Quite a conundrum! This is heavyweight active management that could produce fractions of basis points of alpha every year!

Check out this innovative approach at @collegeGN (Career Guidance Network (recently renamed)). This provides jet fuel for teenagers as they begin to consider their future paths. careerguidancenetwork.com/

Conundrum unless… Bitcoin.

Back page of today’s WSJ.

or better yet, to impose some painful outcome for them while they wait.

Europe and the U.S. are taking very different paths toward tokenized finance. Europe is putting the central bank directly into the settlement architecture. The U.S. is largely letting private institutions build the rails while regulators set the rules. Same technological revolution. Two very different theories about who should build the financial infrastructure. Anyone care to guess which will produce more innovation?

I laughed aloud at IAEA's prediction that SMRs will provide up to 28% of new nuclear capacity by 2060. My estimate for SMRs in 2060 is more like 10%. And only 5% for conventional LWRs. I expect at least 70% of the new-capacity supply to come from factory mass-produced XMRs that are assembled rather than constructed on-site. cc @AaloAtomics

When’s the last time we had a real major buyer of BTC be revealed? Has it really been since Tesla in Jan 2021? How long until even one ultra HNWI, SWF, pension fund, etc. discloses a multi billion $ direct position? I don’t think we’re as late to the Bitcoin trade as people say.

Yet the volume for Bitcoin was high in the last 24 hours at $56B according to TradingView.

I love that Bitcoin doesn't stop trading at 4pm.

Law schools are simultaneously banning AI from some classrooms and requiring students to learn how to use it. Education now has two jobs: ensure development of critical thinking without AI, then teach you to think better with it. Skip the first and AI becomes a crutch. Skip the second and you enter the workforce unnecessarily handicapped.

Why isn't financial education taught every year in school? It is by far the most important topic to cover.

Don’t think the liquidity narrative will disappear for a long time, but I agree that it’s time of influence is limited… Mostly because Jordi’s argument is solid.

Although people will be buying it at every price forever! Best to buy it before all that!

Go to 22V. Or you can Google it.

These are the three publications going out the next three days for those looking to benefit from the AI Crypto Macro Nexus point we are at now. This will explain Why Now. If you waited too long to understand AI, don't repeat the same thing with the rails needed to support the new agentic economy as the swarms have arrived.

Is it more competition for gold? No, because gold is fundamentally, inherently different. Tokenization does not change the nature of the underlying. Are you an economist?

Yes!!!

Don't miss my brand new show with Jordi Visser. @jvisserlabs says he sees Bitcoin differently than anyone he knows, and that includes Saylor. He agrees it will serve as the collateral of the system, but he disagrees about what gets it there. We get into the latest AI warnings, whether the data center spending ends the way 2008 did, what actually starts Bitcoin's next bull run, and why he thinks worrying is waste of energy. Let us know what you think in the comments. Timestamps: 00:00 Trailer 00:56 Was the AI safety scare coordinated? 6:24 Who really benefits from regulation 9:49 Why the government can't let prices fall 15:18 Is the data center boom another housing bubble? 21:05 Why so few people own so much 26:40 What comes next for Bitcoin and digital money 32:36 The $184 trillion nobody talks about 43:40 The one thing he says survives everything 54:52 Why worrying is the worst investing habit

This illustrates why “slow down AI” is so difficult in practice. Anthropic has warned that capabilities are advancing too quickly. Now it is considering releasing another model as competitive pressure increases. Believing everyone should slow down is very different from being willing to slow down first. Another reason policymakers need to focus on specific risks and defenses rather than extinction as the test. My argument: robertdewey3.substack.com/p/…