AI Models as Standalone P&Ls
OpenAI lost $11.5B in one quarter. But Anthropic CEO Dario Amodei argues each AI model is independently profitable. Here's why the math is complicated.
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Working with Models
Diffusion models corrupt data into noise, then reverse the process. Learn the math with Stefano Ermon's Stanford CS236 course, free on YouTube.
Pozsar's Bretton Woods III: Three Years Later [2/2]
Part 2/2: Assessing Bretton Woods III three years later. Evidence shows gradual reserve diversification and gold strength, but also persistent dollar dominance.
Pozsar's Bretton Woods III: The Framework [1/2]
Pozsar's Bretton Woods III: how Russia sanctions triggered a shift from Treasury-backed reserves to commodity-backed money. Part 1 of 2 on the framework.
Everything is a DCF Model
Michael Mauboussin's argument that every cash-generating asset is valued through a DCF model. Why this Morgan Stanley paper changed how I think about value.
Agent-based Systems for Modeling Wealth Distribution
Agent-based modeling shows how random market transactions naturally produce extreme wealth concentration, and why even a small wealth tax changes everything.
Visualizing Gradients with PyTorch PROJECT
Build the right mental model for gradients with this PyTorch visualization tool. 2D surface plots with gradient vectors show the direction of steepest ascent.
Sentiment Trading Revisited
A Rutgers study finds news sentiment embeddings from OpenAI models cut stock price prediction errors by 40%. Time-independent models perform just as well.
Counting Cards with Computer Vision PROJECT
How I trained a YOLOv11 model to detect playing cards at 99.5% accuracy and built a real-time Monte Carlo blackjack odds calculator using computer vision.
Novo Nordisk's Post-Patent Strategy
Amycretin's Phase 1 data shows 24.3% weight loss, beating Wegovy and Zepbound. How Novo Nordisk plans to replace its $20B Ozempic franchise before 2031.