A Look Under the Hood

In his latest memo – occasioned by massive changes he cites in just the 11 weeks since the last one – Howard Marks revisits the subject of AI, providing his observations on its essence and how it differs from previous technological innovations. He highlights AI’s immense power, s ...  Show more

In his latest memo, Howard Marks addresses the much-asked question, “Is there a bubble in AI?” He identifies the uncertainty associated with AI investments and the conspicuous parallels to previous bubbles, while also acknowledging why those comparisons could be inappropriate. Gi ...  Show more

Classical economics, emerging in the late 18th century, emphasizes free markets, individual initiative, and minimal government intervention. Key figures like Adam Smith, David Ricardo, and Thomas Malthus shaped its principles, advocating for self-regulating markets, division of l ...  Show more

The Trump administration’s tariff moves are turning US trade policy on its head — and fueling concerns about the US economic outlook. So will tariffs send the US into a recession? And, if so, what might that recession look like? Economist and Nobel Laureate Paul Krugman, Goldman ...  Show more

Robert Armstrong, U.S. financial commentator for the Financial Times, fills in for Scott. He and Ed unpack what the GOP tax bill means for the economy now that it’s law. Robert argues we’re playing chicken with the debt and says markets are still operating in “greed mode,” not fe ...  Show more

What causes an economy to fall from a peak? Many economists will argue it’s exogenous shocks but, as Phil and Steve discuss, there’s not too many of those around. Maybe COVID was one, but even that came about because our economic system has drawn us closer to wildlife habitats ...