Reading Anthropic's S1 Like a Value Investor
A valuation sliding from $2 trillion toward $1.5 trillion, $600 billion-plus of compute commitments, and junior debt at 10%. What would you have to believe?
tag: Investing
Right Thesis Wrong Leverage
What Situational Awareness taught us in one brutal July
The AI Margin Squeeze - inevitable?
Benedict Evans asks whether AI labs end up as commodity infrastructure. Then a Chinese lab released a near-frontier model — and raised prices. Both sides of the debate just got new ammunition.
The K-Shaped World Cup
Underneath the global spectacle is the same story I keep finding in the economic data — two very different experiences, depending on your income
The Bottleneck nobody's buying: AI Runs on kilowatts, not just code
Everyone's piling into AI stocks. But the real constraint on AI's growth isn't compute — it's power.
Revisiting Charlie Munger's Timeless Wisdom for 2026
Revisiting the profound principles of Charlie Munger for the new year.
Contrarian and Independent: My approach to Value Investing
Your margin is my opportunity!