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“She was traumatized by the flood and wasn’t getting a nutrient-rich diet for several weeks.”

Ashwini Khandekar was in her first few months of pregnancy when the flood came. This was July 2021, the peak of the annual monsoon season, when a downpour destroyed more than 300 houses in Ganeshwadi, a village 400 kilometers south of Mumbai in India’s Maharashtra state. Authorities instructed Khandekar and her husband to evacuate, she told me, “but I couldn’t leave my house because all the evacuation centers were full. I had nowhere to go.” Though in the end her home was spared, for the next 15 days, Khandekar lived in constant fear, praying until the waters finally abated.
Four months later, Khandekar went to the doctor for a prenatal checkup. Her child, she learned, showed signs of anencephaly, a condition in which the fetal brain and skull fail to develop normally. Usually, babies born with anencephaly die within a few hours, and most pregnancies end in miscarriage. To cross-check the doctor’s claims, Khandekar visited eight more hospitals. Everyone confirmed the same. “I was heartbroken,” she said.
When a community health-care worker, Kavita Magdum, examined Khandekar’s medical records, she found that Khandekar had suffered from a severe deficiency of iron and folic acid, a known risk factor for anencephaly. This, in turn, pointed back to the storm. “She was traumatized by the flood and wasn’t getting a nutrient-rich diet for several weeks,” Magdum told me. The roads in and out of the village were closed for 20 days, cutting off food supplies. During this time, she ate only cooked rice and wheat flatbread. Sometimes she didn’t eat at all.
By the end of December, a month after she learned of her child’s condition, Khandekar had lost the pregnancy. She was 20 years old at the time.
Though tragic, stories like Khandekar’s are not rare. A research paper published in Nature this year found that from 2010 to 2020, maternal exposure to floods led to an average of 107,888 lost pregnancies per year in low- and middle-income countries, with South Asia reporting the most cases. Lack of access to nutrient-rich foods was one of the causes the researchers identified, along with physical and mental stress, disease, and lack of housing and safe childbirth services.
This year’s monsoon season will begin in June and stretch through September. The Indian Government has forecast above-average rainfall this year, at 106% of the long-term average. In the first two decades of this century, floods impacted 1.5 billion people in Asia, accounting for 93% of the globally affected population. Last year, over 80% of hydrometeorological disasters in Asia were floods and storms.
About 89% of the world’s flood-exposed population resides in low- and middle-income countries that lack adequate health-care facilities. India alone has more than 378 million women of childbearing age, and has experienced an average of 17 yearly flood events in the past two decades. Floods affected more than 218 million people in India from 2015 to 2020, and destroyed crops on nearly 35 million hectares of farmland, leading to rampant food insecurity. During this time, stillbirths in India increased 28.6%.
For women and their children, the risk begins even before a pregnancy occurs. Simran Jamadar was also 20 years old and living in Maharashtra’s tiny Kanwad village when the floods arrived in 2021. “The water was at least four feet in our house at 5 p.m.,” said Jamadar, forcing her to evacuate. Walking through muddy water with her family to the evacuation center 10 kilometers away, she had to tread carefully lest she disturb an unseen snake. After she reached her destination, she spent 12 days crammed in with 6,000 people from 15 villages. Overstressed and underslept, Jamadar found it difficult to eat. On top of everything else, the experience brought up painful memories from just over a year before, when another flood had wiped out her home, along with all its furniture, crucial papers, and six months of food supplies.
Five months later, still grappling with the trauma of the flood, Jamadar became pregnant. At about the seven-month mark, she experienced a sudden and unbearable stomachache and vomited. Sonography reports showed that she had developed an incompetent cervix — a weakened womb unable to hold a baby. Six hours later, Jamadar gave birth. The child was born and “passed away within a day,” Anita Kamble, a community health-care worker from Jamadar’s village, told me.
Kamble spoke to more than 30 community health-care workers from the flood-affected villages and found a similar pattern of stillbirths associated with stress — even when that stress began before the women became pregnant. This squares with other findings from the Nature study, which showed a significant association between pregnancy loss and exposure to floods even six months before conception. A controlled study of 340 women from Sweden who’d been pregnant in the same year found that 54% of those who experienced stress during pregnancy such as depression or anxiety gave birth prematurely.
With flooding, disruptions and their attending stressors can last for months, and sometimes even years. “The trauma was visible on her face,” Kamble said of Jamadar.
“The most important buffer for stressed pregnant women is social support,” Gloria Giarratano, a professor of nursing at Louisiana State University Health Sciences Center, told me. That includes resources to help cope with psychiatric stressors. Giarratano was the lead author of a study of women in New Orleans post-Hurricane Katrina, which found that women without a network of trusted people to rely on were the most likely to become depressed while pregnant. The more support they have, Giarratano told me, the more that risk decreases.
India, however, for its population of 1.3 billion people, has just 9,000 psychiatrists and 1,000 psychologists. In the face of this challenge, community health-care workers like Magdum and Kamble have devised ad hoc solutions.
What India lacks in licensed medical practitioners, it somewhat makes up for in community-based health programs. India has over a million all-women community health-care workers, known as Accredited Social Health Activists, or ASHAs, who make public health care accessible. Appointed for every 1,000 people from the same village, they are responsible for at least 70 health-care tasks, including providing ante- and postnatal care and ensuring that infants and children are vaccinated on time. In the past seven years, they have gone beyond their duty to help pregnant women recover from the trauma caused by floods and other climate disasters.
After Jamadar lost her baby, for instance, Kamble began visiting her every three to four days, asking about her problems and listening patiently to the answers, sometimes for several hours. Often, Jamadar spoke of her fear of floods. Kamble started talking to more women and found that they all needed someone to share their frustration and fears with. “In several villages, even today, women aren’t allowed to talk about their stress,” Kamble told me.
She started organizing informal discussions in the community where women including Jamadar could be free to share their trauma — and where Kamble could monitor their stress levels and nutrition. “I knew I wasn’t alone in this, and listening to others gave me confidence that we could recover together,” Jamadar told me.
In April 2024, Jamadar gave birth to a child, Aiza, without complications. “From the start, we did everything right and made sure Jamadar wasn’t stressed,” Kamble told me proudly.
In addition to listening, Kamble also started making a list of where pregnant women could be evacuated safely in case of another flood. She would then check if these places had essential facilities like access to good-quality drinking water and sanitation. ASHAs also started pre-arranging private vehicle transport for pregnant women in case of emergency.
Through lengthy and careful community engagement, the ASHAs have started to compile lists of women they expect to become pregnant well before they actually are. “Three months before someone decides to conceive, we start providing them with iron and folic acid tablets,” Magdum told me. This has helped her reduce the anemia rate in her village by 50%. “Earlier, people didn’t take it seriously, but now everyone inquires beforehand about the tablets,” she said.
None of this has been easy, especially because many ASHAs themselves are victims of recurring floods and have faced tremendous personal losses. The state doesn’t consider them full-time workers, and pays them only an honorarium based on the number of tasks completed. In India’s wealthiest state, Maharashtra, the average income is just 4,000 to 7,000 Indian Rupees, or $48 to $83, per month, and often the payments are delayed. As a result, many ASHAs are forced to double up as farmworkers to make ends meet.
Despite the challenges, ASHAs keep coming up with solutions. “If we stop working in such stressful times, how will the health-care system survive?” asked Kamble, who handles around 20 pregnancy cases every year and has counseled over 100 pregnant women since 2017. Since ASHAs are unionized, they often meet to discuss best practices and share their experiences. Today, thousands of ASHAs across India are helping women recover emotionally from the trauma caused by climate change.
“ASHA means hope in several Indian languages,” Kamble said, “and I am proud to bring a smile and hope to several women.”
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A new Searchlight Institute report joins a growing chorus arguing that corporate climate targets do more harm than good.
When Jane Flegal was working in market development for Frontier Climate, a $1 billion initiative to catalyze advances in carbon removal, she had what she called a “radicalizing experience.”
Frontier went out to corporate sustainability teams, selling them on large carbon removal offtake agreements with vetted startups developing technologies to suck measurable amounts of carbon directly out of the air. These were more expensive than the carbon offsets companies could buy to support forest conservation or clean cookstoves in Africa, but the investment would support innovation important for fighting climate change. In return, the companies would eventually be able to count the resulting carbon removal toward their net zero emissions targets.
Most companies, however, were more concerned about the cost. “We were trying to get companies to spend more than $1,000 per ton on a new technology we know the world needs,” Flegal told me. “Making that pitch to a corporation when they could also just go make the exact same claim with a $4-a-ton carbon offset credit was a crazy-making experience.”
The revelation, for Flegal, was that the prevailing paradigm for corporate climate action — a single-minded focus on carbon accounting — was not just inadequate, but actively harmful to bringing about the systems-level change required to decarbonize the economy. It incentivized companies to optimize for reducing their individual reported carbon footprints and failed to recognize arguably more impactful contributions to systems change. “Most of the best things they could be doing are just not legible at all in the existing accounting frameworks,” she said.
Flegal fleshed out her critique in a paper published Monday by the Searchlight Institute, a center-left think tank where she is now a senior fellow. The data center boom has exacerbated these perverse incentives, she argues. Tech companies are pursuing corporate power purchase agreements to fulfill their individual clean energy commitments, but mostly failing to help break down the structural barriers to decarbonizing the grid, such as transmission constraints and interconnection backlogs.
The paper challenges the logic of treating a “complex, global, sociotechnical problem as if it were a matter of property rights,” where investors and the public expect companies to own their individual carbon messes. Flegal proposes some alternative measures by which to evaluate corporate climate ambition. One is the quality of a company’s investments — are they causing more clean energy or crucial climate infrastructure to get built than would be otherwise based on market conditions? How many miles of transmission have they financed, or policy proceedings have they influenced? She also calls for companies to be explicit about their theory of change and report how they are taking action consistent with that theory.
“I recognize that these are not perfect metrics, but let’s be real, neither are the ones we have today,” she told me. “The danger of the ones we have today is that they imply a false precision that could be worse for climate outcomes than just being honest about uncertainty.”
The climate community has always fought about carbon accounting, but recently the quarrel has reached a fever pitch. The Greenhouse Gas Protocol, a nonprofit that sets voluntary standards for how companies should measure their emissions, is in the middle of overhauling its rules, a process that has sparked major schisms over how to account for companies’ clean electricity purchases, the carbon stored in forests, and other complex aspects of corporate carbon bookkeeping.
At the same time, the Science Based Targets Initiative, a separate group that acts as an arbiter of whether companies’ climate plans are consistent with the goal of holding atmospheric warming to 1.5 degrees Celsius, has been updating its own standard for “corporate net zero.” A third group, the International Organization for Standardization, is also revising its greenhouse gas reporting rulebooks.
The challenge across all of these efforts is developing standards that are scientifically rigorous but not so rigid as to discourage companies from acting. Companies are lobbying these revision processes to get the rules they want, but many experts worry the outcomes will enable greenwashing.
Flegal joins a growing chorus of thought leaders arguing that this system that feigns precision and prioritizes compliance with an impossible bottom line risks pushing companies away from doing anything at all. Some propose getting rid of individual carbon targets altogether in favor of more qualitative reporting, while others advocate for creating a separate space for companies to earn recognition for their harder-to-measure “contributions” to fighting climate change.
In September, Michael Gillenwater, the executive director of the Greenhouse Gas Management Institute, who has been working on carbon accounting issues for more than 20 years, called for a “paradigm shift” in corporate climate reporting. He and Derik Broekhoff of the Stockholm Environment Institute, another 20-year soldier in this space, argue that boiling down a company’s climate impact to a single inventory of emissions traps “companies in a ’doom loop’ where they are simultaneously criticized for not taking full responsibility for indirect emissions and for greenwashing when they attempt to address these emissions through market-based mechanisms,” such as renewable energy certificates.
They propose instead a “multi-statement” reporting framework in which companies would separate their actual, physical emissions from their investments in carbon offsets, renewable energy certificates, and other market-based tools for climate mitigation. This system reframes carbon credits from “compensating” for a company’s ongoing emissions to playing a more philanthropic role in achieving global net zero and “eliminates the perception that companies can be absolved of responsibility through offsetting,” they write. They also propose a third section where companies would report on remaining barriers to decarbonizing their particular business. Companies could set targets for each section individually, but would not be allowed to combine them into a single performance metric.
Robert Hoglund, the co-founder of the carbon removal tracking site CDR.fyi and head of climate at Milkywire, a corporate advisory firm, published yet another idea in a paper earlier this month. He and his co-author argue that the distinction existing frameworks make between a company’s “direct” and “indirect” emissions doesn’t actually illuminate what’s within its control to reduce. They recommend companies split their net zero targets into two categories, separating “unconditional” emissions cuts — those that are currently feasible — from “conditional” reductions, or those that depend on changes in policy, infrastructure, technoeconomics, etc.
Creating a conditional target “does not make it optional,” they write. “It creates an obligation to help build the world the target assumes. That means policy advocacy, supplier engagement, financing climate solutions, supporting carbon removal, and other system-changing actions are not side activities but flow from the target itself.”
The Science Based Targets Initiative published its new net zero standard this past week, and it appears to adopt at least some of the ideas Flegal, Gillenwater, and Hoglund proposed — namely, attention to systemic constraints. It shifts from looking only at absolute emission reductions to recognizing companies for putting their “best efforts” toward net zero. It stops short, however, of explaining how SBTi will judge what counts as a “best effort.”
Based on an initial read, Hoglund told me he thought SBTi made a lot of positive changes. Flegal hadn’t had a chance to dig into them yet when we spoke. Another critic I spoke to was less pleased.
If Lisa Sachs, the director of Columbia University’s Center on Sustainable Investment, had her way, companies would get rid of net zero targets altogether. She published her own treatise on the subject in May, pointing out that corporate net zero “relies on a mistaken aggregation logic.” It assumes that if every company works to reduce, offset, or neutralize their own emissions, the efforts will sum up to global net zero. Like Flegal, she told me that not only is that impossible without systems change, but she fears that company-level net zero goals “disincentivize the things companies can and should do that would have maximum systems impact.”
While it’s relatively common today for companies to talk openly about the systemic barriers they face in decarbonizing, it’s much more rare for them to say what they’re doing about it. I asked Flegal whether she truly believed sustainability officers would be able to get CEO approval for investments in “systems change,” which is more difficult to break down into clear KPIs.
She pointed out that a lot of companies already make significant philanthropic investments, and this could be put in that bucket. In some cases, like when grid constraints are a barrier to powering a new facility, they could argue that investing in transmission lines is a strategic move and not just part of their climate commitment.
Actions like lobbying in support of regulatory reform and other policy changes seem like a harder sell. The investor-led initiative Climate Action 100+ tracks how companies are attempting to influence climate-related policy debates, and has consistently found that few companies — just 2%, in the latest count — align their lobbying activities with their climate goals.
Reading these papers took me back to 2019 and 2020, when many companies first made net zero commitments. In one sense, it felt like a sea change — all these powerful corporations publicly dedicating themselves to a net zero future — but it was also dubious. They all seemed to have a different definition of what “net zero” meant. For some oil and gas companies, it meant zero-ing out the emissions from their operations, but not from the oil and gas they sold. A lot of companies made the pledge without providing any details about how they would achieve it. SBTi started developing its first net zero standard in 2020 to address this problem by creating a common definition and set of expectations. While having SBTi validate a company’s net zero target is entirely voluntary, more than 11,000 companies have done it.
When I mentioned this history to Flegal and Sachs, they countered that the problem SBTi is trying to address is downstream of the actual problem — that a voluntary net zero framework for companies creates incentives that are not aligned with what really matters for decarbonization.
Both also raised the opportunity cost of the enormous intellectual and financial capital that has gone into refining all of these accounting methodologies and producing reams of reporting to comply with them. “All of these organizations and rule setters for the rule setters for the rule setters, I think we’ve gotten lost in the sauce a bit,” Flegal said.
“These frameworks have become a business — literally a business, in SBTi’s case,” Sachs said, since it has a for-profit arm that validates companies’ reporting for a fee. “I’d rather have a few leaders who raise the tide than to have 11,000 companies aligned with SBTi, and to be finding ourselves in five years figuring out another way to lower the standard.”
Current conditions: The Pacific has officially entered El Niño, and the warmer-than-average weather pattern is expected to be stronger than usual • Heavy rains are deluging China’s Hunan and Guangxi provinces • While Puerto Ricans living in New York just threw the diaspora’s annual parade, thousands of Boricuas living on the island are enduring days of water shortages so severe the U.S. territory’s governor activated the National Guard.
In a pair of Sunday evening posts on Truth Social, President Donald Trump said a “great deal” with Iran to end the conflict and reopen the Strait of Hormuz without any tolls was “now complete.” As part of the truce, Trump said he would “authorize the immediate removal of the United States Naval blockade” at the mouth of the Persian Gulf. The waterway through which up to a quarter of the global seaborne oil trade travels will remain closed until the deal is signed on Friday, Trump said, “for purposes of mine removal,” meaning Iran will collect the explosives its military planted around the strait to prevent vessels from passing. “Ships of the World, start your engines,” Trump wrote. “Let the oil flow!”
My colleague Emily Pontecorvo had a big scoop on Friday: The Trump administration is no longer defending the president’s moratorium on permitting wind projects. The Department of Justice filed a motion last week to dismiss its appeal of a federal court’s December decision vacating the order to halt wind energy approvals. Ending the White House’s all-of-government assault on wind and solar projects has been a key demand from Democrats seeking compromise for a permitting reform package. Experts say the procedural move in this case is a bullish sign for the various bills before Congress now. “The door to federal permitting is now unlocked again and each developer will be able to make the case for permitting their individual project based on the facts and the law,” Kit Kennedy, the managing director for power, climate, and energy at the Natural Resources Defense Council, told Emily.
The thaw in the permitting freeze comes as the SunZia Wind Project, the largest wind farm in the United States, is preparing to begin commercial operations in the coming days. The development in New Mexico, which has a total net summer generating capacity of 3,650 megawatts, is made up of 916 turbines.

Trump wants to temporarily suspend the federal tax on gasoline to ease surging fuel prices caused by the war with Iran. His proposal would waive the tax of $0.184 per gallon, but doing so requires an act of Congress. According to a new analysis from the Budget Lab at Yale University shared exclusively with Heatmap, lifting the levy would pay Americans back about $37 of the roughly $250 in higher gasoline costs paid over the course of three months. While richer households would spend a smaller share of total income on fuel, they would accrue more per-dollar benefits than lower-income Americans. Likewise, the gas tax holiday would afford more rewards to heavy drivers.
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It started out as a British nonprofit devoted to documenting, standardizing, and tracking how much carbon dioxide various partner organizations produce. Dubbed the Carbon Disclosure Project, the group, founded in 2000, had emerged as one of the central authorities on an issue increasingly baked into financial reporting rules. Now known only by its acronym, CDP said last week it would split its organization in two, segmenting a charitable, science-focused nonprofit called the CDP Foundation from a new commercial entity designed to deliver environmental data and disclosure services for a fee. The London private equity giant Permira will back the for-profit CDP’s launch. “For 25 years, CDP has been at the forefront of environmental disclosure, transforming it from the sidelines to the centre of decision-making,” the organization said in a statement. “To meet the scale and speed of today’s environmental challenges and market expectations, CDP is sharpening its focus, enabling stronger science-led disclosure and greater investment in technology to simplify the disclosure experience and deliver more decision-useful insights.”
Tennessee Senator Marsha Blackburn, a key GOP tech policy reform voice in the Senate running for governor in her home state, just came out against a data center next to Nashville Zoo. “Tennessee should be thoughtful and considerate when deciding where data centers are located. The proposed site near the Nashville Zoo is neither,” she wrote in a post on X. “Let’s revisit this placement.” It’s yet another sign that the backlash against data centers is, as Heatmap’s Jael Holzman wrote, splintering the right.
The geothermal industry is gearing up for a next-generation boom. Until Fervo Energy’s big stock market debut last month, the big publicly-traded player in the business was Ormat Technologies, a conventional geothermal giant that both builds power stations and manufactures the parts needed for plants. Now, at the industry’s big trade show in Calgary this week, Ormat is unveiling a 100-megawatt power generation system designed for unconventional wells like those Fervo or Ormat’s partner Sage Geosystems are drilling. It’s a sign, Think GeoEnergy reported, that Ormat is seeking “to accelerate the commercial deployment of next-generation geothermal projects.”
Welcoming the world’s first clean energy trillionaire.
SpaceX is now a public company. The rocket and satellite maker’s shares began trading this morning, surging 19% from their initial price of $135 to more than $160 at the market close. With the sale, Elon Musk became the world’s first trillionaire; his wealth has roughly tripled since President Donald Trump won re-election in 2024.
I’ll let other observers judge the IPO’s success, the firm’s long-term prospects, and the meaning of a world where we now have trillionaires. So I will make a few other points:
I remain agog at Musk’s ability to raise enormous amounts of cash from public equity markets to do hardware and manufacturing development. To some degree, the idea of a venture-backed firm doing hardware engineering — or what some now call “deep tech” — is Musk’s most impressive creation. The SpaceX IPO raised $75 billion today. That money will now go in part to scaling and commercializing rockets, factory equipment, and allegedly, at some point in the future, orbiting data centers.
Let’s not forget how crucial the U.S. government is to Musk’s story. In the world of climate, energy and manufacturing, we wail about financing’s “missing middle,” the elusive type of investment that can help scale and deploy early-stage technologies by bridging the gap between expensive venture capital and cheap bank lending. But this is at least partially a solved problem. SpaceX and Tesla survived the valley of death with government help: The Energy Department’s Loan Programs Office (which the Trump administration has dubbed the Office of Energy Dominance Financing) extended a $465 million loan to Tesla to build its Fremont, California, factory in 2010; NASA’s 2008 commercial resupply contract gave SpaceX guaranteed offtake for its Falcon rocket. Neither firm would likely have survived without those key injections of financial certainty.
To some degree, Musk has already made his mark on the American economy by creating a new culture of manufacturing engineering. I cannot recommend enough my colleagues Matthew Zeitlin and Emily Pontecorvo’s report on the new cadre of climate tech founders who came up at SpaceX and Tesla. As it happens, I spent Wednesday touring a clean energy factory founded by a Tesla alumnus, and I was struck by how many signs of Musk’s bottlenecks-focused management approach were visible, even at a company seemingly run more humanely than Musk’s famously “hardcore” firms.
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To that point, Emily and Matt asked a number of clean tech executives who worked for SpaceX or Tesla what they learned from the experience. Their responses are fascinating; you can read them in full here. These comments from Justin Lopas, the COO of Base Power, stuck out — he was asked the “one thing” he learned from working for Musk:
You can get way more done in a day and can move way faster than you think. This does not mean necessarily more hours (although solving any hard problem requires that too), but instead being thoughtful about sequencing work, not accepting delays from suppliers or external counterparties without solid rationale, parallel pathing, accelerating critical learnings to early in the project, etc
To step back, one irony of Elon Musk’s situation — at least to me — is that relatively few American politicians are eager to talk about what has actually driven his wealth. I’m not just talking about his firms’ reliance on public financing, although that counts too. I mean Tesla itself. Although Musk now describes that business as a “robotics company,” it is and remains an electric vehicle and battery manufacturer. (It recently began high-volume production of the Tesla Semi, a potentially game-changing long-haul electric truck.) After today, Musk’s Tesla stake makes up less than half of his wealth, but, still, he would not be a trillionaire without EVs, solar panels, and batteries.
But that is not a particularly convenient fact. That Musk is a clean energy trillionaire remains unpalatable to Republicans, who would prefer to cast EVs as an inferior substitute made to satisfy government mandates. And Musk’s antisemitism, far-right politics, and gleeful destruction of the U.S. Agency for International Development — not to mention Tesla’s violation of labor law — have obviously destroyed his reputation among Democrats.
Yet his elevation to a 13-digit net worth nonetheless marks a new era in American capitalism. The richest Americans in history have almost always been oilmen: John D. Rockefeller became the country’s first billionaire by creating the Standard Oil trust; when he died in 1937, his net worth of $1.4 billion represented 1% to 2% of the country’s gross domestic product. In the 1960s, J. Paul Getty became the country’s richest person by negotiating Saudi and Kuwaiti oil concessions. Yet Musk became a billionaire not by harnessing commodities, but through his mastery of software, hardware, and clean energy.
Musk’s fortune now exceeds 3% of U.S. GDP. He is the richest American in history, judged as a share of national production. And it was electricity, lithium, and modern factory production — and, if you wish, the kerosene and methane that fuel SpaceX’s rockets — that got him there. As the science fiction writer William Gibson almost said, the future is already here; it’s just not evenly distributed in your retirement portfolio yet.
Many thanks for reading, and have a wonderful weekend.