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Health Policy

A Closed-Door Clinical-AI Demo Day With Regulators Shows Why Industry Engagement Is Both Necessary and Risky

Federal health officials held an unannounced, closed-door demo day with ten clinical-AI companies at FDA headquarters. The episode captures a real tension, regulators need to understand fast-moving technology firsthand, but private, selective access is the classic setup for regulatory capture.

By James T.·9 min read
Public Health

Erica Schwartz Is Confirmed to Lead the CDC, on the Strength of What She Declined to Promise

The Senate confirmed Dr. Erica Schwartz to lead the CDC after she declined to say whether she would defend the agency's science against political pressure. That evasiveness was not a flaw in her candidacy, it was the mechanism that made her confirmable.

By James T.·7 min read
Medicare Policy

The Orphan-Drug Exemption Was Built for Small Markets. It Now Protects Blockbusters, Which Is Why It Guts Medicare's Savings

A new analysis finds that exempting orphan drugs from Medicare's drug-pricing pilots would erase most of their savings. The paradox unwinds once you see that the orphan label, meant for tiny markets, now also covers blockbusters like Keytruda.

By James T.·9 min read
Medical Screening

In Prostate Cancer, a Better Test Finds Fewer Cancers. The MRI-Versus-Biopsy Debate Is Really About Overdiagnosis

Prostate cancer is extremely common and rarely deadly, a combination partly explained by overdiagnosis. Growing trial evidence favors MRI-first diagnosis over systematic biopsy precisely because it finds less indolent cancer, not more.

By James T.·10 min read
Wealth Management

Three Kinds of Social Capital Drive a Financial Advisor's Success. All Three Are Built by Giving, Not Extracting

At a Chicago conference of Black financial professionals, Ariel Investments' John Rogers and other advisors laid out three kinds of social capital that build a career, internal, community, and mentorship. All three compound through the same counterintuitive rule, they are built by giving, not by extracting.

By Vasil V.·9 min read
Investing

Compass's Revenue Doubled Because It Bought a Rival, Not Because It Grew. Its Earnings Are Really an Integration Report Card.

Compass guided to roughly double last year's revenue after acquiring Anywhere Real Estate for $1.6 billion. Most of that doubling is merger arithmetic, not growth, and the earnings that actually matter are a test of whether the integration is working.

By Vasil V.·9 min read
Nonprofit Law

Restricted Endowments Look Like Money Colleges Can Use in a Crisis. Being Unusable in a Crisis Is the Entire Point.

Nearly 200 private colleges drew on restricted donor endowments in 2025, mostly for operating expenses rather than the purposes donors specified. A restricted gift is a legally binding promise, not a reserve, and the real wrong is usually not redeployment but doing it without consent.

By Victoria C.·10 min read
Markets

Everyone Knows El Niño Is Coming. A Known Event Is a Priced Event, Which Is Why It's So Hard to Trade.

A strong El Niño is confirmed and building, and the conventional playbook says buy fertilizer, sell food processors, trade the crop spikes. A knowable weather event is precisely the kind that's hardest to profit from, because everyone already knows about it.

By Vasil V.·9 min read
Corporate Strategy

Yellow.ai Isn't Selling AI to Outsourcing Firms. It's Buying Them. That Choice Reveals Where AI's Value Actually Gets Captured.

Yellow.ai is going public via SPAC with a plan to acquire business-process outsourcing firms and automate them rather than sell software to them. The inversion of the normal software playbook is a sharp bet about where AI's value gets captured in a labor-heavy services market, and a genuinely risky one.

By Vasil V.·9 min read
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