What happens when seven people gather with no agenda

Seven people.

One Scottish estate.

Zero PowerPoints.

Brigadoon Scotland concluded on Friday at Carphin House in Fife, and I spent the weekend in Edinburgh letting it all settle before flying home Sunday.

The mantra I used when curating this gathering was "Less logic. More magic."

And I can tell you from firsthand experience, there is a specific magic that happens when you gather the right people in the right place with no agenda beyond authentic conversation.

I've organized Brigadoon gatherings in different formats and sizes for years, and I'm still surprised by what emerges when you trust the format: no PowerPoints, no name tags, and Chatham House Rule.

People arrived as strangers and became friends.

They left noticeably smarter, myself included, all while sharing challenges and opportunities in a friendly and welcoming environment.

Getting out of your typical routine is key, even for just a few days.

A fire burning constantly.

Hikes that start the moment you walk out the front door.

The Scottish November light casting a glorious hue across the landscape.

Nooks for reading and strategic planning.

Chef-prepared meals that let someone else make decisions and pamper you.

Nightly conversations that stretched for hours because no one wanted to leave.

All Brigadoon gatherings operate under Chatham House Rule, so what was said and what was shared stays private, but the impact doesn't.

Everyone left different than they arrived, especially me.

Some call these multi-day Brigadoon gatherings anti-conferences, but nothing I have ever attended creates this quality of dialogue and connection.

Nothing else makes you noticeably smarter and more energized in just five days.

I'm already thinking about the next one, and I'm so excited.

-Marc

OpenAI's federal funding trial balloon reveals structural fragility

Sam Altman rarely miscalculates. His unassuming St. Louis demeanor belies a strategist who understands how to navigate Washington, Silicon Valley, and global capital markets simultaneously. Which makes OpenAI's recent fumble over federal loan guarantees particularly revealing.

When Sarah Friar, OpenAI's chief financial officer, floated the idea of government-backed financing at the WSJ's Tech Live event in California, the swift backlash prompted Altman to engage in damage control. His subsequent insistence that OpenAI neither has nor wants federal guarantees can't erase what the initial request disclosed: a financing model under severe strain.

The CapEx challenge

Three dynamics converge to create OpenAI's precarious cash position:

Margin compression in a CapEx-intensive business. The real story of AI right now is an infrastructure story. Generative AI requires massive computing infrastructure that operates more like a capital-intensive utility than a high-margin software company. Reports suggest OpenAI is burning significant cash, with projections reaching into the hundreds of billions—possibly even $1 trillion—for the infrastructure needed to maintain a competitive advantage. This inversion of the traditional software economics model raises fundamental questions about sustainable profitability.

Market signals of excessive risk—that is, a bubble. When a company valued at potentially $500 billion seeks taxpayer guarantees for private investment, it signals that sophisticated capital markets view the risk-return profile as inadequate. The implicit message is that private financing at market rates would be prohibitively expensive or unavailable at the required scale, suggesting that investors fear these assets may never generate returns commensurate with their investment.

The "too big to fail" gambit. Altman's messaging whiplash—from entertaining federal backing to categorically rejecting it within days—reveals a company testing multiple financing strategies simultaneously. This isn't confidence; it's contingency planning. The pattern suggests OpenAI is attempting to embed itself so deeply in critical infrastructure that U.S. government support becomes inevitable, effectively creating a private-sector moral hazard.

Strategic implications

For corporate decision-makers, board members, and communications professionals, three considerations emerge:

Evaluate AI vendor stability through a credit lens, not just a technology lens. The sustainability of your AI partnerships depends on whether providers can finance infrastructure buildout without extraordinary measures—vendors requiring government intervention to maintain operations present concentration risk.

Prepare for market correction. When industry leaders signal financing stress, it typically precedes broader sectoral repricing. Companies that have heavily invested in AI infrastructure or are dependent on aggressive AI roadmaps should stress-test their assumptions and build contingency plans.

Monitor regulatory capture risk. OpenAI's willingness to pursue federal guarantees demonstrates how quickly the "move fast and break things" mantra can become "too important to let fail." This dynamic creates regulatory and competitive distortions that disadvantage market participants unwilling to pursue similar strategies.

The most sophisticated companies understand that breakthrough technology doesn't exempt you from financial gravity. OpenAI's trial balloon exposed that even AI's most prominent player is discovering this truth.

For executives making multi-year AI investment decisions, that's the signal worth hearing.

—Marc

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Marc A. Ross is a geopolitical strategist and communications advisor, authoring a book entitled Globalization and American Politics: How International Economics Redefined American Foreign Policy and Domestic Politics.

He is the founder and chief communications strategist of Caracal, a geopolitical business communications firm specializing in global business issues at the intersection of globalization, disruption, and politics. Additionally, he is the founder and curator of Brigadoon, a global network of founders and thought leaders shaping commerce and culture.


Trump's tariff gambit faces Supreme Court reckoning

The Supreme Court heard oral arguments yesterday on what may prove to be one of the most consequential cases of its term—and President Donald Trump's legal foundation for tariffs appears to be losing.

During contentious questioning on Wednesday, justices across the ideological spectrum expressed deep skepticism about the administration's claim that the 1977 International Emergency Economic Powers Act (IEEPA) grants the president unilateral authority to impose sweeping tariffs on dozens of nations.

Both conservative and liberal justices sharply challenged Solicitor General D. John Sauer's defense of the reciprocal and fentanyl-related tariffs that have reshaped global trade flows since Trump's return to office.

Lower courts have already ruled against the administration, finding that Trump exceeded his statutory authority by using an emergency powers law designed for national security crises to implement what amounts to a wholesale restructuring of American trade policy. The presence of Treasury Secretary Scott Bessent in the courtroom underscored the administration's recognition of the stakes involved.

The legal challenge strikes at the constitutional separation of powers between Congress and the executive branch.

Critics argue that Trump has usurped Congress's exclusive authority to levy taxes and regulate international commerce-a fundamental principle embedded in Article I of the Constitution. The administration's defense rests on an expansive interpretation of the IEEPA that would allow any president to unilaterally reshape trade relationships by declaring an economic emergency.

If the justices reject this reasoning, as Wednesday's arguments suggest, the decision would not invalidate specific tariff measures; it would fundamentally constrain presidential power over trade policy for generations to come. The Court's apparent skepticism suggests that even Trump-appointed justices may be reluctant to endorse such a dramatic expansion of executive authority, particularly when it directly conflicts with Congress's enumerated powers.

For business leaders, the implications extend far beyond abstract constitutional theory.

Corporate America is in a state where it needs to adapt supply chains, renegotiate contracts, and restructure operations to accommodate tariff regimes that might be illegal. This regulatory uncertainty has the most chilling impact on business. Not knowing the rules and having the rules change on a whim is not how business should operate.

Even a favorable Supreme Court ruling against the administration would create even more chaos in global trade relationships while simultaneously raising thorny questions about the hundreds of billions of dollars already collected under these tariffs.

Companies that paid these duties may seek refunds, creating a fiscal nightmare for the Treasury and potentially resulting in windfalls for importers. More fundamentally, the uncertainty surrounding tariff policy makes long-term capital allocation decisions nearly impossible. CEOs cannot confidently invest in new facilities, negotiate multi-year supply agreements, or develop market entry strategies when the basic framework of trade policy hangs in judicial limbo.

The strategic implications for corporate planning are equally troubling.

If the Court strikes down the tariffs, Trump will likely seek alternative legal mechanisms to maintain his protectionist agenda, potentially triggering new rounds of litigation and policy uncertainty. Congress could theoretically pass legislation explicitly authorizing tariffs, but the political dynamics make such action unlikely in a divided and slothful government.

Meanwhile, America's trading partners face their own dilemma: should they negotiate with an administration whose trade policies may be subject to judicial invalidation, or should they wait for legal clarity while their exporters suffer? This uncertainty poisons the well for serious trade negotiations and encourages partners to hedge by diversifying away from American markets.

The business community now confronts a period of maximum ambiguity precisely when global economic conditions demand strategic clarity.

Companies that absorbed tariff costs rather than passing them on to consumers made balance sheet commitments based on policies that may be subject to change. Financial models built on current tariff structures could require wholesale revision.

The only certainty is uncertainty—and that represents perhaps the most corrosive force in modern business planning. Markets can adapt to almost any policy regime, but they cannot efficiently allocate capital when fundamental rules remain subject to judicial nullification. Wednesday's Supreme Court arguments suggest American business may be entering precisely such a period, with implications that will reverberate through boardrooms and balance sheets for years to come.

It would be helpful if Congress and the administration remembered that the business of America is business, and when a company is unaware of the rules and faces regulatory uncertainty, no one benefits.

-Marc

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Marc A. Ross is a geopolitical strategist and communications advisor, authoring a book entitled Globalization and American Politics: How International Economics Redefined American Foreign Policy and Domestic Politics.

He is the founder and chief communications strategist of Caracal, a geopolitical business communications firm specializing in global business issues at the intersection of globalization, disruption, and politics. Additionally, he is the founder and curator of Brigadoon, a global network of founders and thought leaders shaping commerce and culture.