the more that we see actors looking to weaponize without any very good maps of how and what they are doing or what kinds of unexpected repercussions might happen, the more we can expect not simply increased risks of tension and worry, but also people screwing up, doing dumb stuff.
Ritholtz does exactly that, running through such surefire ways to wreck your wealth as ignoring taxes, paying excessive fees, misinterpreting data, overreacting to short-term trends, and trading too much.
It was a miracle of your lifetimes. It lifted hundreds of millions of people out of poverty. The problem for the likes of Putin is that this wealth producing trade was not happening at his house, but the houses of those vested in the trading order, not in extortion.
With that disclaimer out of the way, this is a great book, which simultaneously illuminates some very, very important phenomena, and is very well-written.
and part of it is just power, I think. Like, once there's a sufficiently large power imbalance, um, very often, not always, but very often groups of people seem to to sort of shift into this other mode where they just seek to dominate.
Tariffs, and especially the erratic implementation of them, are teaching our allies and enemies alike that the US is no longer a reliable trading partner.
the average athlete who's taking a few million dollars more to move his wife and kids from one family, one city that they loves him and that he loves to some strange place where everybody's going to be unhappy.
So think about this. If your brain is this most valuable tool you have in your journey to success and happiness, why would you destroy this tool for short-term pleasure? This sounds ridiculous.
If you buy a handful of index funds, sit on them for decades and never do another thing, you're likely to outperform nearly everyone who tries to beat the market by trading-including most professionals.
Movements are coalitions. Sometimes this means different people with different priorities choose to work together. But other times it means the same people tend to share both priorities.
The point is that economic interdependence at its root has prosperity as the core variable. In the realest story, the core variable is survival, and survival always trumps prosperity.
At the same time, in order to reduce the probability of someone intentionally or unintentionally bringing about a rogue AI, we need to increase governance and we should consider limiting access to the large-scale generalist AI systems that could be weaponized, which would mean that the code and neural net parameters would not be shared in open-source and some of the important engineering tricks to make them work would not be shared either.
A fine intro to investing if you think you can reliably beat the market or that active trading is a good use of energy. If you're already bought in on index funds though, you won't find much here.
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