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 [...]
A note on the new tax law
On July 4th, the president signed a significant new tax and spending bill into law. The text of the bill runs to almost 900 pages and affects nearly every corner of the tax code, including personal, business and estate tax rules. Below I’ve summarized the provisions that I see as most relevant to [...]
Room to maneuver
On December 31, 1759, Arthur Guinness signed a lease to take over an old brewery building in Dublin. What was unusual was the lease’s term: 9,000 years. It didn't take long before Guinness and his landlord both realized they’d made a mistake and agreed to end the lease. Guinness needed more space, [...]
AI worries
Dario Amodei is the CEO of Anthropic, a leader in artificial intelligence. For that reason, his comments in a recent interview grabbed headlines. Amodei argued that the next generation of AI systems could replace half of entry-level jobs and drive unemployment up to 20%. All of this could occur in [...]
Staying focused
At the 2016 summer Olympics in Rio de Janeiro, South Africa’s Chad Le Clos challenged Michael Phelps for the gold in the 200-meter butterfly. A famous image emerged from that event: Throughout the semifinal, Le Clos repeatedly looked over at Phelps as he struggled to keep up. Meanwhile, Phelps just [...]
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