In partnership with | | | | | | | the number of monthly Costco Connection magazines that are mailed to members, making it the nation's third-largest magazine by print circulation. |
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| | In this issue, we asked some of the sharpest minds in business, media, and finance to share their unfiltered perspectives. From bold predictions about markets and technology, to reflections on what makes great teammates, to the habits that keep them sharp — their answers are candid, surprising, and personal. |
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| | | Predictions: Unconventional takes on what's ahead Top Teammates: What great employees have in common Off-the-Clock Edge: Habits outside work that help at work Advice to Younger Selves: What they wish they'd known earlier
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| | What's one unconventional prediction or thesis you hold right now, and what makes you confident in it? | "The next big crisis in confidence won't come from Wall Street, Washington, or even AI — but from our inability to distinguish human intent. In a world optimized for optics, trust is the next scarce resource. I've spent the last few years immersed in the 1929 crash for my next book — and the echoes are uncanny. Back then, it was ticker tape and telephone tips. Today, it's TikTok and finely tuned bios. The tools have changed, but the need for discernment hasn't." | | "Memes are infrastructure. People look at meme stocks and meme coins and say 'well THAT'S a bubble,' but I see them as structural adaptations to systemic exclusion (I'll buy the Labubu because I can't afford a house). I am confident in it because 1) the housing crisis won't be solved for a long time, even as homes pass on from the boomers to the next generation and 2) culture itself has been financialized. This is a permanent part of economic participation." | | "Bitcoin will exceed the market cap of gold in 10 years. Bitcoin is an immutable, nonsovereign digital asset popular among young investors, and has reached escape velocity in terms of mainstream adoption. It is quickly becoming a staple among a standard asset allocation mix and in a decade will trade over $1 million per coin." | |
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| | What do your most valuable employees/co-workers have in common? | "They care. They take things personally. They give a damn — about the work, the people, and the consequences. That sounds simple, but it's rare. For a long time, I overindexed on brilliance. Now I look for people who are invested emotionally, not just intellectually. I realized that it is better to hire the person begging for the job rather than the one I have to beg to take it." | | "The best analysts I've worked with are constantly curious. They ask lots of questions so they can understand a problem inside out. They have that natural drive to know why. My colleagues also show empathy in spades and have the space for people to show up like humans to work." | | "Those that have been most valuable (to me and to the banks where I worked) have been those who: 1) had a very positive and enthusiastic attitude, eager and happy to take on a broad range of tasks and responsibilities; 2) have been smart (table stakes); 3) have been great team players (employees who are just out for themselves undermine morale); and 4) have been hardworking (also table stakes)." | |
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| | What's one activity outside of work that meaningfully improves how you show up professionally? | "I go for walks a few times a day. I've been doing it for 20 years — just wandering around my block. When I look back, 95%+ of the 'work' I've done — ideas, decisions — came to me on those walks. Your mind works differently when you're moving." | | "Biking and running teach me three things: how my body works, how my mind works, and how to step away from noise. Endurance sports force me to pace myself, adjust under stress, and give ideas space to breathe. … Sports sharpen the patience needed for long-term creative work." | | "Writing thank-you notes. Long ones. It forces me to slow down, see people clearly, and connect with what matters." | |
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| | Write a couple sentences of advice to your younger self | "I know this is hard to grasp, but you need to be more confident in yourself. You have what it takes to succeed in this industry. You have smart opinions. You just need to say them with your chest. Believe in yourself." | | "No one's watching. No one's paying attention to what you wear. No one's gossiping about what you said. So be yourself — don't be so worried about other people judging you. They're too worried thinking about themselves." | | "Your best work will sit at the intersection of fun and challenge and it's important to try and design your life to spend as much time there as possible. … Creativity is maintenance." | | "The greatest meaning and satisfaction and reward you will find in life will very, very likely come from your family and your friends. Family starts with the spouse. Put your spouse, and then your children, and then your friends above everything. The single-greatest accomplishment you can have in life is to be with someone you love and who loves you for the vast majority of your living days, working through challenges and differences along the way." | | "Don't try to sound smart. Try to be useful — do one thing exceptionally. The rest takes care of itself." | |
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| | Programming Note: We're taking Labor Day off — no newsletter next Monday. We'll be back in your inbox Monday, September 8. | Thanks to Andrew Ross Sorkin, Kyla Scanlon, Callie Cox, Morgan Housel, Mark Mahaney, John Darsie, and Anthony Scaramucci for sharing their insights in this issue. |
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| | | How Sorority Rush Videos Became the Ultimate Reality TV Show U.S. Drinking Drops to New Low Michael Cembalest's most-recent research on the cheapness of U.S. health care stocks
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