Good Morning! Barclays is cutting 5,000 jobs (~5% of its workforce) to lower costs and roll out AI across the bank. Moderna shares fell nearly 18% after details from a closely guarded mRNA cancer vaccine study leaked on social media. And a vape company is at the center of a family feud involving Dan Bilzerian.

Blackstone is cutting property valuations as higher rates weigh on returns. Major PE backers are calling for closer scrutiny of sweetheart deals. And Blackstone’s Jon Gray is pushing back on AI bubble warnings, describing demand as “parabolic.”

Plus: OpenAI is nearing a $30 billion raise at a $1.25 trillion valuation, Jensen Huang sees no memory glut through 2029, and why your career doesn’t have to be linear.

Discover how AI is transforming investment research, from chatbots to autonomous agents, in this on-demand webinar with Daloopa CEO Thomas Li.

Anduril co-founder Palmer Luckey has a new defense venture. Warhound, a Texas-based startup he conceived with Colossal Biosciences founder Ben Lamm, has raised $200 million at a $1.2 billion valuation.

The company plans to clone and gene-edit working dogs for the US military and law enforcement. Investors include Sequoia, Lux Capital, Franklin Templeton, Ark Invest, and In-Q-Tel, the CIA’s venture arm.

Most US military working dogs currently come from European breeders, and many don’t make it through training. Warhound aims to build a domestic supply by biobanking top-performing dogs, cloning them, and editing their genes to improve longevity and performance.

Colossal, best known for its effort to bring back the woolly mammoth, will provide the gene-editing technology. Anduril will develop body armor and other tech to give the dogs better awareness on the battlefield. The first dogs are expected to be born early next year and could enter service within two years.

Luckey won’t hold equity or have a day-to-day role. The company will be run by David Spirk, a former Marine who was the Pentagon’s first chief data officer and later advised Palantir. Lamm will sit on the board.

Takeaway: Warhound shows how much capital is flowing into defense tech, especially ventures tied to domestic supply chains and national security. Its success will likely hinge on landing government contracts and on how regulators and the public view gene-edited animals in military use. For now, it gets our vote for the weirdest startup of the year.

AI is rapidly changing the way investment teams work. What started as a tool for finding information is evolving into a way to automate complex research tasks, analyze financial data, and streamline workflows that once required significant manual effort.

In this brief on-demand webinar, Daloopa CEO Thomas Li shares what he's seeing across the industry as firms evolve from using LLMs for search, to Skills powered by Daloopa's MCP, to autonomous AI agents. Discover how this shift is reshaping day-to-day investment research, enabling analysts to automate complex tasks, streamline workflows, and spend more time on higher-value analysis.

Watch the on-demand session to explore how AI is transforming investment research today and what this shift means for your team’s workflows.

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Description: Justin Fox explores the history of one of modern finance's most influential ideas: the belief that financial markets efficiently incorporate available information and that market prices are generally rational. Through an engaging history of economists, investors, academics, and financial institutions, Fox traces how the efficient market hypothesis emerged, gained acceptance, and shaped investment strategies and economic policy. He examines the contributions of influential thinkers such as Eugene Fama, Harry Markowitz, and Robert Shiller, revealing the intellectual battles that transformed how investors understand risk, reward, and market behavior.

Book Length: 448 pages
Release Date: October 13, 2026

Ideal For: Investors, portfolio managers, finance executives, economists, and business professionals interested in market efficiency, behavioral finance, valuation, and investment strategy. Particularly valuable for readers seeking to understand the limitations of conventional financial models, the origins of modern investing theory, and how irrational behavior and market imperfections can create both financial crises and investment opportunities.

Markets are powerful mechanisms for discovering value, but understanding how they work requires recognizing both their extraordinary efficiency and their persistent imperfections.

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Take any big list of real-world numbers, like company revenues, city populations or invoice totals. About 30.1% start with the digit 1, and only 4.6% start with 9.

The reason is growth. A company growing 10% a year takes about 7.3 years to go from $1 million to $2 million, but only about 1.1 years to go from $9 million to $10 million.

People who invent numbers don’t know this. In one audit case, every leading digit appeared in about 10% of an employee’s expense claims, and that flat pattern exposed the fake receipts.

You can flag fabricated data without knowing anything about the business. It only works on naturally occurring numbers, not assigned ones like check numbers.

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