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Everyone reading this thinks they know what the time value of money is.

You may have seen the news last week that Accelerant is going private after just a year in the public markets.

Many of you probably saw the news last week about the large AI investment firm, Situational Awareness (led by AI wunderkind Leopold Aschenbrenner), that collapsed as a result of the recent pullback in tech stocks.

Those of you with long memories may recall how one of the biggest casualties of the financial crisis were the financial guarantors.

I’ve written a lot about State Farm’s challenges over the years.

Yes, insurers should participate in prediction markets.

In light of today’s SpaceX IPO, I thought I should address whether insurers are making a gigantic mistake writing D&O for the company (it has been reported that SpaceX is looking to buy a $200M tower).

Honestly, I really think we’re going to 9000 before heading to 6000, so why say 10K and 5K?

It’s college commencement season so it seems like an appropriate time for me to write about how messed up college admissions are in the US.

I have a lot I’ve wanted to say about private credit and I will get to that at some point in the future, but before I do, I wanted to start with something simpler.