Many I deeply trust are folks of a certain vintage. And they have an
oversized representation in the set of folks who have hauled me out of
deep trouble at " strategic " moments.

They all share this common attribute of being almost never interested
in being argumentative or trying to convince others, but they simply
have won so much over time that one understands why they prefer not
to.

I want to carry Hanako’s love for San Francisco forward. Wishing for the right decision by the people of SF.#SF #USA

My election model, which aced 2024, predicts that @DarlineGrahamSC would win by 11.18 percentage points if the election were held today.

Formal prediction and writeup coming 10/19!

Many moves in biotech right now are mostly non-fundamental.

You’re likely getting holdout longs who have needed to de-gross using the catalyst as a time to do so, combined with shorts that are coming in due to no year-end catalyst and ahead of tax-loss selling. Very few buyers because everyone is in pain losing money on correlated negative performance (even market neutral, who normally can step in to provide liquidity, are absent because they’re practically all down YTD getting killed with negative alpha) so bid/ask spread widens quickly and price can rapidly move down.

When it reverses, it’s usually equally violent as everyone rushes back into the space (I.e. Nov23-Jan24 and 2H25). In fact, some quant algos will trigger to intentionally buy the biggest recent losers and sell recent winners, without having any fundamental view, on the basis that any impacts to perception of value on the way down should reverse on the way up. Then price jumps up substantially.

Linda Boström Knausgård: ‘I never want my children to read this’ telegraph.co.uk/books/what-to-…

Never rent a car from SIXT. Never. Insanely deceptive app that just charged me hundreds of dollars for features and services it appeared I was declining. Won't allow modification or cancellation.

They just created a sworn enemy. I wrote the book on business travel. Bad move.

$VKTX $200M via shares and $200M via converts………

Legitimately, why is the obesity trade *so* dead?

Researchers have identified a pathway that prostate tumors leverage to suppress the immune system by reshaping the tumor microenvironment.

How a targeted therapy approach prolonged survival in preclinical models: spr.ly/6015BGdaz5 @Dr_Di_Zhao @nicholas_navin #EndCancer

Flea - Honora

My album of the day. A veteran bassist in unfamiliar territory, with trumpet in hand, trusting instinct over mastery. On a wander through jazz, dub and ambient, as a crack band leaves him plenty room to find his feet.

2026.

🎧 A Plea

“The Monopoly Problem” examines antitrust structuralism, a Progressive Era idea that has survived every effort to kill it. At its extreme it advocated “no fault” monopoly, once a preoccupation of the antitrust center that has largely moved to the fringes. herbhovenkamp.substack.com/p/antitrust-st…

Happy weekend and good Shabbos to all — yes, even the people who call me a “paperwork American,” who post racist nonsense for clicks, who haven’t read enough books, who don’t know history. God loves all of you and it’s not too late to stop being wrong.

I’m going to spend the Hold your loved ones close. Say “I love you” more. One day it will be too late, and you might wish you had said it more. It’s free.

My essay on Cormac McCarthy’s Gnostic Conservatism has almost 23,000 reads. If you’re interested, you can read for free in the reply below.

Odyssey.

It doesn’t matter if you live or die.

You fight at all costs.

You fight to the very end for the cause.

There is no prize at the end.

The prize is fighting for the cause.

That’s why you get up and fight each day.

For the cause.

No matter the outcome.

IF YOU DIED TOMORROW, YOUR FAMILY WOULDN'T BE ABLE TO ACCESS A SINGLE THING YOU OWN DIGITALLY.

BANK ACCOUNTS. PASSWORDS. CLOUD STORAGE. ALL OF IT PERMANENTLY LOCKED AWAY.

HERE'S HOW TO FIX IT IN 30 MINUTES:

Join the Closer to Free Ride on Saturday, September 19th. Register or donate at RideCloserToFree.org. rideclosertofree.org/participants/E… via @DonorDrive

@HeartOTXHeartMDng to do with these bills. Every state by statute has eliminated the common law rule that charges for work done in the absence of agreed prices MUST be reasonable.

The charges in these bills are a function of the provider and the payers playing games with the components of the charge to their advantage. Provider wanting more and the payers wanting to pay less.

Patients have no leverage in this game.

One division of the law firm I ran represented hospitals and medical practices to get them paid by third party payers and patients.

The contracts often had very odd resulting payments. I have seen emergency room bills in the thousands where the third party payer owed ZERO.

The amusing thing is that as to the patient, the legislatures could fix this easily by returning to the common law standard.

That would protect the patient and leave the big players to negotiate in their best interests.

here is a non-paywalled copy of my new ABA Antitrust piece on Antitrust Remedies for Tech Monopoly. Short and to the point. papers.ssrn.com/sol3/papers.cf…

How is this happening? @mcuban health care costs double every 9 years?

As the Cubs celebrate history, and 150 years as a National League member, a story on the last vestige of old Wrigleyville.

On the greatest ballhawk of them all, and the community on a corner that endures: chicagotribune.com/2026/08/29/wri…

From a friend —

Dolly was a ray of sunshine. Her Humanity was felt everywhere. We can disagree about damn near everything these days… but I think we all loved Dolly. She may have been the most genuine human being to ever grace a spotlight. I loved her words – she was such a gifted songwriter. But it was so much more. It was how she raised spirits, how she cared, how she walked the walk. I am so thankful that we had such an amazing force of positivity in our lives. But damn, she will be missed. I will join a long list to express sorrow, thanks, and joy that we had this incredible ray of sunshine.

On Sunday, May 12, 1996, UNC’s Phi Gamma Delta house caught fire, leading to the deaths of five students.

97.9 The Hill’s Henry Taylor sat down with four people impacted by the fire to hear their stories from the day itself and the three decades since.

chapelboro.com/news/fire/the-…