Nuggets | Curated insights across markets, macros, AI, tech & geopolitics

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Summary

This is a pivotal shift in the AI investment thesis. In 2024, the "Gold Rush" was about building the brains (foundation models and training data). By 2026, the focus has shifted to the nervous system—the infrastructure required to make AI functional, persistent, and physically aware in…

Excerpt from The Economist:

The fate of ancient coins offers uncomfortable lessons about dollar dominance

The coins largely moved one way, from Rome to India, and goods moved the other. Whereas Romans bought Indian wares, Indians accumulated monetary claims on Rome. Evidence points to high external demand for Roman assets: the coins bore a particular pattern, came in sealed bags and travelled via…

Jamie Dimon's End Game - Barron's | #Article

China's technology long game | High Capacity by Kyle Chan

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"Any method for building a startup, once widely known, causes founders to converge on the same answers." - Jerry Neumann

"I shall not dare to think myself a true Naturalist till my skill can make my garden yield better herbs and flowers." - Robert Boyle

The Aggregation of Marginal Gains | This Coach Improved Every Tiny Thing by 1 Percent and Here’s What Happened - written by James Clear #AtomicHabits #DaveBrailsford #BritishCycling

"Each attempt to tax the massive profits booked by Irish-shored multinationals has only expanded the system that allows them to be booked there in the first place."

...The net result has been, well, a steady rise in the profit the world’s multinationals report in Ireland, and a steady march up in Ireland’s corporate tax take. The Irish balance of payments data now shows that foreign multinationals (almost all…

Jamie Dimon’s mantra for Gen Z: ‘Learn, learn, learn, learn, learn, learn, learn’

Fortune: Before he became the most powerful banking chief in America, JPMorgan Chase CEO Jamie Dimon set himself a simple career rule that sounds almost radical in the age of personal branding: Keep your mouth shut. As a 28‑year‑old Harvard MBA working as an assistant to American Express president Sanford “Sandy” Weill,…

Greek “buccaneer” George Prokopiou’s Dynacom was one of the few legal operators in the early days of the war willing to sail to and from the Gulf.

Dynacom Tankers, owned by 79-year-old George Prokopiou, has sent at least five tankers through the narrow waterway at the mouth of the Gulf since the outbreak of war with Iran on February 28, making it one of a handful of legal operators that have been willing to…

Source: Adam Tooze's Substack

Alvin hansen had been one of the principal economic advisers to the New Deal for nearly three years when he traveled to Cincinnati in March 1940 to speak to a group of businessmen. After his address, someone in the audience asked him what must have seemed a perfectly reasonable question: “In your opinion…

A Geostrategy for Eurasia | September 1, 1997 | Zbigniew Brzezinski - To understand US Foreign Policy and NATO expansion in Europe.

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Fortune:The Fortune 500 has a new leader: Amazon. Early on Feb. 19, Walmart reported total revenue of $713.2 billion for the recently ended fiscal year. That’s up 4.7% from the prior year and the company’s all-time highest top line. But it was a hair less than the…

"The global industrial system is currently navigating a profound structural bifurcation, a phenomenon best described as the 'Return of Matter.'" - Craig Tindale (Context: Describing the end of the post-Cold War era of assumed "infinite materiality")

"**We have entered an era of complex constraints, where the physical availability of matter, not the availability of credit, sets the limit on national…

Data Update 6 for 2026: In Search of Profitability! | The Business End Game Clarified! | Aswath Damodaran | Feb 17, 2026

"In its various Quantitative Easing programs, the Fed bought long-term debt and gave out overnight debt (interest paying reserves) in return. That undoes some of the interest rate protection the Treasury bought.

The wife went to the bank, and got the 30 year fixed. The husband went back to the bank and said no, no, swap that back to half floating. Interest rates went up, the wife thought “how wise I was.” The…

"Globalization is a fact, not a policy option." - Xavier Becerra (Context: Summarizing the bipartisan neoliberal consensus that dominated American politics from Reagan to Clinton.)

"A country serves its own interests by pursuing free trade regardless of what other countries may do." - Paul Krugman (Context: Highlighting the "intellectual arrogance" of the free trade dogmas that ignored geopolitical…