We are living through a quiet power transition — not from one institution to another, but from one way of knowing to another.

Data no longer needs to be right. It needs to resonate. AI doesn’t win by proving itself correct, but by feeling aligned. Executives don’t ask for dashboards; they ask what customers are “vibing with.” Even burnout is no longer framed as failure, but as the body rejecting a story it no longer believes.

In a world where meaning is contested, narrative has become infrastructure. And power now accrues less to those who are correct — and more to those who can shape what feels right.

This week’s edition explores risk calibration in investing, the fragility of AI analysis, and why quitting can be a powerful strategy. From Alan Waxman’s unitized risk model to Cate Hall’s case for walking away, discover how capital, cashflow, and culture demand recalibration—not just ambition.