1. First Trust Article (attached)
This brief piece offers helpful context for where we are in the AI cycle: “We are in the speculative phase now. Pricing in a future that is very bright, but that is just not here yet. Every single model of stock market valuation that we know shows the market exceeding its historical averages… And if the economy is slowing, as the jobs market suggests, these valuations are even more extreme.”
The author also raises an important point: some of the more compelling opportunities may lie in the enabling sectors—the companies building data centers, energy systems, and hardware infrastructure—rather than the AI companies themselves.
On that note, I recently attended a Blackstone conference where they discussed investing in the “picks and shovels” of AI. Many of you have exposure through BREIT, whose data-center investment in QTS has achieved “10x growth in leased megawatts since its acquisition in 2021” and is “positioned for significant expansion” (Q2 2025 Update). I’ve attached a short Blackstone piece on this theme as well.
2. Book: Principles for Dealing with the Changing World Order by Ray Dalio
I referenced this in my recent webinar because it remains one of the clearest explanations of long-term global power shifts, debt cycles, and the forces shaping today’s monetary landscape. It provides a useful lens for understanding where we may be headed given similar patterns in history - and it helps frame the potential role of gold and Bitcoin in portfolios.
3. Essay: “Rich” by David Whyte
This essay explores wealth through a philosophical lens. I was drawn to his idea of wealth as granting “spaciousness and ease” and “the ability to rest.” His reflections on money and power are thought-provoking, as is his question of “how much is enough.” At the same time, some of his generalizations may not resonate, which makes it an interesting piece to sit with.
If any of these spark a thought or raise a question, I welcome the conversation!
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