Earlier this summer, Congress passed The Guiding and Establishing National Innovation for U.S. Stablecoins Act—GENIUS, for short. This sounds obscure, but it’s a story worth following. The GENIUS Act’s purpose is to promote the growth of—and also to regulate—a new type of financial instrument known [...]
In the picture
In the ancient world, before the invention of the printing press, the most common way for people to remember large amounts of information was to build what’s known as a memory palace. The idea was to link words to images, because images are easier to remember. I’ve found that this strategy works [...]
Above average
Investing in the stock market requires a near superhuman ability to withstand pain. That’s the conclusion of a recent report by investment researcher Michael Mauboussin. Mauboussin surveyed all of the stocks trading on U.S. exchanges over a 40-year period, between 1985 and 2024. He found that the [...]
Cruising altitude
In an airplane, the altimeter measures the plane’s altitude. It’s a critical instrument—so important, in fact, that planes are typically outfitted with two. That’s for redundancy, in case one fails. In addition, because different altimeters work better in different conditions, the two readings offer [...]
Lindy’s law
Over the July Fourth weekend, a friend asked what I thought of a new financial instrument known as a “stock token.” Developed by the online broker Robinhood, they’re designed to let investors buy stakes in private companies such as OpenAI, creator of ChatGPT. It’s a novel concept because private [...]
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