What Buffett is doing today is conditioned on his present set of constraints. It is his early path to where he is today that should be emulated and understood. And then again, it was Charlie Munger that helped him escape the hellhole of classic value investing.

In a paper published today in Nature, researchers at Google Quantum AI crossed a significant threshold in quantum error correction, moving quantum computers one step closer to practical applications. Ben Brubaker reports: quantamagazine.org/quantum-comput…

Quality independent research from a skilled, out-of-the-box thinker and respected former colleague.

A significant part of this spread widening, which is important to think deeper about for any investor, is due to widening sector weight differentials. The more interesting thing is to compare industries and see whether valuation spreads are still large for identical assets.

Google, Meta, and Microsoft total employee figures are up 52.5%, 23.5% and 58.3% respectively since Q4 2019. Labor markets remain tight everywhere and technology companies are prioritizing CAPEX over OPEX right now because of gold rush in AI. The death of developers is wrong.

Despite having zero engagement or interest in crypto and also do not engagement in AI discussions outside those related to equity valuations, my feed is swarmed with hyperbolic comments and indirect advertisement of AI scams and crypto. Now on Bluesky... bsky.app/profile/peterg…

Jeg har talt om investeringsåret 2024 med Peter Garnry og Magnus Barsøe i Børsen Brænder. En fin blanding mellem regioner, temaer, økonomiske forskelle og politik. Lyt med f.eks. nedenfor radio4.dk/podcasts/boers… #dkøko

Grunden til at Kinesiske aktier ikke er investerbare skyldes tre ting. 1) det er meningsløst at tale om aktieinvesteringer i et land uden privat ejendomsret 2) geo politik. Tencent og CATL er lige tilføjet til US blacklist 3) dårlig forrentning af kapitalen

Yesterday, I wrote about how AI is fundamentally transforming the software industry. The increase in CapEx has not been negative for valuations because the market has offset the effect by lifting growth expectations. But there is more to it... petergarnry.substack.com/p/ai-is-transf…

The dilemma is that if they let the FX rate go dictated by the market the response in the US and Europe will be steep tariffs that will more than offset the gains in exports from the weaker currency. A Gordian Knot…