Economic growth depends fundamentally on labour, resources, and knowledge. Labour and natural resources are exhaustible and face hard physical limits, whereas knowledge is not only inexhaustible but also scalable — it can be replicated and applied at near-zero marginal cost. Because of this asymmetry, owners of labour and resources are inherently constrained: each individual has

What purpose is clearer than that of survivalWhat drives us harder than hungerOr motivates us more than fear or angerPerhaps romantic love or compassionMight dominate guilt or attachment But I haven’t seen more devotionThan avarice, greed or a potionOf honey or manna or goldThat witnessed a principle sold I’ve seen glory and wealthEroded and corroded

If we invented AI androids and we wanted to deploy them effectively, what safeguards might we consider? Say such androids were designed to the jobs and tasks we didn’t, because they were unpleasant or dangerous, but that their effectiveness made them a potential danger to us, their creators. How would we mitigate the risks that

Where we are: Where are we headed? What does this imply? Navigating markets: Some themes will play out over decades. However, they are path dependent and initial or near term conditions will impact trajectories. Artificial intelligence. The quest for AGI is unlikely to be successful, however, tangential development will be sufficient to drive a lot

In times of unruly markets, even long short, hedged or market neutral portfolios can behave in unexpected ways. This may be because of factor biases or technical reasons. Factor biases are the most obvious reason for unexpected behaviour. If you’re net long or short a sector, size, valuation, country, or cyclical v defensive factor, your