Intangible Assets

Charlie Munger: "If you watched [Warren Buffett] with a time clock, I would say half of all the time he spends is just sitting on his ass and reading." "And a big chunk of the rest of the time is spent talking one-on-one with highly gifted people whom he trusts."

When you start something new, it is hard work. To do the hard work, you must have grit, patience, discipline and optimism. Over time, you become stronger and better at doing the hard stuff. If you want an easier life, work on solving harder problems.

The hyperscalers have already outspent the most famous US megaprojects

Warren Buffett: “If you pay too much for them, you can turn a good business into a bad investment.” A great business isn’t worth an infinite price.

⚡️ LATEST: Robinhood CEO Vlad Tenev says the AI boom is revealing a double standard in finance. “Private companies are very comfortable with democratized demand, but much less comfortable with democratized ownership.”

“You climb as hard as you can by just advancing one inch at a time. That's the secret of life.” — Charlie Munger

who is actually winning the AI race OpenAI — $25B revenue but still not profitable Anthropic — best model, just scared every government on earth Google — most resources, losing to everyone on vibes Meta — spending $130B and still playing catchup xAI — Elon promised to match

When company management tells employees: "We are all in the same boat"

Hollywood job market is collapsing, per WSJ:

Charlie Munger reveals the one mental model he uses more than any other: inversion.

$AMZN pulls in $1M every 43 seconds 🤯

"US job market is signaling that a recession is already underway," per Mark Zandi of Moody's, in BI

There's never been an investment like the investment in railroads. (This graph has a log scale!)

Start of 2025: ‘Why should I own anything outside of the US?’ 15 months later: South Korea +179%, Peru +121%, Poland +98% … S&P 500 +18%. The future is unknown. That’s why you diversify.

200 years of progress

Taiwan Semiconductor $TSM brought in $35.5 Billion of revenue last quarter up from $10.3B in the same quarter in 2020

90% of the 'AI wrapper' startups are going to die in 12 months. but the founders who integrate AI into their existing businesses are going to 3x their margins. i'm not building an AI company. i'm building a company that happens to run on AI. there's a massive difference.

Breaking: Our Trump White House Asset Management Portfolio on Autopilot is having quite the year The portfolio invests in all the stocks Trump's Administration took stakes in YTD it's +23.58% Pretty funny, actually.

LATEST: 📊 Former US Treasury Secretary Henry Paulson is urging authorities to prepare an emergency plan for a potential Treasury market collapse.