Weekend Reading #308
This is the three-hundredth-and-eighth weekly edition of our newsletter, Weekend Reading, sent out on Saturday 29th March 2025
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What we're thinking.
The trend in markets continued this week as the US hovered around a bit after a brief rally and commenced selling off anew. China sold off this week and European equities were choppy. Crypto had a brief rally only to capitulate anew and most commodities fell with the exception of copper (Trump tariff related) and gold which continues to surge to new highs. Copper is an interesting case as it hit ALL TIME HIGHS this week. The thing is there is no real demand/supply reason for it to rally. China isn’t accelerating and global growth remains rather tepid. But Trump’s potential tariffs on copper imports have led to speculation regarding front loading and it’s given the price a major boost. There however is a quandary. In markets it’s usually best to look at the stock prices of the commodity producers rather than the commodity price itself as stocks tend to incorporate forward expectations of price moves in the underlying commodity first. In this case, copper stocks just don’t believe the move. The rally in the stocks from the past week has unwound rather rapidly, giving further credence to this theory. Yet copper prices remain at all-time highs. Go figure.
Just as the week came to a close, a highly-anticipated (or at least closely-watched) IPO hit the market: AI Hyperscaler Coreweave’s IPO, intended initially to price around the $50/share mark, ended up pricing at $40. Turns out the appetite in the market for more AI wasn’t as strong as anticipated, though the bigger problem as pointed out by Kuppy in this tweet is less Coreweave itself than the plethora of AI companies that are still private and hoping for a punchy exit valuation. Probably some discussions to be hard around what “mark to market” valuations are over the coming weeks.
I’ll be in Cape Town this coming week. Hit me up if you keen to meet. DC
What we're reading.
This essay from Ali Montag entitled “The Television” did make me wonder. A lot. Especially in the midst of watching the series above. Is it necessary to watch a scripted show? Why am i watching? Is it for entertainment? What is entertainment anyway? Is watching sports event after sports event really necessary? This is a brilliant piece of writing from a writer who delivers every time. DC
Reading Einstein's Tutor, the delightful biography by Lee Phillips of Emmy Noether, vividly showcases both the joy of mathematical discovery and the quirky genius of a remarkable woman who profoundly influenced Einstein's journey toward General Relativity. Emmy Noether wasn't just a brilliant mathematician; she was someone who had to constantly outsmart the sexism and anti-Semitism of her time. Despite these obstacles, she navigated a world stacked against her with resilience, wit, and an unmistakable passion for mathematics. Her story reminds us, gently but clearly, how precious and fragile progress can be. The book also invites readers into the vibrant intellectual playground that was Göttingen before the Nazis extinguished its magic. Göttingen in the early 20th century was a mathematical wonderland, a lively hub where groundbreaking ideas bounced freely and brilliance sparkled. Emmy Noether stood at the center, dazzling her contemporaries with her pioneering insights into symmetry and conservation laws—exactly the insights Einstein needed to clarify and complete his theories. And this while not being properly employed or paid for a long time because the rules of the time made that impossible for a woman. Ultimately, Einstein’s Tutor celebrates Emmy Noether not only for her extraordinary intellect but also for her tenacity and playful spirit. Her story inspires us to cherish and protect the conditions that nurture creativity and innovation. LM
The famous question gracing the cover of the original Blade Runner novel is perhaps due to be asked of LLMs: do androids (or LLMs) dream of electric sheep? What have our favourite LLMs learnt about us over these past two years? And more importantly, how much of our subconscious have they picked up from all those hours of prompting? This thread of comic images, prompted but otherwise composed and drawn by ChatGPT, should get everyone thinking about what it is that is truly bubbling below the surface when we feed ourselves (the good and bad) into LLMs that go on to become core sources of information (or misinformation) for many. At the very least, it’s a peek into the subconscious of the ChatGPT LLM. The prompt that made it can be found here.
And here’s a sample of one of the comics generated. EL
What we're watching.
I finally found a proper series. I’m a bit late to it but Yellowstone with Kevin Kostner and a bunch of others is awesome. It is clearly created in such a way that something happens every episode to keep you watching. The setting, the drama and the family dynamics make it proper fun. It’s like Succession but on a ranch. There are 5 seasons, and I’ve only watched the first but on I go until I don’t. DC
What we're listening to.
I did myself the displeasure of listening to former UK prime minister, Boris Johnson, on the Triggernometry podcast. In fairness to Konstantin Kisin, he absolutely did his best to pin Boris down on many of the issues that he was accountable for but my goodness this guy is slippery. Impossible to direct the conversation without him masterfully diverting it. The man has a forcefield for accountability – it just bounces off him. He is one of my great disappointments – so much promise, he came in at the right time with the right mandate and stuffed it up completely, snatching defeat from the jaws of victory. You can bet he doesn’t think his time in office is over. Let's hope if he does get another shot, he doesn’t blow it again.
Crypto has been a rollercoaster since the beginning, just ask us. But the reality is that it is an emerging asset class which will provide handsome returns over time. And the institutions are still coming. These things take a LONG time. Eric Peters of One River had a short appearance on the Empire podcast this week and gave his views once again as to why these things take time and what he expects to unfold. He is also an Ethereum bull. Worth a listen. DC
What we're doing.
I’ve spent the past two weeks in stunning Mexico. I spent a couple of days in Mexico City before taking a short flight over to Puerto Escondido – a small beach town famous for its world-class surfing. From the second I arrived the food was incredible, and perhaps the scenery even better. It looked like it could have been taken straight from a Disney movie. As you walked through the streets of the La Condesa neighbourhood, vibrant purple trees hung overhead the rows of colourful vintage shophouses. This neighbourhood is perhaps most similar to that of Notting Hill in London – upmarket, stunning architecture and full of trendy restaurants and cafes.
It was the perfect time in its development cycle to go, not so developed that it was excessively busy or commercial, but still enough flow of tourists that some amazing restaurants had begun to emerge as well as some relatively inexpensive beach clubs that felt brand new. We also got to see some of the more local spots, enjoying many cold fresh coconuts alongside some traditional Oaxacan cuisine (a far cry from Wahaca in London from which the restaurant chain takes its name). We saw humpback whales, dolphins and even got to release baby turtles.
Upon returning to the city, we found ourselves in Roma Norte – nearby yet closer to the commercial centre of the city (more akin to Soho). It was great to see how the major streets of the city are shut down each Sunday to allow for the locals to go running and cycling. It was incredibly well organised, and the city even gives out free bikes for the morning for those without one. With so many running at 2250m above sea-level, I couldn’t believe how fit everyone was. I ran along the main street past the luxury hotels, the bank towers as well as the Angel of Independence. It was interesting to see how many expats there were there working remotely, primarily Americans and Canadians given the time zone but also many Europeans who weren’t so time sensitive to meetings. Overall, I would love to go back and spend longer there. When you think about the cost of living, great food and pleasant weather, it certainly beats out London (with Mexico City recently ranking within the top 5 food cities in the world). HS