Howard Marks: “Since no one can say definitively whether this is a bubble, I’d advise that no one should go all-in without acknowledging that they face the risk of ruin if things go badly. But by the same token, no one should stay all-out and risk missing out on one of the great technological steps forward. A moderate position, applied with selectivity and prudence, seems like the best approach.”
Cas Holman: “Playing is a way of engaging with whatever is around us, whether it’s people or things. In the book, I outline descriptions of different types of adult play. There’s a known and widely used taxonomy of play types for children. I found that when I tried to relate those to adults, they didn’t quite work the same way. Developmentally, children are very different. And socially, of course, play is really different for a child than what it is for an adult. One of the play types for adults is “attention play”—things like bird watching or people watching. Even when I’m on the subway, I look around and imagine where somebody is coming from or going to, or what the relationship is between two people. All of that is considered attention play. Twenty years ago, that wasn’t so unusual. Most people probably did some version of that. But now our habit is to compulsively check for something. I don’t know what we’re looking for, but we’re looking for something. We probably will not find it. Now more than ever, it’s important that we own our attention. In play, we can do that. It takes practice, but it’s not that hard to reclaim and relearn those skills.”
Business Standard: “India’s retail investing landscape is heading into a decade of unprecedented expansion, with mutual fund assets projected to cross ₹300 lakh crore and direct equity holdings expected to touch ₹250 lakh crore by 2035, according to the How India Invests 2025 report released by Bain & Company in partnership with Groww. According to the report, mutual fund penetration across Indian households is expected to double from 10% to 20% over the next decade. The next phase of industry growth will come primarily from mass and mass-affluent households beyond the top 30 cities.”
WPP: “Emerging from a year of contrasting economic narratives, WPP Media’s This Year Next Year (TYNY) Global End-of-Year advertising forecast paints a clear picture of a global advertising market defying initial concerns, showcasing remarkable resilience and an upwardly revised outlook for 2026. This is largely attributed to trade tariff outcomes proving more favorable than expected and the AI investment boom. The report underscores the advertising industry’s resilience amidst economic and technological shifts, projecting robust growth. The updated forecast projects global advertising revenue will grow 8.8% (excluding U.S. political advertising) in 2025, reaching $1.14 trillion. This momentum is set to continue into 2026, with an anticipated 7.1% growth (excluding U.S. political advertising). Over a five-year period, a compound annual growth rate (CAGR) of 6.3% is expected, reflecting sustained expansion.”
