Just 250 years ago, America didn’t exist. Let that sink in.
Within three generations of people, this country has accomplished the impossible
> first country to send human to the moon
> invented the internet and core infrastructure behind it (ARPANET, TCP/IP)
> invented airplanes
> invented the telephone
> invented electricity distribution
> invented reusable rockets
> invented the polio vaccine and mRNA technology
> invented the GPS
> built the deepest capital markets in history
> won 34% of all nobel prize awards, more than the next two countries combined
> annually spend a third of the world’s entire R&D budget
> led the Genome project that sequenced human DNA
> hold just 4% of the population but contribute 25% to the world’s GDP
> hold the oldest written national constitution that still remains in force
The birth of America was not just a win for Americans. It was a win for the entire world.
God bless America. Greatest country on the planet.
You don't move to NYC for the rent.
Not for the weather.
Not for the space.
You move because the density of ambitious people per square block is higher than anywhere else on Earth.
That's the whole product.
One of the easiest things you can do to become a better investor is keeping a journal of all your trades
Before you buy a stock, write down
> 3 bullet points on why you are buying it
> what would make you change your thesis
> what price you would become a seller at
> time horizon for how long you want to hold
Before you sell a stock, write down
> 3 bullet points on why you are selling it
> price that you would buy it again at
> what needs to change for you to buy it
> potential upside and downside left
Doing this alone will stop you from making impulse decisions that cost you money
There is incredible clarity of thought earned through writing down something on paper
Highly recommend
Scrolling through X would make you believe that AI is already taking all our jobs and unemployment will soon hit 10% across every white-collar sector
In contrast, you walk outside and talk to someone in real life about AI. Not a single person intimately knows what is going on.
If you chat with someone above the age of 40 who is not in finance or tech, they will legitimately think that Claude is a random French guy who you know
If you ask them about B2B SaaS or LLMs, there is a high probability they will not even know what that those acronyms mean
You have to recognize that this platform is a bubble. It is highly concentrated amongst people who are overinformed on technology and are actively working on building these AI companies
Many are simply talking their own book. Others are trying to stray you in the wrong direction so they can take the other side. There are also just as many who speak of doomerism, simply because that is what receives attention on social media nowadays
Reality is different
> Humans are by far the most resilient creatures throughout history
> Society changes over time, but that change comes at an incredibly slow pace
> It is easier to build new technology than to change old habits and ingrained culture
This is not to underestimate AI by any means. I think it will be one of the most consequential pieces of technology in history
But if the doomerism is starting to get to your head, and you think the end of the world is near, I have news for you
The end of the world only happens once. You cannot live your life preparing for it
Those who do end up regretting it on their deathbed. No one has lived a very happy life being a pessimist.
SF and NYC will remain tech and finance capitals.
Despite a few billionaires moving.
Here’s why.
For Austin to replace SF as the tech capital, it would need to capture the majority of US venture funding. In 2025, the Bay Area raised over $140 billion in VC. All of Texas raised roughly $12 billion. That’s a 12:1 ratio, and it got worse this year, not better.
The gap accelerated in the wrong direction for Sacks’ thesis. The Bay Area’s share of US venture capital hit 45% in 2025, up from 31% historically. AI drove everything, and AI lives in San Francisco. The Bay Area alone captured $122 billion in AI funding in 2025, more than three-quarters of all US AI investment.
OpenAI raised $40 billion in a single round in Q1. Anthropic expanded to 330,000 square feet downtown. xAI is headquartered there. At the close of 2025, OpenAI is valued at $500 billion and Anthropic at $183 billion. Those two companies alone captured 14% of all global venture investment this year. Both are in San Francisco. 49% of Big Tech engineers live in the Bay Area. That density compounds.
Miami’s finance story is similar. Yes, Citadel moved. Yes, hedge funds like the tax arbitrage. But a few billionaires relocating their personal residences doesn’t move the infrastructure that makes a financial capital.
Ken Griffin can run Citadel from Miami. He still needs prime brokers, counterparties, legal teams, and regulators who operate on New York time. JPMorgan alone manages $4.1 trillion from Park Avenue. Florida’s entire money management industry runs about $300 billion. That’s the gap.
The billionaire moves make headlines because they’re individuals making individual choices. But financial systems aren’t networks of individuals. They’re networks of institutions. The reason Wall Street has been Wall Street for 200 years isn’t because bankers love the weather. It’s because when you need to close a $50 billion deal, everyone you need is within a 10-block radius.
Same dynamic in tech. Elon moved Tesla’s HQ to Austin. Tesla’s AI and Autopilot teams are still in Palo Alto. The manufacturing went to Texas. The brains stayed in California.
Will Miami and Austin grow? They’ve been growing for a decade. But Sacks is predicting replacement, not growth. And for that to happen, you’d need the entire ecosystem to relocate, not just the people who already made their money and want lower taxes.
The founders building the next $100 billion companies aren’t optimizing for state income tax. They’re optimizing for talent, capital, and customers.
All three are still concentrated exactly where they’ve been.
If you want to work at a hedge fund or public markets, these are my 4 recommended books to pick up
Each one is a deep dive into economic and monetary history, how asset classes performed, and how managers added alpha in various cycles
Easily my favorites
"I have a powerful giant on my side, his name is Jesus Christ. I will deliver for him, first of all. It's time to compete. I grab the ball, and let's go - you vs. me."
- Fernando Cruz
If you woke up today and
> have a job
> can call both your parents
> not physically ill
> have somewhere to go back home to
it is a good day regardless of what else is going on in the world or what you might be stressed about
easy to take these things for granted
People look at investment banking from the perspective of the cons, which for sure there are many
But it also unlocks career opportunities and ladders unlike anything else
Here are some of my thoughts on why banking is still worth pursuing as a career path, after having done it for a few years myself
> You get to be around extremely smart people
This one is self-explanatory, but your fellow analysts are likely driven and ambitious folks who come from strong educational backgrounds
As the saying goes, rising tides lift all boats and this is exactly what will happen to you as you spend 70+ hours a week in the bullpen with some of them
I used to consider myself a hard worker and reasonably smart when I graduated college. Then I got to see just how much better the analysts sitting next to me were
It made me want to work even harder and make sure I didnt fall too far behind. Motivation is easy to come by when you spend time around talented people
> Attention to detail, perseverance and professionalism
Banking is great for picking up some core soft skills very early in your career. The most important, in my opinion, are professionalism, perseverance and attention to detail
These will last with you no matter where you go or what path you pursue after banking
I have never met a successful person who didnt have an obsession with their craft. Obsession requires a sense of perfectionism that gets instilled in you through banking
And perseverance is just an absolute necessity no matter what you want to accomplish
Having to grind through late nights on LBO models might teach you a couple things about Excel
But it teaches you a lot more about perseverance and being able to deal with difficult people and tasks while keeping a smile on your face
You might not like hearing it, but that skill alone gets you pretty far ahead in life (whether its at a corporate job or entrepreneurship)
> You get to be in rooms you have no business being in
Within just the first few weeks of banking, I was sitting on calls with Board Members, CEOs, CFOs and people with 10x more experience than me
You get to be a fly on the wall for many conversations that you otherwise would never get to listen to. Once you get some reps and a little experience, you might even be the one leading these discussions and meetings from time to time
There are very few jobs in the world (if any) that will allow a 22 yr old with no life experience to do this. It might not seem like much, but being part of those conversations builds a lot of confidence for later in your career
If you are fortunate enough to be an executive or start your own business someday, those meetings become a lot less intimidating when you have already seen a few play out very early in your career
> You get to see what "good" looks like
Early careers tend to set your benchmark for the rest of your life. Starting in banking means you truly get to see just how good the best in the industry are
Your expectations for what "good" work looks like become vastly different from anyone working a 9-5 job. Your understanding of the phrase "working long hours" changes
As you move up and interact more with your MDs and client executives, you get to see just how hard they tend to work. It teaches you what expertise means and what climbing to the "top" of the business food chain requires
Some analysts see this and realize that the sacrifice is just not for them. And even if that is the conclusion, they thank banking for making them recognize that earlier rather than later in their life
I love how MLB is skyrocketing in viewership and attendance all while sports talk shows for years have just pushed NFL & NBA.
Talk about it if you know what’s up. If not, we don’t need your talk.
“The one constant through all the years, Ray, has been baseball.”
Baseball 📈📈📈