Herr Schadenfreude Is Not a Friend of Ours – Ep 177

Narrative change is a reversal of mass behavior. Economics and stock market valuation are governed by soft laws, but the reality bent by human behavior can disagree with these soft laws for much longer than rational actors would expect, or stay solvent. The change, going from euphoria to despair, is a change in narrative.

As an entrepreneur, you always want to grow your business. Your current revenue and profit are never enough; they just set the bar higher for next year. We always want more. But this “more” has a hidden cost.

I have vague first memories of playing chess with my grandfather when my family visited my father's parents in Moscow. I was five years old.

I wrote in the past that the AI rollout feels a lot like déjà vu of the 1999 telecom bubble. Today's AI bubble has elements of both the 1999 overinvestment in internet infrastructure and the 2008 collapse of financial instruments that infected the banking and financial system.