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August ’25: Warm memories While the global soap opera of the Gaza crisis, Trump/Putin PR, Ukraine misery etc continued, I have...
11th Sep 2025
48

August ’25: Warm memories

from FIRE v London [alt+shift+b] in finance

11th Sep 2025
While the global soap opera of the Gaza crisis, Trump/Putin PR, Ukraine misery etc continued, I have created some warm memories in August. I spent a bit of time in the New Forest, at both ends, and the middle. Which included a trip to Mudeford, site of the UK’s most expensive...
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The One-Big-Side-Bet Model of Wealth Creation Plus! Diff Jobs; Building Japan's Financial Ecosystem; The New Balance of Trade; Where Return on...
2nd Dec 2024
51

The One-Big-Side-Bet Model of Wealth Creation

from The Diff [alt+shift+b] in finance

2nd Dec 2024
Plus! Diff Jobs; Building Japan's Financial Ecosystem; The New Balance of Trade; Where Return on Investment Goes; Broken ETFs; Swipe Fees and Accounting
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Is This a Moat: Mailchimp and PayPal’s Algorithmic Advantage Two case studies of real world competitive advantage, followed by a question: was this a moat or...
12th Dec 2022
104

Is This a Moat: Mailchimp and PayPal’s Algorithmic Advantage

from Commoncog [alt+shift+b] in finance

12th Dec 2022
Two case studies of real world competitive advantage, followed by a question: was this a moat or not?
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"I didn't launder the cash, your honor. The robot did." Crypto enthusiasts protest the trial of Alexey Pertsev As the multiple Tornado Cash legal cases...
11th Jun 2024
23

"I didn't launder the cash, your honor. The robot did."

from Moneyness [alt+shift+b] in finance

11th Jun 2024
Crypto enthusiasts protest the trial of Alexey Pertsev As the multiple Tornado Cash legal cases wend their way through courts in the Netherlands and the U.S., we continue to learn how society's money laundering laws will be applied to some of the more unique financial...
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To Bitcoin or not to Bitcoin? A Corporate Cash Question! In this post, I will bring together two disparate and very different topics that I have written...
18th Jul 2025
50

To Bitcoin or not to Bitcoin? A Corporate Cash Question!

from Musings on Markets [alt+shift+b] in finance

18th Jul 2025
In this post, I will bring together two disparate and very different topics that I have written about in the past. The first is the role that cash holdings play in a business, an extension of the dividend policy question, with an examination of why businesses often should not pay...
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More Creators Can Now Make Money on YouTube YouTube Lowers Monetization Requirements for Creators. New Twitter CEO Linda Yaccarino Sets Out...
13th Jun 2023
42

More Creators Can Now Make Money on YouTube

from Mazdak [alt+shift+b] in finance

13th Jun 2023
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....
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Meet Trump’s memecoin dinner guests Trump's crypto-for-access dinner triggers broad ethics alarms, and 73% non-US attendance raises...
7th May 2025
51

Meet Trump’s memecoin dinner guests

from Citation Needed [alt+shift+b] in finance

7th May 2025
Trump's crypto-for-access dinner triggers broad ethics alarms, and 73% non-US attendance raises fresh concerns over foreign influence
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The Only Thing That Matters Business skill, as the ability to cut a messy business problem down to a single, most important...
3rd Nov 2025
18

The Only Thing That Matters

from Commoncog [alt+shift+b] in finance

3rd Nov 2025
Business skill, as the ability to cut a messy business problem down to a single, most important thing.
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Tobi Lütke: AI Agents, Better Decisions, and the Future of Work Shopify founder and CEO Tobi Lütke joins Shane Parrish to discuss AI agents, better decision-making,...
10th Sep 2026
1

Tobi Lütke: AI Agents, Better Decisions, and the Future of Work

from Farnam Street [alt+shift+b] in finance

10th Sep 2026
Shopify founder and CEO Tobi Lütke joins Shane Parrish to discuss AI agents, better decision-making, and the future of work. He explains how he uses an AI council to examine his hardest decisions and why taste, judgment, and responsibility become more valuable as AI becomes more...
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All Property Becomes Cryptography For 99%+ of what's valuable, for every financial asset and capital asset, we will secure it onchain.
28th Jul 2025
52

All Property Becomes Cryptography

from balajis.com [alt+shift+b] in finance

28th Jul 2025
For 99%+ of what's valuable, for every financial asset and capital asset, we will secure it onchain.
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Warren Buffett on Berkshire’s Valuation Warren Buffett has typically avoided commenting on Berkshire's stock price, but he has provided some...
3rd Mar 2025
1

Warren Buffett on Berkshire’s Valuation

from The Rational Walk [alt+shift+b] in finance

3rd Mar 2025
Warren Buffett has typically avoided commenting on Berkshire's stock price, but he has provided some clues that are worth considering.
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Controlling the Narrative Is Not the Same As Controlling the World This is Essay #9 in the series Truth Be Told. The core dynamic of this era is the notion that...
a week ago
1

Controlling the Narrative Is Not the Same As Controlling the World

from oftwominds-Charles Hugh Smith [alt+shift+b] in finance

a week ago
This is Essay #9 in the series Truth Be Told. The core dynamic of this era is the notion that controlling the narrative controls the world, as persuading the populace to believe something is true controls their convictions which then control their behaviors. Centralized...
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OpenAI is not becoming a for-profit company after all. In a significant reversal, OpenAI announced on May 5, 2025, that it will remain under the control of...
5th May 2025
45

OpenAI is not becoming a for-profit company after all.

from Mazdak [alt+shift+b] in finance

5th May 2025
In a significant reversal, OpenAI announced on May 5, 2025, that it will remain under the control of its nonprofit entity, abandoning earlier plans to restructure as a for-profit company.
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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...
7th Sep 2024
127

August ’24: From triumph to tragedy

from FIRE v London [alt+shift+b] in finance

7th Sep 2024
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 /...
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Understanding Anthropic Plus! Pulled IPOs; Non-Fungibility; The News Business; Opt-Outs; Writing
a week ago
1

Understanding Anthropic

from The Diff [alt+shift+b] in finance

a week ago
Plus! Pulled IPOs; Non-Fungibility; The News Business; Opt-Outs; Writing
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Bond Villain When Powell devalued bonds, he destroyed the economy.
4th Jul 2023
46

Bond Villain

from balajis.com [alt+shift+b] in finance

4th Jul 2023
When Powell devalued bonds, he destroyed the economy.
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Look Out Below As I often note, making Plans B and C is free. The stock market is always looking past "bad...
7th Oct 2025
1

Look Out Below

from oftwominds-Charles Hugh Smith [alt+shift+b] in finance

7th Oct 2025
As I often note, making Plans B and C is free. The stock market is always looking past "bad news" to front-run "good news." Once it became clear that the Titanic was indeed going to sink, the stock market would rally on the prospect of sharp growth in lifeboat shares. In...
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Introducing Xmrit Some free software to create, modify, experiment with and share XmR charts. Unlock the ability to...
10th Apr 2024
144

Introducing Xmrit

from Commoncog [alt+shift+b] in finance

10th Apr 2024
Some free software to create, modify, experiment with and share XmR charts. Unlock the ability to become more data driven today.
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Putting the Jobs to be Done Interview to Practice Things we wished someone told us, before we put the JTBD interview to practice.
9th Jul 2025
55

Putting the Jobs to be Done Interview to Practice

from Commoncog [alt+shift+b] in finance

9th Jul 2025
Things we wished someone told us, before we put the JTBD interview to practice.
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Dec ’23 – 2023 in review It’s the start of a calendar year. Let’s take a look at what 2023 did to me financially. I’m...
2nd Jan 2024
128

Dec ’23 – 2023 in review

from FIRE v London [alt+shift+b] in finance

2nd Jan 2024
It’s the start of a calendar year. Let’s take a look at what 2023 did to me financially. I’m following the same structure I’ve used for the last few years (2022, 2021, and 2020). Overall, 2023 was a good year on almost all measures – thanks in particular to Q4 which saw the US...
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It’s a treasure trove of health insights! Use Insulin wisely Life on Earth started simple. For nearly 2 billion years, tiny single-celled...
21st Oct 2024
132

It’s a treasure trove of health insights!

from Seeking Wisdom [alt+shift+b] in finance

21st Oct 2024
Use Insulin wisely Life on Earth started simple. For nearly 2 billion years, tiny single-celled organisms dominated. Then, a lucky accident changed everything. One cell swallowed another, and the swallowed cell became mitochondria, the powerhouse of complex cells. This chance...
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Nov ’25: Coastal Folly loan repaid Trump dominated the headlines again. This time partly due to some very biased editing by the BBC of...
14th Dec 2025
2

Nov ’25: Coastal Folly loan repaid

from FIRE v London [alt+shift+b] in finance

14th Dec 2025
Trump dominated the headlines again. This time partly due to some very biased editing by the BBC of a Panorama show about Trump before the US election. There was also the omnipresent UK Budget. Which has had more than enough coverage. I did a ‘damage assessment‘ at the time and...
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Primary Sources Consulting primary sources represents table stakes for intelligent investors and responsible...
11th Feb 2025
1

Primary Sources

from The Rational Walk [alt+shift+b] in finance

11th Feb 2025
Consulting primary sources represents table stakes for intelligent investors and responsible citizens.
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Country Risk: Drivers, Measures and Investment Implications - The 2026 Edition! I am a creature of habit in my personal and professional life, and in the context of the content...
15th Jul 2026
1

Country Risk: Drivers, Measures and Investment Implications - The 2026 Edition!

from Musings on Markets [alt+shift+b] in finance

15th Jul 2026
I am a creature of habit in my personal and professional life, and in the context of the content that I post online, there is a ritual that I follow with my data updates. I start the year with my general data update online, and follow up with a series of posts where I examine the...
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Reflections on the Software Dark Factory Q&A Some thoughts from watching a demo of a Software Dark Factory.
3rd Jun 2026
1

Reflections on the Software Dark Factory Q&A

from Commoncog [alt+shift+b] in finance

3rd Jun 2026
Some thoughts from watching a demo of a Software Dark Factory.
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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...
10th Jan 2025
31

Data Update 1 for 2025: The Draw (and Danger) of Data

from Musings on Markets [alt+shift+b] in finance

10th Jan 2025
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...
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What I’ve Been Reading Thoughts on the books I read in the second quarter of 2025
11th Jul 2025
1

What I’ve Been Reading

from The Rational Walk [alt+shift+b] in finance

11th Jul 2025
Thoughts on the books I read in the second quarter of 2025
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The Greed & Fear Tango: The Markets in April 2025! I started the month on a trip to Latin America, just as the tariff story hit my newsfeed and the...
3rd May 2025
55

The Greed & Fear Tango: The Markets in April 2025!

from Musings on Markets [alt+shift+b] in finance

3rd May 2025
I started the month on a trip to Latin America, just as the tariff story hit my newsfeed and the market reacted with a sell off that knocked more than $9 trillion in market cap for global equities in the next two days. The month was off to a bad start, and tariffs remained the...
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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...
11th Dec 2023
112

Data and the Capital Cycle: How Koch Became an Empire

from Commoncog [alt+shift+b] in finance

11th Dec 2023
How Koch Industries became an empire. We draw on ideas from both the Becoming Data Driven series and the Capital Expertise series.
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Bits about Money yearly recap and plans What we covered in 2024, what are plans are in 2025, and a solicitation for supporting memberships.
15th Jan 2025
91

Bits about Money yearly recap and plans

from Bits about Money [alt+shift+b] in finance

15th Jan 2025
What we covered in 2024, what are plans are in 2025, and a solicitation for supporting memberships.
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April 2025 – balmy weather, barmy markets Better late than never, I’m doing a quick update on April. More for the record than because anything...
24th May 2025
63

April 2025 – balmy weather, barmy markets

from FIRE v London [alt+shift+b] in finance

24th May 2025
Better late than never, I’m doing a quick update on April. More for the record than because anything particularly notable happened in the portfolio, ignoring the mid month gyrations. It was a lovely month, April. I did a bit of travelling, but the UK had generally lovely spring...
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Oct ’23: Terror erupts from Gaza It’s the Middle East again. I don’t have any perspective on it, sadly, other than that I hear of...
5th Nov 2023
110

Oct ’23: Terror erupts from Gaza

from FIRE v London [alt+shift+b] in finance

5th Nov 2023
It’s the Middle East again. I don’t have any perspective on it, sadly, other than that I hear of some nasty low level youth violence/intimidation/vandalism in North London in Jewish neighbourhoods by pro-Palestinian, dare-I-say-it pro-Hamas hotheads. But in most of London life...
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Issue 63 – RobConf 2024 Coinbase responds to campaign finance violation allegations, Trump panders to bitcoiners, and I chat...
7th Aug 2024
118

Issue 63 – RobConf 2024

from Citation Needed [alt+shift+b] in finance

7th Aug 2024
Coinbase responds to campaign finance violation allegations, Trump panders to bitcoiners, and I chat with Lyn Alden about sexism in bitcoin.
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For the fun of it: An Open House for my Spring 2025 Classes I am a teacher at heart, and every year, for more than two decades, I have invited people to join me...
11th Dec 2024
24

For the fun of it: An Open House for my Spring 2025 Classes

from Musings on Markets [alt+shift+b] in finance

11th Dec 2024
I am a teacher at heart, and every year, for more than two decades, I have invited people to join me in the classes that I teach at the Stern School of Business at New York University. Since I teach these classes only in the spring, and the first sessions for each of the classes...
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Two Americas, one bank branch, and $50,000 cash Ever wondered what happens if you try to take $50,000 in cash out of a bank? Answer: a year of...
5th Mar 2025
83

Two Americas, one bank branch, and $50,000 cash

from Bits about Money [alt+shift+b] in finance

5th Mar 2025
Ever wondered what happens if you try to take $50,000 in cash out of a bank? Answer: a year of investigative journalism.
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Being an Amazon Seller in 2020; Year in Review I’m the founder and CEO of Viahart, an educational toy company. We did about $7.4 million in sales...
3rd Jan 2021
25

Being an Amazon Seller in 2020; Year in Review

from Molson Hart's Blog - Molson Hart [alt+shift+b] in finance

3rd Jan 2021
I’m the founder and CEO of Viahart, an educational toy company. We did about $7.4 million in sales in 2020, mostly through e-commerce channels like Amazon and Walmart.com. This article is going to tell you what that was like and how things were different in 2020 than in 2019. To...
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Credit card debt collection Credit card debt is the waste stream of consumer finance. The debt collection industry ends up being...
11th Aug 2023
43

Credit card debt collection

from Bits about Money [alt+shift+b] in finance

11th Aug 2023
Credit card debt is the waste stream of consumer finance. The debt collection industry ends up being sordid, for complex structural and microeconomic reasons.
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The Gambling King The start of the Asian Conglomerates Series: we open with a look at the life of Stanley Ho, gambling...
2nd Feb 2025
69

The Gambling King

from Commoncog [alt+shift+b] in finance

2nd Feb 2025
The start of the Asian Conglomerates Series: we open with a look at the life of Stanley Ho, gambling king of Macau.
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America's $175 Trillion Problem The true state of the global financial system, in ten charts.
25th Jul 2024
132

America's $175 Trillion Problem

from balajis.com [alt+shift+b] in finance

25th Jul 2024
The true state of the global financial system, in ten charts.
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Business Reality Without Frameworks A paradox: why it’s important to think about business without abstractions, even as we from what’s...
21st Oct 2024
102

Business Reality Without Frameworks

from Commoncog [alt+shift+b] in finance

21st Oct 2024
A paradox: why it’s important to think about business without abstractions, even as we from what’s come before.
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May 2nd COVID Update: COVID Deaths Continue to Decline Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios. For deaths, I'm...
2nd May 2025
18

May 2nd COVID Update: COVID Deaths Continue to Decline

from Calculated Risk [alt+shift+b] in finance

2nd May 2025
Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios. For deaths, I'm currently using 4 weeks ago for "now", since the most recent three weeks will be revised significantly. Note: "Effective May 1, 2024, hospitals are no longer required to report...
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A “Fairly Highly Valued” Market: A Fed Chair Opines on Stocks, but should we listen? In December 1996, Alan Greenspan used the words "irrational exuberance" to describe the stock market...
6th Oct 2025
43

A “Fairly Highly Valued” Market: A Fed Chair Opines on Stocks, but should we listen?

from Musings on Markets [alt+shift+b] in finance

6th Oct 2025
In December 1996, Alan Greenspan used the words "irrational exuberance" to describe the stock market at the time, and those words not only became the title of Robert Shiller's cautionary book on market bubbles, but also the beginnings of the belief that central bankers had the...
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Bank of Canada Holds Rates Steady, Inflation Progress Seen as Insufficient The Bank of Canada (BoC) opted to maintain its key interest rate at 5% today, signaling a cautious...
6th Mar 2024
102

Bank of Canada Holds Rates Steady, Inflation Progress Seen as Insufficient

from Mazdak [alt+shift+b] in finance

6th Mar 2024
The Bank of Canada (BoC) opted to maintain its key interest rate at 5% today, signaling a cautious stance on inflation despite recent declines. Governor Tiff Macklem acknowledged progress in bringing inflation down to 2.9% in January, but emphasized the need for continued...
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Greg Abel’s 2026 Letter to Shareholders Greg Abel's first letter to Berkshire Hathaway shareholders emphasized the need to keep the...
2nd Mar 2026
1

Greg Abel’s 2026 Letter to Shareholders

from The Rational Walk [alt+shift+b] in finance

2nd Mar 2026
Greg Abel's first letter to Berkshire Hathaway shareholders emphasized the need to keep the company's unique culture.
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The Fiacracy; A Mental Model for Modern Government This article will explain the following: 1. What is a Fiacracy 2. How do Fiacracies NOT work 3. How...
10th Aug 2024
50

The Fiacracy; A Mental Model for Modern Government

from Molson Hart's Blog - Molson Hart [alt+shift+b] in finance

10th Aug 2024
This article will explain the following: 1. What is a Fiacracy 2. How do Fiacracies NOT work 3. How Fiacracies work 4. Are Fiacracies sustainable 5. Why Fiacracies matter 1. What is a fiacracy? It’s government by fiat (money). The driving mechanism by which it works is not...
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If We Set Aside Ideology, Is There Anything We Can Agree On? Just the experiment of setting aside ideological certainties for a moment would be instructive. ...
3rd Mar 2025
47

If We Set Aside Ideology, Is There Anything We Can Agree On?

from oftwominds-Charles Hugh Smith [alt+shift+b] in finance

3rd Mar 2025
Just the experiment of setting aside ideological certainties for a moment would be instructive. Humans are hard-wired to prefer simplicity over complexity, and this is the foundation of ideology, which like mythology takes a complex world and radically simplifies it to an...
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The Ultimate Small Business Hiring Guide How to Find the Right Fit for Your Team
9th Oct 2024
105

The Ultimate Small Business Hiring Guide

from Mazdak [alt+shift+b] in finance

9th Oct 2024
How to Find the Right Fit for Your Team
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One Definition of Wisdom Charlie Munger’s biggest business mistake, and what it tells us about wisdom.
14th Feb 2024
123

One Definition of Wisdom

from Commoncog [alt+shift+b] in finance

14th Feb 2024
Charlie Munger’s biggest business mistake, and what it tells us about wisdom.
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A review of Number Go Up, on crypto shenanigans A review of Zeke Faux's Number Go Up, with some bonus commentary on financial journalism and Tether...
29th Sep 2023
54

A review of Number Go Up, on crypto shenanigans

from Bits about Money [alt+shift+b] in finance

29th Sep 2023
A review of Zeke Faux's Number Go Up, with some bonus commentary on financial journalism and Tether specifically.
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Money laundering and AML compliance A brief overview of what money laundering is, what financial institutions do about it, and why.
10th Feb 2023
52

Money laundering and AML compliance

from Bits about Money [alt+shift+b] in finance

10th Feb 2023
A brief overview of what money laundering is, what financial institutions do about it, and why.
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How to Use Power How do you gain power, use power, and identify those who have power, so that you may protect...
2nd Dec 2024
98

How to Use Power

from Commoncog [alt+shift+b] in finance

2nd Dec 2024
How do you gain power, use power, and identify those who have power, so that you may protect yourself against them? Part two of three in a series on power in business.
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Chesterton’s Fence: A Lesson in Second Order Thinking A core component of making great decisions is understanding the rationale behind previous decisions....
5th Sep 2022
99

Chesterton’s Fence: A Lesson in Second Order Thinking

from Farnam Street [alt+shift+b] in finance

5th Sep 2022
A core component of making great decisions is understanding the rationale behind previous decisions. If we don’t understand how we got “here,” we run the risk of making things much worse. *** When we seek to intervene in any system created by someone, it’s not enough to view...
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Stay the course I spend a couple of weeks every February keeping up with my investments, timing it to coincide with...
5th Mar 2024
154

Stay the course

from Seeking Wisdom [alt+shift+b] in finance

5th Mar 2024
I spend a couple of weeks every February keeping up with my investments, timing it to coincide with the release of Buffett’s annual letter to shareholders. I found something interesting while performing this ritual this time. I came across Aswath Damodaran’s website, where he has...
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Greg Abel’s Unique Challenge Greg Abel takes over as Chief Executive Officer of Berkshire Hathaway on January 1, 2026, a job that...
31st Dec 2025
1

Greg Abel’s Unique Challenge

from The Rational Walk [alt+shift+b] in finance

31st Dec 2025
Greg Abel takes over as Chief Executive Officer of Berkshire Hathaway on January 1, 2026, a job that will involve at least three major challenges.
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Power and Impunity Those acting with impunity are confident that their powers or god-like because they appear so in the...
2nd Feb 2026
1

Power and Impunity

from oftwominds-Charles Hugh Smith [alt+shift+b] in finance

2nd Feb 2026
Those acting with impunity are confident that their powers or god-like because they appear so in the human realm. But there are limits to everything in the human realm. One of the first things we learned about the Internet is that anything sent via email could readily become...
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The Winner’s Edge A lot of otherwise talented people are too pessimistic to actually do anything. They are paralyzed...
19th Apr 2023
183

The Winner’s Edge

from Farnam Street [alt+shift+b] in finance

19th Apr 2023
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...
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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...
8th Aug 2023
39

Working Out Will Change Your Life

from Mazdak [alt+shift+b] in finance

8th Aug 2023
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:
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Deposit franchises as natural hedges Many observe that banks seem to be blowing up due to predictable consequences of rising interest...
5th May 2023
45

Deposit franchises as natural hedges

from Bits about Money [alt+shift+b] in finance

5th May 2023
Many observe that banks seem to be blowing up due to predictable consequences of rising interest rates. How did we get here?
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Danny Meyer’s Business Expertise Let's break down Danny Meyer's business expertise as an exercise in biography reading.
7th Aug 2024
120

Danny Meyer’s Business Expertise

from Commoncog [alt+shift+b] in finance

7th Aug 2024
Let's break down Danny Meyer's business expertise as an exercise in biography reading.
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The Joys and Tragedies of Naivete Our naivete is being exploited so ruthlessly and with such abandon that the golden age of the Big...
5th Aug 2026
2

The Joys and Tragedies of Naivete

from oftwominds-Charles Hugh Smith [alt+shift+b] in finance

5th Aug 2026
Our naivete is being exploited so ruthlessly and with such abandon that the golden age of the Big Con is consuming itself. Naivete is interesting because it's so easily confused with confidence, native optimism, youthful enthusiasm, and a host of delusions, including...
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Tornado Cash un-OFAC'ed The next chapter in the Tornado Cash saga just dropped. Last week a court ruled last that Tornado...
5th Dec 2024
27

Tornado Cash un-OFAC'ed

from Moneyness [alt+shift+b] in finance

5th Dec 2024
The next chapter in the Tornado Cash saga just dropped. Last week a court ruled last that Tornado Cash, a bot that can be used for obfuscating crypto, is safe from being sanctioned. I first wrote about Tornado Cash in 2021, before its legal troubles began, warning of the risks...
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Modeling Life: Linear Algebra This is the 4th post in my series summarizing the key takeaways from reading the book Modeling Life....
2nd May 2024
140

Modeling Life: Linear Algebra

from Seeking Wisdom [alt+shift+b] in finance

2nd May 2024
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...
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Issue 78 – President on brink of bailout for bitcoin Trump tries to breathe life back into the crypto markets’ “Trump pump” while federal regulatory...
3rd Mar 2025
47

Issue 78 – President on brink of bailout for bitcoin

from Citation Needed [alt+shift+b] in finance

3rd Mar 2025
Trump tries to breathe life back into the crypto markets’ “Trump pump” while federal regulatory agencies wash their hands of any crypto industry oversight
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It’s Time to Build… Assets? One of the main reasons for the decline in goods and services in the United States, and to a lesser...
28th Mar 2026
1

It’s Time to Build… Assets?

from Molson Hart's Blog - Molson Hart [alt+shift+b] in finance

28th Mar 2026
One of the main reasons for the decline in goods and services in the United States, and to a lesser extent, the world, is the financialization of our economies by excessive money printing. Let's break that down into simpler language. The quality of the things and services you buy...
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Jon McNeill: How Elon Musk Makes Decisions Jon McNeill is the former President of Tesla and the co-founder and CEO of DVx Ventures. Elon Musk...
a week ago
1

Jon McNeill: How Elon Musk Makes Decisions

from Farnam Street [alt+shift+b] in finance

a week ago
Jon McNeill is the former President of Tesla and the co-founder and CEO of DVx Ventures. Elon Musk believes speed creates a competitive advantage, whether it’s speed of decision, speed of cash, or speed of response. But what does that look like day to day, and how do you build a...
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The Bitcoin ETF is the spiritual reversal of Executive Order 6102 Back in 1935, they seized the gold. But now, digital gold is back.
11th Jan 2024
128

The Bitcoin ETF is the spiritual reversal of Executive Order 6102

from balajis.com [alt+shift+b] in finance

11th Jan 2024
Back in 1935, they seized the gold. But now, digital gold is back.
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Real Estate Newsletter Articles this Week: New Home Sales Decrease to 657,000 Annual Rate in January At the Calculated Risk Real Estate Newsletter this week: Click on graph for larger image. New Home...
1st Mar 2025
37

Real Estate Newsletter Articles this Week: New Home Sales Decrease to 657,000 Annual Rate in January

from Calculated Risk [alt+shift+b] in finance

1st Mar 2025
At the Calculated Risk Real Estate Newsletter this week: Click on graph for larger image. New Home Sales Decrease to 657,000 Annual Rate in January Case-Shiller: National House Price Index Up 3.9% year-over-year in December Inflation Adjusted House Prices 1.0% Below 2022...
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What Do Brontosauruses Know about Uncoordinated Conspiracies? Brontosaurus skeleton at the Yale Peabody Museum of Natural History (allegedly) Let’s pretend for a...
2nd Sep 2024
33

What Do Brontosauruses Know about Uncoordinated Conspiracies?

from Molson Hart's Blog - Molson Hart [alt+shift+b] in finance

2nd Sep 2024
Brontosaurus skeleton at the Yale Peabody Museum of Natural History (allegedly) Let’s pretend for a moment that brontosauruses are made up, despite them being accepted by the public and scientific community, having ample evidence for their existence, and appearing in museums all...
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Stock Prices, Earnings and Cashflows: The AI Effect plays through! In a post at the end of August 2026, I talked about interest rates in 2026 and marveled at the...
8th Oct 2026
2

Stock Prices, Earnings and Cashflows: The AI Effect plays through!

from Musings on Markets [alt+shift+b] in finance

8th Oct 2026
In a post at the end of August 2026, I talked about interest rates in 2026 and marveled at the capacity of equities to keep rising in the face of rising rates. I argued that the resilience of stocks during the year could be traced to higher-than-expected earnings being reported...
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America Underestimates the Difficulty of Bringing Manufacturing Back On April 2nd, 2025, our president announced major new taxes on imports from foreign countries...
6th Apr 2025
107

America Underestimates the Difficulty of Bringing Manufacturing Back

from Molson Hart's Blog - Molson Hart [alt+shift+b] in finance

6th Apr 2025
On April 2nd, 2025, our president announced major new taxes on imports from foreign countries (“tariffs”), ranging from 10% to 49%. The stated goal is to bring manufacturing back to the United States and to “make America wealthy again”. These tariffs will not work. In fact, they...
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The Edge Thinking with Machines was such a joyful read that I finished it in a single sitting during a...
8th Feb 2026
1

The Edge

from Seeking Wisdom [alt+shift+b] in finance

8th Feb 2026
Thinking with Machines was such a joyful read that I finished it in a single sitting during a seven-hour flight. Do read it if you want to understand how AI will change the way we live and work. Vasant has lived through every major shift in AI, from expert systems to today’s push...
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Trump-proofing Canada means ditching MasterCard and Visa We're all busy doing our best to boycott U.S. products. I can't buy Special K cereal anymore,...
14th Mar 2025
80

Trump-proofing Canada means ditching MasterCard and Visa

from Moneyness [alt+shift+b] in finance

14th Mar 2025
We're all busy doing our best to boycott U.S. products. I can't buy Special K cereal anymore, because it's made in the U.S. by Kellogg's. But I'm still buying Shreddies, which is made in Niagara Falls, Ontario. Even that's a grey area, since Shreddies is owned by Post, a big...
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Interesting Reading – November 7, 2016 In this series, we suggest worthwhile reading material on a variety of topics, not all of which are...
19th Jun 2026
1

Interesting Reading – November 7, 2016

from The Rational Walk [alt+shift+b] in finance

19th Jun 2026
In this series, we suggest worthwhile reading material on a variety of topics, not all of which are directly related to investing.
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Feb ’26: Before Iran So, for the avoidance of doubt, the end of the month is the last trading day of the month. Which for...
16th Mar 2026
1

Feb ’26: Before Iran

from FIRE v London [alt+shift+b] in finance

16th Mar 2026
So, for the avoidance of doubt, the end of the month is the last trading day of the month. Which for February, meant Friday February 27th. The fact that the Israelis and the Americans invaded Iran on February 28th is going to impact March, not February. Which is just as well...
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Data Update 4 for 2024: Danger and Opportunity - Bringing Risk into the Equation! In my last data updates for this year, I looked first at how equity markets rebounded in 2023,...
28th Jan 2024
27

Data Update 4 for 2024: Danger and Opportunity - Bringing Risk into the Equation!

from Musings on Markets [alt+shift+b] in finance

28th Jan 2024
In my last data updates for this year, I looked first at how equity markets rebounded in 2023, driven by a stronger-than-expected economy and inflation coming down, and then at how interest rates mirrored this rebound. In this post, I look at risk, a central theme in finance and...
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Sam Bankman-Fried: guilty on all charges Jurors spent less than five hours deliberating before returning the verdict.
3rd Nov 2023
59

Sam Bankman-Fried: guilty on all charges

from Citation Needed [alt+shift+b] in finance

3rd Nov 2023
Jurors spent less than five hours deliberating before returning the verdict.
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A Few Books and Resources I’ve Found Useful Over the Years If someone had told me three and a half years ago that there would be something called ChatGPT that...
31st Dec 2025
1

A Few Books and Resources I’ve Found Useful Over the Years

from Seeking Wisdom [alt+shift+b] in finance

31st Dec 2025
If someone had told me three and a half years ago that there would be something called ChatGPT that could answer questions across almost any discipline, I would have called them a lunatic. And yet, here we are. That’s exactly what ChatGPT does today. I can ask it coding...
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Issue 54 – Cases continue Crypto-related litigation is in full swing, as the Terra civil fraud trial has kicked off and two...
2nd Apr 2024
143

Issue 54 – Cases continue

from Citation Needed [alt+shift+b] in finance

2nd Apr 2024
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.
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Chinese Labor Isn't Just Cheaper; It’s Better. We Need to Fix That. A famous newspaper asked me to write an opinion article. But every time I submitted a draft, they'd...
25th Dec 2025
1

Chinese Labor Isn't Just Cheaper; It’s Better. We Need to Fix That.

from Molson Hart's Blog - Molson Hart [alt+shift+b] in finance

25th Dec 2025
A famous newspaper asked me to write an opinion article. But every time I submitted a draft, they'd edit it, changing the message of the piece, even though the article was meant to be my opinion. Most people would have consented to the edits to have the honor of being in the...
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Stablecoins are non-fungible, bank deposits are fungible On Twitter/X, I recently suggested that the network effects of the stablecoin market are massive....
14th Jan 2025
32

Stablecoins are non-fungible, bank deposits are fungible

from Moneyness [alt+shift+b] in finance

14th Jan 2025
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...
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The Capital Cycle What a famous investing framework — part of the modern canon of value investing — tells us about the...
20th Sep 2023
125

The Capital Cycle

from Commoncog [alt+shift+b] in finance

20th Sep 2023
What a famous investing framework — part of the modern canon of value investing — tells us about the expertise of capital in business.
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What do LLMs Want? Plus! Governance; Implementation Risk; Jailbreaking; In-Kind Deals; Revalued Inputs
1st Dec 2025
1

What do LLMs Want?

from The Diff [alt+shift+b] in finance

1st Dec 2025
Plus! Governance; Implementation Risk; Jailbreaking; In-Kind Deals; Revalued Inputs
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Buffett Completes Succession Plan Warren Buffett has completed Berkshire's succession plan as he steps down as Chairman.
18th Sep 2026
1

Buffett Completes Succession Plan

from The Rational Walk [alt+shift+b] in finance

18th Sep 2026
Warren Buffett has completed Berkshire's succession plan as he steps down as Chairman.
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Feb ’23: taking profits February was cold, but mercifully dry. The days are becoming a welcome bit longer. London is filling...
14th Mar 2023
70

Feb ’23: taking profits

from FIRE v London [alt+shift+b] in finance

14th Mar 2023
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...
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Popups are the new startups Now you can materialize your cloud community into the real world.
12th Oct 2025
30

Popups are the new startups

from balajis.com [alt+shift+b] in finance

12th Oct 2025
Now you can materialize your cloud community into the real world.
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A Few Notes on Moats Some non-obvious, even surprising things about building competitive moats, including when they might...
11th Feb 2026
1

A Few Notes on Moats

from Commoncog [alt+shift+b] in finance

11th Feb 2026
Some non-obvious, even surprising things about building competitive moats, including when they might not be necessary.
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Working title (insurance) Title insurance is grossly overpriced relative to actual risks involved. Why is that?
30th Jun 2024
147

Working title (insurance)

from Bits about Money [alt+shift+b] in finance

30th Jun 2024
Title insurance is grossly overpriced relative to actual risks involved. Why is that?
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Setting Up For The Second Half of 2024 A new set of cases for two concept sequences, and the end of the Data Driven Series.
19th May 2024
178

Setting Up For The Second Half of 2024

from Commoncog [alt+shift+b] in finance

19th May 2024
A new set of cases for two concept sequences, and the end of the Data Driven Series.
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Activist Investing in Asian Conglomerates How do Asian conglomerates play in capital markets, given pliable governments and weak regulators?...
3rd Mar 2025
58

Activist Investing in Asian Conglomerates

from Commoncog [alt+shift+b] in finance

3rd Mar 2025
How do Asian conglomerates play in capital markets, given pliable governments and weak regulators? We examine the career of one activist investor, to see what that tells us about the Asian tycoons we’ve been studying.
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Letter to a Young Person Worrying About AI It is a common misperception that you must be able to predict the future to do well. But it’s...
20th Oct 2025
42

Letter to a Young Person Worrying About AI

from Commoncog [alt+shift+b] in finance

20th Oct 2025
It is a common misperception that you must be able to predict the future to do well. But it’s possible to act without prediction, even in the face of AI. This is how.
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Apple has a new CEO. Now comes the hard part. September is here, and there’s actually quite a bit going on.
1st Sep 2026
2

Apple has a new CEO. Now comes the hard part.

from Mazdak [alt+shift+b] in finance

1st Sep 2026
September is here, and there’s actually quite a bit going on.
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Credit cards as a legacy system Credit cards have been in use for almost 75 years. Some long-ago decisions still cause consequences...
2nd Dec 2022
38

Credit cards as a legacy system

from Bits about Money [alt+shift+b] in finance

2nd Dec 2022
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.
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OpenAI Launches GPT‑4.1: What You Need to Know About the New Family of AI Models OpenAI has officially released the GPT‑4.1 family — and it’s more than just a minor upgrade.
14th Apr 2025
65

OpenAI Launches GPT‑4.1: What You Need to Know About the New Family of AI Models

from Mazdak [alt+shift+b] in finance

14th Apr 2025
OpenAI has officially released the GPT‑4.1 family — and it’s more than just a minor upgrade.
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Buffett Completes Succession Plan Warren Buffett has completed Berkshire's succession plan as he steps down as Chairman.
18th Sep 2026
-3

Buffett Completes Succession Plan

from The Rational Walk [alt+shift+b] in finance

18th Sep 2026
Warren Buffett has completed Berkshire's succession plan as he steps down as Chairman.
Direct Link [→] Remove from reading list Add to reading list [alt+a]
A Golden Year (2025): Gold's Price Surge - The Signal in the Noise! I grew up in India in a time where if you had wealth, your investment options were limited. A stock...
6th Nov 2025
18

A Golden Year (2025): Gold's Price Surge - The Signal in the Noise!

from Musings on Markets [alt+shift+b] in finance

6th Nov 2025
I grew up in India in a time where if you had wealth, your investment options were limited. A stock market with sparse listings, accompanied by a lack of trust in financial assets, led investors to put their wealth into tangible assets. Real estate was the most common choice but...
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What I’ve Been Reading Thoughts on the books I read in Q1 2025
3rd Apr 2025
1

What I’ve Been Reading

from The Rational Walk [alt+shift+b] in finance

3rd Apr 2025
Thoughts on the books I read in Q1 2025
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10 year review Wahoop! I have made it through ten years. In fact, I’ve had a trackable portfolio for over 20 years....
20th Jan 2023
83

10 year review

from FIRE v London [alt+shift+b] in finance

20th Jan 2023
Wahoop! I have made it through ten years. In fact, I’ve had a trackable portfolio for over 20 years. But 10 years ago I started tracking my portfolio in a consistent, monthly way – unitising its performance so I could measure its return. It wasn’t until 2015 that I started this...
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Why did Stu Woo of the Wall Street Journal Follow Me to Singapore? Thirty five million people change countries every year. I'm one of them, and so is Stu Woo.
28th Jul 2026
1

Why did Stu Woo of the Wall Street Journal Follow Me to Singapore?

from balajis.com [alt+shift+b] in finance

28th Jul 2026
Thirty five million people change countries every year. I'm one of them, and so is Stu Woo.
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A window into modern loan origination A four party consortium can underwrite, fund, and execute a consumer loan in 15 minutes. Here's how.
10th Oct 2025
46

A window into modern loan origination

from Bits about Money [alt+shift+b] in finance

10th Oct 2025
A four party consortium can underwrite, fund, and execute a consumer loan in 15 minutes. Here's how.
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Nov ’23 revalues the future In the news It has been quite a busy month out there. The Israel/Gaza crisis continues. Public...
5th Dec 2023
124

Nov ’23 revalues the future

from FIRE v London [alt+shift+b] in finance

5th Dec 2023
In the news It has been quite a busy month out there. The Israel/Gaza crisis continues. Public opinion is shifting against the Israel government here, even in North London – which would normally be one of the most sympathetic neighbourhoods outside Tel Aviv. The Ukrainians are...
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The Situational Awareness Blow-up: The Collateral Damage from Investing Conviction! Earlier this year, I was asked what I thought about Leopold Aschenbrenner and I admitted that I knew...
11th Aug 2026
1

The Situational Awareness Blow-up: The Collateral Damage from Investing Conviction!

from Musings on Markets [alt+shift+b] in finance

11th Aug 2026
Earlier this year, I was asked what I thought about Leopold Aschenbrenner and I admitted that I knew little about him other than what I had read about him, more in social media, than in the press - that he was a 25-year-old wunderkind who had started at OpenAI but had left to...
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July ’26: An IPO, and France It feels as if the World Cup was ages ago, already. Yet only a few weeks ago, I was gripped. And for...
9th Aug 2026
2

July ’26: An IPO, and France

from FIRE v London [alt+shift+b] in finance

9th Aug 2026
It feels as if the World Cup was ages ago, already. Yet only a few weeks ago, I was gripped. And for once I thought England had a world-class side…. but hey ho, football hasn’t come home for another four years. I had a road trip through France in July, which was lovely. I am…...
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Begging Bowl '25: I'm Looking for Two Readers Willing to Help Me Buy a New Thrift-Store Shirt The goal is to move incrementally toward a kind of happiness that actually makes us happy. That's...
2nd Feb 2025
32

Begging Bowl '25: I'm Looking for Two Readers Willing to Help Me Buy a New Thrift-Store Shirt

from oftwominds-Charles Hugh Smith [alt+shift+b] in finance

2nd Feb 2025
The goal is to move incrementally toward a kind of happiness that actually makes us happy. That's the goal of my work. I admire unvarnished honesty, which is scarce. And like everything else that's increasingly scarce, it behooves us to hoard our stash. In the unvarnished...
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Sep 23: Antisocial markets For some reason shoplifting is in the news. There’s evidently an epidemic of it. Not just in the UK,...
8th Oct 2023
116

Sep 23: Antisocial markets

from FIRE v London [alt+shift+b] in finance

8th Oct 2023
For some reason shoplifting is in the news. There’s evidently an epidemic of it. Not just in the UK, but wider afield too – hence major brands pulling out of cities like San Francisco. From what I hear there is a general increase in antisocial behaviour, dating from the covid-19...
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How to Handle Disruptive Change As a business, how do you deal with disruption — technological or otherwise? Some patterns from a...
16th Sep 2026
-2

How to Handle Disruptive Change

from Commoncog [alt+shift+b] in finance

16th Sep 2026
As a business, how do you deal with disruption — technological or otherwise? Some patterns from a collection of case studies.
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Routers, Apps, AGI Plus! Diff Jobs; Peripheral Bets; Fragmentation and Industry Maturity; Deepfakes as Pull Quotes;...
20th Oct 2025
1

Routers, Apps, AGI

from The Diff [alt+shift+b] in finance

20th Oct 2025
Plus! Diff Jobs; Peripheral Bets; Fragmentation and Industry Maturity; Deepfakes as Pull Quotes; Benchmarks; Platforms
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Global Crypto Regulation: Who’s Hot and Who’s Not? Global crypto regulation is confusing. So I surveyed the information available and created a...
25th May 2022
49

Global Crypto Regulation: Who’s Hot and Who’s Not?

from balajis.com [alt+shift+b] in finance

25th May 2022
Global crypto regulation is confusing. So I surveyed the information available and created a heatmap.
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How to Improve at Sensemaking AI? What we can learn from the disorienting changes hitting the software industry, and how we can use...
3rd May 2026
1

How to Improve at Sensemaking AI?

from Commoncog [alt+shift+b] in finance

3rd May 2026
What we can learn from the disorienting changes hitting the software industry, and how we can use that to improve at sensemaking this uncertain new technology.
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Warren Buffett on Berkshire’s Valuation Warren Buffett has typically avoided commenting on Berkshire's stock price, but he has provided some...
3rd Mar 2025
1

Warren Buffett on Berkshire’s Valuation

from The Rational Walk [alt+shift+b] in finance

3rd Mar 2025
Warren Buffett has typically avoided commenting on Berkshire's stock price, but he has provided some clues that are worth considering.
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Open Banking and payments competition Why the banks really hate fintechs that allow businesses to learn your account number easily.
13th Aug 2025
38

Open Banking and payments competition

from Bits about Money [alt+shift+b] in finance

13th Aug 2025
Why the banks really hate fintechs that allow businesses to learn your account number easily.
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Setelinleikkaus: When Finns snipped their cash in half to curb inflation On the last day of 1945, with World War II finally behind it, Finland's government announced a new...
8th Nov 2024
29

Setelinleikkaus: When Finns snipped their cash in half to curb inflation

from Moneyness [alt+shift+b] in finance

8th Nov 2024
On the last day of 1945, with World War II finally behind it, Finland's government announced a new and very strange policy. All Finns were required to take out a pair of scissors and snip their banknotes in half. This was known in Finland as setelinleikkaus, or banknote cutting....
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Demystifying financial leverage Leverage is actually reasonably easy to understand, both in the math and in the implications for...
11th Nov 2022
38

Demystifying financial leverage

from Bits about Money [alt+shift+b] in finance

11th Nov 2022
Leverage is actually reasonably easy to understand, both in the math and in the implications for financial firms.
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The Fiat Crisis This is not a financial crisis. It’s a fiat crisis.
2nd May 2023
40

The Fiat Crisis

from balajis.com [alt+shift+b] in finance

2nd May 2023
This is not a financial crisis. It’s a fiat crisis.
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Banking in very uncertain times We may be in the early stages of a banking crisis: why, what we're doing to avoid it, and what we...
14th Mar 2023
40

Banking in very uncertain times

from Bits about Money [alt+shift+b] in finance

14th Mar 2023
We may be in the early stages of a banking crisis: why, what we're doing to avoid it, and what we may not get about it.
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Focus on the process, not the outcome Woorkeri Raman, a former Indian cricketer and former coach of the India women’s national cricket...
12th Aug 2024
149

Focus on the process, not the outcome

from Seeking Wisdom [alt+shift+b] in finance

12th Aug 2024
Woorkeri Raman, a former Indian cricketer and former coach of the India women’s national cricket team, has two non-negotiables. As an offspinner, you must never get cut, and you must never get driven through the covers. Even when Ravichandran Ashwin takes five wickets, Raman will...
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Anatomy of a Market Crisis: Tariffs, Markets and the Economy! I was boarding a plane for a trip to Latin America late in the evening last Wednesday (April 2), and...
7th Apr 2025
54

Anatomy of a Market Crisis: Tariffs, Markets and the Economy!

from Musings on Markets [alt+shift+b] in finance

7th Apr 2025
I was boarding a plane for a trip to Latin America late in the evening last Wednesday (April 2), and as is my practice, I was checking the score on the Yankee game, when I read the tariff news announcement. Coming after a few days where the market seemed to have found its...
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Lee Walker and the Dell Growth Plateau How Lee Walker overcame Dell's biggest growth plateau in 1986. A story about capital, imagination,...
16th Aug 2023
81

Lee Walker and the Dell Growth Plateau

from Commoncog [alt+shift+b] in finance

16th Aug 2023
How Lee Walker overcame Dell's biggest growth plateau in 1986. A story about capital, imagination, and creative deal-making.
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Apr ’26: A record month, house purchase underway It’s been a beautiful month. I’ve been about a bit, taking in Lincoln, the New Forest, and Oxford as...
4th May 2026
2

Apr ’26: A record month, house purchase underway

from FIRE v London [alt+shift+b] in finance

4th May 2026
It’s been a beautiful month. I’ve been about a bit, taking in Lincoln, the New Forest, and Oxford as well as enjoying London town itself. The Iran conflict rumbles on, with the USA and Israel having effectively finished the military engagement. Markets have had a very strong...
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The Inevitable Drift Down from "Can't Lose" Owning Stocks to "Can't Win" Even if an AI program advises selling everything and walking away from the market for five years,...
3rd Nov 2025
1

The Inevitable Drift Down from "Can't Lose" Owning Stocks to "Can't Win"

from oftwominds-Charles Hugh Smith [alt+shift+b] in finance

3rd Nov 2025
Even if an AI program advises selling everything and walking away from the market for five years, how many of us would take this advice? Only those who experienced the heady euphoria of the late 1990s dot-com bubble in tech stocks know what the shift from "can't lose"...
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Google’s New AI Summaries in Discover: The Next Blow to Publishers? If you work in media or publishing, brace yourself — another platform update from Google is quietly...
15th Jul 2025
47

Google’s New AI Summaries in Discover: The Next Blow to Publishers?

from Mazdak [alt+shift+b] in finance

15th Jul 2025
If you work in media or publishing, brace yourself — another platform update from Google is quietly shifting the ground beneath us.
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Trillions Flow into AI: The New Infrastructure Arms Race 🌐 Big Tech Bets Trillions on AI Infrastructure
26th Jun 2025
66

Trillions Flow into AI: The New Infrastructure Arms Race

from Mazdak [alt+shift+b] in finance

26th Jun 2025
🌐 Big Tech Bets Trillions on AI Infrastructure
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Imperfectly Enforced Rules Create Bad Local Maxima Plus! Ads; Marketing; Pricing; Take Rates; SPVs
1st Sep 2026
1

Imperfectly Enforced Rules Create Bad Local Maxima

from The Diff [alt+shift+b] in finance

1st Sep 2026
Plus! Ads; Marketing; Pricing; Take Rates; SPVs
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A Quarter Century of Investing Lessons learned from twenty-five years of enterprising investing
6th Jan 2025
1

A Quarter Century of Investing

from The Rational Walk [alt+shift+b] in finance

6th Jan 2025
Lessons learned from twenty-five years of enterprising investing
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Fiction and Finance Recommendations of works of fiction of interest to financial practitioners or enthusiasts.
7th Oct 2024
122

Fiction and Finance

from Bits about Money [alt+shift+b] in finance

7th Oct 2024
Recommendations of works of fiction of interest to financial practitioners or enthusiasts.
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Network School 2025 Network School reopens March 1 with double the capacity. Apply now at ns.com.
2nd Feb 2025
82

Network School 2025

from balajis.com [alt+shift+b] in finance

2nd Feb 2025
Network School reopens March 1 with double the capacity. Apply now at ns.com.
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Can Tactical Decision Games Accelerate ... Maths? What if we could take Tactical Decision Games — a kind of accelerated expertise training method —...
6 days ago
1

Can Tactical Decision Games Accelerate ... Maths?

from Commoncog [alt+shift+b] in finance

6 days ago
What if we could take Tactical Decision Games — a kind of accelerated expertise training method — and apply it to subjects like maths?
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Data Update 4 for 2026: The Global Perspective! If you have read my first three data updates in 2026, I won’t blame you if you skip this one,...
2nd Feb 2026
1

Data Update 4 for 2026: The Global Perspective!

from Musings on Markets [alt+shift+b] in finance

2nd Feb 2026
If you have read my first three data updates in 2026, I won’t blame you if you skip this one, because you found them long and boring. I won't take issue with you either if you viewed them as too US-focused, because I did spend my second data update, looking at US equities, and my...
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Perpetual futures, explained Crypto’s most popular product offers capital efficiency for professionals, leveraged exposure for...
5th Dec 2025
2

Perpetual futures, explained

from Bits about Money [alt+shift+b] in finance

5th Dec 2025
Crypto’s most popular product offers capital efficiency for professionals, leveraged exposure for the masses, rich yields for market makers — and a poorly understood failure mode.
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Disney World's New Theme Park: The White House and Congress A "Pirates of the Caribbean" themed experience is planned, where the taxpayers are repeatedly robbed...
1st Apr 2026
1

Disney World's New Theme Park: The White House and Congress

from oftwominds-Charles Hugh Smith [alt+shift+b] in finance

1st Apr 2026
A "Pirates of the Caribbean" themed experience is planned, where the taxpayers are repeatedly robbed by a motley crew of miscreants. In a blockbuster deal, an obscure federal agency has granted Disney the rights to develop the White House and Congress as a new FantasyLand...
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All It Takes Is All You Got Your assets are the government's collateral.
29th Mar 2024
145

All It Takes Is All You Got

from balajis.com [alt+shift+b] in finance

29th Mar 2024
Your assets are the government's collateral.
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Trump says he has “no idea” who he just pardoned President Trump reacts to condemnations of his recent pardon of Binance founder Changpeng Zhao by...
3rd Nov 2025
9

Trump says he has “no idea” who he just pardoned

from Citation Needed [alt+shift+b] in finance

3rd Nov 2025
President Trump reacts to condemnations of his recent pardon of Binance founder Changpeng Zhao by claiming he doesn’t know who he is.
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What I learned from Prof. Sanjay Bakshi’s Behavioral Economics Course at FLAME University I had the privilege to attend Prof. Sanjay Bakshi’s Behavioral Economics course at FLAME University....
7th Aug 2022
45

What I learned from Prof. Sanjay Bakshi’s Behavioral Economics Course at FLAME University

from Seeking Wisdom [alt+shift+b] in finance

7th Aug 2022
I had the privilege to attend Prof. Sanjay Bakshi’s Behavioral Economics course at FLAME University. Being his student since 2011, I realized my dream by sitting in his class for 3.5 days. Prof. Bakshi taught us around 20 different models from Charlie Munger’s Psychology of Human...
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What are the Key Properties of Bitcoin? There are plenty of unwritten rules when it comes to proposing protocol changes in Bitcoin. Some are...
11th Jan 2025
22

What are the Key Properties of Bitcoin?

from balajis.com [alt+shift+b] in finance

11th Jan 2025
There are plenty of unwritten rules when it comes to proposing protocol changes in Bitcoin. Some are philosophical, some are technical, and some are a blend.
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The Joy of Small Markets If you want to get rich, the irony is that small markets are often better than large ones.
2nd Sep 2025
45

The Joy of Small Markets

from Commoncog [alt+shift+b] in finance

2nd Sep 2025
If you want to get rich, the irony is that small markets are often better than large ones.
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The Power of Our Behavior Why is any reduction in consumption posed in terms of unbearable sacrifice, when no sacrifices are...
23rd Jan 2025
32

The Power of Our Behavior

from oftwominds-Charles Hugh Smith [alt+shift+b] in finance

23rd Jan 2025
Why is any reduction in consumption posed in terms of unbearable sacrifice, when no sacrifices are necessary to consequentially reduce consumption? When we think of the word power, we associate it with external forces: energy, technology, the government, etc. But our own...
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Issue 53 – Choose rich Euphoria has risen along with crypto prices, but nothing has changed from the last bubble.
13th Mar 2024
121

Issue 53 – Choose rich

from Citation Needed [alt+shift+b] in finance

13th Mar 2024
Euphoria has risen along with crypto prices, but nothing has changed from the last bubble.
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Amazon’s Pricing Policies Promote Inflation The state of California has sued Amazon in what may be the biggest antitrust case for 25 years, when...
30th Apr 2023
25

Amazon’s Pricing Policies Promote Inflation

from Molson Hart's Blog - Molson Hart [alt+shift+b] in finance

30th Apr 2023
The state of California has sued Amazon in what may be the biggest antitrust case for 25 years, when 20 states joined the US Department of Justice to sue Microsoft. These cases revolve around whether consumers are harmed by the company’s actions. The case against Amazon focuses...
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The Anthropic Feedback Loop: The Cost of Capital Delusion and Diversion! I knew that my post on Anthropic would draw strong reactions, when I made it public last week. I did...
a week ago
1

The Anthropic Feedback Loop: The Cost of Capital Delusion and Diversion!

from Musings on Markets [alt+shift+b] in finance

a week ago
I knew that my post on Anthropic would draw strong reactions, when I made it public last week. I did mention in the course of the post that I have no interest in selling my estimate of value to the rest of the world, both because I don't own the high ground here and because it is...
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There Is No Truth in Business, Only Knowledge 'Knowledge' here is defined as 'theories or models that help you predict better'. How an idea from...
4th Apr 2023
108

There Is No Truth in Business, Only Knowledge

from Commoncog [alt+shift+b] in finance

4th Apr 2023
'Knowledge' here is defined as 'theories or models that help you predict better'. How an idea from W. Edwards Deming may well be a working philosophy of business.
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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...
18th Sep 2023
42

The Best Age to Start Taking Social Security: It's Not What You Think

from Mazdak [alt+shift+b] in finance

18th Sep 2023
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...
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Google: Monopolized? Is Google too big? For years, the tech giant has dominated the search market, facing little...
1st Dec 2024
65

Google: Monopolized?

from Mazdak [alt+shift+b] in finance

1st Dec 2024
Is Google too big? For years, the tech giant has dominated the search market, facing little competition.
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The Global Trade Game: Jokers Are Wild There may be no winners of the game of Global Domination (tm), and that is likely the best outcome....
2nd Apr 2025
49

The Global Trade Game: Jokers Are Wild

from oftwominds-Charles Hugh Smith [alt+shift+b] in finance

2nd Apr 2025
There may be no winners of the game of Global Domination (tm), and that is likely the best outcome. Okay, players: jokers are wild, but with a twist: the entire deck is jokers. Since everyone at the table will have five Aces, nobody wins. Welcome to the Trade War Poker...
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Goodhart's Law Isn't as Useful as You Might Think Goodhart's Law is useless. It tells you about a phenomenon, but it doesn't tell you how to solve it....
11th Jan 2023
120

Goodhart's Law Isn't as Useful as You Might Think

from Commoncog [alt+shift+b] in finance

11th Jan 2023
Goodhart's Law is useless. It tells you about a phenomenon, but it doesn't tell you how to solve it. We look at how organisations actually prevent Goodhart's Law, and illustrate this with Amazon's Weekly Business Review as an example.
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Issue 87 – SO ORDERED Trump’s crypto empire attracts more foreign millions, the FHFA pushes crypto on mortgage lenders,...
1st Jul 2025
47

Issue 87 – SO ORDERED

from Citation Needed [alt+shift+b] in finance

1st Jul 2025
Trump’s crypto empire attracts more foreign millions, the FHFA pushes crypto on mortgage lenders, and Mamdani’s mayoral primary win makes billionaires sweat
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Setting the Business Expertise Series Free Removing the paywall on The Business Expertise Series, which covers the work of Lia DiBello and her...
6th Jun 2023
110

Setting the Business Expertise Series Free

from Commoncog [alt+shift+b] in finance

6th Jun 2023
Removing the paywall on The Business Expertise Series, which covers the work of Lia DiBello and her collaborators.
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Jan ’26 January media seemed dominated by Greenland and Davos. As part of my efforts to avoid amplifying...
8th Feb 2026
1

Jan ’26

from FIRE v London [alt+shift+b] in finance

8th Feb 2026
January media seemed dominated by Greenland and Davos. As part of my efforts to avoid amplifying unstable narcissistic media-whore leaders, I haven’t got much to comment about. London has been pretty wet and miserable, as is January’s reputation. Meanwhile, markets were up quite...
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25 Years of Higher Interest Rates Ahead? Interest rates are linked to inflation, but they're also linked to risk. As a result of...
2nd May 2025
36

25 Years of Higher Interest Rates Ahead?

from oftwominds-Charles Hugh Smith [alt+shift+b] in finance

2nd May 2025
Interest rates are linked to inflation, but they're also linked to risk. As a result of recency bias, where we assume the recent past is a permanent state of affairs, many believe near-zero interest rates are "normal." They aren't. As the chart of 10-year US Treasury...
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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...
6th Sep 2024
30

The Power of Expectations: Nvidia's Earnings and the Market Reaction!

from Musings on Markets [alt+shift+b] in finance

6th Sep 2024
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,...
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Hello LLMs! When you are having trouble getting your thinking straight, consider an extreme or simple case. This...
4th Oct 2023
101

Hello LLMs!

from Seeking Wisdom [alt+shift+b] in finance

4th Oct 2023
When you are having trouble getting your thinking straight, consider an extreme or simple case. This will often give you the insight needed to move forward. I nodded in agreement when I read the above lines from the book Maxims for Thinking Analytically. ChatGPT took the world by...
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June ’24: Election fever June was busy. I travelled more than usual in June. Partly in the UK – visiting Glasgow, the west...
9th Jul 2024
148

June ’24: Election fever

from FIRE v London [alt+shift+b] in finance

9th Jul 2024
June was busy. I travelled more than usual in June. Partly in the UK – visiting Glasgow, the west country, the south coast and the Isle of Wight; partly overseas – I visited Ibiza for a few days of R&R. Meanwhile, the election campaigns were in full swing. Nigel Farage did his...
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Warren Buffett’s Thanksgiving Letter Warren Buffett's Thanksgiving Letter sheds more light on why he decided to retire.
11th Nov 2025
1

Warren Buffett’s Thanksgiving Letter

from The Rational Walk [alt+shift+b] in finance

11th Nov 2025
Warren Buffett's Thanksgiving Letter sheds more light on why he decided to retire.
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Requiem for a bank loan A brief retrospective on an attractive product First Republic used to offer, and a wider discourse...
16th Jun 2023
64

Requiem for a bank loan

from Bits about Money [alt+shift+b] in finance

16th Jun 2023
A brief retrospective on an attractive product First Republic used to offer, and a wider discourse on the banking crisis.
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Meta's Fake AI Profiles, the TikTok Ban, Telegram Updates, and Microsoft's $80 Billion AI Investment... Meta's AI Experiment: What Went Wrong?
4th Jan 2025
77

Meta's Fake AI Profiles, the TikTok Ban, Telegram Updates, and Microsoft's $80 Billion AI Investment This Year...

from Mazdak [alt+shift+b] in finance

4th Jan 2025
Meta's AI Experiment: What Went Wrong?
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The Network State Book A new book on starting new countries. Available on Kindle and for free at thenetworkstate.com.
19th Mar 2022
34

The Network State Book

from balajis.com [alt+shift+b] in finance

19th Mar 2022
A new book on starting new countries. Available on Kindle and for free at thenetworkstate.com.
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June ’23: The hottest ever June saw UK’s former PM Mr Johnson leave parliament. Good riddance. I suspect we haven’t seen or...
15th Jul 2023
66

June ’23: The hottest ever

from FIRE v London [alt+shift+b] in finance

15th Jul 2023
June saw UK’s former PM Mr Johnson leave parliament. Good riddance. I suspect we haven’t seen or (definitely) read the last of him but having him out of Westminster is at least a bit safer than him inside. Closer to (my Coastal Folly) home, there has been a sad story in...
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The Digest #226 Warren Buffett donates $1.15 billion to his family foundations
26th Nov 2024
1

The Digest #226

from The Rational Walk [alt+shift+b] in finance

26th Nov 2024
Warren Buffett donates $1.15 billion to his family foundations
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Embeddings – Part 2 This is the 9th post in my series on building a toy GPT. For better understanding, I recommend...
3rd Dec 2023
125

Embeddings – Part 2

from Seeking Wisdom [alt+shift+b] in finance

3rd Dec 2023
This is the 9th post in my series on building a toy GPT. For better understanding, I recommend reading my earlier posts first. Word embeddings convert words into fixed-length numerical arrays. Each number in these arrays corresponds to a specific characteristic of the word, such...
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Apple’s 2025 Product Unveiling: What’s New and What Actually Matters Apple’s latest keynote delivered a sweeping set of updates across AirPods, iPhones, and the Apple...
9th Sep 2025
59

Apple’s 2025 Product Unveiling: What’s New and What Actually Matters

from Mazdak [alt+shift+b] in finance

9th Sep 2025
Apple’s latest keynote delivered a sweeping set of updates across AirPods, iPhones, and the Apple Watch lineup.
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Claude vs. ChatGPT: A Comprehensive Comparison In today’s rapidly evolving AI landscape, two names stand out in the realm of conversational...
4th Mar 2025
59

Claude vs. ChatGPT: A Comprehensive Comparison

from Mazdak [alt+shift+b] in finance

4th Mar 2025
In today’s rapidly evolving AI landscape, two names stand out in the realm of conversational assistants—Anthropic’s Claude and OpenAI’s ChatGPT. Although both are built on large language models, they diverge sharply in design philosophy, technical implementation, safety...
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Issue 45 – I'm the director now Rising bitcoin prices bring echoes of the crypto mania from years past, and an ambitious hacker...
5th Dec 2023
88

Issue 45 – I'm the director now

from Citation Needed [alt+shift+b] in finance

5th Dec 2023
Rising bitcoin prices bring echoes of the crypto mania from years past, and an ambitious hacker decides to manifest a new job for themselves.
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LinkedIn Goes All In on Vertical Video For years, platforms like TikTok, Instagram Reels, and YouTube Shorts have dominated the short-form...
4th Feb 2025
46

LinkedIn Goes All In on Vertical Video

from Mazdak [alt+shift+b] in finance

4th Feb 2025
For years, platforms like TikTok, Instagram Reels, and YouTube Shorts have dominated the short-form video space.
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Issue 81 – Crypto crime is legal Trump continues to dismantle crypto enforcement while expanding his personal crypto empire
8th Apr 2025
48

Issue 81 – Crypto crime is legal

from Citation Needed [alt+shift+b] in finance

8th Apr 2025
Trump continues to dismantle crypto enforcement while expanding his personal crypto empire
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June ’26: Is zero tax worth the hassle? Monaco I was lucky enough to go to Monaco for the F1 in June. Something I feel quite strongly about...
19th Jul 2026
1

June ’26: Is zero tax worth the hassle?

from FIRE v London [alt+shift+b] in finance

19th Jul 2026
Monaco I was lucky enough to go to Monaco for the F1 in June. Something I feel quite strongly about and have written about before on this blog is how strong the monkey brain wiring is for us all to peg ourselves off the next rung up on the ladder. No matter how high up… Continue...
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Fraud Investigation is Believing Your Lying Eyes The financial industry has paid tens of billions of dollars in tuition on fraud detection. Here are...
6th Feb 2026
1

Fraud Investigation is Believing Your Lying Eyes

from Bits about Money [alt+shift+b] in finance

6th Feb 2026
The financial industry has paid tens of billions of dollars in tuition on fraud detection. Here are some observations for investigators with badges, press cards, or GoPros.
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Trump to launch branded crypto trading application New crypto trading and wallet application, created in partnership with Magic Eden, invites fans of...
3rd Jun 2025
36

Trump to launch branded crypto trading application

from Citation Needed [alt+shift+b] in finance

3rd Jun 2025
New crypto trading and wallet application, created in partnership with Magic Eden, invites fans of President Trump to buy his memecoin
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Why Write Why write an essay when you can type a few words and have AI generate one for you? Why write an...
9th Mar 2023
121

Why Write

from Farnam Street [alt+shift+b] in finance

9th Mar 2023
Why write an essay when you can type a few words and have AI generate one for you? Why write an email when AI can auto-respond for you with all the typical pleasantries and talking-points? While AI doing these things for you is likely to happen, it’s not necessarily a good thing....
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Dell's Capital Expertise We trace Michael Dell's skill at the art of capital in business, and use it to examine how skill at...
1st Jul 2023
128

Dell's Capital Expertise

from Commoncog [alt+shift+b] in finance

1st Jul 2023
We trace Michael Dell's skill at the art of capital in business, and use it to examine how skill at capital allows you to make moves that aren't available to a novice business operator.
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Question #3 for 2025: What will the unemployment rate be in December 2025? Earlier I posted some questions on my blog for next year: Ten Economic Questions for 2025. Some of...
1st Jan 2025
47

Question #3 for 2025: What will the unemployment rate be in December 2025?

from Calculated Risk [alt+shift+b] in finance

1st Jan 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, housing starts, new home sales), and I posted thoughts on those in the newsletter (others like GDP and employment will...
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2024 Tax Strategies for Optimization and Savings The new year dawns, not just with fresh resolutions, but also the opportunity to reassess and...
3rd Jan 2024
126

2024 Tax Strategies for Optimization and Savings

from Mazdak [alt+shift+b] in finance

3rd Jan 2024
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...
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May ’26: Angelic timing May was an enjoyable month. I kept reasonably busy, as well as doing a bit of travel around the UK....
17th Jun 2026
1

May ’26: Angelic timing

from FIRE v London [alt+shift+b] in finance

17th Jun 2026
May was an enjoyable month. I kept reasonably busy, as well as doing a bit of travel around the UK. I visited King Charles’ Poundbury for the first time, as well as the south coast and the Cotswolds for a weekend. Meanwhile, the news has been dominated by Trump’s Iran war, and in...
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April ’24: Juggling cash as new UK tax year begins The temperature in the Middle East got even hotter in April, with Israel and Iran trading attacks on...
11th May 2024
184

April ’24: Juggling cash as new UK tax year begins

from FIRE v London [alt+shift+b] in finance

11th May 2024
The temperature in the Middle East got even hotter in April, with Israel and Iran trading attacks on each other’s sovereign buildings/territory. Somehow World War III has never really seemed in danger of breaking out but it is a reminder that only change is constant. Over in New...
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Oct ’24: Budgets & broad shoulders I haven’t seen much of London in October. I’ve been away every weekend in October, partly in the UK...
2nd Nov 2024
106

Oct ’24: Budgets & broad shoulders

from FIRE v London [alt+shift+b] in finance

2nd Nov 2024
I haven’t seen much of London in October. I’ve been away every weekend in October, partly in the UK and partly visiting friends overseas. And now we’re in November, the clocks have gone back, but temperatures haven’t plummeted yet. London feels busy – pubs still have crowds...
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Why We're Helpless When Things Break Down Only then do we realize that by optimizing profit and efficiency, we've also optimized systemic...
1st May 2026
1

Why We're Helpless When Things Break Down

from oftwominds-Charles Hugh Smith [alt+shift+b] in finance

1st May 2026
Only then do we realize that by optimizing profit and efficiency, we've also optimized systemic failure. In my essay AI, Money, Human Nature and the Problem with Problems, I refer to boundary conditions but didn't offer a thorough explanation of the role this concept plays...
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Understanding the Stock Market Cycle The stock market cycle is a crucial concept for investors aiming to navigate the financial markets...
7th Jun 2024
144

Understanding the Stock Market Cycle

from Mazdak [alt+shift+b] in finance

7th Jun 2024
The stock market cycle is a crucial concept for investors aiming to navigate the financial markets effectively. It represents the period from a market low to a peak and back again. Understanding the dynamics behind these cycles can help investors maintain their strategies during...
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Longreads + Open Thread Radio, Startups, History, Bally's, Dead Internet, Caesars
1st Feb 2025
53

Longreads + Open Thread

from The Diff [alt+shift+b] in finance

1st Feb 2025
Radio, Startups, History, Bally's, Dead Internet, Caesars
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The War That I don't have an analysis or insight to offer doesn't mean I don't care. It simply means there...
1st Mar 2026
6

The War

from oftwominds-Charles Hugh Smith [alt+shift+b] in finance

1st Mar 2026
That I don't have an analysis or insight to offer doesn't mean I don't care. It simply means there are limits on what we know, and what we do know suggests circumspection. War seems to demand some response--opinion, analysis, insight--lest it seem that we're uncaring or...
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Gil Duran Faked A Quote For the New Republic Then they stealth edited the piece. They knew they'd committed libel.
1st May 2024
147

Gil Duran Faked A Quote For the New Republic

from balajis.com [alt+shift+b] in finance

1st May 2024
Then they stealth edited the piece. They knew they'd committed libel.
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Truth Be Told The ultimate truth is revealing the truth of the situation and our feelings about it are a relief,...
15th Oct 2026
1

Truth Be Told

from oftwominds-Charles Hugh Smith [alt+shift+b] in finance

15th Oct 2026
The ultimate truth is revealing the truth of the situation and our feelings about it are a relief, and the starting point to moving forward in a positive direction. This is the first in a series of posts around the theme of Truth Be Told, a theme that demands some...
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The Hospitality Solution in Your Business A look at the main provocation of Will Guidara’s Unreasonable Hospitality: that you can solve...
11th Sep 2024
122

The Hospitality Solution in Your Business

from Commoncog [alt+shift+b] in finance

11th Sep 2024
A look at the main provocation of Will Guidara’s Unreasonable Hospitality: that you can solve (certain) business problems with hospitality, and that it only takes a little thoughtfulness to do so.
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AI Data Centers Are Not the Railroads of Today The AI boom shares all the risk profiles of previous speculative manias but lacks society-wide...
1st Jun 2026
1

AI Data Centers Are Not the Railroads of Today

from oftwominds-Charles Hugh Smith [alt+shift+b] in finance

1st Jun 2026
The AI boom shares all the risk profiles of previous speculative manias but lacks society-wide benefits while generating fast-metastasizing negative consequences and costs. The idea that the current bubble in AI data centers is an echo of the railroad-construction bubble of...
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The business of check cashing Check cashing, as a business, is a poorly understood "alternative" financial service.
30th Jan 2024
146

The business of check cashing

from Bits about Money [alt+shift+b] in finance

30th Jan 2024
Check cashing, as a business, is a poorly understood "alternative" financial service.
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⚖️ Copyright Law and Generative AI Generative AI is revolutionizing the way we create, but it's also raising complex legal questions...
1st Dec 2023
101

⚖️ Copyright Law and Generative AI

from Mazdak [alt+shift+b] in finance

1st Dec 2023
Generative AI is revolutionizing the way we create, but it's also raising complex legal questions about copyright law. 🤯 What's the Issue? 🤔 Copyright law protects original works created by humans. But what about AI-generated content? Is it protected by copyright? 🤔
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Sep ’24: Ominous politics, juicy economics September was fairly action-packed. I enjoyed getting out on a friend’s boat around Poole and the...
13th Oct 2024
98

Sep ’24: Ominous politics, juicy economics

from FIRE v London [alt+shift+b] in finance

13th Oct 2024
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...
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Dec ’24 – 2024 in review And we’re off, into 2025. Before we get too far, it’s time to take stock (pardon the pun) of 2024....
7th Jan 2025
93

Dec ’24 – 2024 in review

from FIRE v London [alt+shift+b] in finance

7th Jan 2025
And we’re off, into 2025. Before we get too far, it’s time to take stock (pardon the pun) of 2024. I’ll follow the 7 point approach I’ve used for the last few years, starting with the wider market context. Q1 How did markets do? December saw falls across most asset classes –...
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Jan ’24: A giant tax bill lands One of several highlights for me in January was visiting Salisbury cathedral, which I did on an...
10th Feb 2024
141

Jan ’24: A giant tax bill lands

from FIRE v London [alt+shift+b] in finance

10th Feb 2024
One of several highlights for me in January was visiting Salisbury cathedral, which I did on an impulse while travelling back from the Coastal Folly. My main frame of reference to the cathedral being those notorious Russian nerve agent assassins citing it as their reason for...
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Seeing like a Bank The structural reasons why banks sometimes behave bizarrely in interactions with customers, like...
7th Nov 2023
125

Seeing like a Bank

from Bits about Money [alt+shift+b] in finance

7th Nov 2023
The structural reasons why banks sometimes behave bizarrely in interactions with customers, like forgetting things which customers tell them.
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We Still Have No Idea Whether Passive Investing is a Meaningful Risk Plus! Complements and Strategy; Privacy, Competition, and Scale; Platforms and Ownership; KYC;...
26th Nov 2024
44

We Still Have No Idea Whether Passive Investing is a Meaningful Risk

from The Diff [alt+shift+b] in finance

26th Nov 2024
Plus! Complements and Strategy; Privacy, Competition, and Scale; Platforms and Ownership; KYC; Tariff Man
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Debanking (and Debunking?) Crypto advocates kicked off a recent, somewhat politicized, discussion of debanking. Strap in for...
9th Dec 2024
117

Debanking (and Debunking?)

from Bits about Money [alt+shift+b] in finance

9th Dec 2024
Crypto advocates kicked off a recent, somewhat politicized, discussion of debanking. Strap in for scintillating banking compliance trivia.
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The Network School We’re starting a new school near Singapore for the dark talent of the world. Apply online at...
16th Aug 2024
144

The Network School

from balajis.com [alt+shift+b] in finance

16th Aug 2024
We’re starting a new school near Singapore for the dark talent of the world. Apply online at ns.com/apply.
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Make Every Day Count It was a 2012 evening, and I was driving home from the office. I was worried about finishing a big...
1st Nov 2023
169

Make Every Day Count

from Seeking Wisdom [alt+shift+b] in finance

1st Nov 2023
It was a 2012 evening, and I was driving home from the office. I was worried about finishing a big project at work on time. I’d made the journey from the office to my home so many times, my car almost seemed to know the way by itself. My hands were on the wheel, but…
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Markets in power How physics and infrastructure combine to generate (ba dum bum) the power market.
30th Sep 2022
43

Markets in power

from Bits about Money [alt+shift+b] in finance

30th Sep 2022
How physics and infrastructure combine to generate (ba dum bum) the power market.
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What happens if the US loses reserve currency status? A reserve currency is the currency that people all over the world prefer to store their savings...
29th Apr 2024
23

What happens if the US loses reserve currency status?

from Molson Hart's Blog - Molson Hart [alt+shift+b] in finance

29th Apr 2024
A reserve currency is the currency that people all over the world prefer to store their savings in. Today that currency is the US dollar. From the Middle East, to Asia, to South America — Whether it's a family that needs to keep some money around just in case or a country, most...
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Twitter vs. Instagram Threads: The Battle for the Short-Form Social Media Crown Twitter and Instagram are two of the most popular social media platforms in the world. They both...
8th Jul 2023
42

Twitter vs. Instagram Threads: The Battle for the Short-Form Social Media Crown

from Mazdak [alt+shift+b] in finance

8th Jul 2023
Twitter and Instagram are two of the most popular social media platforms in the world. They both offer users a way to share short-form content, but they have different approaches to how that content is displayed and consumed. Twitter is a more public platform, where anyone can...
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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...
1st Apr 2024
146

Mar ’24: A towering influence

from FIRE v London [alt+shift+b] in finance

1st Apr 2024
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...
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Dec ’25: 2025 in review It’s over. The year of 2025, the thirteenth year I’ve been systematically tracking my investment...
19th Jan 2026
1

Dec ’25: 2025 in review

from FIRE v London [alt+shift+b] in finance

19th Jan 2026
It’s over. The year of 2025, the thirteenth year I’ve been systematically tracking my investment portfolio every month, is over. One of the reasons I blog is to track my performance with a bit more discipline and rigour than I might manage otherwise. And part of that process is...
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Warren Buffett’s Final Brushstrokes Warren Buffett is retiring as CEO of Berkshire Hathaway but he may still make a few final...
5th May 2025
1

Warren Buffett’s Final Brushstrokes

from The Rational Walk [alt+shift+b] in finance

5th May 2025
Warren Buffett is retiring as CEO of Berkshire Hathaway but he may still make a few final brushstrokes on his canvas as Chairman.
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Being an Amazon Seller in 2021; Year in Review I’m the founder and CEO of Viahart (est. 2010), an e-commerce focused educational toy company. We...
23rd Jan 2022
27

Being an Amazon Seller in 2021; Year in Review

from Molson Hart's Blog - Molson Hart [alt+shift+b] in finance

23rd Jan 2022
I’m the founder and CEO of Viahart (est. 2010), an e-commerce focused educational toy company. We did $8.8 million in sales in 2021. This article is going to tell you what it was like to run this business in 2021 vs. 2020, amidst threats like the Amazon aggregators, supply chain...
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You’re Always Selling to a Situation, Not an ICP One simple idea that falls out of the Heart of Innovation book — that you can use immediately — is...
19th Jun 2025
50

You’re Always Selling to a Situation, Not an ICP

from Commoncog [alt+shift+b] in finance

19th Jun 2025
One simple idea that falls out of the Heart of Innovation book — that you can use immediately — is this idea of selling into situations, not selling to ideal customer profiles. It’s what the pros do anyway.
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What I’ve Been Reading Thoughts on the books I read in the second quarter of 2025
11th Jul 2025
1

What I’ve Been Reading

from The Rational Walk [alt+shift+b] in finance

11th Jul 2025
Thoughts on the books I read in the second quarter of 2025
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How Experts Sensemake Two decades ago, the US military funded some research into how humans sensemake. This piece is about...
7th Apr 2026
1

How Experts Sensemake

from Commoncog [alt+shift+b] in finance

7th Apr 2026
Two decades ago, the US military funded some research into how humans sensemake. This piece is about that theory — the best theory of sensemaking that we have — why it matters for expertise, and how you can apply it to make sense of AI.
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