Something caught my eye in the latest 13F filings.
The biggest new entrant into IBIT, from a brand new entity, is something called Laurore Ltd. No website. No press. No footprint. The only public information is that the filer's name is Zhang Hui and it's HK based.
Let's double click on that for a second.
Zhang Hui is the Chinese equivalent of John Smith. It's what I like to call it a "non-anonymous anonymous" name, something hiding in plain sight buried under the statistical weight of million...

I don’t need Ray Dalio to synthesize a bunch of Wikipedia articles as “insights”
Instead I need him to explain why he thinks CNY is going to be a reserve currency (while raising billions from Chinese investors) as an American capitalist who presumably believes in American values

The Founders fought taxation without representation
Bitcoin fights debasement without permission
Happy Presidents’ Day

Read more fiction.
I once believed its value lay in the discipline it demands; the slow cultivation of deep focus, the apprenticeship to narrative craft.
Now I’m convinced its greatest virtue is more primal and urgent: fiction is how you stay human when the machines overwhelm.

My high school science teacher used to say the thing that made her saddest about death was knowing she’d eventually hit the limits of her ability to witness frontier technology improving society.
I think about that often these days and wonder if she’d still say the same today.

Recent conversations reaffirmed the key attribute of a lifelong learner is that he must be writing. Sometimes in moment, sometimes in retrospect. Always with creativity, complexity, and a brilliance of randomness. There simply is no substitution especially in the age of AI.

As inflation risks take center stage again it's worth revisiting the macroeconomic principles of Aggregate Demand/Aggregate Supply curves. The most important factor shifting the AS curve and leading to long run economic growth is productivity growth.
This one is a banger:👇🧵

The moral decay of governments will re-awaken the moral ascent of Bitcoin
We are living in unbelievable times, which require unbelievable solutions

US CONSUMER DELINQUENCIES JUMP TO HIGHEST IN ALMOST A DECADE
DOW JONES INDEX HITS ALL TIME HIGH
K-shaped eCONomy

the deeper (and morally important) challenge is that universal basic incentive SHOULD want billionaires to stay and help to fix the problem, but that requires the prerequisite for universal basic decency which we know there is ZERO shame in liberal politics and capitalism
hence