Something Different — Alpha.Sources

Things to think about #16 - Fatherhood, The Spectator, The Untethered Soul and the Dragonlance novels

My wife gave birth to our daughter, Veera, at the start of December, and it’s been a wild ride so far. Your job in the first few weeks and months, I now realise, is basically to keep your baby alive, which involves submitting yourself, and (in)famously your sleep patterns, to the needs of a lizard brain in a human suit that it has no control over. She feeds, sleeps, pees and poos, and screams in between all of these. More recently, she’s been doing mostly screaming.

Trying to look beyond this very intense period—and the miracle that my daughter is—can be difficult. People with children will tell budding parents that their life is about to permanently change, which is true, but in what way? It depends, I guess. Parenthood—in this case, fatherhood—is a strange initial feeling for me, best described as low-key dread and fear that something will go wrong and I won’t be able to help my daughter, mixed with a profound sense of responsibility. Cometh the hour, cometh the new father, I hope.

December 24 - The economics of Santa Claus' Christmas Operation

The economics of Santa Claus’s Christmas operation is perhaps the most ambitious logistics problem ever conceived. Each December, a vast global enterprise mobilises to deliver gifts to hundreds of millions of children, perfectly timed for the night of the 24th and the morning of the 25th. Behind the folklore lies an implicit economic system of remarkable efficiency, balancing production, inventory, transport, and distribution in a single night. If one treats Santa’s workshop not as magic but as a model economy, it becomes a fascinating exercise in applied economics—an improbable, but internally consistent, operation that obeys the logic of scale, incentives, and coordination.

Advent Calendar, Something Differentclaus vistesenDecember 24, 2025Santa Claus, Christmas, economics

A Millennial's Manifesto

Millennials, according to the internet, are people born between 1981 and 1996. That's a bit of a gap, so it will be useful to narrow down the definition of our protagonist somewhat. This is a story about a relatively old Millennial, born in 1984. It is not at all inconceivable that this person will have a different perspective from a namesake born in the middle of the 1990s. This is a bias that we must accept such as it is. Even more specifically, this is a story about European millennial, born in Denmark, who has ended up in the United Kingdom. He is married to a Canadian woman of Guyanese, and ultimately Indian, descent, who is now a naturalised English citizen. The melting pot is real, and millennials are sizzling in its cauldron.

Things to think about #2

I’ve recently come back from a week on Ibiza—the smaller and cooler of the main Spanish Mediterranean isles—enjoying what has to be one of the most fantastic climates on earth. I come back to the realisation that I could have been more spendthrift in the pool bar despite its grotesquely overpriced drinks and snacks. Stocks are flying, credit spreads are narrow and volatility has plunged to a new low for the year. My relatively defensive portfolio is currently tracking a punchy 3.8% monthly gain for May, just shy of the 4.4% rise in the S&P 500. Long may it continue. I will have more to say about this in due course, but in the first instance, my recent work suggests that this rally has one strong tailwind on its side; the cyclical picture in the global economy has improved. My measures of global cyclical activity hit a new high at the end of Q1, and into Q2, from a trough last year, and cyclical equity returns are now re-accelerating, after softening a touch at the start of the year.

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