Late Stage Capitalist

Eureka, California is where fog, redwoods, and Victorian bones replace tech gloss and traffic, offering a quieter, more textured version of the coast.

Effectively all growth in corn production over the last 20 years is for ethanol. ~20 million acres of conservation land, grassland, and soybean rotation was turned into corn monoculture that effectively strip mines the topsoil. Meanwhile it’s the most fertilizer dependent crop with only a 40% uptake rate. So ~1.7 million tons of nitrogen runoff flows into the Mississippi basin annually while also polluting their own water supplies. This runoff ends up expanding the Gulf deadzone, which is also where 40% of domestic seafood comes from. It’s hard to find a worse way to create fuel, with a wicked level of waste and downstream consequences.

If you bought $100k of $AMZN in 2021 You’d have $105,660 today 5 years later

US technology stocks have rarely ever been this cheap: The S&P 500 Information Technology index is now trading at just a 4% forward P/E premium to the S&P 500, the lowest since January 2019. This percentage has fallen -32 points since October 2025, one of the largest discounts on record. In other words, tech stocks are the cheapest relative to the broader market in 7 years. By comparison, the technology sector was ~47% more expensive than the S&P 500 at the June 2024 peak. Tech stocks are now on track to become cheaper than the S&P 500 for the 1st time since 2017. Is it time to buy tech?