IBM has developed a plan it hopes will put its technology at the forefront of quantum computing. Isabelle Bousquette reports for The Wall Street Journal: International Business Machines Corp. announced Wednesday that it has created a more powerful quantum computing chip, the next step in its yearslong effort to build quantum machines capable of delivering business value to companies. The 433-qubit Osprey chip, unveiled at IBM’s annual Quantum Summit in New York, has more than three times as many qubits as the 127-qubit Eagle chip it introduced last year. But IBM is aiming to steadily … [Read more...]
Archives for November 2022
You Realized This Long Ago About Your Work
In my conversation with you, you prove to me that a life built upon incremental growth is one worth living. Let’s see, in just the last year you’ve finished your barn, tucked away your vintage Jag you’ll be rebuilding, got your brother’s island house in Maine off the grid, fixed some islanders’ tractors and trucks, fixed your brother’s boat, and are finishing up a rebuild for your RV Sprinter. That’s a lot. “I didn’t do it alone,” you said. “My brother and I have been living this way our whole lives.” The school of “Necessity” graduates geniuses every year. “It’s all about incremental … [Read more...]
CRYPTO CONTAGION: Will Exchange Troubles Cause a Panic?
Cryptocurrency exchange FTX has been forced to seek a rescue from its rival, Binance, in order to avoid collapse. Joshua Oliver reports in the Financial Times: Contagion fears are sweeping across the crypto industry as market participants race to determine who is exposed to Sam Bankman-Fried’s secretive digital asset trading company Alameda Research. Alameda, a proprietary trader, has been a low-profile part of the entrepreneur’s crypto empire, but is at the centre of the storm that has engulfed his crypto exchange FTX. Market worries over Alameda’s financial health accelerated, … [Read more...]
Make These States Competitive Again
States are supposed to be the laboratories of democracy, but the "scientists" running the labs in places like New York, New Jersey, Illinois, and California have been failing for years. One reason for that is their tax policies don't consider the long-term competitiveness of their states, and instead focus on raising money to pay for politicians' dream projects. The Wall Street Journal's Editorial Board explains that "the real economic benefits come from making a state more competitive for the long haul." They rank the 10 best states for tax climate in 2023: Wyoming South Dakota … [Read more...]
REJECT DEBT ON THE BALLOT: Force Legislators to Own Their Spending
When legislators or city administrators want to spend too much and rack up debt, they put some of the spending measures on the ballot. Usually, they put things on the ballot that are hard for voters to say no to. Measures like school funding and money for parks. Rarely will you see welfare payments or state pension funding increases up for a referendum vote. At Cato Institute, Chris Edwards explains some bonds on the ballot in 2022, and why those bonds should be voted against, and the spending measures rolled in budgets that legislators can be held accountable for. He writes: Aside from … [Read more...]
Your Survival Guy Prefers Bombardier’s Global Express 7500
If you’re going to Paris, you’ll need a heavy jet. Your Survival Guy prefers Bombardier’s Global Express 7500. With only a handful to choose from, you’ll be in rarified air, literally—because when you’re cruising at altitude tens of thousands of feet up, the advanced air pressurization system makes it feel like you’re only at 4,000. Great for extra-long trips (and even not-so-long ones). Remember, it’s the small things in life that matter most. You’ll want to hit the ground running, not bogged down with a head cold. Then there are the 15-windows (per side), soft leather club chairs, and … [Read more...]
Could Economists Be Wrong about a Recession?
Could economists have it wrong about the future? The question seems laughable. Economic predictions are so wrong so often that they have become a punchline. But when all the economists are predicting the same thing, it becomes more important to determine if they're correct or not. In the Financial Times, Ruchir Sharma examines whether current economic predictions of recession might be wrong. Sharma writes: Economists tend to think in small incremental steps, missing big turns in the story, which helps explain why their consensus view had not forecast a single US recession since records began … [Read more...]
Your Survival Guy: GNMA, L’Ami Louis, and You
Happy Friday. I want you to go to the most controversial restaurant in all of Paris. But first, a bit of business. As you know, Your Survival Guy isn’t big on selling positions. My default position is to hold forever. With that said, it doesn’t mean I operate with my head in the sand, far from it. There are times when selling for tax purposes makes sense—to realize a loss and get back into something similar. That’s a move that could make sense for you if you hold Vanguard GNMA at a loss in a taxable account. If you hold it in an IRA, then stick it out. If you want to talk, let me … [Read more...]
Is Currency Hedging a Future Systemic Risk?
In the Financial Times, Antonio Foglia makes the case that currency hedging as being done today could pose significant risks to the world's financial system. Foglia concludes: Over the past year, investors have suffered substantial losses as the price of bonds fell worldwide as interest rates have risen. And since the value of their dollar bond portfolios fell, foreign investors had to adjust their hedges down, buying back dollars and selling their home currencies. This is an activity usually carried out by back offices which at least on a quarterly basis adjust the size of their currency … [Read more...]
Your Survival Guy: Monsieur Get Your Money Cookin’
Is history a reliable guide? Let me tell you a story. On our research trip to Paris, we spent time on the left bank staying at Hotel & Spa D’Aubusson. At the morning buffet, it could have been easy to go for the morning pastries but using a bit (I said a bit) of self-control, I opted for the soft-boiled egg. Simple. Easy. The following week in Beaune, I did the same, but when I hit the shell, raw egg oozed all over my hands and onto the table. A fellow guest did the same, and later we learned you need to cook the eggs yourself. “The hot water is right there sir,” I was startled to … [Read more...]