Money Archives - Page 2 of 25 - Pittsburgh Quarterly

“A meal without mushrooms is like a day without rain.” — John Cage Previously in this series: Basking in the Mushroom Limelight“I learned more about psychology in the five hours after taking these mushrooms than in the preceding 15 years of studying and doing research.” — Timothy Leary It’s almost impossible to exaggerate what an extraordinary …

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Basking in Mushroom Limelight

by Greg Curtis

“Mushrooms have many helpful nutrients, including beta glucans for immune enhancement, ergothioneines for antioxidative potentiation, nerve growth stimulators for helping brain function, and antimicrobial compounds for limiting viruses.” — Paul Stamets, American mycologist Previously in this series: The Life and Death of Moonlight Mushrooms “Falling in love is like eating mushrooms, you never know if it’s …

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The Life and Death of Moonlight Mushrooms

by Greg Curtis

“All mushrooms are edible, but some are edible only once.” Philip Hanes, mushroom expert quoted in the New York Times I was just out of law school, working for a huge law firm and still trying to figure out what the practice of law was all about. One day I received a call from the secretary of …

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The Perils of Fed Speak

by Greg Curtis

“Our regulators are proving worse than the Bourbons: they have learnt nothing and forgotten everything.” — Martin Sandbu, Financial Times, quoting Talleyrand Previously in this series: Can the Fed be Saved?For nearly three decades the U.S. Fed has followed easy money policies regardless of economic conditions, giving birth to a series of economic crises unlike any the …

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Can the Fed be Saved?

by Greg Curtis

“History will give a full accounting of the grave errors committed [by the US Fed].” Kevin Warsh, former Fed board member “Decennial financial blowups aren’t the stuff of great powers – at least, not for long.” Stanley Druckenmiller Long-term readers of these essays know that I am no fan of the U.S. Fed. In my view …

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The Thrilling Conclusion!

by Greg Curtis

“Any sufficiently advanced technology is indistinguishable from magic.” — Arthur C. Clarke I began this series on generative AI because an irate reader had suggested that my blogs were written by a particularly doltish AI bot. Now that we know a lot more about generative AI we can decide whether my irked reader could even …

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What’s All the Panic About?

by Greg Curtis

“I don’t think there is a single task you can assign a junior analyst, banker, developer, teacher or lawyer that can’t be accomplished more quickly, more smartly and much more cheaply with [generative AI].” Ben Hunt “Every new technology is the Full Employment Act for ethicists and scolds.” Andy Kessler Previously in this Series: Look at What …

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Look at What AI Can Do

by Greg Curtis

“[Generative AI] bids to transform the human cognitive process as it has not been shaken up since the invention of printing.” Henry Kissinger et al. Previously in this series: Poems and College Essays by Chat GPT, Am I a Bot? Part IV “I don’t think anybody’s job is safe. I am so excited to be …

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Poems and College Essays by Chat GPT

by Greg Curtis

“LLMs [that is, large language model generative AI systems] are essentially ‘conventional wisdom’ machines.” – Bruno Massarelli Previously in this series: The Bully Effect, Am I a Bot? Part III Why is generative AI – like Chat GPT – such a threat to Google’s internet search revenue? To understand why, let’s engage in a thought …

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Banks – and Reputations – Go Poof

by Greg Curtis

[I’m interrupting my series on generative AI for this bulletin on Silicon Valley Bank.] “How did you go bankrupt? Bill asked. Two ways, Mike said. Gradually and then suddenly.” — Hemingway, The Sun Also Rises Is it just me or was there anything about the collapse of Silicon Valley Bank that wasn’t annoying in the extreme? Let’s take a …

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The Bully Effect

by Greg Curtis

“I love you.” Bing/ChatGPT to tech reporter It’s almost impossible to overestimate the stakes for generative AI systems like ChatGPT. Google has long dominated Internet search, holding more than a 90% market share. Microsoft’s Bing, meanwhile, has been a pathetic also-ran, holding down market shares in the single digits and being not only largely ignored but …

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Am I a Bot? Part II

by Greg Curtis

ChatGPT is scary good. Elon Musk Every so often a technology captures the world’s imagination. The Economist [Generative AI] is as important as the PC, as the internet. Bill Gates I think it will be the most significant technological transformation in human history. Sam Altman, CEO of Open AI, the developer of ChatGPT AI relieves people of their …

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Am I a Bot?

by Greg Curtis

A month or so ago a reader of these pages wrote in to let me know she had concluded that my essays had been written by “a particularly dim-witted Artificial Intelligence bot.” Well! I’ve received many critical and intemperate responses to these writings over the years, but that was the first time I’d been accused …

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Lord Joe Hardy

by Greg Curtis

I’d assured Joe Hardy that his vision for Nemacolin was flat-out nuts. But Joe was as good as his word and over the years Nemacolin blossomed into a first-class destination resort. Joe’s hotel gained Triple A 5-Diamond status, the resort’s wine cellar grew into the largest in Pennsylvania, and his restaurant became the most expensive …

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Joe Buys the Place at Auction

by Greg Curtis

“I guess that all I can hope for is that, when people think of me, they think, ‘Hey, that jackass started out with only $5,000 and made a fortune. Maybe I can, too!’” Joe Hardy to Jeff Sewald in Pittsburgh Quarterly Previously in this series: Firings All Around! The Nemacolin property was being sold at a bankruptcy …

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Firings All Around!

by Greg Curtis

I had no choice but to fire “Harry” on the spot – and then have him carefully escorted off the property so he wouldn’t steal the silverware – but that left me with no one to run Nemacolin and four muckety-mucks arriving in a few days. “Don,” the weird private eye I’d hired, promptly offered …

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The Plot Thickens

by Greg Curtis

I’d hired a guy named “Harry” to run Nemacolin for me, and a private eye named “Don” to check up on Harry, but I wasn’t a completely hands-off boss. As Harry began improving the ambience of the place, I got involved, changing the named from “Nemacolin” to “Nemacolin Woodlands” and sketching out a logo that …

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Joe Hardy, Nemacolin and Me

by Greg Curtis

Some years ago I became the head of a family office for one of America’s wealthiest families. Very near the top of my to-do list, which the family had unceremoniously handed me on my first day, was something that read, “Sell Nemacolin.” As far as I knew, Nemacolin had been a famous chief of the …

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Are Happy Days Here Again?

by Greg Curtis

Given two back-to-back horrific years – 2020 and 2021 – you might have supposed that a kind God would have given us a break in 2022. No such luck – The Evil Years continued. War in Ukraine On the morning of February 24, 2022, the New Year having hardly gotten started, the vaunted Russian army …

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Three Years to Forget

by Greg Curtis

In my view we can take 2020, 2021, and 2022 and stick them where the sun don’t shine. I know, I know, I need to keep matters in perspective. Those three years weren’t actually as bad as, say, the Black Death (200 million dead), the Great Depression, World War II (120 million dead). They weren’t …

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Final Thoughts on Cuba and Ukraine

by Greg Curtis

“Never in history has Russia made such stupid decisions.” — Russian General Leonid Ivashov What can we learn from the Cuban Missile Crisis way back in 1962 that might be useful in navigating Vladimir Putin’s nuclear threats today? Here are some thoughts. Previously in this series: Too Who Blinked, Pt VI Don’t panic Although the …

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Who Blinked?

by PQ Staff

As we noted last week, several days into the Cuban Missile Crisis, President Kennedy began to receive almost bizarre letters from Nikita Khrushchev – long, disjointed missives that seemed to be almost steam-of-conscious ramblings. One letter offered to remove the missiles if the US would promise publicly not to invade Cuba. But very shortly after …

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