I loved many sports...
Rowing to spring. I loved many sports, but one of them, or rather, the whole constellation of rowing, I never understood. Yes, to each their own, and I never understood the joy…
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If we ask ourselves what thoughts are the most valuable...
Fleeting thoughts. If we ask ourselves what thoughts are the most valuable, it's likely those fleeting thoughts that lightly touch our minds and then vanish into the sunlight.…
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The Dream Vault.
The Dream Vault. It's strange. Yesterday I decided to take a nap, and when I woke up, already wide awake, I saw, like a fast-forwarding movie reel, all my dreams from years ago…
Memo to Kevin Warsh, Re: The Job You Actually Got
Memo to Kevin Warsh, Re: The Job You Actually Got INTERNAL. NOT FOR DISTRIBUTION. SHRED AFTER READING. Markets · June 5, 2026 TO: K. Warsh, Chair, Federal Reserve System…
Less than a month remains until Christmas.
Christmas isn't tinsel—that's the truth preachers often try to convey to those who associate Christmas with a table laden with food, twinkling lights, sparklers, and decorated…
I like drawing with a graphite pencil...
Honestly, I haven't really put much emphasis on this in my life, but it turns out I pay a lot of attention to what we call black and white, lol. Yes, I like drawing with a…
I was struck by a perhaps strange thought...
I was struck by a perhaps strange thought (lol), about how people try not to repeat what they consider a mistake. This is precisely what the saying goes: people learn best from…
MEMORANDUM
MEMORANDUM TO: The Bull Case FROM: The Data DATE: June 5, 2026 RE: We need to talk I've been patient. You've had your run — nine consecutive winning sessions on the S&P…
The Buyback Is Dead. Long Live the Dilution.
The Buyback Is Dead. Long Live the Dilution. A stream of consciousness from somewhere on the buy side, Tuesday afternoon, June 2. Okay. So Alphabet just announced it's raising…
Timid steps through a tomato patch, pencil in hand.
Timid steps through a tomato patch, pencil in hand. I'm sure you're curious that if you haven't visited your garden for a while, where you once planted something, you need to…
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