Incremental Insights #83
The best of what I read, listened to, and watched during the week
The Last Active Manager
Chris Hohn’s TCI fund made $18.9B in 2025 more than Paulson achieved in the “greatest trade ever” by simply buying high quality companies with irreplaceable assets and high barriers to entry at a great price.
Why Are Credit Card Rates So High?
Credit card rates average 23% not just from defaults, but from undiversifiable risk & pricing power.
Payment Processors Were Against CSAM Until Grok Started Making It
Visa, Mastercard, AMEX are the regulators of porn on the internet. They were lauded for getting pornhub to remove harmful and nonconsentual videos by threatening to withhold payment processing. So why aren’t they doing the same with X and its CSAM factory, Grok?
Eye on the Market Outlook 2026: Smothering Heights
That’s the sum of the peak year spending on the interstate highway system that started by Eisenhower, the Apollo project, the moon landing, electrification of farming, the Manhattan project, and several of the FDR public works projects from the 1930s, including the Triborough Bridge, the Midtown Tunnel, and the Guardia Airport. So, 2025 tech capital spending was equal to the sum of all those things in real relative to GDP at the time, dollars. So, that’s kind of amazing.