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Director of institutional asset management at Ritholtz Wealth Management. Writes the A Wealth of Common Sense blog and co-hosts the Animal Spirits podcast with Michael Batnick.

• x.comLong-term Treasuries now have a negative total return going back to the start of 2015 It's more than a lost decade for long bonds (and even worse after inflation)

  inflationRelated

• Blog5% Bond Yields

  How do bonds work?

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Director of institutional asset management at Ritholtz Wealth Management. Writes the A Wealth of Common Sense blog and co-hosts the Animal Spirits podcast with Michael Batnick.

• Animal Spirits: How to Talk To Your Clients About Ray Dalio

  On today's show we discuss AI human extinction fears, the biggest AI risks, why things go viral, why the stock market is so confusing right now, how to think about bearish hedge fund managers, why bonds offer a good dea…

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Designer, product manager, YouTuber and developer who has written about technology at Birchtree since 2010. He makes the Quick Reviews and Quick Notes apps and the A Better Computer YouTube channel.

• Chris Lawley's iPadOS 27 walkthrough

  Am I biased? Sure. This is still the best overview of what's new in iPadOS this year for normal people.

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Economist; former chief economist of the International Monetary Fund.

• Let me stay away from personal remarks. As you kindly invited me to do so, I am happy to continue our exchange. Let me start by reproducing and then commenting on three remarks you make in your two recent tweets. “I know full well what justified the use of OATi in 1998, namely a lower interest rate since the investor takes on less risk. Except that today, with the international context and climate disruption making prices more volatile, the cost of these indexed bonds is rising.” My humble view: More volatile inflation makes inflation protected bonds more, not less attractive. “As such, I sta…
  Quoting@ericcoquerelPas de souci pour échanger des arguments avec vous @ojblanchard1 mais un tout petit peu moins de condescendance dans l’échange ne serait pas de trop 🔽. Le résultat des politiques économiques que vous avez soutenues depuis des années devrait, je pense, vous amener à un peu plus d’humilité. Je sais…

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Economist; former chief economist of the International Monetary Fund.

• i was going to write something, but Quentin beat me to it... Let me put it another way, so that Chairman Coquerel @ericcoquerel understands and corrects his statement. When a state issues nominal bonds (bonds that pay in euros), the real value of interest payments varies with inflation, creating risk for investors. So they require a higher interest rate to compensate for the risk. In issuing inflation protected bonds, the state eliminates the risk and thus is able to get a lower rate. This decreases the burden of the debt. This is good. Always happy to help the Chair of the Finance Committee…
  Quoting@QuentinVandewe2Est-ce que LFI organise un concours Lépine pour la théorie du complot la plus idiote sur la dette ? Après la Banque de France qui revendrait la dette en secret, Mélenchon découvre que l'État « vient de proposer de nouveau des titres indexés sur le capital et des intérêts compensant l'inflation ». U…

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Organizational psychologist and professor at the Wharton School. Author of Give and Take, Originals, Think Again and Hidden Potential, host of the Re:Thinking podcast, and writer of the GRANTED newsletter.

• Listening carefully doesn't just avoid misunderstandings. It also bolsters bonds during arguments. 5 studies: Even if people don’t find common ground, when they feel heard, they leave feeling more connected, capable, and optimistic. Agreement is not a prerequisite for respect.

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Economist; former chief economist of the International Monetary Fund.

• Good question, even if framed too aggressively. But the answer is no. During QE, given the zero lower bound that prevented further decreases in policy rates, the ECB bought long maturity national bonds, including those of France, so as to decrease long-term interest rates and help countries, including France. Now, as we are away from the lower bound, there are few reasons to keep as many of them. As these are sold (or not rolled over at maturity) through QT, this indeed likely increases long rates a bit and makes it harder for France to adjust. If selling these bonds turns out to be strongly…
  Quoting@RobianoAntoineLe raisonnement paraît juste mais - L'annulation de la dette détenue retirerait à la BCE l'une de ces nombreuses sources de pouvoir exorbitant, celui de revendre des titres de dette publique d'un Etat pour contraindre politiquement ce dernier ?

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Director of institutional asset management at Ritholtz Wealth Management. Writes the A Wealth of Common Sense blog and co-hosts the Animal Spirits podcast with Michael Batnick.

• I know everyone hates bonds right now b/c inflation, govt debt, etc But if you own a bond index fund that tracks the Agg you're getting 5.2% avg yield to maturity right now Investors would have killed for yields this high at any point in the past 15 years or so

  inflationRelated

Founded Bridgewater Associates in 1975 and led it until stepping back from control in 2022. Author of Principles, The Changing World Order and How Countries Go Broke; publishes economic analysis at economicprinciples.org.

• This happens as long-term rates rise relative to short-term rates. Though they try to hold short rates down, long rates are climbing, a trend we are already seeing. We are also seeing a weakening dollar and movements in gold. As rates rise, it starts to affect the stock market. With bonds dropping and stocks rising, the prospective returns of stocks are now low compared to bonds, translating into broader stock market pressure. This classic dynamic creates a stagflationary environment that the Federal Reserve struggles to manage. With current stagflation, the Fed wrestles with whether to tight…

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Co-founder and chief investment officer of Cambria Investment Management. He has written several books on quantitative asset allocation, blogs at Meb Faber Research and hosts The Meb Faber Show.

• Real current drawdowns in fixed income: TIP 19% T-bills 20% AGG 25% LQD 27% IEF 32% TLT 55% Zeros 😱😱 If you respond yEs BUT i iNveSt in InIDVIDual BonDs so I don't have this problem you're going to get blocked. via

  totalrealreturns.com

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• .@AB_insights Inigo Fraser Jenkins on why 60/40's diversification is broken: “If we're talking about long duration government bonds, I think it's likely they will not perform the diversifying role that they've performed historically.” “This post 2022 experience of a positive correlation of stock and bond returns actually looks more normal.” Listen: https://t.co/mfnaUo1DNT Watch:

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Economist and Nobel laureate. Wrote a New York Times column for 25 years until December 2024 and now publishes several times a week on Substack.

• Bessent and the Bonds

  Big talk, but he carries a very small stick

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Mac and iOS developer at the Iconfactory, where he has worked on apps including Twitterrific and Tot. He writes about development at furbo.org.

• Apple has clearly thought a lot about how to handle the persistent capture and transmission of audio from a watch. The “Audio Intelligence Privacy Overview” linked below shows this. But it may all be for naught: folks first reaction is “it’s always listening to me!” and that’s an instinctive reaction that’s hard to overcome. This is a societal problem not a technical one.

  apple.com

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Founder and editor-in-chief of MacStories, writing about Apple software, iPad workflows and automation since 2009. He co-hosts the AppStories podcast.

• BlueskyMy complete overview of the iPhone 18 Pro and iPhone Duo, with lots of notes and questions about the latter:

  macstories.net

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• BlogiPhone 18 Pro and iPhone Duo: The MacStories Overview

  The iPhone Duo. Apple’s iPhone lineup is taking a different shape this year. At today’s Surprise and Shine event, the company introduced the iPhone 18 Pro and 18 Pro Max alongside the iPhone Duo, its first foldable iPho…

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Computer science professor who works on fast data processing; co-author of the simdjson parser and a weekly blogger about software performance since 2004.

• A quick overview of atomics in C

  If you write in C, by default, you use a single thread. Extra cores do not help until you create more threads. However, if you include the header , you can pass a function to thrd_create, and wait for it with thrd_join.…

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Director of institutional asset management at Ritholtz Wealth Management. Writes the A Wealth of Common Sense blog and co-hosts the Animal Spirits podcast with Michael Batnick.

• Animal Spirits: Everywhere Millionaires The bull market in wealth The next financial crisis A buying opportunity in bonds? AI is crowding out bonds & construction spending The American Dream is still alive Is college still worth the cost?

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Economist; former chief economist of the International Monetary Fund.

• It is indeed nitpicking, and the effect is a net decrease in demand, and a decrease in reserves. But, yes, I should have been more precise. The ECB indeed not selling, it is letting bonds mature and not buying new ones: this leads to a steady decline in ECB bond holdings and in reserves by the ECB. It intends to do so so long as banks do not come back to hold more reserves. The plan is that, when banks come back, this will determine the amount and the size of the balance sheet. Bottom line. The ECB is doing this for reasons which have nothing to do with fiscal policy. And this has nothing to…
  Quoting@itsthemchasers@kebabroyal_ @ojblanchard1 But sales would increase the float in times of higher issuance. His statement is simply wrong.

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• Separate and interesting discussion. True, the ECB (BDF) is slowly reducing its holdings of sovereign bonds, including French bonds (this is called QT, quantitative tightening). By selling those bonds, it decreases their price (not very much, but a bit) and thus increases the interest rate paid by the governments of the euro zone. This indeed makes things a bit harder for the government, who now pay more on their debt. Is the ECB doing this to spite governments, or to induce them to adjust? Emphatically not. It is doing this because it wants to reduce reserves (which is what happens when it s…
  Quoting@StefPalomba@ojblanchard1 1/ la BdF fait partie de l’Etat donc 2/ l’histoire ne tient pas sauf à imaginer que Pierre soit le gouv, 3/ si Paul, dont ce n’est pas le rôle, veut contrer la politique de Pierre, il remet les titres sur le marché, le taux d’intérêt grimpe, 4/ congeler a donc du sens pour Pierre

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Economic historian at Columbia; writes Chartbook on economics, geopolitics and history, and wrote Crashed and The Deluge.

• Top Links 1217 Russian gold through Hong Kong. The birth of repo out of the spirit of the Liberty Bonds. Anger in politics & the failed metrication of the USA.

  Great links, images, and reading from Chartbook Newsletter by Adam Tooze

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AI research engineer working on large language models. He writes the Ahead of AI newsletter and is the author of Build a Large Language Model (From Scratch).

• Reasoning from scratch round 2: In this video, I cover the text generation process in LLMs and KV caching (to prepare the base model before adding reasoning techniques in the upcoming ones). 00:00 Introduction and reasoning model demo 01:55 How to work through the book 05:00 Chapter 2 overview 08:25 Checking PyTorch and hardware support 10:26 Apple silicon and MPS caveats 15:00 Cloud GPU options 16:08 Tokens and tokenization 18:20 Qwen3 and the Reasoning From Scratch package 23:05 Encoding and decoding text 26:24 Downloading weights and selecting a device 31:01 Loading the pretrained Qwen3 mo…

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Economist; writes In My Tribe, and wrote The Three Languages of Politics.

• Economics Links, 9/3/2026

  The WSJ on mortgage defaults; A committee to advise the Fed on inflation; Andreas Steno Larsen on the rickety market for long-term U.S. bonds; Gad Levanon on unemployment among young college grads

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Writer and developer. He runs the Latent Space newsletter and podcast about AI engineering, and writes essays on software and careers at swyx.io.

• Trajectory have generally impressed me with their tasteful execution on ambitious goals. on our Continual Learning track, @rronak_ gave a very thoughtful overview on how they're tackling the main data problems left in CL, including why GRPO isn't enough and they had to go on-policy.... and then subsequently fix all the issues that come up with it nice overview from one of the early leaders in this field! (see the rest of the track for more, this one was quite stacked)
  Quoting@trajectorylabsIt's time to rethink RL. Translating real world use into model improvements requires redesigning post-training algorithms for non-verifiable, per token rewards. At @aiDotEngineer 's World Fair, we share our insights into scaling algorithms like SDPO for continual learning.

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Organizational psychologist and professor at the Wharton School. Author of Give and Take, Originals, Think Again and Hidden Potential, host of the Re:Thinking podcast, and writer of the GRANTED newsletter.

• What I Got Wrong About Connection

  My new book explores how to build faster, stronger, and longer bonds.

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AI research engineer working on large language models. He writes the Ahead of AI newsletter and is the author of Build a Large Language Model (From Scratch).

• Categories of Inference-Time Scaling for Improved LLM Reasoning

  And an Overview of Recent Inference-Scaling Papers

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Founder of the Silicon Valley Product Group; wrote Inspired, Empowered and Transformed on how product organisations work.

• Prototypes vs Products

  Note: This is part of the product creator series of articles, based on the overview article, The Era of the Product Creator. This series is intended for anyone that wants to create a successful product, whether or not t…

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Founder of the Silicon Valley Product Group; wrote Inspired, Empowered and Transformed on how product organisations work.

• Forward Deployed Engineers

  Note: This is part of the product creator series of articles, based on the overview article, The Era of the Product Creator. This series is intended for anyone that wants to create a successful product, whether or not t…

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Founder of the Silicon Valley Product Group; wrote Inspired, Empowered and Transformed on how product organisations work.

• The Purpose of Prototypes

  Note: This is part of the product creator series of articles, based on the overview article, The Era of the Product Creator. This series is intended for anyone that wants to create a successful product, whether or not t…

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Investment researcher and engineer who runs Lyn Alden Investment Strategy, writing on macroeconomics, currency systems and equity analysis.

• The Rise of Bitcoin Stocks and Bonds

  Originally published: July 2025 During the past year or so, the Bitcoin ecosystem has largely been led by the rise of corporate bitcoin treasury strategies. Although Strategy (MSTR) pioneered the trend back in 2020, the…

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Coffee consultant and author of books on espresso, roasting and brewing, including The Professional Barista's Handbook and The Coffee Roaster's Companion; writes about brewing gear and roast control at scottrao.com.

• Prodigal QC Protocols

      I’d like to share a brief overview of the quality-control protocols we use at Prodigal. I think you’ll find them interesting, and probably a little extreme. We take great pains to buy and roast the most de…

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