This week I kept circling one theme: power hides in architecture. Hackers expose assumptions, founders learn too late that equity isn’t ownership, and investors crowd into “quality” stocks without seeing the math stacked against them. From FanDuel’s founders losing everything to Robinhood replacing Caesars in the S&P, the lesson is clear: if you don’t study the system, you’re not playing the game—you’re being played.

“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.