The Big Picture：周一早间 10 篇必读

My back-to-work morning reads:

• Private Equity Has a Problem. Uncle Sam Says Your Wallet Can Fix It.: A government proposal would help fund managers sell alternative investments to a much wider audience. Wall Street’s problem becomes Main Street’s opportunity, or vice versa. (Wall Street Journal)

• ‘Things may get ugly’: Meta’s new AI Muse is about to make the internet more annoying: Thomas Germain: the web was built for humans, and Meta’s agent is about to start using it on their behalf. Someday we’ll redesign the internet for tools like this. Until then, you’re in for a wild ride. (BBC) see also Meta open sources code to let you make Muse AI gadgets: Meta now lets you connect Muse to your own hardware to put on your displays or a Raspberry Pi.​ Jay Peters: Meta now lets anyone build hardware around its Muse agent, suggesting projects like an E Ink reminder display. (The Verge)

• AI Agents Got Cash to Trade Stocks. Here’s What They Bought and Sold—Repeatedly. An investor gave AI agents $500 each and provided the same daily prompt: Make as much money as you can. Stockbrokers don’t need to worry…yet. (Barron’s)

• Disney World solved a problem that could save America billions every year: Our cities are built atop a dangerous obstacle course of cables. The Magic Kingdom found a better way. (Vox)

​• The Hot New Real Estate Scam: Fraudsters are gaming apartment leasing and tenant screening, and landlords are paying for it. A new wave of fraudsters is about to add a huge headache to your next home hunt — and could even drive up your rent (Business Insider)

​• A Warning About ‘Model Welfare’: Mustafa Suleyman is blunt: AIs are not conscious, do not suffer and have no innate preferences. He takes aim at the labs, Anthropic’s Claude constitution included, for treating them as if they might. (Mustafa Suleyman)

• The wealthy Cuban Americans ready and waiting for Havana to fall: “The intention of this evening is to gather under one roof the most prominent Cuban-American entrepreneurs in Miami-Dade County,” says CANCC president Juan Omar Sixto, “and the objective is to be in Cuba once the regime falls”. His guests are convinced that moment is nigh.​ Will Grant in Miami meets the exiles and investors with business plans drawn up and ready to go the moment the regime goes. (BBC)

• Dogs use a surprising method to understand human language, new study suggests: In a brain activity study, canines seemed to listen for consonants to figure out when one word ends and another begins.​ Maggie Penman on Hungarian research in Science: dogs pick out words in streams of speech the way human infants do, by listening for consonants. (Washington Post) see also The People Learning To Understand Wolves: A growing archive of wolf howls could transform how researchers count, study, and protect one of North America’s most contested predators.(Atmos)

• Paint it black: Efficacy of increased wind turbine rotor blade visibility to reduce avian fatalities,.Painting one of the blades of a wind turbine black can reduce bird deaths by 70 per cent. (Ecology and Evolution)

• The 25 Photos That Changed Fashion Forever: Two photographers, a fashion designer, a stylist, a creative director, an editor and a supermodel debate the images that have had an indelible impact on how we dress. (New York Times)

Video of the day: Elon Musk Is Building $119B TERAFAB That Shouldn’t Exist

Be sure to check out our latest Masters in Business interview with Omar Aguilar, President, Chief Executive Officer, and Chief Investment Officer of Schwab Asset Management, which runs more than $1 trillion across over 100 ETFs, mutual funds, and separately managed account strategies. He has held both the CEO and CIO titles since 2022

The VIX is NOT on the MOVE

Source: Jim Reid, Deutsche Bank

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