It’s been a pretty fantastic few weeks for my investments. Decisions made years ago are now looking pretty smart. A bet I made two years ago announced a round and then proceeded to announce splitting the atom the next week.
Not to only focus on current belle of the ball in Valar especially as everyone in the portfolio seems to be finding their way. We are lucky that we focused on compute, energy, and decentralization as that is the trifecta of the artificial intelligence wave.
I honestly didn’t expect that we’d see such progress in our nuclear pick. With the regulatory climate it seemed more likely compute marketplaces and inference products would outpace the most regulated technology in the world.
Somehow during a Trump administration you get unexpected outcomes. I’ve been fighting for compute figuring the energy bottleneck wouldn’t get addressed till we had the full supply side of new AI products. It turns out everyone wanted to rush into capital expenditures and infrastructure as the demand was already there.
I guess I’ve proved my own thesis again. You can get a read on the direction and maybe even first order effects but in a chaotic world the second and third order effects are much harder to predict.
And on balance for all the bad I think on balance the atomic age finally arriving might be a worth while trade for our future. Hard to say if I’ll keep that opinion but I am grateful America is getting back on track with nuclear power.
Yesterday a severe geomagnetic storm hit Earth. I had been following its trajectory for a few days I think space weather is a fascinating topic.
Last year I was in Europe during a G5 event which is considered an extreme storm. It proved to be as unsettling as it was beautiful. Also migraine inducing. Just half an hour in the sun and I felt completely awful.
Naturally I wanted to tear the effects. I went out for a late afternoon stroll just as the storm first began to hit and I found myself in a rage over “this and that” as my vision flickered with red and green.
I thought I was so mad I was seeing red but I suspect the more logical explanation was that space weather affects us here on earth.
G4 (Severe) storm levels reached on 12 November at 0120 UTC (8:20pm EST)! Geomagnetic storm conditions are anticipated to continue into the night. Stay informed at spaceweather.gov for the latest. The included aurora images are of the aurora shining over northeastern Colorado.
I thought I was getting the auras that occasionally accompany a migraine for many people but now I’m not so sure. I rarely get visual disturbances in my migraines. Still our bodies run on electrical signals too. And I went outside just as the planet was getting hammered at the full severe G4 limit.
Alas after sunset I don’t take any particularly good pictures of the auroras that painted the skies though many others posted pictures from Montana.
I was focused on health needs from hyperbaric chamber oxygen therapy to a stint in our 180F Finnish cedar sauna. The glory of nature’s night is best experienced without a phone and ideally sweating out the day. No need to try to capture a picture of the moment. I was in the moment
Later, as I went outside freshly oxygenated, sweated out and showered, most of the sky had cloud cover.
The night was uncannily still. We usually have a lot of nocturnal noises as we have a whole ecosystem of creatures on our property and out into the mountain range above us, but I didn’t hear a peep. The animals must feel the space weather as deeply as we do.
Thankfully today dawned (with me having had a poor night sleep as expected) with all our homestead creatures out and about on the pond from duck to muskrat. More solar activity is expected so keep an eye on the NOAA forecast.
A pair of MilFred Muskrats with one of our ducks photobombing in the background
It’s getting harder to ignore the crumbles. Everyone on the internet is furious about everything. And everyone offline is just trying to keep their heads down.
I should probably have the good sense to do so as well, but I’ve made my bones being accessible and not at all sure I know what happens in a post-human Internet. I want it to be a human directed future.
2025 as a year has been particularly challenging even though we’ve had some positive moments. More and more things are breaking and it’s just impossible to ignore no matter your insulation from reality.
And quite obviously, I have done more than average to move us as far from the center of Empire as is feasible. We moved to Montana.
Part of me thinks it’s well past time we really took a hard look at the hell in a hand basket direction we are headed in. Things are going haywire everywhere. The brief moment in which it felt like we might accelerate through the turn naturally goes splat if you don’t commit to the bit.
And part of me says fuck’em all. The shit that was done to me in the service of extracting my life force for what, pensions and healthcare costs for a generation who broke all social fabrics? It’s literally Saturn eating his son levels of disgusting.
It’s quite canny of Peter Thiel to be ahead of it and it’s a better look than insulting the spiritual leader of the Catholic Church. And I’m not a notably sympathetic person when it comes to institutions like the Church (being a Protestant and all). I’m more of a direct communion with the Lord type.
However when a man well versed in scapegoat theory puts out a sympathetic hand & his most significant rival makes the tactical error of insulting the Pope, you know the tilt-a-whirl is in full spin and there is little space for any of us to cling.
We are on the highway to hell, & I was promised a handbasket but there are none to be had as they’ve been hoarded. The fourth turning is about to show us that even the liberals get the boot. There is little doubt that I am mere scraps of elite overproduction that refused to fuse to my intended spot. I’ll find my own place to stand.
Shit just doesn’t feel right. That’s been true for a long time but the edginess of the moment seems nastier, grittier, closer and uncomfortably liminal. It feel like things are changing but into what I could not say.
Whatever we are phase shifting into as a species, or at least one with a shared reality, seems hopelessly fragile. We are coming apart and historical precedents don’t seem to be very helpful. Is this the furthest down the simulation we’ve come?
That is a pretty grandiose way of saying that America’s current troubles are accelerating and it’s hard to ignore how much stress this is causing.
Being on any portion of the internet is like being inside a tense family situation with billions of people who have poor impulse control. And no one is in charge.
Which to some extent means the planet wide project of nation states and the liberal capital system, is buckling under the weight of the network.
We can see too much of each other and the past rationalizations we’ve used to keep our world in check feels ridiculous.
Nothing feels rational to anyone, but only because the complexity of all our lives is now mapped across an enormous overlay of individual players which we can sense beyond our immediate daily lives. And it’s too much man. People are going offline and with it a contraction is happening.
I know more not only about my own country but can feasible access billions of other human players through the data that I have access to at any given moment. And it’s like watching every layer of Dante’s hell as your feed goes up and down the layers of a Hieronymus Bosch painting in an elevator. Except it’s not a metaphor.
Just the mechanics of global human scale seem insane. Player versus player at billions of players seems impossible. I didn’t sign up to be a character in Civilization. I don’t even think I’d like playing Civilization on God Mode.
I studied economics at University of Chicago in another lifetime. An institution started by an industrialist. That investment by one of the richest men to have ever lived did go on to educate minds. And while splitting the atomic changes the course of our societies, so did unleashing number of economists onto unsuspecting countries.
Eventually I realized that all our models are at best approximations, and every input is entirely reliant on mere maps of the actual terrain. Maps made by people just like me. I went to seek my fortune in the markets as a rational actor. Centralized systems did not seem to work.
I’ve got no idea where we are headed. I am intaking information as a totally irrational actor only aware of the hubris of any prior certainty. Is it irrational to behave rationally in an irrational system? Let us all smack into that paradox. Let us just consider that we are all trying to get through it changing as best we can.
The volume of communication we receive digitally has risen to deafening levels. I’m shocked we aren’t all in a civilizational stupor muttering “mawp” like the cartoon secret agent Archer.
As we attempt to balance the barotrauma of the increasing volume of dings, pings, tings and Slack bings trying to reorient our attention towards them, the temptation is level the pressure explosively. Shut up!
The noise is bearing down on us relentlessly. Just when we think the pressure might equalized and we have adjusted to the din, a new chime will force a recalibration.
MAWP!
Our phones become dysbaric monsters. The ambient pressure disorder that is leveling your attention span to the cacophony of alerts and aggravated existential noise leaves us deaf, dumb and disoriented.
Different people cope with this in different ways. Many of my friends have committed email bankruptcy including me. Some people make big claims of having screen free homes. Others go to physical therapy or osteopathic craniosacral specialists for cervicalgia. Isn’t it nice to know your text neck is killing you even if the tinnitus and vertigo doesn’t get you first.
This is all to say that my Signal Mobile application inexplicably stopped working this morning and the silence is causing me some degree of anxiety. If I were a woman with fewer scruples I’d consider it disabling.
Alarmingly, because I’ve been forced to mute virtually every other channel of communication to avoid the noise, this means it’s been largely impossible to get work done.
Hopefully I find a solution soon. I rebooted my phone, cleared my cache and updated to the new iOS. Nothing works. I’m afraid that I’ll be losing the one channel that actually functions for me.
If not, you may very well not hear from me again. Twitter direct messages still work. If you are looking for me check the nearest ear, nose and throat specialist. If I can’t fix my ankylosis in my thoracic maybe I can improve my posture in the meantime. The worst case scenario will be installing WhatsApp but I’ve not given in to that nightmare scenario just yet. I’m running silent in my attention submarine but I’ll have to resurface at some point.
A long time ago, in a past life so foreign I can barely recall, I made some bad choices in the hopes that I was making good choices for the people I loved.
That day never came. And it’s unlikely to change. My health is what it is and I won’t ever be able to carry them. We’ve spent a small fortune trying to get me healthy enough just to go back to work and being healthy enough to carry just didn’t happen in time.
The high costs of surrogacy are daunting and the extra help I would require to raise them isn’t forthcoming. Being somewhat disabled means I’d need a lot of help and not the kind you can easily pay.
The extended family who does want to help and raise them (not blood family but nevertheless family) has never succeeded in getting a visa approved for so much as a vacation in America. So that route seems rather shut and has remained a small beacon of hope that seems ever less likely.
I could go abroad and raise children near them but that would be admitting defeat on a level on life in America that feels like dying.
My husband wouldn’t be able to come. We have a home and a life and careers in America. Funny how we don’t really have family in America that cares one way or another though all our existing blood relatives are American it’s the extended not quite family that seems to care most about family.
So a day after a socialist won the mayor’s race in New York City I have to ask myself how can we make the suffering of so many feel worthwhile? What did I achieve through my sacrifices? What did America achieve with our choices that can be seen as worthwhile? if those questions cannot be answered I don’t know where America goes from here.
I don’t know what it is about election day in America, but it has ceased to be a joyful, exciting day for me. I wonder about the lost version of me who ever felt positively about elections.
Now it’s a day of dread and worry. And not even having day 69 in the post’s title can make an old internet native like me chuckle. Nothing about democracy in America feels nice. I have no idea if it ever will again. And I swear I am not a cynical person, just a very tired one.
The civics education I got as a child taught me to see Election Day as a momentous moment in time where the will of the people is heard and considered and eventually enacted.
And in my heart of hearts, I can’t really let go of that, no matter how much reality shows me otherwise. I’m not sure if will is even the right word for a collection of such a diverse array of individuals that make up the American population. What could we possibly will as an entity?
And certainly I understand that America is not literally structured in ways meant to showcase the preferences of the plurality of the people. I understand this to be a good thing even. We balance a lot in a republic and never did it terribly well.
Somehow we always persevered. And so you presume that America will keep on persevering because what else is there to do?
And now, in this very plastic, protean in-between time, all feels far too malleable. Boundaries that I never thought could be crossed have been crossed repeatedly. The fourth turning is upon us and my generation is woefully behind. The changing of the guards isn’t going well and the choices only seem to get worse.
And so to sooth my own soul, day in and day out, have something to say about the times I live in. All seventeen hundred and sixty nine of them. Even as nothing really seems to get better, I try to get better. I do what I can because I can do more than most, and even that is just never, ever enough. I take on more responsibilities because who is there if not me? If not us?
And so, all day, I have been dreading the results of a mayoral election in a city I no longer live in, in a state that was never my home, safely in the comforts of a county that isn’t having an election outside of a city which is having an election which will affect me though I have no say in it. It’s a bizarre state of affairs.
I’ll be impacted by a mayoral election in a city that I deliberately chose to live outside of because we wanted to be beyond its reaches so we could live as we like. Which is a fantasy as the mayor of Bozeman obviously has a significant impact on the residents of Gallatin County.
And I’ll have to wait to see if a candidate for mayor, who has one of the worst possible plans for housing growth that I’ve ever seen, succeeds in taking the town further in a direction that sunk my own hometown two states down the mountain range.
And there is nothing I can do about it, because I chose to live outside of the city limits so that I wouldn’t be affected by those very politicians whose decisions will obviously have a knock on effect to everyone around them.
There is no winning in a networked world where our interconnection increasingly feels like a Chinese finger trap. The more you pull away the tighter its grip.
Because of course I will be affected. If Bozeman can’t build more housing because no one can afford to do so thanks to bizarre water allocation scheme the entire valley will suffer.
And all this because we wanted to live somewhere we could chose to build as we like on our own land and keep a few chickens. Another reminder that there is no other choice if America falls prey to the many maladies that collapse republics. Whatever comes next will be faced head on by all of us.
I’m at home with a freaky red light mask that could absolutely pass for a horror movie prop. My husband is sealed up in a hyperbaric chamber with two atmospheres of pressure and oxygen pumped in through a mask.
It may be Halloween but neither of those activities are horror movie material even though you could easily imagine them featuring as props in a serial killer series or Final Destination.
And yet these are things we are doing for health and wellness. One man’s horror movie is another man’s idea of a good night off and you can really tell we are tired childless adults that this is our idea of winding down on a Friday night.
The childless part wasn’t entirely a choice but we picked lives of professional intensity a long time ago so Friday night spent in self care is a sign that we’ve earned some respite.
Millenial success stories involve long hours. Millennials being all hallowed out on All Hallows’ Eve shouldn’t really come as a surprise to anyone, given the current state of American politics.
I’ve never liked Halloween much as if I want to dress up I don’t need social permission and I really don’t care for parties or socializing. I got all partied out in my twenties when I had to do a ton of it for professional reasons. I know it sounds glamorous but nightlife is work.
I had a tequila client and I had a hotel with the hottest nightclub in the New York City. I somehow managed to have both Patron and Le Bain as a client in my advertising agency era, and while loved both clients it did mean eventually all I can associate with nightlife is work. When I had a night off I stayed at home and read science fiction with a face mask.
Which means some things never change. There is no suburban holiday with children to dress up and take out. And I barely have recollections of doing any of that as a child. It’s no surprise this holiday has no hold on me
I don’t know why I have no fond memories of it but I don’t. I have almost no memories of Halloween. The precious few years in which we lived in suburbs, where I had both parents and I was young enough to go trick or treating barely register. And I don’t feel sad about it
I am much sadder about the kind of world we fought to succeed in as adults. I am happy to be home and with the horror movie treatments to heal the ravages of the real world that have been enacted on both of our bodies.
The long hours over decades, the multiple Covid infections my husband suffered, my own autoimmune issues and the realities of aging are not horrors but they are real. And I acutely am aware that Halloween is pretend.
And nobody should have to pretend that they aren’t hollowed out when they are. That is a fairy tale for children and for the people who still are. Neither category include me. It’s perfectly fine to be tired on a Friday.
If I’m going to put on a mask tonight it damn well better have health benefits. Here is to red light therapy and collagen masks. May they heal what ails you on all hollows eve. You can face the dead and your demons tomorrow.
Today was a pretty big news day. It was a FOMC meeting with a cut, Jerome Powell gave some forward guidance that a cut in December is not guaranteed (cue market upset), and NVIDIA became worth $5 trillion.
This is apparently 16% of our GDP and without investment in artificial intelligence related build-out, our economy would have only grown by 0.6%.
Without Magnificent Seven spending, GDP would have grown at a mere 0.6% annualized rate instead of around 1.1%-1.2% – Fortune
So America would be looking about as gnarly as Europe without the Magnificent Seven and AI infrastructure build-out spending.
About 92% of GDP growth in the first half of 2025 was driven by investment in data centers, AI infrastructure, and information processing, with NVIDIA as a primary contributor Yahoo Finance
Which is a scary large amount for any corporation, but is somewhat rational in the logic of a civilizational technology changeover akin to the Industrial Revolution.
For some comparisons, Standard Oil at its height represented about 5-6% of the total U.S. stock market value at the time and 1.5% of America’s total GDP. AT&T’s Bell Systems were worth about 3-4% of America’s GDP at their asset peak in 1984 so not entirely an unprecedented situation though Nvidea’s percentage is a very networked era problem.
How afraid should we be about the potential for a market bubble in artificial intelligence? That is a questions for Carlotta Perez
Having lived through both the dot-com crash and the global financial crisis, I have some fears, but also this feels about as rational as any of the other ways we’ve handled valuations and value in past boom-and-bust cycles.
There is significant revenue from very real demand. It is just hard to see the demand as it’s industry demand not consumer. And the consumer demand we have is likely coming from professionals who are more enabled in ways we can’t count. I couldn’t have answered half the questions I had for this post before the LLM age.
And that demand for efficiency was coming and needed to be addressed over some time horizon, no matter what.
As different industries cope with their extreme lack of efficiency in the face of other industries who are efficient and in demand wages rise everywhere and basic needs like education & healthcare get more expensive despite not being delivered more efficiently.
So we still need those inefficient industries but what do we do? We have to find solutions.
Because we were going to need to build out the infrastructure for diversified energy transition. Much of this is being spent on build-outs for things that we genuinely need.
We need nuclear. We need power grids that aren’t from the dark ages. We need the efficiency for compute as government services have gone full runaway Baumol accelerationist. Unless we do the hard work that’s going to take 10 to 15 years, most liberal economies will collapse under the weight of the social safety net.
So we need to do a fairly thorough job of investing in the future, independent of whether it’s artificial intelligence driving our future or developing an industrial policy of, say, going to war with China. Necessity is the mother of invention and I’d rather the need be capital growth than war to drive industry.
I don’t know why this “facts of budgeting life” works people up so much. Booms and busts and bubbles build real things and we really need more efficient energy, healthcare, and education.
The economy is a nutrient gradient and money moves to where it gets fed. Right now the promised efficiency of a solution to unsustainable spending is paid for by gains in areas which did get more efficient. That is just the whole game. Grow faster and bring along anything that isn’t for the ride.
It has not been an easy year for me or my family. The struggle to find a path to a sustainable place of health feels harder than ever.
I am living in some type of thermodynamic hell. Everything I try comes with equally forceful reactions and I wish I could say more of them were positive.
Even when results look positive they have high costs that make me reconsider if I should have done it at all. Switching my immune suppression drug put my inflammatory markers in the best place we’ve seen them in years.
Alas it is so effective that I’ve had four major skin infections in 2025 of which four required going under the knife. And the fourth was caused by a small incision that was considered so safe and routine we almost didn’t consider antibiotics at all.
I just so badly want something to work in a way that doesn’t come with staggeringly high costs. Normally I’d link around to all the relevant posts but I just need a break so I’ll leave it as an exercise.
But can you imagine anything more depressing than having an infection on your ass? I sure can’t. I am stuck trying to keep pressure off of it while working on all the various projects of life and I am a slow healer.
I don’t even get to see if the HBOT is doing anything for my main concerns, as if it is we are only going to see it when I clear this crazy infection.
I suppose the good news is that one of the best treatments for high risk wound care is actually hyperbaric oxygen therapy so the positive and the negative are at least balanced.
