Family Office Head, Former Portfolio Manager, Muni Banker, Fund Manager and Elected Official
Providence, Rhode Island
Joined April 2012
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Insightful take.
Reed/McKay US Senate race is also a good test of baseline partisanship for the rest of the ticket
Foulkes + Matos both underperforming Reed by 15 points
Loughlin running 20 points ahead of McKay
so RI is a blue state, but not every voter is immovable wpri.com/news/elections/12-n…
Well done, Paul!
For decades, @PaulDion5 has brought rigorous analysis and steady stewardship to Rhode Island's public finances.
RIPEC will honor Dion, Director of the Pandemic Recovery Office, with the 2026 Gary S. Sasse Distinguished Public Service Award on Oct. 19.
eventcreate.com/e/ripec-tick…
Remarkable progress in a developing country long laboring under unfair U.S. opposition to debt resolution. We should help Zimbabwe to do even better.
DEEDS NOT WORDS.
In just 24 months we have restored macroeconomic stability, low and stable single-digit inflation, currency and exchange rate stability.
Single-digit inflation achieved in January this year for the first time in over three decades. That is not by chance. It is the result of sustained prudent fiscal policy complemented by disciplined monetary policy.
Our reforms are bearing fruit and laying a solid foundation for sustainable growth.
This is how we build towards Vision 2030.
It was a pleasure to be among investors hearing the compelling case for Zimbabwe. Impressive leadership.
Robert Cusack retweeted
Yields on 10-year Treasuries are the highest since 2002 versus a comparable metric on the S&P 500 - the earnings yield. At a certain point, bonds will present a compelling investment proposition vs risk assets, but many investors say not yet since growth is still strong.
Robert Cusack retweeted
Zimbabwe is on course to attain Vision 2030 under the able leadership of President E.D. Mnangagwa. All preconditions for the national vision are now in place, as noted from the State of the Nation Address ably delivered by President E.D. Mnangagwa yesterday.
Zimbabwe is open for business. Sustained macro-economic stability has been achieved, with gains in price, currency and exchange rate stability consolidated. Inflation has fallen to single digits since January 2026.
This has been supported by strong foreign currency inflows of US$10.7 billion in the first half of 2026, projected to reach US$20 billion by year-end.
The agriculture sector recorded phenomenal growth of 27.9%, contributing 2.2 percentage points to the 8.3% GDP growth.
Crucially, 42% of the national budget is dedicated to social services ministries. We are therefore translating figures into livelihoods.
Robert Cusack retweeted
Ed Yardeni: "A more likely explanation for the global bond market rout is that the yen-carry trade is unwinding as the Bank of Japan raises its policy rate, forcing carry traders to sell government bonds they bought worldwide with proceeds from cheap yen loans. This trade allowed many governments run budget deficits without putting upward pressure on their bond yields. Now, the chickens have come home to roost."
Robert Cusack retweeted
Millions of people have watched a Stanford lecturer accidentally destroy the entire safe-career playbook.
He filmed the lecture once as his Last Lecture to Stanford's Class of 2024.
Executive coaches charge $2,000 an hour to teach a diluted version of what he covered in 33 minutes for free.
His name is Graham Weaver. He is a lecturer at the Stanford Graduate School of Business and the founder of Alpine Investors, a private equity firm managing $16 billion of institutional capital.
Every year at Stanford GSB, he gives graduating students a lecture called "How to Live Your Life at Full Power."
His entire framework fits on a napkin.
The safe job does not save you from yourself. Playing it safe tastes like slow drowning. Fire the plan you built at 22. What you postpone dies. Pull the nail out of your head. Follow the second voice, the one that hums, not the one that shouts.
That last rule alone has probably cost the corporate career-planning industry a hundred million dollars.
"This is not you. You do not have to do this."
That is the line the second voice said to him at 27, mid-run up Silverado Trail. Weaver spent thirty years running past his to figure it out.
Consultants make partner and cry in their car the day the announcement lands because the title was supposed to fix them and did not. Bankers earn their first million-dollar bonus and lose sleep the same night because the person the money was supposed to save is still there.
The lecture is free on Stanford GSB's YouTube channel. Weaver's writing is free on his newsletter.
Weaver still lectures at Stanford. Almost none of the millions of viewers have actually pulled the nail.
The framework is free. The willingness to actually walk out of the offsite before your next raise, promotion, or five-year plan is the entire edge.
Robert Cusack retweeted
Warren Buffett's sister owned roughly $12M of Berkshire stock.
After Black Monday, she owed $2M.
Doris needed income. The shares paid no dividend.
A broker suggested uncovered put options. She collected premiums for promising to buy stocks if prices fell.
Then the Dow dropped 22.6% in one session.
The positions could not be closed fast enough.
Charlie Rose asked why she had not called the world's most famous investor before entering the trade.
"I thought he'd be so disapproving."
Do not create income by taking a risk that can wipe out the capital underneath it.
Charlie Munger spent decades studying exactly why smart people still make decisions like this.
The article below organizes Munger's 25 Rules for Avoiding Costly Decisions into a practical checklist.
Another reason to be bullish on Zimbabwe. @marcholtzman @EMnangagwa
ZIMBABWE is on course to earn a record US$20 billion in foreign currency this year, driven by increased export earnings and diaspora remittances as the country continues to strengthen its capacity to generate foreign exchange.
f.mtr.cool/unxskk2u8z
Robert Cusack retweeted
Random thought. It was luck that the companies best suited to building out AI happened to be immensely profitable quasimonopolists. They could finance the first leg of the buildout internally without having to meet external ROIC tests. Though they are now issuing debt, that debt is backed by the hyperscalers' non-AI cash flows, not the AI itself. In other words, the AI capex boom has been possible because the technology has never had to prove its profitability. That wasn't the case with the TMT or other prior booms, which went bust when the capex ran too far ahead of the prospective profits.
Brutal truth.
Charlie Munger dismantled Wall Street's entire business model in 70 seconds.
It is not sophisticated risk mitigation.
It is not mathematical prudence.
It is an institutional fee machine designed for people who cannot think.
For decades, business schools and Wall Street have preached one core doctrine: spread your capital across dozens of assets to protect your downside.
Munger exposed the brutal reality behind that lie:
If you are a know-nothing investor, broad diversification protects you from your own ignorance.
If you know how to assess an asymmetric advantage, owning 50 different assets doesn't lower your risk. It dilutes your intelligence.
Real wealth is never built by collecting mediocrity. It comes down to waiting for rare, obvious mispricings and backing them with massive conviction.
"Hell, one will suffice if you do it right. One. If you have one cinch, what else do you need in life?"
Wall Street pushes hyper-diversification because complexity justifies a 2% management fee. Nobody gets rich charging fees on patience and three good ideas.
Watch full breakdown below:
We prefer to ladder UST.
My latest for @WSJ:
wsj.com/finance/investing/do…
When active bond funds claim to beat the market, which market are they beating?
Digest this.
Unrealized losses at Japanese insurers and banks just hit #Ref!
40Y JGB bond yields surge 6bps to 4.27%, set to take out record high of 4.390% from May 19
What could go wrong?
An options strategy that traders are using to replace bonds is growing in popularity as the rate rout worsens cnbc.com/2026/09/24/as-bond-…
Zimbabwe is on the rise. We recently bought property there. Listen to leading executive @marcholtzman summarize the opportunity. @tomkeene @edmnangagwa @business @WSJ @FT
I was privileged to attend the dinner and meet President Mnangagwa. Zimbabwe’s outlook is very bright, IMO.
H.E. President @edmnangagwa hosted potential investors at a business dinner in New York on the margins of the 81st Session of the United Nations General Assembly. The main objective was to connect Zimbabwe with global capital and create business networks. The Chairman of the Victoria Falls International Financial Centre, Mr Marc Holtzman, said Zimbabwe’s ongoing economic reforms are increasingly opening up new opportunities for global capital.
Speaking after a Business Dinner, Mr Holtzman said the engagement brought together 35 senior investors, with half attending to explore and assess Zimbabwe’s investment opportunities for the first time.
Mr Holtzman said President Mnangagwa’s presentation at the Business Forum on reforms underway in mining, services, banking and monetary policy generated strong interest among the investors.
“The business opportunities are amazing. This is Africa’s century and within Africa it is Zimbabwe’s time,” he said.
He said Zimbabwe’s reforms were contributing to growing interest from American, European and other international investors, while changing perceptions about the country’s investment environment.
He said reforms in the mining sector, monetary policy and efforts to stabilise the currency were among developments attracting renewed investor attention.
