What it Costs to Open a Business by State 9/2026
Nothing insightful to say about this chart. Just thought it was interesting.
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A Useful Take on the AI Boom and Its Financial Underpinnings
The Felder Report is already on my Links page. You can sign up to receive it for free. This week, Jesse points us to an article with the title, “The Second Derivative: Why No One Understands the AI Boom.” His suggestion is that the financial underpinnings of the AI boom are more like the subprime
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How Iran Broke America
Darrin Waller, writing as Fountainbridge on Substack, just published “How Iran Broke America.” He says in his introduction, “Tehran has achieved what few nations in recorded history ever have: by refusing to submit to the global hegemon, it took on two of the era’s most formidable military powers — outspent by more than fifty to
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Critical Minerals For Which the U.S. Was More Than 50% Import Dependent in 2025
This is kind of a problem if you wan to, say, fight a war or manufacture semiconductors, just to cherry pick a couple of things. From a post by Bonner Private Research.
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Almost Half of American Households Have No Retirement Savings
From Apollo Chief Economist Torsten Slok in his Daily Spark. You can sign up here for free to receive it. Excellent macroeconomic data in a very short form. Note that having no savings in a retirement account, as shown below, does not necessarily indicate no savings at all. That doesn’t change the seriousness of the
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Ray Dalio: We’re in the Third World War
Ray is a very smart man who has spent decades studying history’s cycles to inform his investing. Judging from his investing results, it worked. Here’s his most current article on Linked In. At the bottom you can signup to be notified of new articles. There also links to his books on the subject. They are
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Germany’s Nuclear Reactors
Look at the chart below. I took this from Dave Hay’s substack, some of which is behind a paywall. In what must be one of the most futile and poorly timed gestures towards climate change political correctness, Germany’s last nuclear reactor seems to have been shut down last year. I’ve heard there are noises being
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Iran as a Religious War
David Kotok is a very bright man. I know David because for some reason I started communicating with him and found myself invited to Camp Kotok, which I regret I’m not going to this summer. Anyway, he just posted this three minute video on you tube. Please watch it.
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It Appears We’ve Learned Nothing About Investing.
This was most recently quoted by John Hussman in his article “Equilibrium and the Dentist in Poughkeepsie.” I highly recommend his occasional articles. No charge to sign up. Graham and Dodd were the authors of Security Analysis, the still in print bible of value investing. A Warren Buffet favorite. “Strictly speaking, there can be no
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AI Exposure of the U.S. Job Market
This interactive chart uses data provided by the Bureau of Labor Statistics and analyzed by Gemini (irony noted) to shows the potential AI impact according to the scale on the left side of the chart. The size of each boxes represent the number of jobs compared to all other job categories. The color is the
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