My mid-week morning train WFH reads:
• The brunt of US tariffs — 96% — has been paid by US buyers: A Kiel Institute study found US tariffs are mostly paid by American importers and consumers. The study found foreign exporters paid only around 4% of the tariff cost. The research contradicts Trump’s messaging that Americans aren’t paying for tariffs. (Yahoo)
• Andreessen Horowitz Makes a $3 Billion Bet That There’s No AI Bubble: A newer fund run by an unconventional team at the venture firm is finding success focusing on infrastructure. (Bloomberg) see also Move Over, ChatGPT: You are about to hear a lot more about Claude Code. (The Atlantic)
• How Europe Could ‘Weaponize’ $10 Trillion of US Assets Over Greenland: European countries hold US bonds and stocks, fueling speculation they could sell such assets in response to Trump’s renewed tariff war. Any weaponization of European holdings of US assets would represent a severe escalation, expanding a simmering trade war into a financial conflict that directly impacts capital markets. (Bloomberg free)
• Shifting Tides in Global Markets: The Reemergence of International Investing. After more than a decade of US market dominance, 2025 may have marked a turning point for global investors. International equities have surged ahead of their US counterparts, evidenced by strong earnings growth and supported by policy reform momentum and a reassessment of “American exceptionalism.” (CFA Institute)
• Zero-Sum Economics Keeps Failing: The world is not a lump of “resources.” (Noahpinion)
• Rich people are leaving California, inspired by tech founders’ online campaign: The campaign against a proposed billionaire tax was sparked by industry leaders that have long bashed San Francisco. It has consumed the tech world, and it’s driving some of the state’s richest residents to relocate. (Washington Post)
• Trump’s Tumultuous Year Pushing the Limits of Presidential Power: If you had to name a single thing Donald Trump has said that captures his tumultuous first year back in the White House, it might be this: “I have the right to do anything I want to do. I’m the president of the United States.” (Bloomberg) see also How Trump Has Pocketed $1,408,500,000: One year ago, Donald Trump took an oath to serve the American people. Instead, he has focused on using the presidency to enrich himself. (New York Times)
• Photos Capture the Breathtaking Scale of China’s Wind and Solar Buildout: Last year China installed more than half of all wind and solar added globally. In May alone, it added enough renewable energy to power Poland, installing solar panels at a rate of roughly 100 every second. (Yale Environment 360)
• I Want To Buy A Manual Before I Can’t Anymore! What Car Should I Buy? Vineeth lives in Chicago and loves to drive. He grew up overseas and spent most of his life shifting his own gears. Once he came to the states he bought “practical” cars, but he wants to get something fun with three pedals before they all go extinct. With a budget up to $40,000, what car should he buy? (Jalopnik)
• Even More Very Good Music Facts: The title of Tears for Fears’ “Everybody Wants to Rule the World” was taken from a line in The Clash’s “Charlie Don’t Surf.” “Charlie Don’t Surf” was taken from a line in “Apocalypse Now.” “Apocalypse Now” was based on Joseph Conrad’s “Heart of Darkness.” (Go Jeff Go)
Be sure to check out our Masters in Business interview this weekend with Nobel laureate Richard Thaler and his University of Chicago Booth School colleague Alex Imas on the update and reissue of his classic book The Winner’s Curse.
Solar met 61% of US electricity demand growth in 2025
Source: Ember
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