Markets A look at the state of the bull market. (spilledcoffee.co) A look at return dispersion in the components of the S&P 500. (axios.com) AI Recent hacks show AI companies don’t have a great handle on things. (ft.com) Where small language...

Podcasts Christine Benz and Amy Arnott talk with Jeff Ptak about the power of simplicity in investing. (morningstar.com) Frazer Rice talks with Meb Faber, author of “Investing in America: The Rise of a 250-Year Bull Market.” (youtube.com)...

The market’s mental model of AI still comes from scifi books and movies: Exemplified by movies like the Terminator starring Skynet. One monolithic machine mind, waking up one day and running the world. While of course, ruining it utterly for humans....

Rates The rates environment has changed, forever. (mrzepczynski.blogspot.com) No matter where you look rates are rising. (allstarcharts.com) America’s annualized interest expense now exceeds defense spending. (axios.com) Markets We are in the midst of...

View the video of this post here. This week’s post is sponsored by YCharts. During uncertain markets, clients start questioning the benefits of staying invested. With YCharts, you can easily convey to clients why long-term investing is the best...

Private assets How to torture IRRs to get the result you want. (thealtview.substack.com) A round-up of recent economic research including ‘Buyout Performance with Assets Valued at Market.’ (alphainacademia.com) Increasingly, asset managers act...

‘The Devil is in the Details.’ The old proverb, and today it truly fits a number of things going on in AI land: three events where the story lives in the fine print, plus a sneak peek at Apple’s AirPods with ‘cameras’ that are likely not really...

Yesterday we walked through Anthropic’s weekend of hard numbers on the road to a fall mega-AI IPO. Its annualized revenue is topping $65 billion before its highly anticipated mega-AI IPO later this year. Today, the other side of the parade in this AI...

‘Hidden Figures.’ One of my favorite movies, based on a great book: the story of the human, female, african-american ‘computers’ at NASA that made Apollo & more possible. The human mathematicians history almost left out, whose numbers actually got...

Finance Jane Street had a rough July, performance-wise. (ft.com) How private fund placement agents get paid. (cashandcarried.substack.com) It’s hard to argue the Truth Social API is legal or ethical. (newyorker.com) Muni bonds Why Texas pays more...