Math is wonderful—because it works. Consider a classic valuation question: Is the whole worth the sum of its parts? Put another way, should the total value of a conglomerate be less than the value of its operating companies, if each business were measured on a stand-alone basis? The answer is…

A golden outline of a speech bubble is filled with a jumble of colorful, balloon-like spheres. The spheres vary in size, color, and texture, and the image is set against a light-gray background. In recent years, large language models (LLMs) have made tremendous progress in their ability to generate content.…

Hurricanes Helene and Milton wrought destruction as they lashed across the southeastern United States in late September and early October. Lives were lost. Properties were ruined. Amid this devastation, it’s worth noting the considerable toll that storms like these can take on the small businesses that happen to lay in…

One night, over dinner, Daniel Kahneman changed my perspective on value creation. Why do so many people, including leaders of large corporations, draw back from acting more boldly, even when taking incremental risks can create much greater returns? And perhaps more important: Can anything be done about it? Kahneman explained…

The race is on to build sufficient data center capacity to support a massive acceleration in the use of AI. Data center demand has already soared in response to the role data plays in modern lives. But with the emergence of generative AI (gen AI), demand is set to rise…