From the computer of Peter Clark

SpaceX at $1.6-2t would challenge Meta for spot #6, potentially slotting in behind Amazon. When they qualify, passive funds managing $20t must buy. Index funds can’t raise cash. They sell existing holdings.

The mechanics become self-reinforcing. Index funds sell existing mega-caps to buy new entrants. Lower mega-cap prices trigger momentum strategies to sell further. Additional selling creates more pressure on the very stocks index funds track.

"It’s so brave to feel your feelings; some people live their whole lives without being able to do that."

Perhaps, I thought, a man’s life is less like a single tree and more like a garden in the wild, under constant threat of being reclaimed by nature. The bits we want to keep must be cared for, watered, maintained. Kind of like a golf course.

Sometimes when he does, he thinks the father seems a little begrudging, walking slightly behind the child, and he wonders how many of these dads were told by their wife to take the kid out to play. He understands: He, too, is stretching to be not just a provider, that classic masculine trope, but also a nurturer—someone softer, more open. The other day, when he was visiting his cousin’s two daughters, the 5-year-old got in trouble and ran into the living room and hid behind the couch. He picked her up and took her to the mirror, and they looked at their reflections together. “You are wonderful,” he told her. “And you don’t have to worry about anything.”