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๐๐จ๐ญ๐ซ๐ž ๐ƒ๐š๐ฆ๐ž'๐ฌ ๐ฌ๐œ๐ก๐ž๐๐ฎ๐ฅ๐ž ๐ข๐ฌ ๐ฐ๐ž๐š๐ค ๐ฐ๐ข๐ญ๐ก๐จ๐ฎ๐ญ ๐”๐’๐‚? Colin Cowherd: "Their big game is hosting Miami. After that it's embarrassing. Had you added USC you would have two "big" games." Three of the teams on Notre Dames's schedule has made the Playoffs in the past. USC has ๐๐„๐•๐„๐‘ made the...

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Kishore Mahbubani (Kishore Mahbubani): The West has, in global terms, become a lonely, narcissistic civilization, self-absorbed in itself, very happy with itself, and therefore, with this narcissism, has blinded itself to the mistakes that it has made in dealing with the rest of the world. And I want to begin the story, in some ways, with the end of the Cold War in 1990, because Iโ€™m sure you all remember how the West celebrated, how happy the West was that it defeated the Soviet Union without firing a shot, and the West thought, โ€œHey, we have arrived.โ€ And you even believedโ€”this is amazingโ€”almost everyone in the West believed that you had reached the end of history. Hooray! We donโ€™t have to struggle anymore. Weโ€™ve made it. We made it to the top. Weโ€™ve achieved these liberal democratic societies, which are the best societies in the world. We succeeded. We have made it. The rest of you, the rest of the world, youโ€™re going to struggle. We donโ€™t have to struggle. And one statistic that Iโ€™m surprised that so few in the West are aware of is that the West only makes up 12% of the worldโ€™s population. Twelve percent. Eighty-eight percent lives outside the West. And the West crazily assumed at that moment of history, when it reached the end of history, that the rest of the world would come and become replicas of the West. Copy you. Follow you. And become like you. Iโ€™m sure youโ€™ll all agree that thatโ€™s a somewhat arrogant assumption on the part of the West. But that arrogance dominated the worldview of all the Western intellectuals at that time. I know it so well because, by an accident of history, I spent a year in Harvard in โ€™91โ€“โ€™92. And I drowned in that arrogance. I could feel how the West had arrived and succeeded, and the rest of you poor chaps, get used to it, adjust to it, move on. So, the reason why that arrogance at that point was a major strategic mistake was because that arrogance put the West to sleep at precisely the moment when the other civilizations decided to wake up. So, you close your eyes when the rest of the world was waking up. And remember, China had started its Four Modernizations program in 1979 and, by 1989โ€“1990, was gaining a lot of momentum. And then India also woke up around the early 1990s as a result of crisis, by the way. In both cases, China went through a major crisis and said, โ€œOkay, enough is enough. Time for us to get sensible and do the right thing.โ€ India went through a major crisis and said, โ€œEnough is enough. Letโ€™s do the right thing.โ€ And, of course, what youโ€™ve seen since then, in the case of the Chinese, the Chinese civilization has been around for 4,000 years, and the last 40 years of economic and social development in China have been the best 40 years in 4,000 years of Chinese history. And the West said, โ€œIt cannot be. Theyโ€™re not like us. They cannot be succeeding. Right?โ€ Because you assume to succeed, you must be liberal democratic. So, that clearly, thatโ€™s why I think the end-of-history moment was a disastrous moment for the West because they put the West to sleep at precisely the moment when the rest was waking up.

๐Ÿ…ฐpocalypsis ๐Ÿ…ฐpocalypseos ๐Ÿ‡ท๐Ÿ‡บ ๐Ÿ‡จ๐Ÿ‡ณ ๐Ÿ…‰

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Every financial crisis of the last 25 years has been the same math mistake. A British mathematician explains it in 60 seconds using 100 bottles of beer. He has been trying to tell Wall Street for 30 years. Nobody has moved. You need 100 bottles of beer for a party. One bottle costs ยฃ1. What do you pay for 100? If you said ยฃ100, you just made the mistake that has crashed Wall Street four times since 1998. The real answer is: you have no idea. Depending on where you buy, it could be ยฃ80 for a bulk discount. Or ยฃ200 at the only shop still open. Almost never exactly ยฃ100. His name is Paul Wilmott. He is 66. Oxford math PhD. He wrote the textbook every serious quant reads. He founded the Certificate in Quantitative Finance program in 2003 and has trained thousands of the people now working at the biggest banks in the world. He said it out loud in a 2010 documentary. The film is called "Quants: The Alchemists of Wall Street." VPRO in the Netherlands made it. It runs 50 minutes. It is on YouTube. The industry ignored the film for 15 years and counting. The specific mistake Wilmott keeps warning about has a name. It is called linearity. Almost every financial model assumes doubling the input doubles the output. Twice the leverage, twice the return. Half the risk, half the loss. The real world does not work that way. The market really does not. Long-Term Capital Management figured this out in September 1998. Two Nobel Prize winners were on its board. Their model assumed correlations between markets would stay stable. In August, Russia defaulted. Correlations went to one. Every position moved against them at the same time. They lost $4.6 billion in six weeks. The Fed had to organize a bailout. The same failure has repeated every 8 to 10 years since. Subprime CDOs in 2008. Volatility funds in 2018. Silicon Valley Bank in 2023. Different math. Same mistake. Wilmott called it in 2010 with beer. He is still writing. He is still teaching. His students still get hired. Nothing has changed.

Veles

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The PGA Championship is often accused of lacking identity but it always has one of the strongest fields in golf with the majority of the top 100 players in the world playing. Itโ€™s also had an incredible list of winners over the last 10 years that back up that theory: 2025: Scottie Scheffler beat Bryson DeChambeau, Harris English and Davis Riley 2024: Xander Schauffele beat Bryson DeChambeau 2023: Brooks Koepka beat Scottie Scheffler and Viktor Hovland 2022: Justin Thomas beat Will Zalatoris 2021: Phil Mickelson beat Brooks Koepka 2020: Collin Morikawa beat Dustin Johnson and Paul Casey 2019: Brooks Koepka beat Dustin Johnson 2018: Brooks Koepka beat Tiger Woods 2017: Justin Thomas beat Patrick Reed, Louis Oosthuizen and Francesco Molinari Justin Rose has played in 24 PGA Championships and ahead of this weekโ€™s playing at Aronimink, he spoke about what makes this particular major unique: โ€œThe PGA Championship, I would say what makes it unique is the strength of the field. The amount of players that are in the top 100 in the world is the most out of all the four majors. I think that it's played on classic tests of golf that are set up to challenge us, but also allow us to play golf. โ€œWhether it's 8-under par, 10-under par, 16-under par, doesn't really matter too much. It's about just a good test of golf on a strong golf course. So from that point of view I think it has its character. And, yeah, listen, it's one of the four majors, and if you want to achieve amazing things in this game you have to lift all four majors. So for everybody here, it's a huge goal.โ€ Whatever your thoughts on the PGA Championship, one thing is for the sure, it consistently delivers some electric leaderboards down the stretch on Sundays. As golf fans, isnโ€™t that all we really want? PGA Championship Justin ROSE

Flushing It

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