Yesterday I drove 700 kilometers in one day, from France down to the south of Italy. Fifteen hours behind the wheel. Traffic jams, roadworks that never seemed to end, and that heavy feeling in your eyes after the twelfth hour when you know you still have three more to go. Somewhere around the Italian border I kept thinking the same thing. The software that could have carried most of this drive already exists. It's in my car. And neither of the two countries I was driving through allows it yet. Look at the map of Europe right now. Tesla Assisted Driving, the European name for FSD Supervised, is approved in 11 countries: the Netherlands, Lithuania, Estonia, Denmark, Belgium, Slovenia, Czechia, Croatia, Slovakia, Latvia, and as of this week, Finland. Small and mid-sized countries. Together about 70 million people. Germany, France, Italy and Spain have more than 250 million people between them, the longest highways and the heaviest traffic on the continent, and they are still sitting in review. Finland's regulator said it was moving faster than the EU process so Finnish drivers could get used to the system before the hardest winter conditions arrive. Estonia, Latvia and Lithuania did the same months ago. They looked at the data, asked Tesla for changes, Tesla made them, and they said yes. Small countries move like startups. Big ones move like committees. A 15 hour drive is where people get hurt. Fatigue on a highway at night is one of the most dangerous things an ordinary person does. Elon Musk's team built software that watches the road with eight cameras and never gets tired, and it turns a drive like mine from exhausting and risky into something normal and safe, with the driver still supervising. An EU wide vote is expected this winter. I can't wait for the day I drive France to Italy again and let the car do the long hours while I just watch the road.

Yesterday, Trump’s Board of Peace called out Israel for not letting aid into Gaza. That's the 1st time we've heard anything from the Board of Peace FOR A LONG TIME. Since May, Trump's fund has received ZERO DOLLARS of the $17 billion pledged. TRUMP'S BOARD OF PEACE = A SHAM.

Yes, these next six months are historically quite bullish, but when Congress is fully to the Democrats it turns out the S&P 500 does even better. Never lower six months later (11 for 11 higher) and up 16.5% on average.

Yes, there’s a bubble in AI. But what should semiconductor stocks be worth after it bursts? On Nov. 6, SOX traded at 13.7× forward earnings, roughly half the 25.5–28.4× observed near the 2002 dot-com bottom. Now suppose semiconductor companies earn 20% less than analysts currently forecast. If the index stays where it is, the P/E would rise to 17.1×, close to its 2011–2023 average. Meanwhile, major suppliers are still growing profits and guiding for higher revenue. Our latest publication breaks down the underlying math. $NVDA $AVGO $TSM $AMD Read the full analysis:

Yesterday, during a panel discussion, someone in the audience asked: Why have Palestinians never amounted to anything on a collective level, like the Armenians, for example? The Armenians, after the genocide, built prosperous communities wherever they went and assimilated without losing their particularity. But the Palestinians kept the spirit of violence wherever they went. The man asked whether the reason was something in the air or the water in the Middle East. One of the panelists answered that Palestinians were exploited by Arab regimes and never got the opportunities the Armenians had. If they had been given the same opportunities, they would have been just as successful and assimilated as well as the Armenians. @hahussain pushed back and said that was not true because Palestinians in Jordan were given the same rights as Jordanians, yet what did they do with that opportunity? They tried to overthrow King Hussein. I met with the professor who gave that answer before Hussain responded and discussed with him how Palestinian Christians (except the communists among them) were successful, assimilated into the societies that took them in, and became loyal citizens, and how it was Islam, that thing in the water or the air, that kept the victimhood narrative alive. Israel absorbed 800,000 refugees who were displaced from Arab countries, while Palestinians have remained in refugee camps to this day, not only because Arab regimes have been capitalizing on their grievances, but also because Palestinians and Muslims in general are susceptible, because of Islam, to living in a perpetual state of violence and destruction.

Yes, Liwei is a semiconductor permabull. I’ve dug through plenty of data, and I still think today’s market pricing is a joke. If SaaS is yesterday’s business and AI is the future, explain this: five AI suppliers average just 16.8× forward earnings, while five mature software companies command 15.3×. A potentially world-changing technological revolution gets a miserable 10% premium. NVIDIA’s forward P/E is below Workday’s. Broadcom and TSMC trade below ServiceNow. If AI really is going to eat software’s lunch, and its suppliers have stronger earnings power, that tiny premium makes no sense. Of course semiconductors are cyclical. But before getting even more bearish at these levels, work out how far AI companies’ expected earnings will actually fall. Some media outlets keep shouting that “the AI bubble is bursting.” Yet I think the inflated optimism behind those bubble valuations has already been squeezed out. As retail investors, we don’t need to keep scaring ourselves.