Hey hey, y’all. A bit of a gap here in our regularly-scheduled Apex article curation. Sorry about that. In return, however, I’ve gathered some longish and interesting things to share. Everything in today’s installment is meaty and worth your time.
Let’s dive in.
The everything bubble. [FTX Research] — “If global central banks and governments are going to continue to print money, investors are faced with [a predicament], where cash is literally burning a hole in their pockets, pushing them not just into risk assets, but further out the risk curve, exacerbating wealth inequality along the way, leading to even further risk taking.” While this piece could be better written, it’s still an interesting read.
The disastrous voyage of Satoshi, the world’s first cryptocurrency cruise ship. [The Guardian] — “Elwartowski thought he could convince the Panamanian authorities to let the ship anchor permanently in its waters and de-register as a ship, becoming a floating residence instead, so as to avoid some of the more exacting requirements of maritime law. But while Panama was happy to have the ship moored off its coast, it specified that the ship had to remain officially designated as a ship. Which led to another difficulty: the discharge of sewage.” This is a long but fascinating article about an impractical dream.
“How a $10,000 poker win changed how I think.” [BBC Future] — “What I’ve actually won is bigger than a heads-up match: a group of poker friends who have my back and a new way of thinking about my life. From now on, I’ll always remember the lessons of my tutors: curiosity is everything, losing is a part of playing, and our opponents in life are less important than the choices we make ourselves. And you know what? I’m ready.” Another long, fascinating piece.
Lastly, here’s a thoughtful 16-minute video from Ben Felix about answering the question, “How much is enough?”
There is no objectively optimal way to allocate time and money, but I am going to argue that for human investors these decisions should be anchored in the objective of living a happy life, so we need to know where happiness comes from.
That’s all for today, my friends! See you next time.