This week we celebrated 99 years of stubborn optimism with Max’s father-in-law, and took seriously his assessment that it’s 1932, with all the chaos and heartache that implies before something better emerges on the other side. Then we dug into the Anthropic prospectus, which confirms what we’ve been saying: it’s not the railroad or the internet, it’s an accelerant to monopolization, greasing the wheels for the companies that are already winning while the rest of the economy starves. The greatest misallocation of capital in history, right on schedule.

Chapters

Intro: 00:00:45

Quick Takes: 00:01:26

Phone A Friend: 00:07:52

Memberships: 00:11:03

Max Notes: 00:12:41

Killer Left Take of the Week: 00:26:13

Outro: 00:27:54

Resources

The Kiffness: Donald Trump BURP REMIX!

Matthew McConaughey On Instagram

CNN: What a photojournalist learned after being beaten by Jewish settlers

American Redact: Ethan Klein’s Cheating Scandal is Worse Than You Think

NBC News: Ramaswamy ad puts Acton’s estranged mother in spotlight as records reveal family’s troubled past

Reuters: France’s Le Pen launches presidential bid as protests rattle the nation

Mother Jones: Lula’s Surprise Win Blocks Trump’s Push for a Far-Right Brazil

Anand Giridharadas: Man in the Mirror: Hope, Struggle, and Belonging in an American City

Bloomberg: Anthropic Mum on Investment Grade as It Warns of More Debt

The Noble Update: This is going to be the biggest misallocation of capital in history

Bell System Memorial: A Capsule History of the Bell System

Enclyopedia.com: Surviving the Great Depression

Butler Eagle: How did there get to be a ‘Big 3’?

More Perfect Union: We Went To Rural Florida: The Healthcare Crisis Will Shock You

UNFTR Resources

Video: On The Record 10-27-26 (What My 99 Year Old Father in Law Taught Me About Technological Revolutions.)

Essay: Anthropic’s IPO Is Very Silly.

Video: Phone A Friend: Anand Giridharadas

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Intro music by Hold Fast.