@DesmondShum "First, Xi will probably focus on preparing for his fourth term at the 21st Party Congress in autumn 2027". What is the probability, Xi will still be in power by then?
"We've made ourselves irrelevent..." the now late Alex Younger on the effect of Brexit. We are living through a time when the smart people are away from public space. He was an exception.
The biggest myth in SaaS? That AI agents will kill seat licenses.
The reality is exactly the opposite.
When you move from 40-hour human limits to 168-hour machine runtimes, software consumption doesn't shrink—it explodes....1/3
The data: 📈 GitHub AI tasks: 4M ➡️ 17M in 6 months. 💸 ServiceNow bills: Often grow 5x as agents scale compute.
It’s not just efficiency; it’s a total shift in capital allocation and talent leverage.
My full breakdown on the "Agentic Scale" is.....2/3
"If Arsenal are unpopular with neutrals, it's because they waste everyone's time".
"They are like a company that spews pollution into the environment in their production process".
A scathing assessment of Mikel Arteta's 'tactics' from @kenearlys
Everyone is chasing the software layer, but the real alpha is in the physics.
Most models ignore the structural constraints of the real world. Part II of the Kardashev IPO Narrative moves past the hype to track the hard energy scaling laws and..1/3
capital requirements anchoring the next decade of deployment. The Payoff from sovereign wealth positioning to multi-agent swarm infrastructure governance, we are mapping what it takes to power a Type I civilization. Read the full piece....2/3
Venice built the greatest commercial empire in European history without a central bank, without industrial policy, and without a single economic development agency. While Byzantine bureaucrats strangled Constantinople with regulations and Frankish kings debased their currencies, Venetian merchants created wealth through voluntary exchange and sound money.
The lagoon dwellers who fled Attila's hordes in 452 AD had nothing but salt marshes and fish. No natural resources. No agricultural surplus. No inherited infrastructure. What they possessed was something far more valuable: distance from the coercive apparatus of mainland states. This geographic accident forced them to survive through trade rather than taxation, commerce rather than conquest.
Venice's constitution deliberately fragmented power to prevent any single authority from controlling trade. The Doge held ceremonial functions while competing merchant families checked each other's ambitions. No guild could monopolize an industry without rivals organizing alternative trading networks. When the state tried to restrict private commerce in 1297 with the Serrata del Maggior Consiglio, it marked the beginning of Venice's decline, not its peak.
The Venetian ducat maintained its gold content for over 500 years while every other European currency suffered debasement. Merchants could calculate profits across decades, plan investments across generations, and accumulate capital without worrying about monetary manipulation. Compare this to England, where Henry VIII cut silver content by 83% in just 20 years.
Voluntary association and sound money create abundance. Coercion creates poverty. Venice proved this. The same economic laws that enriched Venetian merchants still operate today, waiting for governments brave enough to get out of the way.
🚨 JUST IN from @diarioas:
Manchester City have already initiated talks to sign Pedro Porro.
#thfc want him to sign a new contract but have been unable to convince him so far.
Spurs would want at least £50M to sell him. https://t.co/8yeRdUmURR
Statement from The Lewis Family to Spurs supporters: "To the fans, As owners of 25 years, we have lived the highs and lows of Spurs with you. Finishing 17th this and last season does not reflect the stature or potential of this football club. (Contd)
Looking past the valuation headlines on the SpaceX S-1, the real story is the long-term roadmap for planetary logistics and orbital data networks.
Full system analysis and framework diagram below.
👇https://t.co/onPmnTAmJX #SpaceX#MacroFinance
@peterrhague@FraserNelson I put it down to the British Financial Mindset. Its risk averse compared to the US Financial mindset. It was great when we had gunboat diplomacy, effectively a risk averse system when your competitor is not armed