It’s been a while since I did one of these, which leaves with plenty of material for your enjoyment. The Land Trap, by Mike Bird, a journalist working for the Economist, is my most recent non-fiction reads—or listen via Audible—and I enjoyed it. Mike’s book puts pen to paper on an idea that has rattled around in my head for a while. If we were to reinvent capitalism today—with our knowledge about the past few hundred years—we would likely treat land and real estate very differently from a financial and economic perspective. More specifically, we wouldn’t allow the speculation, securitisation and ultimately ownership concentration of land and housing that is a core feature of capitalist societies today.
Read MoreMy 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.
Read MoreI have been inspired, by listening to recent conversations on the Glenn Show, to delve into the writings of Thomas Sowell. This is a daunting task since the man has written a huge number of books, articles and essays. The Thomas Sowell Reader, however, seems to be a representative collection and a decent place to start. I am enjoying the reading experience so far. TS writes from a conservative, and fiercely pro-free market, perspective, at least in this the volume mentioned above. This invariably will put some readers off. But you’d be hard pressed to find a better example of punchy, yet eloquent, non-technical exposition of economics, social and political issues. The essay on the economics of discrimination and the small tract on “unfunded mandates” are particularly feisty and enjoyable.
Read MoreAdam Butler, head of ReSolve Asset Management, makes an interesting observation on AI in the wake of the publicised roll-out of ChatGPT 5. In effect, he argues that the AI cycle is over, for now.
Read MoreThe problem isn’t that the models stopped improving. It’s that the improvements we need are measured in orders of magnitude, not percentage points. Every step up the scaling laws now demands a city’s worth of electricity and a sovereign wealth fund’s worth of GPUs. You can still squeeze clever tricks out of mixture-of-experts or chain tiny specialists into something that looks like agency; that keeps the demo videos cinematic. It just doesn’t get us to super-intelligence. For that we need either an architectural miracle (unforecastable by definition) or a civil-engineering miracle (a decade-long sprint to build nuclear plants and 2-nanometer fabs). The first is luck. The second is politics. Both are scarce.