The Eurosummer Economy
Research on the high school Euro Trip, from actual high schoolers.
Passing the Torch Newsletter
Passing the Torch is a finance and economics newsletter delivering institutional-quality research with a perspective focused on the future. We publish more than two hundred times a year, and dozens of times a month. Check out our articles to learn more!
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Latest episodes
Underreported & Outsize Impact Stories for the Week
Some stories and trends we think you should be aware of, that you aren't seeing elsewhere for 8/17 - 8/22.
A Walk Down the NYC Subway Feels Like a Walk Down Silicon Valley. Why?
Every ad on the train sells AI now. What does this saturation tell us?
Equity Trades for August
An update for our paid subscribers on our latest equity long investments.
The Seesaw Theory: Long AI = Long Book Publishing
Why, paradoxically, the better tech gets, the more money flows into legacy categories.
Everything Is Protein Now
Snack food has bolted the word onto everything in sight. The reason is a drug, and the story these companies are telling investors is the reverse of the one their marketing departments are telling you
The Important Reality of AVs
The unfiltered Gen Z view on automated vehicles and robotaxis
DSA and MAGA are both extremely risky for owners.
The wealth gap is becoming a significant risk to the asset economy, and to the investor-class.
The New US Currency Paradigm
Exploring the details of the US intervention into the Yen.
We spoke to someone on the Board of Peace. Here’s everything you need to know.
An inside look on the Board of Peace.
The AI Bubble Has K-Popped
Leverage isn't for everyone...
Tax-free equity method...
QSBS trust stacking is overwhelmingly under talked about.
Going Dark, Optionally
The SEC is about to let companies report earnings twice a year instead of four times. The whole thing will be settled by who chooses to switch off the lights.
The Silicon Valley Discount
Your AI subscription is priced like a 2014 Uber. Cheap.
Chevron in Iraq
The irony of physical infrastructure being ever-so important in the AI moment.
Playing Poker With High Schoolers and Shorting the AI Trade
Michael Burry reminds me of the kids I play poker with.
Playground Feud
The people building artificial intelligence cannot stand one another. The reason is older than the technology, and it explains more than the gossip.
Revealing our equities portfolio...
Sharing with our paid subscribers all the stock we own, and the ones we plan to buy.
Freedom Fuel
The cheapest gas in America?
The Seventy-Ninth Minute
For seventy-nine minutes Messi lived inside what could have been his last World Cup, and unlike the rest of us, he could feel it happening.
The Last Piece of the Attention Economy
Every tech CEO has suddenly started selling glasses nobody asked for. Allow me a passionate theory about what they are actually reaching for.