- From Grant’s Almost Daily: “Meme stocks are so 2021: Retail investors have found a “shiny new toy” in the form of prediction markets, analysts at Barclays wrote last week, as notional trading volumes across Kalshi and Polymarket topped $24 billion last month according to Dune Analytics, compared to less than $5 billion in April 2025.”
- The Economist: “Many of America’s advantages are hard to emulate. The country’s continental scale, single language, natural-resource wealth and the fiscal space that comes from issuing the world’s safe asset give it a unique economic advantage over Europe. America’s federalism is helpful, too. Misguided policies at the state level—like data-centre moratoriums or proposed wealth taxes—do not encumber the whole country. People and businesses can move to a different state.”
- And again: “SpaceX is an imperfect company and Mr Musk an imperfect man. The marvel of capitalism is that it can harness their talents to create something extraordinary. While his investors take the risk, the rest of humanity can strap in for the ride.”
- AI’s effect on McKinsey’s pricing, via FT: “Billable hours, subscriptions and flat fees will always be part of the equation. But the proportion of outcome-based pricing will undoubtedly expand — and that goes down as a definite tick in the column under the benefits wrought by AI.”