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▫️ The SEC Took Three Months to Work Out What Broke the Market.

▫️ The SEC Took Three Months to Work Out What Broke the Market.

At the low, nobody in the entire market would put up $25 million to buy it at a discount.

Deep Dive

▫️ Someone Can Legally Drill Your Land. You Get a Letter First.

▫️ Someone Can Legally Drill Your Land. You Get a Letter First.

A 1993 amendment requires notification before entry and gives the landowner no power to refuse.

Deep Dive

▫️ America's Nuclear Command Ran on Floppy Disks Until 2019. Ask Why.

▫️ America's Nuclear Command Ran on Floppy Disks Until 2019. Ask Why.

A 1970s IBM computer handled functions for missiles, bombers and tankers, and replacing it kept losing.

Deep Dive

▫️ Every Industry Gets Cheaper With Scale. Mining Does the Opposite.

▫️ Every Industry Gets Cheaper With Scale. Mining Does the Opposite.

Theodore Wright measured the same effect in aircraft in 1936, and it still describes new technologies.

Deep Dive

▪️ Eight Ships Crossed Hormuz in a Day. Before the War It Was 130.

▪️ Eight Ships Crossed Hormuz in a Day. Before the War It Was 130.

Americans spent $763.6 billion in July, and equities finished the week almost exactly where they started.

Weekly Review

▫️ One Rocket Booster Has Flown Thirty-Five Times. Nobody Priced That In.

▫️ One Rocket Booster Has Flown Thirty-Five Times. Nobody Priced That In.

Divide the same hardware cost across thirty-five flights and every number downstream of it reprices.

Deep Dive

▫️ Nobody Warns You About the First Five Years After the Salary Stops.

▫️ Nobody Warns You About the First Five Years After the Salary Stops.

Selling into a fall in year two removes capital that would have compounded for the next twenty.

Deep Dive

▫️ A 1996 Commission Found 1.1 Points of Bias. Everything Changed.

▫️ A 1996 Commission Found 1.1 Points of Bias. Everything Changed.

The largest component is what homeowners estimate their own houses would rent for, not a payment.

Deep Dive

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200 Broadway Blvd NE, Albuquerque, NM 87102