This week’s content links include Omar Malik’s speech on the capital cycle way, Edward Chancellor on the final phase of the debt supercycle, Gita Wirjawan’s conversation with Ashby Monk, Horizon Kinetics’ Q2 2025 commentary, Bloomberg on Dan Wang’s new book Breakneck and Kenneth Rogoff on the possible road ahead for the US dollar.

• Hosking Partners: The capital cycle way (Omar Malik’s speech at the Value Investor Conference).
• Hidden Forces: Edward Chancellor on the final phase of the debt supercycle.
• Endgame with Gita Wirjawan: Conversation with Ashby Monk.
• Horizon Kinetics: Q2 2025 commentary (interesting writeup on Japan Elevator Service Holdings, pgs. 26-31).
• Bloomberg: China is run by engineers, and the US by too many lawyers.
• The Market: Kenneth Rogoff on his new book Our Dollar, Your Problem.