It's the first day of school here, so it's time for a much belated announcement. This fall, I started a new job as the Research Director for the Center for Economy and Society at Johns Hopkins University and as a research professor at the SNF Agora Institute

Totally agree. Finance guys have an enormous cognitive talent gap over AI and Tech

Spent the whole day yesterday visiting Harvard Econ, and after talking with a ton of grad students, I couldn’t agree with this more. So many interesting, fresh ideas with huge implications for how we think about Econ of AI.

My office is a 5 minute walk from this painting. I try and go look at it at least once a week. It never disappoints. One of Cézanne's masterpieces

this is so bleak

Wow

The Economist leader has a quote from a journalist (and author of The Strange Death of Liberal England) describing the breakdown of society before World War I that is just as apt today as it was a century ago.

On this day in 2004, one of the darkest days in franchise history as the @BurgerKing King takes the tipped Bledsoe screen to the house.

A lot of journals have recently moved to digital/online only. Does AI force a pivot back to print?

Citadel's Head of Global Equities Justin Lubell on the time Ken Griffin threw a project into reverse because the new guy had a better idea: "My first month on the job, there was a conversation in a conference room amongst a number of people. After the meeting, he came over to me and he said, you looked a little pensive while we were talking about this. What was on your mind? I said, well, I'm not sure that that's really the best way to do this. And he said, why?" "He called someone and he said, change of plan, we're going to do this instead. I just spoke to Justin, we've got to do this." "A lot of time, energy, and resources had been put into making the other change. So I tried to hedge myself a little bit. I said, well, Ken, I'm still new here. He said, that's not how it works. I don't care how much money or time we spend doing something. If there's a better way to do it, I want to do it that way." "So we've been driving this car a thousand miles an hour in this direction, and we're going to go a thousand miles an hour in reverse now, because this is the better way to do it." "When Ken asks me a question, I just tell him exactly what I think, and I encourage everyone in GE to do the same. We've all been trained: no pride of ownership, just find the best ideas."

2012 FSU History Department reunion

Bad take. This is obviously just a way for high school seniors to hedge away their admissions risk. This is efficient and complete markets in action.

New England Review of Boats unofficial soft-launch party in Baltimore, the greatest port city on the east coast cc: @dennismhogan

The best thing about Logan Roy as a character is how much he delights in rubbing his acquired success and power in the face of the to-the-manor-born elites of the show

dallas texas gotta be top 10 worst cities ever

If anyone wants to join an impromptu session on financial infrastructure at the history of technology conference, hop with yours truly, David Pinzur, Will Derringer and others, hop in here: mit.zoom.us/j/94255174633

The tricky part of capex cycles is that when they are this big and mature, changes at the margin can have an outsized influence, as the tails of both sides of the distribution are a bit fatter than usual.

Dispersion of equity ownership has its advantages. It's interesting to note that, in the nineteenth century, many corporate charters imposed graduated and/or capped voting to prevent anyone from gaining control.

There's something that really irks me about people describing the market reaction to the 2023 collapse of Silicon Valley Bank as "overblown." The selloff was overblown because we ended up getting an SVB 'fix' in the form of a complete transformation of the US banking system with an unlimited bailout of depositors (above the $250k FDIC cap) and a new liquidity program from the Fed (the BTFP). If your preferred analogy for the CoreWeave selloff is 'Oh, it's like SVB, it's not systemic' then you need to at least acknowledge the systemic changes that stopped SVB from becoming a much bigger deal.