A space where we share a selection of thought-provoking content that we've recently come across.

Jamie Dimon shares the incredible story of his career and the monumental growth of the bank. He recounts his journey from being fired at Citigroup to leading and transforming Bank One, and ultimately orchestrating the merger with JPMorgan Chase to create a global financial powerhouse. Dimon offers invaluable lessons on leadership, risk management, and the importance of a "fortress balance sheet," especially during turbulent economic times like the 2008 financial crisis. This interview provides a masterclass in business strategy and resilience, offering listeners a rare glimpse into the mind of one of the most influential figures in modern finance.

Dylan Patel of SemiAnalysis breaks down the intricate world of AI hardware and the future of model monetization. He discusses the much-anticipated GPT-5, the ongoing battle between NVIDIA's GPUs and Google's TPUs, and the critical need for efficient monetization strategies in the rapidly evolving AI landscape. A key highlight is his direct advice to major tech players, offering specific recommendations for companies like Google and Meta on how to navigate the competitive terrain and capitalize on their unique strengths. This interview is a must-listen to understand how AI will define the next platform shifts in how we buy, interact with the web, and make purchasing decisions, from the evolution of the affiliate model to ChatGPT potentially opening up to advertisements.

Fifty years ago, the assets held by the S&P 500 companies were predominantly tangible. Since 1995, intangible investments has grown 143 percent, in real terms; while tangible investments has grown by just 32 percent. America is also, by far, the largest source of measured intangible investments in the World Intellectual Property Organization’s data. Last year, investments reached $4.7 trillion in current prices. This transformation from a tangible, physically-driven economy helps explain the US stock market's high concentration, volatility, and seemingly bubble-like valuations. The unique, scalable nature of intangibles has fueled a "winner-takes-all" dynamic, allowing tech giants like the Mag 7 to achieve unprecedented dominance and drive a wedge between US market performance and the rest of the world.

Nintendo’s recent success with the Switch 2 underscores the company’s “weird genius” in the gaming industry, an approach that prioritizes a relentless focus on creating fun over chasing technological trends. The article highlights how Nintendo's philosophy, rooted in a history of both massive hits and notable failures, encourages creative risk-taking while being supported by a massive cash reserve for stability. By ignoring the graphics arms race and concentrating on perfecting gameplay, Nintendo has cultivated a uniquely passionate fanbase and built a $100 billion empire on the simple, yet powerful, idea that enjoyment is the ultimate goal. This strategy proves that in the fickle world of entertainment, a deep understanding of play can be more valuable than raw processing power.

Through its insurance arm, Athene, Apollo is using a niche debt tool called funding agreement-backed notes (FABNs) to raise billions in capital, bypassing the need for traditional insurance policyholders. This strategy relies on a form of regulatory arbitrage, treating the capital raised like a bond but having it rated like a less risky insurance liability. While this provides a “really cheap” source of financing to fuel Apollo’s massive lending ambitions, it’s also creating what some regulators call “hidden leverage” and raising concerns about the systemic risks tied to the opaque and untested private credit assets backing these notes.