What I read this week....

It’s been a wild week: The Fed ignited the next global asset boom, another attempt was made on Trump’s life, the Amazon is burning, and China paints dogs.

Welcome to the first post of a new series, where I'll be sharing some of the most eye-catching and thought provoking things I've read throughout the week. My goal with this series is to keep myself accountable—to commit to long-form reading, to learning new things, and to better understand the world around me. If it can also inform and entertain a few people along the way then all the better!

So, let’s dive in! Here’s what caught my attention this week:

• “It’s the Economy, Stupid” - Howard Marks released his latest Memo this week where he delves into the growing disconnect between political rhetoric and economic reality. (If you’re not familiar with Howard Marks’ memos, they are some of the sharpest insights into the financial world from one of the worlds preeiminent financial investors and hes been regularly publishing these memos since 1990). Marks criticises how politicians, across the spectrum, have increasingly made promises that are not only economically unsound but also demonstrate a lack of understanding of basic economic principles. He highlights two examples: Trump's tariffs and Kamala Harris's stance on price gouging. Both policies, Marks argues, are popular politically but detrimental economically. Tariffs, while framed as a tool to protect domestic industries, often end up increasing costs for consumers. Price gouging laws, while intended to protect consumers, lead to shortages and reduce incentives for businesses to supply necessary goods in times of crisis. Marks' memo serves as a reminder that while politicians may gain favour by promising easy solutions, the reality is that economic decisions often involve difficult trade-offs, and ignoring these can lead to significant long-term consequences.

  

• Left Curve Corner - The Legendary Treasure of Satoshi Nakamoto is one of the most profound and awe-inspiring pieces of art I have ever read. Tomer Strolight takes the reader on an intellectual journey through the human mind and explores human society, presenting the deeply moving case for why Bitcoin is not just a cryptocurrency. It’s a spiritual awakening. A testament to the capability and ingenuity of the human spirit and the pursuit of freedom. I have read it at least five times and I am blown away each time. Trolight's work can be seen as a manifesto that urges us to rethink our relationship with money, power, and technology.

• Just Do It - The downfall of Nike has been well documented. And this week CEO John Donahoe stepped down after 4 rocky years at the helm. (Nike’s stock price is down 18% YTD while the rest of the market is up 19%). Donahoe was only the second outsider to get the top job at Nike in its storied history. A management consultant with a strong tech background, he was brought in as the company attempted to pivot to a more tech focused company. However, unfer his leadership, Nike lost sight of its core strengths, neglecting key partnerships and its grassroots connections. Donahoe will be replaced by Elliot Hill (a longtime Nike insider) who plans to refocus on the companies core competencies, reminding us that sometimes “If it ain’t broke, don’t fix it”.

• The World Around Us - The Amazon rainforest (as the name suggests) is a moist ecosystem home to 400 billiion trees and 10% of all spieces on earth. However all is not right and the Amazon is burning to the ground. Experiencing it’s worst fires in 40 years, logging, mining, cattle ranching and mining are destroying areas the size of 27 football pitches every minute and tipping the ecosystem beyond its natural balance. The ramifacations of this for the planet are dire, and yet I havent heard one mention of this in our day to day news cycles.

• Made in China - Fresh off the news in the summer that China’s ‘Tallest uninterrupted waterfall’ was actually a hose pipe poking out of the rock face, the Chinese are at it again! Known as the country with the only natural habitat for Giant Pandas, Shanwei Zoo has been found trying to profit of this by painting Chow Chows black and white and passing them off as Pandas!