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Economics professor at the University of California, Berkeley and a former Deputy Assistant Secretary of the US Treasury. Author of Slouching Towards Utopia and writer of the Grasping Reality newsletter.

• Passthrough Tax Loopholes & the Rise of the American Gentry: CHART OF THE DAY

  The Reagan Bargain’s Real Winners: Car Dealership Owners, Not Coders...

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Entrepreneur and founder of Blueprint. Publishes a detailed, freely available longevity protocol documenting the food, supplements, devices and measurements he uses on himself.

• Shortkate and bryan cook

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Economics professor at the University of California, Berkeley and a former Deputy Assistant Secretary of the US Treasury. Author of Slouching Towards Utopia and writer of the Grasping Reality newsletter.

• MastodonSpreads on financing the datacenter buildout are still small enough not to seriously discourage it, but large enough to reveal that the financiers are getting nervous about a non-zero chance of a bigdeal default on their loans: **DataCenter Risk Is the Real Thing: CHART OF THE DAY** For the second day in a row, looking at debt & datacenters & Interest-rate spreads; the widening in hyperscaler datacenter build-out financing spreads is not driven by dealer hedging of new issuance… 1/

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• NewsletterDataCenter Risk Is the Real Thing: CHART OF THE DAY

  For the second day in a row, looking at debt & datacenters & Interest-rate spreads; the widening in hyperscaler datacenter build-out financing spreads is not driven by dealer hedging of new issuance..

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Economics professor at the University of California, Berkeley and a former Deputy Assistant Secretary of the US Treasury. Author of Slouching Towards Utopia and writer of the Grasping Reality newsletter.

• MastodonEquity investors sell the dream; bond investors price the funeral. Here’s what they’re charging those undertaking the now debt-financed DataCenter Rush: **Debt & DataCenters: CHART OF THE DAY** FaceBook bankrupt in one scenario in fifteen in five years? SpaceX & Oracle one in six? That appears to be what those willing to lend to FaceBook right now are thinking... https://braddelong.substack.com/p/hyperscaler-debt-default-risk > 2026-09-15

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• NewsletterDebt & DataCenters: CHART OF THE DAY

  FaceBook bankrupt in one scenario in fifteen in five years? SpaceX & Oracle one in six? That appears to be what those willing to lend to FaceBook right now are thinking...

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Economics professor at the University of California, Berkeley and a former Deputy Assistant Secretary of the US Treasury. Author of Slouching Towards Utopia and writer of the Grasping Reality newsletter.

• MastodonWhat did Trump expect his policies to do to male employment? If he had really wanted to boost male employment, he needed to pick very different policies. What we got was a gendered theory of growth, executed by a moron and staffed by the corrupt, failing exactly on its own terms: **The Feminization of Employment Growth During Trump II: CHART OF THE DAY** Trump nuked male employment-heavy green-tech infrastructure, nuked reshoring, damaged our manufacturing firms’ abilities to be efficient... 1/

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• NewsletterThe Feminization of Employment Growth During Trump II: CHART OF THE DAY

  Trump nuked male employment-heavy green-tech infrastructure, nuked reshoring, damaged our manufacturing firms’ abilities to be efficient producers in the modern globalized value-chain economy.

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Technology writer of Spyglass, a newsletter about technology and media. Previously a reporter at TechCrunch and an investor at GV.

• 1 hour 18 minutes. Flew by. Good showing by Ternus. Quick honest reaction is: better than Cook at these keynotes, but lacks the off-the-cuff nature and energy of Jobs. It's early. But also we NEED to go back to live. iPhone Duo demos would have been awesome live. #AppleEvent

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Writer of Lenny's Newsletter and host of Lenny's Podcast, covering product, growth and career in tech. Previously a product lead at Airbnb. Also an angel investor and advisor.

• I asked Grok Bot product lead @romanugarte_ why they built a new stand-alone app vs. building it into Cursor "It was not obvious at all. We saw what some of our competitors doing this, adding new tabs for each new form factor. People can feel that this was not a single, consistent vision of the way that work should work. It's kind of a shipping your org chart style thing that users are reacting negatively to. And so we decided, let's just start completely from scratch."
  Quoting@lennysanGrok @Bot is the hottest new AI product in the world right now. I'm absolutely hooked. It all started a few months ago as a tiny team holed up in a separate part of the office, building from scratch. Four weeks after the first line of code, the whole company was obsessed. Three weeks later, it laun…

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Product designer and entrepreneur; author of Mobile First and Web Form Design; formerly a product director at Google; now building AI products.

• 1. many professionals will feel this if they haven't yet. 2. model capabilities keep accelerating (that's GPT-6 Astra) on the bottom of the chart.
  Quoting@polynoamialIt can be hard to “feel the AGI” until you see an AI surpass you in a domain you care deeply about. This week, many mathematicians and physicists at @OpenAI had their Lee Sedol moment seeing this model solve, in minutes, open problems they’d struggled with for years.

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Economics professor at the University of California, Berkeley and a former Deputy Assistant Secretary of the US Treasury. Author of Slouching Towards Utopia and writer of the Grasping Reality newsletter.

• Interest Rate-Hike Expectations: CHART OF THE DAY

  Expected short-term interest rates in 2028 are one percentage-point higher than they would have been otherwise because of Trump’s war on Iran. Is that a big shift or a small one?

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Designer and technologist; author of The Laws of Simplicity; former president of the Rhode Island School of Design; formerly at the MIT Media Lab.

• AUTODESIGNING PPTX: While trying to understand the new @github HydraFusion Project https://t.co/B03qBEWQQK I made my seventh attempt at a bespoke, and on-brand, PPTX deck tool for my brother @mariorod1 to cook with as a custom GitHub Copilot Canvas. It's getting an awfully lot easier to work within Swiss typographic grids in "creative" ways that make the literal roll of the dice satisfyingly fast without making so many LLM calls. Next, I'm looking forward to adding all the interesting GEPA and GRPO stuff that will enable compounding learning capabilities. —JM --- Cozy AI Recipe: - I pointed G…

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Economics professor at the University of California, Berkeley and a former Deputy Assistant Secretary of the US Treasury. Author of Slouching Towards Utopia and writer of the Grasping Reality newsletter.

• A pump-and-dump dressed up as a fake cabinet post?: Elon Musk’s DOGE took money Congress had lawfully appropriated to fight disease and grow the world economy, and simply nixed it. The crypto coin that Musk was then not so quietly promoting made a round-trip: the DogeCoin chart runs $0.09 to $0.40 and back to $0.09. But the 800,000 or so who would be alive today without DOGE’s illegal and unconstitutional chaos-monkey wrecking ball did not come back: **Elon Musk & His DOGE & DogeCoin... 1/

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Writer and programmer; co-founder of the software studio Postlight and author of the Bloomberg Businessweek essay What Is Code?

• If you’re a Flatbush-area mutual aid type, this self-organizing distro happens every Friday at 5PM across the street from Kings Theatre. If you want to help show up and hand out food or clothes, or just donate via Venmo. Or cook!

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Economics professor at the University of California, Berkeley and a former Deputy Assistant Secretary of the US Treasury. Author of Slouching Towards Utopia and writer of the Grasping Reality newsletter.

• No typing-pool annihilation this time, at least not so far, and probably never. AI isn’t killing occupations, but watch out for the elasticity of demand!: **Retraining Workers for “AI”: CHART OF THE DAY** Firms are using AI as an excuse for layoffs, but when the New York Fed asked them if that was what they were really doing, they said: no, we are retraining workers instead... https://braddelong.substack.com/p/retraining-workers-for-ai-chart-of > 2026-09-03

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Indian value investor who taught Behavioural Finance and Business Valuation as an adjunct professor at MDI Gurgaon. He writes the Fundoo Professor blog about investing, moats and mental models.

• Apple's market cap was about $351–360 billion when Steve Jobs died. On September 1, 2026, Tim Cook's last day as CEO, it was $4.75 trillion. When Ballmer handed over to Satya Nadella in Feb 2014, Microsoft market cap was about $315B. It’s $3.7 trillion now. Similar outcome with Sam Walton and Wal-Mart. It went the other way with GE and Jack Welch. So, it cuts both ways, and I think the deciding factor is whether the underlying business quality, moat, and capital-allocation discipline survive the transition intact.
  Quoting@menakadoshiThe events at HDFC Bank confirm two of my worst suspicions. One, celebrity founders and CEOs often leave behind a leadership vacuum. As the adage goes, nothing grows under a banyan tree. India is witnessing that more frequently as part of the great handover from post-liberalization leaders to the n…

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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.

• ShortThe Chart Wall Street Isn't Ready For

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Writer of the 25iq blog, where he distils "a dozen things I've learned" from investors, founders and thinkers. Author of Charlie Munger: The Complete Investor and A Dozen Lessons for Entrepreneurs.

• This chart prepared by ChatGPT is not like the others. It also uses a comma in each year, which is nice.

  OpenAIRelated

Technology writer and podcaster; former Macworld editor-in-chief, writes Six Colors and hosts podcasts on Relay FM and The Incomparable.

• New Upgrade: It's time for another Apple event draft! But before we predict what Apple will introduce next week, we need to send off the Tim Cook Era and discuss a somewhat surprising announcement of new chips and new Macs!

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• On this day of all days, here’s my earliest photo of Tim Cook, and of course @Pschiller is there too! Plus some other guy. This is October 2008, in which Tim presented the new Mac releases!

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Founder and former CEO of Zynga, the social-games company behind FarmVille, Zynga Poker and Words with Friends; says he founded ten companies in all, and wrote Life at the Speed of Play.

• . @yurimilner was that world class investor. After one meeting he said he wanted to invest and asked me for a valuation. I threw out a number 10 pct below what i figured our next round would be. He said he would wire the money next week. I think it was $150m. Never asked for board seat or any terms. He ttly got what the founder of a high growth company cared about. No meetings. No terms. Dont bother us. Let us cook!
  Quoting@kevinleemeWhenever other founders ask me who my best investors are and who I’d recommend they work with, I name the handful of VCs who rarely bother us and trust us to operate. It’s funny how simply doing nothing as an investor can put you in the top 1% of a founder’s book.

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Data scientist at Our World in Data and author of Not the End of the World. Writes By the Numbers, working through energy and climate questions with the numbers in front of them, and revising in public when they say something unexpected.

• Do more Europeans die of summer heat than Americans die of guns?

  An attempt to improve a viral chart.

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Managing partner at Ritholtz Wealth Management. Writes the blog The Irrelevant Investor and co-hosts the Animal Spirits podcast with Ben Carlson.

• Micron just went on an all-time heater. Today at the open, Micron was the 10th largest stock in the S&P 500. Over the last five years, the average rank was 89. It ran from 127 last April to 10 today. Chart by @mattcerminaro

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Professor of finance at NYU's Stern School of Business, known for his work on valuation. He publishes his data, spreadsheets and classes free at Damodaran Online and writes the Musings on Markets blog.

• Tim Cook will be stepping down as CEO of Apple on Sept 1, 2026, after fifteen years atop the company. He has been critiqued for being too cautious, but I celebrate his restraint in my post on his tenure.

  bit.ly

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Professor of finance at NYU's Stern School of Business, known for his work on valuation. He publishes his data, spreadsheets and classes free at Damodaran Online and writes the Musings on Markets blog.

• An Ode to Restraint: Lessons from the Tim Cook Legacy!

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Writes Stratechery, a subscription newsletter on the business and strategy of technology, and hosts the Dithering and Sharp Tech podcasts.

• Best Cook take of the week
  Quoting@drbarnardAfter way too many nauseatingly positive takes on Cook’s tenure, this is exactly the post I needed to close out the week. 👏 @andrewsharp (and by extension, @benthompson)

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CEO of Vercel; creator of Next.js and Socket.IO. Writes at rauchg.com.

• stream-chart

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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.

• Constance Crozier: Forecasting s-curves is hard

  There was a famous Covid era chart that I always struggle to find, showing how hard it is to estimate an S curve while living through it. in the early days it seems that

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Managing partner at Ritholtz Wealth Management. Writes the blog The Irrelevant Investor and co-hosts the Animal Spirits podcast with Ben Carlson.

• Here's a chart

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Engineering leader and writer on web operations and resilience engineering; formerly SVP of Technical Operations at Etsy and co-author of Web Operations.

• "It all started at Three-Mile Island" - episode 1 of @ri_cook's Cognitive Work Studies seminar

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