This is the most frustrating thing. Most people know a crash will come. But it’s hard to predict when and where. If you sit out, you lose the wave. If you ride it, you lose when it crashes. I wonder what’s the right approach for investors in such a situation! Nevertheless, a very well written post, must read to gain some perspective, thanks @vijaypande

"it takes hard work to achieve anything great" is a dangerous lie. great output comes from finding an activity that feels as natural as breathing or walking and great work becomes the very substance of your existence. if it feels like a grind you've found the wrong expression

As we approach July 4th and America’s 250th anniversary, I have really been reflecting on how blessed I am to be a U.S. citizen. I was born in Siberia, Russia, to Ukrainian parents who moved there for four years to do missionary work. My mom has told us stories of having no food and living through some of the hardest years of their lives. People who have never lived under communism often speak about it like an idea on paper. It is not. communism is a system where the government controls the economy, property, opportunity, and often the lives of its people. It strips people of the freedom to build, own, create, speak freely, worship freely, and determine their own future. It does not reward ambition. It does not create opportunity. It makes people dependent on a system that decides what they are allowed to have. there was no version of “dream big and work hard” where we came from. There was survival. my family was selected through a lottery to move to the United States. We came here with one suitcase for a family of six. A church sponsored us and someone gifted us an old chevy. To us, that car may as well have been a Rolls-Royce. we grew up incredibly poor. I have only a handful of baby pictures and very little from those early years. When I started school, I knew zero English. I made friends by teaching girls how to braid hair and braiding everyone’s hair in class. But my parents worked relentlessly. They gave us opportunities they never had. They showed us what freedom actually looks like. the American dream was never that everything would be handed to you. It was that you could work hard, take responsibility for your life, build something of your own, create value, and become more than the circumstances you started in. that is why I respect people who work hard. People who build companies, create jobs, solve problems, take risks, and make an impact on the world. I know what it means to come from very little. and I know that the ability to dream, build, own, work, worship, speak, and create freely is not something to take for granted. I hope we never forget how rare that kind of freedom is. (sitting on the Chevy and wearing a dress I was gifted 🥲)

$84.5M at a $239M market cap in today's dollars. If Anthropic had gone public at the same price and grown to it's current valuation of $965B, a $100 investment would be worth $1.135M today. Bring back early public listings so the everyperson can bet on AI too.

When AI starts doing clinical tasks, how should malpractice work? The subject of tomorrow's post - there are a few dimensions that AI is significantly changing how we think about what liability means IMO there's room for new malpractice carriers to be built that need different sets of skills (e.g. diligencing clinical agents) and provide different products (e.g. combo malpractice/professional liability/cybersecurity)

New piece in @TheAtlantic! We always hear that AI will cure cancer, and I would immediately benefit if it did. But I argue that racing ahead on generalist AI models creates unclear benefits for cancer that are outweighed by broader societal harms. (Gift link in next post)