Here are recent rough notes from the site.
The not-so-bidding war for Warner Brothers sparked to life today, like a zombie fire in peat moss after a long winter. I am reminded that "best and final offer" is a largely meaningless phrase in corporate takeovers, and the only offer that matters is the once that causes the majority of shares to be tendered.
While Japanese markets have had a recent resurgence on fiscal and monetary actions, the underlying demographic pressure remains the same, if not worsening. It is a nearly perfect test case of the growing literature on how aging societies are forced to bercome early adopters of advanced automation, like robotics, which are everywhere in Japan, thus potentially having an unexpected productivity boom.
Data centers are among the most geographically concentrated assets in the U.S. economy, and thus in the world. That is both a blessing and a curse, depending on how you want to balance risk/cost vs NIMBY-ism.
Source: https://www.gspublishing.com/content/research/en/reports/2026/02/11/cefdda9f-3b7c-4a53-9950-dfcfa3c6bbc2.html
Data centers, as I've pointed out forever, employ very few people for all their energy footprint. And, more insidiously, they initially look like material employers during construction, and that collapses to very low once they are operating.
