EQ Saturday Sapience #160
Equity Intelligence 28th February 2026
Quote for the Week
“Because a lot of the investing process comes down to speculation, and because of AI’s less-than-total reliability, I think it’s unlikely that AI will be infallible as an investor. It will propose well-reasoned hypotheses, but they – like humans’ decisions – won’t always be right. Before investors take action on the basis of AI’s hypotheses, then, I think they’ll have to be checked for reasonableness. No one can do this infallibly, and most people probably can’t make these assessments better than AI can. Again, however, I believe there will be an ability for superior investors to add value in this way.” —Howard Marks
Picture for the Week
Podcast for the Week
The AI Tsunami is Here & Society Isn't Ready - Dario Amodei with Nikhil Kamath… Watch more
Articles for the Week
The Post-AGI Economy: What the World Probably Looks Like in 2035… The organizing principle: value accrues to scarcity. Every economic era is defined by its bottleneck. In the industrial age, the bottleneck was capital (machines, factories). In the information age, the bottleneck was software talent and distribution. Post-AGI, software becomes abundant — any corporation can generate unlimited code, analysis, content, design at near-zero marginal cost. The bottleneck shifts decisively to what cannot be generated: energy, physical infrastructure, atoms, unique data, and the capacity to turn intelligence into physical reality… Read more
Why is India hitting the bottle when the world is sobering up? The West has a drinking problem of a different kind. Falling demand. Meanwhile, thousands of miles away, India is buying more. Between 2020 and 2025, alcohol consumption in India rose nearly 1.8X, growing at an annual compounded rate of nearly 14% to reach 7,500 million litres, according to market-research firm Euromonitor. Even as there’s talk of a section of Indian youth drinking less, industry veterans dismiss it as a small phenomenon. It’s restricted to a “small consumer cohort of younger, educated, affluent people living in metros… Read more
The global footwear major that kept betting on India despite Trump-era tariffs... Crocs is strengthening its manufacturing in India. The footwear brand sees India as a key hub for its global supply chain diversification. Despite past tariff challenges, the company has expanded its factory presence. This move aims to serve both export markets and the growing Indian consumer base. India is now a top focus market for Crocs' retail expansion… Read more
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