Source: Statista

Source: Statista

Source: Axios

Source: Genuine Impact

Winning the Game William Bernstein’s old advice to investors: once you’ve won the game, stop playing. Corporate pension plans just won the game.

A Long Term Look at “Normal” Pull back far enough and the panic about “high rates” starts to look a little silly.

Source: Goldman Sachs 📉 When Everything Moves Together This week’s Chart might make one a little uneasy, and that’s precisely because it looks so calm.

💸 Cassandra and the Capital Cycle At the risk of sounding a bit Cassandra-esque, I return this week with my cautionary tale of the potential for poor returns on capital in the coming years from the current AI cycle. You may remember Cassandra, a...