In April 2005, art dealers Robert Simon and Alex Parish traveled to New Orleans to attend an auction. They were particularly interested in a work titled Salvator Mundi. The painting was in bad shape, having been neglected for years. But Simon and Parish ended up bidding on it and taking it home for [...]
AI risk and your portfolio
Last week, OpenAI founder Sam Altman sat down for an interview with venture capitalist Brad Gerstner and Microsoft CEO Satya Nadella. Both are investors in OpenAI, so it seemed like a friendly audience. But Gerstner posed a question that seemed to make Altman uncomfortable. Since introducing [...]
What to make of the First Brands story
Hello Reader, Some news stories are unusual in ways that it’s hard to know what to make of them. Such is the case with the recent collapse of a relatively unknown company called First Brands. On the surface, it might seem like a mundane story. First Brands is an auto parts supplier, making [...]
Making financial decisions, big and small
Some years ago, the scientist Edward Fredkin identified a quirk of human behavior. When it comes to making decisions, Fredkin found, we tend to allocate our time inefficiently. Suppose, for example, you’re at the grocery store, looking for something basic like paper towels. In a big supermarket, [...]
Managing a pricey market
Stock market investors are enjoying yet another strong year. The S&P 500 has gained about 14% so far, shrugging off, for the most part, uncertainty over tariffs, interest rates and the latest government shutdown. Should this worry us? Since ancient times, soothsayers have been [...]
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