The F-16 was designed to be aerodynamically unstable. Without fly-by-wire systems making continuous corrections, the aircraft literally could not fly. This instability was not a flaw but a deliberate design choice. An unstable airframe, properly controlled, is extraordinarily agile, always on the edge of chaos, continuously caught by a system that manages motion, not state. The instability is the feature, and it shows. Over half a century since entering service, the F-16 remains one of the...

My previous piece argued that credit underwriting in mortgage is restructuring around cashflow-native frameworks that treat repayment capacity as a distribution rather than a score. The GSEs have moved, and the capital markets are following. The logic is compelling and the direction is clear. A model is only as good as its inputs: input the wrong income or verify a job that is gone, and the shape of risk changes. The system that promised certainty now hides uncertainty. We cannot call...

Mortgage lenders, ready for further adventures in the valley (of death), are at a crossroads. Despite massive tech spends, they continue...