My morning train WFH reads:
• The Old Order Is Dead. Do Not Resuscitate. Few things are more disconcerting than feeling the ground shift beneath you, as anyone who has experienced a serious earthquake knows. This is what we are living through. A way of ordering economic life — neoliberalism — that emerged in the 1980s is weakening rapidly. (New York Times)
• AI is probably not a bubble: AI companies have revenue, demand, and paths to immense value. (The Power Law) see also AI Could Be the Railroad of the 21st Century. Brace Yourself. In the 1800s, the railroads took over the economy, changed the way we work, and reshaped American politics. Sound familiar? (Derek Thompson)
• Will Private Equity’s ‘Window of Opportunity’ Last? PE firms have cleared their books of some long-held assets now that buyers and sellers have both gotten more realistic about prices. (Institutional Investor)
• Institutional Investors Begin to Embrace ETFs: Once used for cash or transition management, exchange-traded funds are taking a bigger role in institutional portfolios. (Chief Investment Officer)
• New York’s Golden Handcuffs: Why the City Has a Special Hold on the Rich: Don’t bet on a millionaire exodus now that Mamdani won the mayorship. (Businessweek)
• 102 Lessons from the 102 Books I Read This Year. Here are the most interesting things I learned this year while reading 102 books. (Scott H Young)
• A Beloved Clothing Store Closed. A Customer Bought All 4,500 Items. Everything in the shop appeared to have been abandoned. A devoted customer took it all home and started selling the items herself. (New York Times) see also How a Handyman’s Wife Helped an Hermès Heir Discover He’d Lost $15 Billion: Nicolas Puech says his wealth manager isolated him from friends and family and siphoned away a massive fortune. Then came the clue that began to reveal the deception. (Wall Street Journal)
• Five takeaways as Democrats sweep elections in New Jersey, Virginia, and California: The party won the governor’s race in both states and a state attorney general’s contest that was up in the air, as voters delivered a rebuke of President Donald Trump. (Washington Post)
• Astounding stream of stars caught escaping from nearby galaxy: Stellar streams are faint trails of stars that appear to “stream” out of galaxies. A new one, escaping galaxy M61, may point to many others. (Big Think)
• Bob Dylan’s Superpower is That He Doesn’t Get Embarrassed: On the Icon and the Enigma. (Literary Hub)
Be sure to check out our Masters in Business interview this weekend with Brandon Zick, CIO of at Ceres Partners, where he is responsible for all investments, including Ceres Partners flagship farmland fund and Ceres Food & Agriculture private equity strategies. He serves on the Federal Reserve Bank of Chicago Advisory Council and Small Business, Agriculture & Labor sub-council. Ceres was just purchased by Wisdom Tree Investing.
If Trump’s Tariffs Are Ruled Illegal, Businesses Expect Refund Chaos
Source: Bloomberg
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