Happy weekend! This week’s content links include Bob Casey on the lessons learned building Tegus, GS on whether AI will eat software, Kerr Neilson on oil shocks and why gold will hit $8,000, the FT on why Japan is losing its thirst for vending machines, The Terminalist on what driver information markets, the Master Investor Podcast’s conversation with Treasury Secretary Scott Bessent, and the student pitches from Columbia Business School’s 7th Annual Applied Value Investing Stock Pitch Challenge.

• Santa Barbara Management: Bob Casey on the lessons learned building Tegus.
• GS: Will AI eat software?
• Basis Points: Kerr Neilson on oil shocks and why gold will hit $8,000.
• FT: Japan loses its thirst for vending machines (paywalled).
• The Terminalist: What drives information markets, and why the transformer is unlike the telegraph, ticker, and terminal.
• Master Investor Podcast: Inside Trump’s Treasury; war costs; & why bond market is king.
• CBS: 7th Annual Applied Value Investing Stock Pitch Challenge.