Strategy Sometimes an investment works out, even when it shouldn’t. (morningstar.com) Don’t discount the impact of skew on investment returns. (fortunesandfrictions.com) Bonds More bond ladder ETFs are coming to market....

Good morning… I had a brutal accident a few days back (a finger was severely damaged) and just getting back to a keyboard so the weekly show here is a little late. It was taped pre accident. I was lucky to have a great hand surgeon on emergency duty....

Today, a deeper dive into the financial operating and capital expenditure models at the two leading LLM AI companies. Yesterday, I covered the dramatic pruning at OpenAI of its two-year old AI video App Sora. And the discontinuation of its $1...

Markets A look at weakness in the Mag 7 stocks. (trendlabs.com) Why prices never land on fair value. (mrzepczynski.blogspot.com) Startups A look at the potential valuation of SpaceX at IPO. (sherwood.news) What happens when a CEF, full of startups, trades...

OpenAI founder/CEO Sam Altman is choosing to do more with less. Fewer consumer focused AI application endeavors. Especially ones like the two year old text to video, briefly viral, Sora App, with high AI Compute requirements relative to subscription and/or...

Books A review of “The Science of Second Chances: A Revolution in Criminal Justice” by Jennifer Doleac. (washingtonmonthly.com) Insights from “How American Children Became the Fussiest Eaters in History” by Helen Zoe...

Markets A history of stock market pullbacks. (awealthofcommonsense.com) If gold isn’t a safe haven, what is it? (ft.com) The market is putting pressure on Trump. (axios.com) Private assets Retail investors are kinda predictable....

Podcasts Peter Lazaroff talks markets and earnings with Sam Ro of TKer fame. (podcasts.apple.com) Christine Benz and Amy Arnott talk with Emily Guy Birken about the importance five years leading up to retirement. (morningstar.com) Michael Lazaroff talks...

I’ve written extensively of late on Nvidia’s AI roadmap for the rest of this decade as it transitions from its Blackwell AI CPU/GPU data center infrastructure to its multi-pronged, dense Vera Rubin, Feynman platforms and beyond. These CPU and GPU...

Strategy Joe Wiggins, “Availability [bias] isn’t generally about imaginary risks; it is about real risks being overstated because of how aware of them we are.” (behaviouralinvestment.com) Investors are like moths to a flame when it comes...