Barbara Gray, CFA

Founder, Brady Capital Research | AI Agent Capital, capital supply shocks, institutional and board risk

[tobi lutke @tobi]

You have absolutely disgraced yourself publishing this, globe.

We all clearly don’t hate the media enough.

[tobi lutke @tobi]

Our regulators have lost the plot. Literally, figuratively, and metaphorically.

[OpenAI @OpenAI]

Introducing GPT-5.5

A new class of intelligence for real work and powering agents, built to understand complex goals, use tools, check its work, and carry more tasks through to completion. It marks a new way of getting computer work done.

Now available in ChatGPT and Codex.

[GEOFF @geoffreywoo]

everyone who’s playing with 5.4 and 4.6 is in existential psychosis

and the rest of the world has no idea what gibberish we’re talking about, and they’ll will be smacked in the face by end of year 2026

[Min Choi @minchoi]

This AI ad is wild 😂
https://t.co/Oy2Sencny8

[kache @yacineMTB]

remember when covid started happening and you were on 4chan like holy shit and then you told your friends about it IRL and they didn't take you seriously at all and had no idea? and then two months later the entire world shut down

that's where we're at with AI rn

[🍓🍓🍓 @iruletheworldmo]

i never want to read any other way again.

[Barbara Gray, CFA @barbcfa]

@unusual_whales @unusual_whales Not new news! That was reported a year ago! https://t.co/4qGZ8fQoNd

[Shopify @Shopify]

Black Friday isn't about the grind. it's the glory

entrepreneurs are built different

[Barbara Gray, CFA @barbcfa]

@BradWestPoCo I wish more of our leaders had the courage to speak the truth like you.

[Brad West @BradWestPoCo]

The House of Cards in B.C.’s Economy

British Columbia, and much of the country, is confronting the consequences of an economic model that was never built to last. For years, we have been told a comforting story about growth — that as long as cranes dot the skyline and property values climb, prosperity will follow. But beneath that veneer lies a stark truth: our economy is not driven by value-added manufacturing, groundbreaking technology, innovation, or by unlocking our vast natural resource potential. It is built almost entirely on real estate and relentless population growth driven by mass immigration. And it relies on the building and selling of homes to the next wave of newcomers.
This is not diversification. This is dependency. And like all dependencies, it eventually demands a price.

The Shift Away from Real Wealth Creation
In the not-too-distant past, B.C.’s prosperity came from sectors that created enduring value: forestry and mining that supplied the world; fisheries that sustained communities; manufacturing that turned raw materials into products; and, in more recent years, tech companies that could compete globally.
Today, those industries are shadows of their former selves in our economic mix — thanks, in part, to the strangulation of over-regulation and inordinately lengthy approval processes that are easily weaponized by those ideologically opposed to resource extraction. Their demise is not a naturally occurring phenomenon — and it is reversible — but it reflects the agenda and decisions of policymakers. In their place, real estate has become the dominant force, representing nearly 30% of B.C.’s GDP with its ancillary sectors. That’s a hell of a lot of eggs in a single basket, and the province’s balance sheet has become frighteningly tied to this cycle.
As the government oversaw this reorganization of the economy, it sent out the proverbial bat signal that investment capital didn’t belong in business development, but in land. Message received. Billions upon billions poured into bidding up land prices. Among the many consequences of this misallocation of capital are high land values squeezing out industrial employers and gnawing away at industrial land, weakening our capacity to make and export things. Today, industrial land makes up barely 4% of Metro Vancouver’s landmass.

Mass Immigration as Fuel for the Model
This new growth machine runs on people — specifically, the rapid influx of newcomers. In theory, immigration is a tool to strengthen an economy, replenish a workforce, and foster innovation. But in practice, B.C. and Canada have relied on it as the primary fuel for real estate demand. And what a record they’ve set. In 2023 alone, Canada added 1.27 million people — the most in 66 years, and almost entirely through immigration. No other G7 country even comes close.
The country’s notorious Temporary Foreign Worker Program and unprecedented number of International Students have figured prominently in this population surge, and programs once intended to fill specific gaps or foster academic exchange, have morphed into de facto population pipelines.
It’s all about feeding the beast: bring in more people than the market can comfortably absorb, then build and sell homes to meet the stimulated demand. Rising prices are framed as a sign of economic health, when in reality, they are a sign of scarcity and strain. In B.C., the government has clung to this model by throwing community planning out the window with a series of legislation that overrides local decision-making and forces blanket upzoning without regard for infrastructure capacity or livability.
But all the smoke and mirrors in the world can’t obscure the reality of where this has led us. Hospital emergency rooms close not sporadically, but routinely. More and more students are educated in portables rather than properly resourced schools. Infrastructure — from roads and public transit to sewers and utilities — is under immense strain.

[Barbara Gray, CFA @barbcfa]

@btibor91 Excited about ‘A Conversation with Sam and Jony’! Has OpenAI officially confirmed this yet?

[zerohedge @zerohedge]

AAPL will somehow invest $600 billion in the US in the next four years in the US when its total capex in the past 4 years was $43 billion.

[OpenAI @OpenAI]

LIVE5TREAM THURSDAY 10AM PT

[Brad West @BradWestPoCo]

The decision makers of the last several decades have steered us to a profoundly unhealthy and unbalanced place. They became addicted to unsustainable population growth, using ever-higher immigration levels as a catch-all solution to every challenge. They oversaw the transition of our economy to one that is overly dependent on real estate. Everything has become secondary to feeding the beast of reckless, supercharged population growth: hospitals are overwhelmed, portables have replaced classrooms, congestion is growing, huge bills are coming for overwhelmed infrastructure, homes are detached from local economic conditions and wage growth has stagnated - but their answer is always the same: more.

[Barbara Gray, CFA @barbcfa]

@MPelletierCIO This Canadian has been to 24.

[Barbara Gray, CFA @barbcfa]

@Safinazelhadry @OpenAI @v0 Wow! This is absolutely brilliant! I love your creative thinking.

[Barbara Gray, CFA @barbcfa]

@ShopprsDrugMart why do we have to pay $2 for a bag with no alternatives. This isn’t environmental. This is corporate greed. Bad customer experience.

[Sahil Bloom @SahilBloom]

Cheat code for attracting the right people: Be unapologetically yourself. When you edit your personality, you attract relationships that need constant maintenance. Stop filtering who you are to be liked. The right ones will stick. The wrong ones will walk. And that’s a blessing.

[Barbara Gray, CFA @barbcfa]

@currhenry I published a radical research report on Feb 25 (which I presented at an investment conference in Rome) on how AI Agent Capital would lead to the greatest capital supply shock we've seen since the Second Industrial Revolution. Happy to share.