FT on how investors can find tomorrow’s tech titans: “Good tech companies almost always suffer losses in the early stages because they require so much investment. They are hard to value. Sales figures offer little guidance as a metric, because there often aren’t any. So look at the addressable market. What excites us about these companies is the scale of the opportunity if they succeed. The risk is asymmetric.”
NYTimes reviews “Emotional” by Leonard Mlodinow: “Whereas emotions and desires arise automatically, they don’t necessarily tell us how to behave. This gives the emotions an enormous leg up over reflexive reactions and instincts. Other species, too, don’t just follow their impulses. Despite the common misperception that they lack self-regulation, every animal needs to be able to keep its emotional impulses in check while deciding on the best course of action. As the author repeatedly reminds us, emotions may urge us to behave this way or that, but most of the time we remain in control of the steering wheel.”
The Global Recession of Classical Liberalism: by John McGinnis. “The scale of classical liberalism’s retreat became ever more visible in 2021. Its recession is global—spanning the Americas and enveloping Europe and Asia. It is pan-ideological: not only are free nations becoming less free, unfree nations are becoming more unfree. It is not only that the left is moving farther left but the parties of the right, currently the best political hope for classical liberalism, are turning to various forms of illiberalism. And the results for policy have been comprehensively deleterious, threatening to reorient everything from free trade to competition law to social insurance in a more statist direction.”
