My California morning reads:
• AI and the Fable of the ATMs: Contrary to the usual story, ATMs did reduce teller demand. (Paul Kedrosky)
• Jamie Dimon Sees an End on the Horizon. But Not Yet. After two decades, JPMorgan Chase’s CEO says he has three or four more years on the job, or maybe more. But even he’s talking about what comes next for himself and the bank. (Barron’s) see also Warren Buffett’s Sage Advice About Fear and Greed Is a Trap in This Market: The reflexive “be greedy when others are fearful” crowd may be walking into a trap—this isn’t a garden-variety selloff, and the Oracle’s maxim needs more nuance right now. (Marketwatch)
• Things I Wish I’d Known Before Buying an EV: A practical reality check on EV ownership—charging logistics, repair headaches, and other things the marketing brochures conveniently leave out. Rising oil prices have more people thinking about going electric, but it’s worth considering potential challenges with repairs, charging and other factors. (Wall Street Journal)
• Why So Many Americans Online Suddenly Want to Become Chinese: “Chinamaxxing” is the latest absurdist internet meme that reveals just how disillusioned younger generations are. (Slate)
• What are the biggest price determinants for watches? Hard-to-find modern luxury watches and high-quality historical collector’s items continue to fetch exceptionally high prices on the secondary market in 2026. Four and five-figure sums for rare vintage watches are not uncommon. (Chrono24 Magazine)
• Apple Is Way Behind in AI—and Still Making a Fortune From It Apple’s artificial-intelligence revenue is set to top $1 billion this year, reassuring investors. Its artificial-intelligence revenue is set to top $1 billion this year, reassuring investors wary of rivals’ sky-high spending (Wall Street Journal)
• Thousands have swooned over this MAGA dream girl. She’s made with AI. A viral fake of an Army service member spotlights a new trend in online attention harvesting: part patriotism, part porn and 100 percent computer-made. (Washington Post)
• In Favor of Enjoying Things on Purpose: Even though we are born enjoyment-mongers, we tend to overlook the greatest and most reliable source of enjoyment, which is our ability to consciously enjoy the stuff that happens anyway. We barely even talk about it. A case for deliberate pleasure—paying attention to what you’re eating, listening to, or watching instead of letting everything blur into background noise. (Raptitude)
• Who Am I When I Care? Emotion Through the Lens of Franz Boas. Does culture make emotion? Boas helps solve the puzzle of where our emotional lives actually originate: in our selves or in the cultures around us (Aeon)
• How Scientists Unlocked the Secret of a $400 Skin Cream: There’s a room in an Estée Lauder-owned facility on Long Island where kelp swirls around in giant kettles while scientists pump sounds of the ocean. Playing Music to Kelp. La Mer claims the magic of its bestselling products happens in a lab where chemists brew–and DJ for–the ‘Miracle Broth.’ (Wall Street Journal)
Be sure to check out our Masters in Business interview this weekend with Bill Miller IV, Chief Investment Officer and Portfolio Manager at Miller Value Fund. Previously, he was at Legg Mason Capital Management covering specialty finance + consumer spaces with a focus on high-yielding securities. Miller competed in the Poker World Series Main Event. He began his career working for his father, famed investor Bill Miller III.
Huge Reversal of Senate Control Odds Since Iran War Began
Source: Adam Ozimek.
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