Avert your eyes! My Sunday morning look at incompetency, corruption and policy failures:
• How Epstein Collected Insider Tips on Stocks and Startups From His Network: Jeffrey Epstein collected confidential information from well-connected associates, including a Gates adviser and a JPMorgan executive. Files show several associates shared confidential materials the sex offender sometimes used to invest for himself. (Wall Street Journal) see also Epstein Files Exposed Her Name. Now Svetlana Pozhidaeva Tells Her Story. A former Russian model and Epstein ‘assistant’ explains how she and other adult victims spent years entrapped by him. (Wall Street Journal)
• The Biggest Active Stock Funds Picked the Right Stocks. They Still Lagged: A hypothetical portfolio of the largest active US stock funds’ collective holdings would have beaten the funds themselves. (Morningstar)
• The War with Iran May Already be Lost. If wars were won by bombastic press conferences, the White House should already be planning another military parade in our capital’s streets. For all intents and purposes, the war with Iran might have been lost before the first missile was launched. (Steady State) see also ‘God, It’s Terrifying’: How the Pentagon Got Hooked on AI War Machines: An excerpt from the coming book Project Maven shows how the US enlisted Silicon Valley in its vision for AI warfare, now playing out in Ira. (Businessweek)
• A Reddit Post, An AI Hallucination, And Two Lawyers Who Never Checked Citations Walk Into A Dog Custody Case: In a system of precedents that is designed to achieve consistency, predictability, and adherence to the rule of law, the judiciary cannot function properly unless judges and lawyers confirm the authenticity of cited authorities and review them to evaluate their holdings and reasoning. When the participants fail to perform this basic function, it compromises these institutional values and diminishes faith in the judicial process. (TechDirt)
• The 49MB Web Page: This is an absolutely devastating deconstruction of the current web landscape. I implore you to pause here, and read Bose’s entire amply illustrated essay. If active distraction of readers of your own website was an Olympic Sport, news publications would top the charts every time. (That Shubham)
• Shoot the Messenger The perfect person can read a social science paper and immediately spot the flaws. The class of people who shape public debate can’t see our own blind spots. (The Argument)
• A U.S. Citizen Now Runs Mexico’s Top Drug Cartel—and Targeting Him Is Complicated The California-born stepson of the late kingpin ‘El Mencho’ enjoys constitutional protections other capos could only dream of An American citizen now appears to be in charge of Mexico’s most powerful drug cartel, potentially complicating U.S. efforts. (wsj.com)The California-born stepson of the late kingpin ‘El Mencho’ enjoys constitutional protections other capos could only dream of (Wall Street Journal)
• The Rise and Fall of Peter Attia’s Longevity Empire: Attia built his brand on trust and credibility. The revelation of a yearslong relationship with Jeffrey Epstein has upended that. (Businessweek)
• How $154.62 in Gift Card Fraud Led to a Man’s Death in ICE Detention Chaofeng Ge was found dead in ICE custody last year, hanging in a shower stall with his hands and feet bound behind his back. His family wants answers. (Documented)
• Why More U.S. Doctors Are Moving to Canada: Wendell Potter, a former insurance industry insider, on the accelerating physician brain drain to Canada—a healthcare system under stress is now exporting its talent. Recruiting agencies report a surge of interest from U.S. doctors frustrated with prior authorizations, corporate consolidation, and insurance red tape that often delays or denies care. (Health Care Un-Covered)
Be sure to check out our Masters in Business interview this weekend with Bill Miller IV, Chief Investment Officer and Portfolio Manager at Miller Value Fund. Previously, he was at Legg Mason Capital Management covering specialty finance + consumer spaces with a focus on high-yielding securities. Miller competed in the Poker World Series Main Event. He began his career working for his father, famed investor Bill Miller III.
How the Iran War Ignited a Geoeconomic Firestorm
Source: Council on Foreign Relations
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