The weekend is here! Pour yourself a mug of Danish Blend coffee, grab a seat outside, and get ready for our longer-form weekend reads:
• The Hierarchy of Money: Some money is better than others. This is foundational to how money and banking works. I explore this idea and its many consequences, without any prerequisites or jargon. (Gregory Gundersen)
• Aristotle’s 10 Rules for a Good Life: An ancient Greek recipe for happiness: Aristotle defined happiness as eudaemonia, which means “good spirit.” The philosopher meant that happiness was a divine state that would visit each of us as it pleased. Our only responsibility was to open the door to it. And we do so by living well. To live well, we should practice specific virtues and make them into habits. “If it is better to be happy as a result of one’s own exertions than by the gift of fortune, it is reasonable to suppose that this is how happiness is won.” Arthur C. Brooks on eudaemonia. (The Atlantic) see also He was probably right: Cicero’s life and thought are a testament to the idea of probabilia: we should be confident in our beliefs, but never certain. Aeon on how tightly to hold your beliefs — and the Roman lawyer who worked out the vocabulary for the ground between standing for nothing and being unreachable by argument. (Aeon)
• The People—OK, the Men—Who Still Love Bitcoin: The cryptocurrency has become a sort of emotional tether for a specific type of lost boy. I went to Las Vegas to learn why. (Slate)
• Mohamed El-Erian walked away from a nine-figure job after his 10-year-old handed him a list of life events he’d missed: His daughter asked him to wait before stepping out of the room and returning with a list. “It was a list that she had compiled of her important events and activities that I had missed due to work commitments,” El-Erian wrote. There were 22 items on the list, including her first day at school, her first soccer match of the season, a parent-teacher meeting and a Halloween parade. (MoneyWise)
• This Bonkers ETF Market: The Zine Edition: ETFs are like family to me” — and the ecosystem has gotten awfully good at putting things other than simple stocks in the wrapper. But as an ecosystem — a community of issuers, market makers, exchanges, index providers, pundits, media, data providers, lawyers and more — we’ve gotten awfully good at putting things other than simple stocks and bonds in ETFs, and a little less interested in whether they’re actually any good. At Future Proof in Huntington Beach last week, I tried to squeeze that argument into a 16-page zine and 15 minute talk. Here’s a written version. (ETF.com)
• The AI Apocalypse is Extremely Boring Now: Elites are obsessed with the end of the world. Most people have bigger problems. Martin Robbins opens with King Æthelred the Unready’s rogue navy in 1009 and works forward to why doom has become dull. (The Value of Nothing) see also When is it OK to Kill People? The murder of an evil person is not an inherently utilitarian benefit – the recent violent death of a hateful, cruel and bigoted politician has done nothing but add weight to a worse (or at least more influential) politician’s paper-thin defence of accepting certain huge sums of money. Chris Farnell on how fiction handles the question — from an author who spends his days devising violent situations on paper. (Chris Farnell) see also How China Thinks About AI: 7 big questions—and many answers—about the thing that everybody’s talking about. (Derek Thompson)
• The Search for Silicon Valley’s Most Powerful Woman: Women hold some of the most consequential jobs in tech, but they’re still not cult figures. WIRED investigates why. (Wired)
• Never use ChatGPT for these five tasks: It’s not a lawyer, it’s not a doctor and it’s definitely not your therapist. Luke James on the growing roster of the self-pwned — Samsung engineers, a cyber-defense chief, self-represented litigants. (Engadget)
• Google Takes the A.I. Data Center Race to Outer Space: Next Thursday, Google is sending an experimental satellite into orbit that will have enough computing power to answer simple A.I. queries from space. Cade Metz on Project Suncatcher, Google-commissioned, built at Planet Labs, running AI compute in orbit, where the power is free and the cooling is easy. (New York Times)
• I Used to Get Paid to Hang Out With Famous People: Blackbird Spyplane on the interview years: Adam Sandler, Nathan Fielder, André 3000, John C. Reilly, Pusha T and the rest. Notes on a (dying?) dream job (Blackbird Spyplane)
Video of the day: How One Group Ruined Airbnb For Everyone.
Be sure to check out our Masters in Business interview this weekend with Adam Frank, Head of Wealth Planning and Advice at JPM, responsible for $1.3 trillion in client assets. Previously, he was head of Wealth Management for JP Morgan Securities. JPM’s combined total assets, including global, institutional, private bank, wealth, and retail, are over $7.7 trillion.
Valuations remain elevated relative to their 5-year historical level, as margins offer a fundamental justification for prices, an important distinction from the dot-com bubble
Source: Bloomberg
Sign up for our reads-only mailing list here.
~~~
To learn how these reads are assembled each day, please see this.
Facts Only
* Gregory Gundersen wrote about the hierarchy of money, exploring its foundations without prerequisites or jargon.
* Aristotle defined happiness as eudaemonia, meaning “good spirit.”
* Arthur C. Brooks discussed eudaemonia, noting happiness is won through one’s own exertions rather than fortune.
* Mohamed El-Erian received a list of missed life events from his daughter following leaving a nine-figure job.
* An essay discusses the ecosystem around ETFs, noting that issuers and market makers focus on non-stock/bond assets in them.
* Martin Robbins explores why the end of the world is no longer an obsession for elites.
* Women hold consequential jobs in technology but are not yet cult figures.
* A piece warns against using ChatGPT for legal, medical, or therapy tasks due to the roster of self-pwned professionals.
* Google is sending an experimental satellite to orbit for AI queries, Project Suncatcher.
* Blackbird Spyplane noted past paid interactions with famous people.
Executive Summary
Full Take
Sentinel — Human
The text reads like an intentionally curated newsletter or editorial digest, characterized by a highly personal voice and the juxtaposition of disparate, high-concept ideas, suggesting human assembly rather than pure machine generation.
