranked posts...
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