It’s Probably a Bubble, but There Is Plenty Else to Invest In

Published on November 24, 2025

AI looks like a classic investment bubble to us, with very high valuations and signs of rampant speculation. But we recognize that while many investors harbor fears that AI might be a bubble, they are far from sure of that fact and tend to assume the market is appropriately priced as a fairly strong prior.

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Big Tech’s Debt Binge Raises Risk in Race to Create an AI World

November 24, 2025
The AI investment story is maturing, with major tech firms raising a record $108 billion in debt in 2025 to finance infrastructure, a sharp departure from previous cash-funded growth. This increased use of leverage and riskier financing mechanisms is generating concern among stock traders and contributing to rising market volatility.

Reconstructing the Fed

November 24, 2025
This article explores the growing changes and challenges facing the Federal Reserve, metaphorically mirrored by the renovation of its aging Eccles Building. It argues that due to political pressure and fiscal irresponsibility from Congress, the Fed is losing its policy effectiveness and its long-held tradition of consensus voting is breaking down, leading to an era of unpredictable decisions.