Progress doesn’t eliminate cost — it just moves it. This week’s reflections explore how AI, markets, startups, and even therapy culture disguise risk, defer responsibility, and quietly accumulate fragility.

“High-flying growth with shaky roots” defines today’s economy: soaring Mag7 valuations mask the decay on Main Street, while private equity avoids facing losses in a new rate regime. Value is eclipsed by price, optionality always carries cost, and defaults—set quietly by tech and politics—shape the rules of engagement. True capitalism thrives when it disrupts, not when it entrenches.