When was the last time we heard the word “integrity” in a political campaign? Have we given up on the idea that integrity matters?

Here’s a thought as I reflect on two uncomfortable current events—turbulence in stock prices and a mid term election. We’re watching some of the wealthiest companies in history spend hundreds of billions of dollars building the infrastructure for artificial intelligence. In some cases, they’re committing all their free cash flow to the effort. Wall Street understandably worries about the returns on that investment. For decades, we’ve debated whether big corporations and their wealthy shareholders contribute enough to society. And half the country seems to raise a fist demanding the wealthy pay more. What if we viewed this massive AI infrastructure buildout as this exact kind of societal contribution? These companies are financing the infrastructure that is democratizing intelligence. Anyone with an internet connection can access capabilities that were once reserved for people who could afford lawyers, consultants, tutors, researchers, and personal assistants. Think about the implications for a student, a small-business owner, a job seeker, or someone trying to navigate a complicated legal question. The societal value being created is extraordinary, and much of it will never appear on the financial statements of the companies funding it. But there’s something remarkable about private companies taking enormous financial risks to build infrastructure that benefit billions of people. History is full of infrastructure revolutions where society ultimately captured more value than the original investors. AI will be another. So as the market punishes these companies for spending too aggressively, here’s one consolation: Wealthy companies and investors are taking on a buildout that would look staggering even for large governments—and humanity will emerge immeasurably richer.

Am I a bad person if I get annoyed and want to correct someone for pronouncing “euro” like “giro”?

How much did the Iran war cost your investment portfolio today?

Given today’s release of Anthropic numbers, this post from September is more interesting.

I don’t think Gillis haters understand how social media algos work. All the SNL reaction has his clips being viewed orders of magnitude more than normal weeks. You took the bait.

This is me with ALL beer.

He said out loud the thing many have been thinking for 10 years.

Every leader says “if it makes sense, do it.” But if every one says it, there’s no differentiation. We say “if it doesn’t make sense, do it.” (Because our competitors won’t) -David Stevens

“Your culture isn’t in your declarations, it’s in your defaults.” -Mike O’Connell.

$OPEN --and other names tied to residential real estate--are trading like the housing market will not rebound. This reminds me of Expedia and other travel stocks in March 2020. I'll save you the research...Expedia is a 6 bagger since then.