Ran a dilution analysis of $ZM ’s stake in Anthropic based on every public fundraise & Zoom’s SEC fillings: Started with 1.11%, today they have <0.39%. Ie ~ $3.1bn stake in $800bn Anthropic. Zoom is trading at $32bn, $22bn enterprise value. 16 P/E today & 17 forward P/E (ie no longer a growing SW business). TLDR: Anthropic stake has already been priced in!

Tough love here but hard to argue with the quantitative stats about teslas robotaxi. Nice work tracking it all @ethanmckanna!

👋I interviewed Jim Ratcliffe yday. Most of the coverage has, understandably, focused on a single word. But, if I may say, the rest is well worth watching, whatever you think of Sir Jim. On the fate of industry, UK politics, & Man U. Full interview here: youtu.be/K7s4XD9yyL8?si=YNgI…

This is the dumbest thing any government on planet earth is pursuing right now. And that’s saying something.

America is grateful for every nation that answered the call after we were attacked on 9/11 and served with our forces on the frontlines in Afghanistan. Their sacrifices should never be forgotten. UK 457 Canada 159 France 90 Germany 62 Italy 53 Poland 44 Denmark 43 Australia 41 Spain 35 Georgia 32 Romania 27 Netherlands 25 Turkey 15 Czech Republic 14 New Zealand 10 Norway 10 Estonia 9 Hungary 7 Sweden 5 Latvia 4 Slovakia 3 Finland 2 Jordan 2 Portugal 2 South Korea 2 Albania 2 Belgium 1 Bulgaria 1 Croatia 1 Lithuania 1 Montenegro 1

Ferguson’s prime was from 1983, when he beat Real Madrid in a final to win a European trophy with Aberdeen, to 2013 when he won a 13th PL title by 11pts with Tom Cleverley a midfield regular. Recency bias is crazy

UK's tax policy is idiotic and anti-growth!

Gm the single best advice I can give you is to take 30 min and listen to this whole message this morning. 4 min will change your life.

California started with the Gold Rush and might end with the Golden Exit. it has been underreported how much wealth has left CA because of the asset seizure tax being proposed. a private poll was conducted amongst affected individuals a few days ago and 80-90% surveyed said they have already left CA in 2025 or will leave in 2026 if the ballot measure looks likely to pass. $2-2.5T of assets gone, representing about $20B of annual revenue for the state government. and likely hundreds of thousands of jobs now at risk. less reported is the bigger exodus underway from folks who are NOT directly affected but worry (as they should) that this law will quickly transition from billionaires to everyone else... the initiative actually gives CA legislators the right to take anyone's post-tax assets anytime in the future based on a majority vote. this isn't about billionaires. it's a new "tax system" that simply destroys private property rights in America. all private property is now public property. even after paying your taxes, it's not legally your property anymore. it's the government's, you're just borrowing it. legislators will decide what you get to keep and temporarily use each year. countless founders, CEOs, and other business leaders are actively looking to move their companies out of state. not just tech, not just AI, not just billionaires, but the core engine of California's prosperity since 1847 is unraveling. and here is how this initiative risks unraveling America: - ~10 states have explicit or implicit prohibitions against an asset seizure tax... - individuals affected in CA (and other states trying to do the same) will move to these states that endow private property rights. - CA already has a $20-30B annual budget deficit, an unfunded ~$1T pension liability for public employees/unions, and $500B of debt outstanding. the state can not afford to borrow much more and will launch more asset seizures to meet its obligations. - asset seizures will first transition to "millionaires" and eventually to the entire middle class as more asset seizures drive more people to leave the state. - the deficit, debt, and job loss will spiral. the Golden Exit. - no US state has ever declared bankruptcy. in addition to CA, dozens of other states face similar fiscal crises - legislators promised future benefits that can't be paid or theft and waste have been allowed to run rampant and unabated for years. - struggling states will eventually request federal government assistance, as they always have in times of fiscal crisis, effectively "federalizing state debt". - states not in crisis will declare "enough is enough", individuals in those states will refuse to pay their federal taxes (why pay for other people's mistakes?), some states may try to secede from the Union, and a constitutional and civil crisis will erupt. this may seem far-fetched but it is the obvious domino effect of selectively deleting private property rights for some people in some states. i am not a billionaire and this CA bill does not affect me, but i care about the country and the state of CA. i want both to thrive. it's obvious that there are people in CA in desperate need of support and assistance, and inequities may exist that need to be rectified, but eliminating private property rights is the wrong path for everyone. a few alternatives to consider first: 1) with a $350B annual budget, CA can cut programs that result in theft and little-to-no benefit for citizens. $50B per year is likely recoverable. 2) if more taxes are needed, tax loans against unrealized capital gains (very few objections will arise), eliminate tax-free rollover of certain appreciated assets (real estate industry will fight), create a step up in basis on inheritance (some will fight but most will support). likely $10Bs of incremental revenue can be realized. 3) restructure all public retirement programs from Defined Benefit to Defined Contribution. eliminating the unfunded retirement liabilities ($1T ) will be the release valve on the future the state so desperately needs. we must address what ails us without dividing and destroying our state, our nation, our home. ignore the rhetoric, these are the facts.

Labour is the party of non-working people. Paid for by the people who work. Run for the people who don’t.

Just took them a year to see it

“no productivity gains” is a horrific take. AVs will dramatically improve worker & societal productivity: - A worker will dispatch many trucks that drive 160hrs/week instead of 40. Taking goods cross-country in 2 days instead of 5. - 5500 people die per year in the US from accidents with Trucks. These tragedies are disastrous to the productivity of those involved.

Yosemite National Park

Fun fact: EU 🇪🇺 has more revenue from fining American companies (€3.8B) than taxes collected from all publicly listed European tech companies combined (€3.2B)

We don’t want this awful extremist in our country. Shame on the Prime Minister and his Cabinet for messaging in unison to personally welcome him - just days after the Bondi attack against Jews. It says all you need to know about this Labour government.

Says it all. The Economist: Do you use AI yourself? Sir Keir: Yes, I do use AI. The Economist: What for? Sir Keir: We’re using it within government for a whole bunch of roles. The Economist: But what about you personally? Are you on ChatGPT of an evening? Sir Keir: No, but my children are.  economist.com/britain/2025/1…

NEW: Trump suggests the NFL should come up with a new name because there is "no question" that soccer is actually football. "Soccer in the United States, we seem to never call it that because we have a little bit of a conflict with another thing that's called football." "But when you think about it ... I mean, this is football, there's no question about it. We have to come up with another name for the NFL. It really doesn't make sense when you think about it."

£5803 in welfare pp in the UK. Funded by the 41% of UK citizens that work in the private sector.