Writing on markets, AI, and tech.
Sellers book the capex dollar as profit now; buyers expense it slowly. The asymmetry currently adds ~$326B — about 15% — to S&P 500 earnings, puts the ex-boom multiple above the 2000 peak, and reverses on any path the capex cycle can take from here.
Theory is not knowledge, it is latency. Two drills for an acoustic player: the notes on strings 6 and 5, and the seven chords of a key by number.
Write markdown, get real URLs, working link previews, and a two-minute path to Substack. A working note to myself.