We're all in this together.
The midterm elections are done, and that's a great thing for our country. At the most basic level, we showed the world that power belongs to the people.
Whatever side you're on, Americans should be proud today to be part of this wonderful experiment in self-governance.
Those who lost will rise again if they listen more and do the work of the people. And those who won will surely fall if they fail to govern well.
I pray our leaders fulfill the will of our fellow Americans with wisdom, courage, economy, humility, and faith in the equal application of the rule of law.
Here’s to greatest strength of America - it’s PEOPLE!
One of my favorite aphorisms is “the bitterness of poor quality lingers long after the satisfaction of low price.”
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Trump Accounts are the most truly American policy I’ve seen come out of Washington in a long time. Every beautiful American child gets a stake in our country’s growth on day one. Many thanks to @altcap for his tenacity to get this done. Other smart countries will copy this, and 50 years from now people will still be talking about it.
For those young people growing up without access and privilege, they will now get to see, experience, and benefit from a simple formula I have seen work in my life and at Harrow: Patience + Compounding + Work or Understanding What You Own = Ownership of Something Very Valuable. Ownership changes how you see everything.
That’s how you build a country and a company.
I am enjoying reading Benjamin Franklin’s autobiography. Notably, at 16, in addition to trying vegetarianism, he became committed to being a great writer. He copied essays from memory, turned prose into verse and back, and scrambled his notes to force himself to put them back in order. His dedication, ambition, and patience remains incredibly impressive, especially given his stage of maturity. Nevertheless, he desired and did become a "tolerable" writer. Today, modern tools, like SI, produce outcomes in seconds. I use it. I love it. But these tools allow us to skip the struggle of the process … the education and the understanding. If we skip the struggle, do we still get the education and understanding? It’s hard to believe we do. Patience and commitment, even with and to oneself, is in short supply these days.
Harrow closed on TYRVAYA this morning.
Dry eye means your eyes don't make enough tears. Most treatments add moisture from the outside. TYRVAYA is different. It's a nasal spray that helps the body make its own tears. And it works incredibly fast!
Tens of millions of Americans have dry eye. Harrow now has two very different prescription tools: VEVYE and TYRVAYA. One disease, two approaches, one company that makes sure patients can actually get the medicine.
Right product. Right price. Now with the right team.
Good for doctors. Good for patients. Good for Harrow stockholders.
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In this week's @barronsonline, Andy Serwer quotes Geoffrey Hinton on the need for federal SI regulation. Hinton's point, essentially: nobody thinks drug companies should regulate themselves. They have to prove their products are safe before release. So SI should too.
I run a drug company. Hitching the SI regulatory wagon to the FDA's approach to drugs is the wrong move. Here's why.
The FDA began in 1938 asking "is it safe?" In 1962, Congress added a second question: "does it work?" The efficacy question is where drug companies spend most of their time and money. If we stood up a federal SI safety agency and in 20 years it ended up grading whether a chatbot works "as labeled," would that be a good outcome? I suspect not.
Why do drug companies jump through these hoops? First, for the opportunity to save and extend lives. And second, the financial reward … the potential for years of market exclusivity. Is the same financial reward the plan for SI? Or is it the quiet ask?
Here's what happens to SI companies without exclusivity: a washout. Remember the roaring late '90s? A sock puppet with a Super Bowl ad. A year later they were listed on fuckedcompany.com, right next to a few hundred other dotcom high flyers. Some of today's SI headliners will survive. Most get rolled up and smoked, and their assets get picked up cheap and redeployed by the next entrepreneur. Somebody should register fuckedaicompany.com now because failure is our system working!
Unless you're the one about to get smoked. Then an edifice of fear is a wonderful thing to build. SI is not likely the end of humanity. But scare tactics are wonderful if you need regulatory protection just as the competition closes in, early investors want out, and the bond payments come due.
Here's where the drug analogy actually works. Drug companies cure diseases that kill people. Drug companies extend lives. Lots of them. SI has the same shot at enriching and extending all our lives. Both are worth protecting from abuse, and neither is worth strangling in the crib.
Regulate the abuse. Not the ambition.
Built a @bot that thinks like Greenwald, Munger, Buffett, and Marks mashed together. Talk about Super Intelligence! Cheapest consultant I've ever had!
I read a piece in @barronsonline over the weekend that surprised me. Humana is sending non-renewal letters to about 600,000 Medicare Advantage members this fall, eliminating their plans as of December 31.
I wondered whether this kind of termination or non-renewal was an anomaly. For most of the last decade, roughly 1% of Advantage enrollees lost their plan in a given year because the insurer walked away. In 2025, it was about 7%. For 2026, it was closer to 10%, which is nearly 3 million people!
What happens to these folks? Most of them find another Advantage plan, and the insurer that dropped them usually gets a good chunk back. That's not the part that bothers me (and you should be concerned with as a taxpayer): These people (i.e., the sicker patients) end up back in traditional Medicare. A plan exit is one of the very few moments a senior with real health problems can buy a Medigap policy without being underwritten. They get 63 days. And boom - then the door shuts again.
So the healthier members get reshuffled, the sicker ones take the exit if they're paying attention, and the plans still standing inherit a worse risk pool. Then those plans start looking at their own lower tail. Vermont lost more than 90% of its Advantage coverage for 2026. My view is that this will not stay a "Vermont problem."
I've spent my career believing the patient with bad insurance shouldn't be the one who goes without. Medicare Advantage was sold to seniors as a better deal than the government could offer. Is a deal the other side can cancel every October much of a deal?