Mememrmr

What’s the harshest truth every young man must eventually learn?

This needs to be posted from time to time. Bottom line, the more you build the more housing costs. Correlation is not causation but my god!

Ken Griffin went home on a Friday "fairly depressed" after watching AI agents at Citadel do work that used to take teams of PhDs in finance months to complete. Done in days. His words: "These are not mid-tier white collar jobs. These are extraordinarily high skilled jobs being automated by agentic AI." This is the head of one of the most successful hedge funds in history saying the people he pays seven figures to analyze markets and structure deals are being replaced by software that works in hours instead of months. Not theoretically. In his own office. Right now. The Coatue deck we covered earlier this week called agents "the biggest unlock" in AI. Griffin just confirmed it from the buy side. The shift from copilots to agents is not a future event. It is already happening at the highest levels of finance.

This is a 1902 Oxford scholarship exam. How would you do?

A four-year degree at the University of Chicago costs $386,000. They just made it free for almost every family in America. Starting Fall 2027, any household earning under $250,000 a year pays zero tuition. Under $125,000, the school also covers the dorm, the meal plan, and every fee. The most expensive university in the Midwest just became one of the cheapest options in the country for almost anyone who can get in. To understand how absurd this is, look at what you used to have to pay. UChicago undergraduate tuition for 2025 to 2026 is $73,266. Full cost of attendance with room, board, fees, books, and living expenses is roughly $93,000 a year. Across four years, the full price tag runs close to $386,000. That is the cost of a house in most American states. For a single college degree. The school had a previous free tuition threshold sitting at $125,000 of household income. They just doubled it overnight. The first thing nobody is saying out loud is what the $250,000 number actually means. The median household income in the United States is roughly $80,000. Households earning $250,000 sit in the top 5% of the entire country. UChicago is now telling 95% of American families that the sticker price does not apply to them. The most selective private university in the Midwest, the school that produced more Nobel laureates per capita than almost any institution on Earth, just stopped charging tuition to almost everyone who could realistically get in. The second thing nobody is saying is what happens to the families just under $125,000. They are not getting a discount. They are getting a fully paid four-year residential education at one of the top ten universities in the world. Tuition, dorm, meal plan, fees, all of it. Zero. A family making $120,000 a year is sending their kid to a school whose advertised cost is $93,000 a year and writing checks for nothing. The third thing is the part that should be making every other elite university nervous. UChicago is not the first to do this. MIT moved to $200,000 last year. Harvard moved to $200,000. Stanford moved to $150,000 with free room and board under $100,000. Princeton has had a version of this for years. Penn just announced a similar policy. The number is climbing every cycle and the trigger for each new announcement is the previous announcement. Every school watching this is now under pressure to match or get embarrassed in the next admissions cycle. UChicago just set the new ceiling at $250,000. Somebody is going to push it to $300,000 within twelve months. The reason the ceiling keeps moving is not generosity. It is competition for the same 3,000 students. The top 20 universities in America are fighting for the same applicant pool every year. When MIT made tuition free under $200,000, every kid in that bracket who got into both MIT and a school still charging full price stopped weighing the decision. The free school wins. The sticker price has stopped being a price for the people the universities want most. It has become a posted number that only the rich actually pay, and the rich do not need a discount to attend. The endowments are what make this possible. UChicago is sitting on $10.4 billion. Harvard is at $53 billion. MIT is at $25 billion. Stanford is at $36 billion. These are not schools running on tuition revenue. They are hedge funds with classrooms attached, and the tuition line on their balance sheet is a rounding error compared to investment returns and donor giving. Free tuition under $250,000 costs them almost nothing relative to what they earn each year on the endowment alone. The cruel reality is that the schools that can afford to make this announcement are exactly the schools that did not need to. The state university charging $30,000 a year cannot copy this. The small private liberal arts college running on a $400 million endowment cannot copy this. The cost of college in America is not going down. It is bifurcating. The top of the pyramid is now functionally free for almost everyone who gets admitted. Everything below it is getting more expensive every year. The student loan debt in America just crossed $1.8 trillion. The average graduate owes around $37,000. Forty-three million Americans are carrying education debt right now. And the schools that produce the smallest percentage of that debt are the ones that just made themselves free. There is a generation of kids growing up right now whose parents earn $200,000 a year and quietly assumed UChicago, Harvard, MIT, and Stanford were out of reach. They were wrong. The schools they thought they could not afford are the only ones they actually can. The hardest part of attending the University of Chicago in 2027 is no longer paying for it. It is getting in.

Maths majors nightmare