The Free Reading Room

Public essays and commentary on markets, history, business, media, and culture.
separate from the subscriber-only Investment Letter.

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sidewalk cracking

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Two pastel pickleball paddles leaning against a net with a bright yellow ball on an outdoor court under a cloudy sky.

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Tall prairie grass blowing in the wind at sunset under a wide open sky.

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Rocky coastal cliffs overlooking the ocean with a tall sea stack rising from the water and light mist in the distance.

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Shadow of a hand shaped like a gun projected onto a textured wall.

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Black-and-white vintage-style image of a wooden post with two directional signs reading “GOOD” and “BAD,” pointing in opposite directions.

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Red car driving along a winding rural road with mountains and dramatic storm clouds in the background.

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Woodpecker with a red crest perched on a tree branch, viewed in profile against a soft natural background.

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Black exit sign with a white arrow pointing right, placed on a concrete walkway in low light.

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Auckland skyline at sunset with the Sky Tower overlooking the harbor and downtown buildings

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A single red rose placed on a gray stone grave marker in a quiet cemetery

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Empty airplane seats with sunlight coming through airplane windows above the clouds

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