Words to Remember
Never Trust Forecasts… Or Astrology 🧠
“The function of economic forecasting is to make astrology look respectable.”
Why we ran it
Alphabet booked the largest quarterly profit in U.S. history, $112.1 billion, while burning cash for the first time on record, because $98 billion of it was paper gains on Anthropic and SpaceX. When the headline number and the cash number say opposite things, the forecasts built on either are worth about what Galbraith said.
From the July 24, 2026 issue: Record Profits, Vanishing Cash →