Fear of a crash drives some investors to “step out” of the market. Stocks sensitive to this variation had lower returns. Even “non-marginal investors” matter to market prices, from @WGoetzmann, Dasol Kim, and @RobertJShiller nber.org/papers/w35708
LLM situation. “The general public has long been divided into two parts; those who think that science can do anything and those who are afraid it will.” Thomas Pynchon
For what it’s worth: dentonrc.com/news/the_watchd…
Eliminating American Studies? How long will Texans tolerate this anti-American nonsense?
As chair, Bill Goetzmann recruited Al Crosby to American Studies. It was brilliantly interdisciplinary. Now eliminated in the UT pogrom.
Replying to @clintballinger @Empty_America
The seeds of Diamond’s Guns, Germs & Steel in Crosby’s 1972.
Interestingly, supposedly no one knew what to do w Crosby & his biological history studies in early 70s, so someone managed to stick him in the American Studies dept at UT Austin. Great for scholarship they did
Trump 1, Idiocracy, Trump 2 Blazing Saddles. youtu.be/iBjMaUlXnjs
opportunity for a natural experiment. bloomberg.com/news/articles/…
East India Company Opium Factory. Headed to China. Yale Center for British Art Painters, Ports, and Profits: Artists and the East India Company, 1750-1850
William Goetzmann retweeted
"Funds at investment firms including BlackRock, Fidelity and Pimco are heavily invested in Argentina, as are investors such as Stanley Druckenmiller and Robert Citrone, both of whom worked with Mr. Bessent."
Terrific piece about a Dutch bond. Actually a complex securitization created by William Gideon Deutz- arguably the first modern merchant banker. bloomberg.com/news/newslette…
William Goetzmann retweeted
Wow, incredible! Mokyr is awesome - he’s the father of the “ideas school” of the Industrial Revolution, which is one of the inspirations for Works in Progress, and the author of the best book I’ve read on the Irish Famine. So exciting.
BREAKING NEWS
The Royal Swedish Academy of Sciences has decided to award the 2025 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Joel Mokyr, Philippe Aghion and Peter Howitt “for having explained innovation-driven economic growth” with one half to Mokyr “for having identified the prerequisites for sustained growth through technological progress” and the other half jointly to Aghion and Howitt “for the theory of sustained growth through creative destruction.”
#NobelPrize
London financial history. Double doors of the 12th century Pyx chamber. Where standard weights for coinage were kept for the trial of the Pyx. Henry II recoinage standardized English money; in 1281 Henry III established the continuous tradition of random testing of the money.
Mural of Revelations 17 in Westminster Abbey’s Chapter house “And there are seven kings: five are fallen, and one is, and the other is not yet come …
And the beast that was, and is not, even he is the eighth, and is of the seven, and goes into perdition.”
An interview about finance and aesthetics with Eduardo da Costa Catoquessa. I appreciate his thoughtful summary and analysis! eduardodaesthetic.substack.c…















