#30Jun La Organización Venezolana de Autismo está levantando un censo de emergencia para registrar y apoyar a todos los niños y adultos neurodivergentes que necesitan ayuda en esta coyuntura. Acá el enlace, por favor difundir: https://t.co/V4TCJPEgOz
Christ is risen from the dead, and with him, we too rise to new life! This Easter proclamation embraces the mystery of our lives and the destiny of history, reaching us even in the depths of death. #Easter
The Hollow Men
American capitalism is rotting from the head down. We have replaced the "Owner-Operator"—the risk-taker-with a new, parasitic class of corporate bureaucrat: The Risk-Free Insider.
By "Insider," I am not referring to a specific title. I am referring to the entire administrative state that has captured the modern corporation. This includes the Directors who exist solely to collect fees, the Executives who exist solely to collect bonuses, and the Managers who exist solely to hire consultants.
These are the hollow men of the boardroom. They are masters of PowerPoint. They wear the right suits. They say the right buzzwords about "governance" and "ESG." But they are mercenaries fighting a war with someone else’s ammunition.
In a functioning economy, authority is tied to liability. If you make a bad decision, you lose your own money. That fear of loss is the only thing that keeps a business honest. It forces you to cut waste, obsess over the customer, and stay late to fix what is broken.
Today, we have severed that link.
We have rigged the game so that heads, the Insider wins; tails, the shareholder loses.
If the stock goes up, the Insider collects a massive performance bonus. If the stock crashes due to their own incompetence, they are fired with a "Golden Parachute" worth tens of millions. They are gambling with the house’s money, and they never leave the table poorer than they arrived.
This looting starts in the boardroom.
We have normalized a "Country Club" culture where directors are selected based on social profiling rather than their ability to build a business. The modern board member is often a professional tourist—paid an average of $350,000 a year.
Let’s be brutally honest about what that number represents. The average director is paid nearly five times the GDP per capita of the United States. They earn more for attending four quarterly lunches than the vast majority of Americans earn in five years of hard labor.
And for what?
Most of these directors are "over-boarded," sitting on three or four boards simultaneously. They treat directorships as a gig economy for the elite. They fly in, rubber-stamp a compensation package they didn't read, and fly out. They collect checks from companies they do not understand, do not use, and certainly do not love.
They are not there to ask hard questions. They are there to be collegial. They are there to protect the other Insiders.
And what happens when these boards hire executives who also have no personal capital at risk?
We get the Delegation Economy.
When a Risk-Free Insider faces a crisis—bloated expenses, a broken supply chain, or a stale product—they do not roll up their sleeves. They hire a consultant. They pay a strategy firm millions of shareholder dollars to produce a 100-page deck telling them what they already know.
This is not management. It is intellectual money laundering.
They use shareholder capital to buy an insurance policy for their own careers. If the plan fails, they can blame the consultants. They delegate the work because they are terrified of the responsibility. They would rather preside over a slow, comfortable decline than risk a bold mistake.
While American Insiders are busy optimizing their severance packages, our global competitors are optimizing their products. They are not slowed down by bureaucracy. They are not waiting for a slide deck. They are outworking us.
If we continue to fill our C-suites with administrators instead of operators, we will lose our edge. We will see iconic American franchises hollowed out by fees, managed for the benefit of the Insiders, while the true owners—the shareholders—are left holding the bag.
The time for polite governance is over.
If we want to save the American economy from mediocrity, we must demand a return to the "Owner’s Mentality." We need leaders who treat shareholder capital with the same reverence they treat their own savings. The era of the Risk-Free Insider must end.
Yesterday, the world lost an outstanding physicist and a truly remarkable human being.
I first met Nuno a few years ago. He had studied physics at the same university I attended in Lisbon, and we were introduced by a mutual friend.
During a later visit to Boston, I reached out to see if he might be available to meet. Despite his recent promotion to Director of the Plasma Science and Fusion Center at MIT, and an understandably packed schedule, he did not hesitate to say yes.
I expected perhaps 15 minutes of his time in a hallway. Instead, the meeting turned into a 3-hour masterclass. Between cups of coffee and a flurry of back-of-the-envelope calculations, he gave me an unforgettable tour of the MIT fusion lab.
Nuno was one of those rare scientists who mastered his field so deeply that he could distill the most complex ideas into simple, elegant terms. Even as a world-class expert, he never forgot what it feels like not to know something; he could guide you up the "ladder of knowledge" step by step - a gift that reminded me of the greats, like Feynman.
His enthusiasm for the future of fusion was truly infectious. He had a rare blend of entrepreneurial drive and scientific rigor. I was so inspired that I remember ordering 4 books on the subject before I even got back to my hotel.
To the community of young Portuguese physicists, Nuno was a rare "local hero". He was a role model we could truly relate to - someone who once sat in the very same classrooms we did and proved that it was possible to reach the absolute pinnacle of the field.
Thank you, Nuno. You will be deeply missed. Rest in peace.
It really is that simple.
If we want greater prosperity, especially for the poorest people in society, we need more capitalism, and less socialism.
It's counterintuitive for many, but true.
Crypto helps with this by injecting economic freedom (and capitalism) into every country around the world (as long as people have a smart phone and the internet).