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1. Carry on My Wayward Son

I ended my Q4 2024 letter with the words, “2025 will undoubtedly be an interesting year.” Well, we’re only three months in—and as the saying goes: May you live in interesting times. Read the full letter here.

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2. American Retail Investors Keep on Buying Stocks Right Thru Sell Off

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3. China Large Cap Stocks Nowhere for 17 Years

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4. 59% of Venture Capital Dollars in Q1-2025 went to Artificial Intelligence

Investors still have an AI FOMO problem: 57.9% of global VC dollars invested in Q1 went to AI and machine learning startups, according to the latest PitchBook-NVCA Venture Monitor.

“The fear of somebody else winning your market has never been higher than it is now,” said Maria Palma, general partner at Freestyle Capital. “You haven’t seen a slowdown because the rate of change on the technology side is almost indigestible.”

The capital is even more concentrated in North America, with 70.2% of deal value going into AI and ML startups. Globally, the sector raised $73.1 billion in the first quarter—more than half of last year’s annual total. Of that, $40 billion came from OpenAI’s recent round led by SoftBank.

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5. Real Estate Friday

Existing Home Sales Back to 2010 Levels

Miami Housing Correction

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6. Share of Wealth Owned by Top 10%

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7. The History of University Research Funding

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8. Top Donors 2024 Presidential Campaign

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9. Latin American Poverty

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10. Government Funding of Universities

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