If I were running OpenAI or Anthropic, I would be racing to do the IPO. Though usage is growing margins are shrinking, and open weight models seem to be winning the race.

I knew the AI buildout was significant, but not this significant. I wonder whether the returns will be significant enough to justify all the investment.

Two big loans that were made during the postpandemic boom in private-equity buyouts are defaulting, hitting private-credit funds and ratcheting up losses in the already troubled corner of Wall Street wsj.com/finance/investing/tw… A sign of things to come.

The Continuum of Truthiness? open.substack.com/pub/thealt… The longer a PE fund exists, the less LPs will likely get returned to them.

The Debt Beneath the Dream om.co/2026/03/09/the-debt-be… Spare a moment for Softbank $SFTBY & its leader Masayoshi Son. Debt & sweat...

Belle (2021). See my review here: alephblog.com/2022/03/23/mov…

Haven't aced this in a while. Great game. Alphadots is pretty good as well.

Several blasts were heard in Qatar’s capital of Doha on Tuesday, Reuters reported, citing witnesses bloomberg.com/news/articles/… Israel is out of control. Qatar is not attacking Israel.

Peanuts 1/13/1980: Charles Schulz anticipates modern contracts common today.

The July closing of Santa Elisa, once the largest mill in top sugar producer Brazil, was a warning sign: its owner Raízen, a JV between Cosan and Shell plc, was in trouble. Here's why bloomberg.com/news/articles/… A cautionary tale: do M&A carefully. Avoid debt on low margin businesses