Know Your TFSA Contribution Limit by MoneySense: Good news! Our annual TFSA limit is increasing from $6,000 to $6,500 for 2023. As always, once the calendar turns, check with the CRA (your online account is likely the best way) to determine the amount you contribute as you may be able to use some carry-forward room.
What Really Matters by Howard Marks: More timeless advice from Howard Marks! In this letter, he discusses the folly of being too concerned with short-term thinking and hyper-activity.
Sea Change by Howard Marks: The second letter from Howard Marks in about a month. This one was a doozy. When the “Warren Buffett” of the fixed income market, with more than 50 years of experience, says, this looks to be the third major market shift he’s seen in his investing lifetime, we should pay attention!
The British Empire Was Much Worse than You Realize by Sunil Khilnani: Thought-provoking article on the British Empire. The author argues the British Empire, in taking cover behind its proliferation of liberal thought, has historically received less criticism than it deserves.
As the author writes: “Yet oversimplified theories are themselves prone to bury other histories. The ungainly truth is that liberal thought has been a resource for repression and resistance alike, and theories of imperial power impatient with this ambiguity may not withstand the scrutiny they deserve.”
The Rise and Fall of Peer Review by Adam Mastroianni: Psychology researcher Adam Mastroianni believes the practice of peer review in research has been a failed experiment. In this essay, he provides examples (i.e., in three separate studies, planted errors were discovered by less than 30 per cent of peer reviewers) of how the process is flawed and doesn’t work. He also believes the annual 15 years of combined labour to maintain the peer review process could be used elsewhere to better effect.
ChatGPT: Why Everyone Is Obsessed This Mind-Blowing AI Chatbot by Stephen Shankland: ChatGPT is a recently released AI program that allows you to ask it questions, write you an essay, and iterate (as per your instructions) on its prior attempts. I spent a few hours trying it out. It felt like what I’d imagine a Google 2.0 search would be. It still needs work, but it already provides a richer experience than your traditional web search. With a few more iterations, I can see this, or something similar, becoming an indispensable personal research tool.
For a better explanation, the article’s author writes: “For example, you can ask it encyclopedia questions like, ‘Explaining Newton's laws of motion.’ You can tell it, ‘Write me a poem,’ and when it does, say, ‘Now make it more exciting.’ You can ask it to write a computer program that'll show you all the different ways you can arrange the letters of a word.
“Here's the catch: ChatGPT doesn't exactly know anything. It's an AI that's trained to recognize patterns in vast swaths of text harvested from the internet, then further trained with human assistance to deliver more useful, better dialog. The answers you get may sound plausible and even authoritative, but they might well be entirely wrong, as OpenAI warns.”
My Crypto Confession by Derek Thompson: The implosion of trading platform FTX and its now disgraced Founder Sam Bankman-Fried has been a huge business story this year. Aside from the billions of lost wealth, financial mismanagement, and likely theft and deceit that led to this collapse, the story caught fire for another reason. It lies at the heart of two movements, each having a cult-like following – crypto and effective altruism. Derek Thompson of the Atlantic discusses each movement and how this scandal has affected both.
Andrew Luck finally reveals why he walked away from the NFL by Seth Wickersham: When Andrew Luck, one of the best NFL Quarterbacks of his generation, unexpectedly retired in his prime before the 2019 season, it was a huge shock. This article explains the deeper reasons behind his decision. But, more interestingly, it’s also an exploration of what it takes to be one of the best at something, the cost of that pursuit, and the journey one man took to find himself.
If you’re a football or sports fan, you’ll want to read this. But it’s also a window into other worlds that demand excellence and the odyssey many take – or choose to avoid – in order to survive those realms.