The closest Dominos to the Pentagon is reporting very high traffic.
Freddies Beach Bar, the closest gay bar to the Pentagon, is reporting low traffic.
As of 5:25pm ET
Warren Buffett is stepping down as Berkshire Chairman at 96 years old.
In his goodbye letter, he says that โFather Time always wins. He has, however, been generous with me.โ
His son Howard will take his place (โHoward has been a Berkshire Director for 33 years. Thatโs a longer apprenticeship than I served before taking the reins at the age of 34. Greg [Abel] runs the company. Howard will guard its culture and values.โ)
Incredible 60+ year run. ๐
For 5,000 years, one productive beef cow has been worth about one ounce of gold.
Mesopotamia. Rome. The Viking Age. The ratio held.
In 1926, a good cow cost $22. A $20 gold coin held 0.9675 ounces of gold. Almost exactly one ounce per cow.
Today, a young productive beef cow sells for $4,000 to $5,000 at auction. Gold sits around $4,500 an ounce.
The ratio has held for five millennia, and still holds today.
We just lost another legend today ๐
Anime just lost a veteran behind Akira, Death Note, Naruto and todayโs biggest isekai titles.
Director and animator Yลซji Yanase has passed away at 59. His death was announced today by the production committees behind The Insipid Princeโs Furtive Grab for the Throne and The Worldโs Strongest Rearguard, two currently airing anime he directed. Their staffs expressed deep gratitude for his work and sorrow over his sudden passing.
Yanase spent decades working across nearly every level of anime production. His extensive credits included:
โข Akira โ In-Between Animation
โข Death Note โ Key Animation
โข Hellsing โ Animation Director
โข Chobits โ Animation Director
โข Naruto: Shippuden โ Episode Direction
โข Pokรฉmon XY โ Episode Direction
โข Macross 7 โ Key Animation
โข Aria the Animation โ Animation Director
โข Symphogear โ Animation Director
โข Saint Seiya Omega โ Animation Director
He later became especially known as a series director, leading anime including In Another World With My Smartphone, If Itโs for My Daughter, Iโd Even Defeat a Demon Lord, By the Grace of the Gods, In the Land of Leadale, My Unique Skill Makes Me OP Even at Level 1, Iโll Become a Villainess Who Goes Down in History, and Apocalypse Bringer Mynoghra. His directing career began with Himegoto in 2014.
His final chapter is especially bittersweet, with two series under his direction still airing when news of his passing was announced.
Rest in peace, Yลซji Yanase. From animator to director, his work quietly became part of decades of anime history. ๐๏ธ
Nvidia just posted record revenue. The stock popped. Everyone's celebrating.
Meanwhile, the cost of insuring Nvidia's own debt against default has more than DOUBLED since May.
Why would credit markets get nervous about a company printing $96B a quarter?
Because Nvidia isn't just selling chips anymore. It's the lender, the guarantor, and the equity investor in the same AI companies buying those chips. When you finance your own customer's ability to pay you, your revenue and your risk become the same number.
The stock market cheered the sales. The bond market is pricing the circularity.
It's 2027. The AI bubble has popped. The US dollar has bust. It's 500 dollars to buy a burger and it makes you immediately have diarrhea. The sun has been renamed America.
America is running the Russian playbook, and I can show you the receipts from 1995.
Here's what happened there, and why it should terrify you.
RUSSIA, 1992โ1999
Soviet Union collapses. A handful of Western advisers and Yeltsin insiders decide the fix is speed โ privatize everything before the communists come back.
PHASE 1: WIPE OUT THE PUBLIC.
Price liberalization triggers hyperinflation. Household savings โ gone. Ordinary Russians now have no capital to buy anything.
PHASE 2: VOUCHERS.
Every citizen gets a share certificate. Broke, hungry people sell them for the price of a bottle of vodka. The certificates concentrate in a few hands.
PHASE 3: LOANS-FOR-SHARES, 1995.
Vladimir Potanin pitches the government a deal: we'll lend you money, you post oil and metals companies as collateral. The government defaults โ as everyone knew it would. The auctions are run by the banks themselves.
Khodorkovsky gets Yukos, Russia's #2 oil producer, for $309 million. Abramovich and Berezovsky get Sibneft for about $100 million; it sells back to the state ten years later for $13 billion. Potanin runs the auction he wins Norilsk Nickel in.
PHASE 4: THE BILL COMES DUE.
GDP falls 40%. Male life expectancy drops from 64 to 57. And Harvard's own adviser, Andrei Shleifer, is later found liable in U.S. federal court for investing in the markets he was hired to reform. Harvard pays $26.5 million.
PHASE 5: PAYMENT FOR SERVICES.
1996 โ the same seven bankers finance Yeltsin's reelection. Russians name it semibankirshchina, the rule of the seven bankers. Berezovsky brags to the Financial Times that they control half the economy.
Eight years from voucher to Putin.
NOW LOOK AT THE MECHANISM, NOT THE SCENERY.
None of that required a coup. It required four things:
1. BREAK THE REFEREES.
Russia's prosecutors and auditors weren't abolished โ they were captured. Here: inspectors general fired en masse, the CFPB hollowed out, foreign-bribery enforcement suspended outright. The cop doesn't leave the beat. He just stops writing tickets.
2. MAKE THE PROCESS TECHNICALLY LEGAL.
Loans-for-shares was lawful. That was the point. Here: tariff exemptions granted company by company. That's not trade policy โ that's a toll booth with a phone number.
3. MAKE ACCESS TO THE LEADER THE HIGHEST-YIELD ASSET IN THE COUNTRY.
In Russia, proximity to Yeltsin beat any oil field. Here: a presidential family crypto venture that takes anonymous foreign money directly, no cap, no disclosure. No law broken โ because nobody wrote one.
4. CALL IT REFORM.
Every step in Russia was defended by serious men in good suits as painful but necessary modernization.
THE PART THAT ACTUALLY MATTERS:
Russia's oligarchs never seized power. They were handed it, on paper, with signatures.
By the time it was undeniable, the assets were gone and the courts belonged to the buyers.
Ask how much runway you think we have.