A little teaser.

Thank you Jeremy! Really a very enjoyable chat.

The April Update is up at the Convex Strategies website - "Triggered". Ongoing emphasis that risk is endogenous, accumulated fragility built up over years and decades of practices with little consideration for future consequences. convex-strategies.com/2025/05/14/ris…

1/ How can I put this? "Expected utility maximizers don't maximize utility." Why? Because utility is not usually an ergodic quantity in the mathematical models used by economists, and maximizing its expected value doesn't mean much in the real world.

Just an FYI, I am going to be on Bloomberg TV this morning in HK at 9am (9pm NY time Thursday evening). What should I talk about?

A link, fwiw bloomberg.com/news/videos/20…

Huge gratitude this month to many of our friends and inspirational leaders. Please keep writing and thinking you all! Pippa Malmgren Grant Williams Ben Hunt Ole Peters Nassim Nicholas Taleb

Aside from the obvious bias, there are some really good links here.

Really great conversation by a couple quality thinkers. Worth a listen.

As good as it gets. Who is thinking about what true change could take place, not just incremental tinkering around the edges of the status quo? Pippa is!

June Update up at the website - “I See No Ships”. More on the faux confidence of central bankers and regulators. The Hunger Games competition to issue bonds is at the heart of it all. convex-strategies.com/2025/07/14/ris…