The two main goals: teaching investors about better investing through risk control, and tying all of the markets into a coherent whole.
Baltimore, Maryland
Joined March 2010
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Behind ‘Mad Money’ was a brilliant writer viewers never saw. We lost him too soon cnb.cx/3UlKUKi Interesting take on Cliff Mason, Jim Cramer's nephew. who boiled down concepts in Jim's tone of voice to make them shorter & punchier. Died at the age of 41.
California’s Next Insurance Commissioner Faces a Dystopian Future bloomberg.com/news/features/… It's tough, but whatever method you choose either creates subsidies and involuntary subsidy-funders, or it leads to pressure for people to move out of loss-intensive areas.
$AVGO Broadcom CEO held 11th-hour talks w/bank executives over the weekend to get them to finalize their commitment to an Anthropic debt deal wsj.com/finance/broadcom-ceo… Really seems like most AI datacenter financing has to have a strong guarantor if they want to get the deal done.
The U.S. helped Canada build an aluminum-production juggernaut during WWII. In Trump’s trade war, those smelters are the enemy—and American businesses are paying a price. wsj.com/business/aluminum-ta… More US jobs have been harmed from the Aluminum tariffs than have benefited.
3 Charts on Anthropic’s Historic IPO Filing morningstar.com/stocks/3-cha… It is technically correct to say Anthropic has free cash flow now, but neglects the many financing commitments that will kick in later. All the cash $ANT has, has already been spoken for.
The Shoe Leather Edition whyisthisinteresting.substac… How one clever short made money shorting LVMH.
In Trump's pardon economy, crime victims lost out on at least $119 million in restitution cbsnews.com/projects/2026/tr… Do not forget those who were harmed, and will get little to no compensation for that harm.
Mbappé sorry for 'ill-judged' Mao remark after backlash in China bbc.com/news/articles/cv62yg… All that said, Mao was very much a villain in many ways. Had he been less clever at retaining power, he would have likely been sidelined many aggressive leftist CCP members were.
There’s a flip side to Anthropic’s $80.7 billion net loss for the first half: $AMZN and $GOOGL booked large paper gains on many of the same financing deals wsj.com/finance/investing/an… This is one aspect of GAAP that doesn't make sense: do we use entry values or exit values?
A Requiem for Ukraine—and America aei.org/foreign-and-defense-… Before Trump, some nations of the world did not like the US, but at least we were principled
Plan for AI ‘agents’ to run US companies challenged by lawmakers ft.com/content/d5021cdf-816e… There are a lot of legal issues to work out before we can do something like this.
The reclusive quant billionaire coming into the light (Peter de Putron has spent decades maintaining a low profile. But the scale of his interests is commanding new attention) ft.com/content/bc6bba42-0b33… Size has its own way of revealing secrets.
In the future, will some industries that can’t be electrified, because they require high heat, move toward greener energy? wsj.com/business/energy-oil/… This uses more energy to create less but portable energy.
THE PERKINI REPORT | TS Lombard hub.tslombard.com/the-perkin… The end of the AI Bubble? Difficult to say.
China’s Economy Has a Huge Weakness [Local manufacturers are struggling to make one very important thing: Profits] theatlantic.com/internationa… China is struggling to support zombie companies that are unproductive. China is less strong than they appear.
Before Tera’s 95% Crash, Punches Were Thrown and Warnings Missed bloomberg.com/news/articles/… The same was true of the US in 2008. Don't bail out market losers. Losses discourage future losses.
A French Accident Waiting to Happen bloomberg.com/opinion/articl… This is what I warned against many times at Aleph Blog. Now it is here. Is the rest of the EZ willing to subsidize France?
Vietnam’s $65 Billion High-Speed Rail Plan Faces Major Hurdles bloomberg.com/features/2026-… They will find a way! But it will take a lot of effort!
