Monday links: spending to stay in place

CommoditiesCommodities are off to a strong start this year. (capitalspectator.com)Gold topped $5000 per ounce for the first time ever. (sherwood.news)Central banks keep snapping up gold. (mrzepczynski.blogspot.com)CryptoBitmine ($BMNR) is buying more Ethereum. (theblock.co)Strategy ($MSTR) is buying more Bitcoin. (theblock.co)Corporate financeA potential downside of family control - persistent valuation discounts. (oldroperesearch.substack.com)A profile of David Sokol who was poised to be Warren Buffett's eventual replacement. (wsj.com)CompaniesHow Taiwan Semi ($TSM) is a brake on the AI bubble. (stratechery.com)Did you know Zoom ($ZM) has a stake in Anthropic? (barrons.com)Tech CEOs are noticeably silent. (axios.com)Fund managementVanguard now manages more than $1 trillion in assets outside the U.S. (ft.com)The reasoning behind management fees for alternative assets has changed over time. (cashandcarried.substack.com)DefenseMark Hertling, "Greenland’s military value is not hypothetic