On The Record (10-27-26).

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.