THE DAILY H.E.A.T.

We’re launching a fund built on a number nobody talks about

The $177.5 Billion Liability That Helped Build Berkshire

Berkshire paid $8.6 million for two insurers in 1967. The deal came with money Buffett could invest but did not own. That pool is now $177.5 billion.

Jevons Paradox

A 161-year-old coal paradox explains why efficient AI can expand compute demand—and why power may be the harder limit.

The 58-Cent Mystery

Personalis closed at $16.83 Thursday— 58 cents above Tempus's headline deal value. The filing reveals a rejected $17 proposal and a much larger recurring prize.

Wall Street's Race to Zero

An AI Token Benchmark Fell Below $1—While AI Stocks Rallied

I'm Flying to Seoul to Investigate a Two-Stock AI Boom

Samsung and SK hynix now drive 46% of South Korea's main U.S. country ETF. Hyundai's robot push is the second act—and the power grid may decide whether it works.