2% of stocks generate all the returns over the past 30 years?! papers.ssrn.com/sol3/papers.cf…

Meb Faber I guess I need to update my illustration.

10 Wednesday AM Reads dlvr.it/SnpzWR

Inflation currently driven by services h/t @ritholtz

Apple's market cap > entire FTSE 100 index Same story in Germany Says as much about Apple as it it does about state of UK / EU's tech sector $AAPL

Everybody seems to be talking about AI, a term that's not even that new, judging by films released in 1990s. But December's surge (blue) thanks to ChatGPT seems to have sparked a race among tech giants on how to capitalize on this phenomenon. More here bloomberg.com/opinion/articl…

By one measure, the three banks that have failed this year held more assets than all 25 banks that failed in 2008 (1st chart) Why that's a potentially very misleading statistic (2nd chart) because it obscures other big 2008 interventions Via Josh Zumbrun wsj.com/articles/stop-…

Amazing concentration. 1 > 2000.

Gains needed to recover from a loss:

The UK core inflation chart looks awful. What's going on bloomberg.com/news/articles/…

Now that we can share ChatGPT prompts, we should do that more. Here are two for GPT-4 (though remember, AI is a weird tool, don't blindly trust it) AI Dungeon Master: chat.openai.com/share/b3e22605… AI Job Advice, to think through how AI might impact your work: chat.openai.com/share/a7fa6771…

Incompetence, in the limit, is indistinguishable from sabotage

A full decade of the Flynn Effect in America, the upward historical trend in IQ, can be explained by🧂 Dr, David Cowie convinced salt companies to add iodine. As a result, IQ went up 15 points in much of the US! And income went up in those areas by 11%! nber.org/system/files/w…

'In May, tech beat the rest by more than than 10 percentage points for the first time in two decades.' bloomberg.com/opinion/articl…

Forget about outcomes, focus on making a little progress every day.

Michael Mauboussin and Dan Callahan just shared a great paper, updating their work on ROIC. "Companies that delivered high and sustained ROICs exceeded their peers in both net operating profit after taxes (NOPAT) margin and invested capital turnover". Some highlights 🧵

12 of the most interesting charts surfaced over the weekend 🧵 1/ Starting off with the hard-hitting analysis that nobody seems to be talking about. Executives wishing to 'double click' on things in earnings calls are through the roof 🔥

Most risky part of the Twitter algorithm is that, if you express interest in a tweet that debunks a conspiracy theory, the For You page will show you conspiracy theories, apparently out of a misguided approach to “balance.” And that is bad because repeated lies come to seem true

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