Seeking Wisdom
Embeddings – Part 2
This is the 9th post in my series on building a toy GPT. For better understanding, I recommend...
a year ago
This is the 9th post in my series on building a toy GPT. For better understanding, I recommend reading my earlier posts first. Word embeddings convert words into fixed-length numerical arrays. Each number in these arrays corresponds to a specific characteristic of the word, such...
Moneyness
Where now FedNow?
Earlier this month the Federal Reserve introduced its new instant retail payments system, FedNow....
a year ago
Earlier this month the Federal Reserve introduced its new instant retail payments system, FedNow. This is actually the U.S.'s second real-time retail settlement system. The first, The Clearing House's Real Time Payments Network, or RTP, opened for business back in 2017.
As FedNow...
Musings on Markets
Catastrophic Risk: Investing and Business Implications
In the context of valuing companies, and sharing those valuations, I do get suggestions from readers...
10 months ago
In the context of valuing companies, and sharing those valuations, I do get suggestions from readers on companies that I should value next. While I don't have the time or the bandwidth to value all of the suggested companies, a reader from Iceland, a couple of weeks ago, made a...
Moneyness
The long arm of OFAC and its reach into the Ethereum network
Coinbase, the U.S.'s largest crypto exchange, is openly processing Ethereum transactions involving...
a year ago
Coinbase, the U.S.'s largest crypto exchange, is openly processing Ethereum transactions involving Tornado Cash, a piece of blockchain infrastructure that was sanctioned by the U.S. government last year for providing mixing services to North Korea.
Over the last two weeks...
The Rational Walk
Buffett Resumes Occidental Purchases
Berkshire spent $246.4 million to acquire 3.9 million OXY shares between October 23 and October 25.
a year ago
Berkshire spent $246.4 million to acquire 3.9 million OXY shares between October 23 and October 25.
balajis.com
Global Crypto Regulation: Who’s Hot and Who’s Not?
Global crypto regulation is confusing. So I surveyed the information available and created a...
over a year ago
Global crypto regulation is confusing. So I surveyed the information available and created a heatmap.
Mazdak
Move Your Business Abroad: A Step-by-Step Guide for Entrepreneurs
Expanding your business abroad can be a great way to reach new markets, increase revenue, and...
a year ago
Expanding your business abroad can be a great way to reach new markets, increase revenue, and diversify your portfolio. However, it's important to do your research and take the necessary steps to ensure a successful transition. Here are some practical tips for entrepreneurs...
Calculated Risk
Thursday: Unemployment Claims, Construction Spending
Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios.
Mortgage rates...
3 days ago
Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios.
Mortgage rates as of Monday (a little lower on Tuesday).
mortgage purchase applications index.
initial weekly unemployment claims report will be released. The consensus is for an increase to 223...
Farnam Street
The Winner’s Edge
A lot of otherwise talented people are too pessimistic to actually do anything. They are paralyzed...
a year ago
A lot of otherwise talented people are too pessimistic to actually do anything. They are paralyzed by risks that don’t exist and greatly exaggerate them where they do, preventing them from being one of the best. Consider this lightly edited excerpt from a conversation between...
Mazdak
Unlock the Power of Persuasion: The 4-Part Key to Getting What You Want
Imagine having just one skill that could propel your business to unprecedented success.
2 months ago
Imagine having just one skill that could propel your business to unprecedented success.
Musings on Markets
Data Update 3 for 2023: Inflation and Interest Rates
If 2022 was an unsettling year for equities, as I noted in my second data post, it was an even more...
a year ago
If 2022 was an unsettling year for equities, as I noted in my second data post, it was an even more tumultuous year for the bond market. The US treasury market, considered by some still as a safe haven, was anything but safe or a haven, especially at the long maturities, as long...
Moneyness
Bitcoin as a tool of U.S. economic statecraft
Riot Platform's Rockdale, Texas facility, North America’s largest Bitcoin mining farm by developed...
5 months ago
Riot Platform's Rockdale, Texas facility, North America’s largest Bitcoin mining farm by developed capacity [source]
Can a network that has been marketed as being resistant to government power be harnessed by the U.S. administrative state in order to attain its foreign policy...
The Rational Walk
The Digest #205
Books I read in Q2, Buffett's estate plan, The magic of compounding, How to read a book, Portfolio...
6 months ago
Books I read in Q2, Buffett's estate plan, The magic of compounding, How to read a book, Portfolio rebalancing, Ben Graham in 1955, Sam Walton, LBJ, Robert Moses, The origins of language
Musings on Markets
META Lesson 1: Corporate Governance
As we get deeper into earnings season for the third quarter of 2022, the biggest negative surprises...
over a year ago
As we get deeper into earnings season for the third quarter of 2022, the biggest negative surprises are coming from technology companies, with the tech giants leading the way. Investors, used to a decade of better-than-expected earnings and rising stock prices at these companies,...
Mazdak
Inflation is Cooling Off: A Glimpse of Economic Stability ☀️
📰 Highlights Inflation is finally starting to show signs of easing on both sides of the Atlantic....
a year ago
📰 Highlights Inflation is finally starting to show signs of easing on both sides of the Atlantic. The moderation of inflation is a significant development that alleviates pressure on consumers and provides central banks with some breathing room. Core PCE, the Federal Reserve's...
The Rational Walk
Apple’s Dystopian iPad Video
When Steve Jobs spoke about the intersection of liberal arts and technology, he did not envision...
8 months ago
When Steve Jobs spoke about the intersection of liberal arts and technology, he did not envision crushing symbols of art and culture.
The Rational Walk
The Digest #159
Montaigne on Lying, Berkshire's Q2 results, Equity risk premiums, Taking useful notes, Abandoning...
a year ago
Montaigne on Lying, Berkshire's Q2 results, Equity risk premiums, Taking useful notes, Abandoning books, How Threads was built, BYD challenges Tesla, Katalin Karikó's inspiring life
Commoncog
Renaming the Business Expertise Triad
Renaming the business expertise triad from Supply/Demand/Capital to the simpler ...
a year ago
Renaming the business expertise triad from Supply/Demand/Capital to the simpler Operations/Market/Capital.
Calculated Risk
The "Home ATM" Mostly Closed in Q3
Today, in the Calculated Risk Real Estate Newsletter: The "Home ATM" Mostly Closed in Q3
A brief...
3 weeks ago
Today, in the Calculated Risk Real Estate Newsletter: The "Home ATM" Mostly Closed in Q3
A brief excerpt:
During the housing bubble, many homeowners borrowed heavily against their perceived home equity - jokingly calling it the “Home ATM” - and this contributed to the subsequent...
Moneyness
In praise of anti-money laundering thresholds
Two seemingly separate stories, a crypto and a banking story, have a common thread in anti-money...
a year ago
Two seemingly separate stories, a crypto and a banking story, have a common thread in anti-money laundering thresholds.
In the first story, the New York Times shows how regular folks are increasingly losing their bank accounts because their bank perceives them to be engaging in...
Musings on Markets
Just do it! Brand Name Lessons from Nike'sTroubles!
I have spent the last week reading "Shoe Dog", Phil Knight's memoir of how a runner on the Oregon...
3 months ago
I have spent the last week reading "Shoe Dog", Phil Knight's memoir of how a runner on the Oregon University track team built one of the great shoe companies in the world, in Nike. In addition to its entertainment value, and it is a fun book to read, I read it for two...
Bits about Money
The Bond villain compliance strategy
Jurisdictional gamesmanship is a common strategy for crypto businesses. Here is how it worked out...
a year ago
Jurisdictional gamesmanship is a common strategy for crypto businesses. Here is how it worked out for Binance and its CEO. Spoiler: poorly.
Calculated Risk
NAHB: Builder Confidence Unchanged in December
The National Association of Home Builders (NAHB) reported the housing market index (HMI) was at 46,...
2 weeks ago
The National Association of Home Builders (NAHB) reported the housing market index (HMI) was at 46, unchanged from 46 last month. Any number below 50 indicates that more builders view sales conditions as poor than good.
Builder sentiment held steady to end the year as high home...
Citation Needed
Issue 70 – The Cryptocurrency States of America
Crypto’s efforts to buy the 2024 elections paid off, and we’re in for a bumpy ride.
a month ago
Crypto’s efforts to buy the 2024 elections paid off, and we’re in for a bumpy ride.
Mazdak
Trump's Antitrust Agenda: Big Tech in the Balance
Will Big Tech face a reckoning or a reprieve?
a month ago
Will Big Tech face a reckoning or a reprieve?
Moneyness
Are flatcoins a good idea?
I'll start with the conclusion. I don't think flatcoins are a good idea.
The idea for flatcoins has...
a year ago
I'll start with the conclusion. I don't think flatcoins are a good idea.
The idea for flatcoins has been around for a while, but it got a wider airing when it popped up in a Coinbase marketing piece from earlier this year. Now, arch-crypto hater Nouriel Roubini has undergone a...
balajis.com
The Network State Book
A new book on starting new countries. Available on Kindle and for free at thenetworkstate.com.
over a year ago
A new book on starting new countries. Available on Kindle and for free at thenetworkstate.com.
Mazdak
Fed Signals Shift to Easing: Rate Cuts Likely in 2024, Economy Expected to Remain Solid.
The Federal Reserve is signalling a change of course, and it's music to the ears of businesses,...
a year ago
The Federal Reserve is signalling a change of course, and it's music to the ears of businesses, investors, and everyday Americans. After two years of aggressive rate hikes to combat inflation, the central bank is now laying the groundwork for a shift towards easing
The Rational Walk
The Digest #189
Fifteen years, Eisenhower's farewell, A tribute to Charlie Munger, A profile of Wang Chuanfu, Forty...
10 months ago
Fifteen years, Eisenhower's farewell, A tribute to Charlie Munger, A profile of Wang Chuanfu, Forty hours in the Vision Pro, Fairfax Financial, Parks America, Howard Marks, Danny Myer
Calculated Risk
Thursday: Unemployment Claims
Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios.
Mortgage rates...
a week ago
Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios.
Mortgage rates as of Monday (a little lower on Tuesday).
initial weekly unemployment claims report will be released. Initial claims were at 220 thousand last week.
Calculated Risk
December Vehicle Sales Forecast: 16.7 million SAAR, Up 5% YoY
From WardsAuto: December U.S. Light-Vehicle Sales Brighten Lackluster Year; Unusually High Drain on...
2 weeks ago
From WardsAuto: December U.S. Light-Vehicle Sales Brighten Lackluster Year; Unusually High Drain on Inventory (pay content). Brief excerpt:
Improved affordability is the main thrust to the end-of-year improvement in demand, with higher consumer confidence also likely a...
Moneyness
Setelinleikkaus: When Finns snipped their cash in half to curb inflation
On the last day of 1945, with World War II finally behind it, Finland's government announced a new...
a month ago
On the last day of 1945, with World War II finally behind it, Finland's government announced a new and very strange policy.
All Finns were required to take out a pair of scissors and snip their banknotes in half. This was known in Finland as setelinleikkaus, or banknote cutting....
Citation Needed
Issue 48 – Bitcoin has "no chance" of going to the moon
Bitcoin ETF fakeouts, imaginary CEOs, and a bridge hack make for an eventful start to the new year.
12 months ago
Bitcoin ETF fakeouts, imaginary CEOs, and a bridge hack make for an eventful start to the new year.
Moneyness
How did Zcash avoid getting OFAC'ed?
The 2022 sanctioning of privacy tool Tornado Cash by the Office of Foreign Assets Control (or OFAC,...
a year ago
The 2022 sanctioning of privacy tool Tornado Cash by the Office of Foreign Assets Control (or OFAC, the U.S.'s sanctioning authority) has inspired a new privacy idea: Privacy Pools.
An olive branch to OFAC, Privacy Pools will let users choose who they associate with, the idea...
Moneyness
Thoughts on the Tornado Cash defence and what happens when everyone adopts it
Payments companies are regularly punished for engaging in money laundering. MoneyGram, for instance,...
8 months ago
Payments companies are regularly punished for engaging in money laundering. MoneyGram, for instance, has has to pay multiple fines. Western Union was famously busted in 2017. Meanwhile, Cash App is being probed as we speak for inadequate anti-money laundering controls.
In the...
Calculated Risk
Realtor.com Reports Active Inventory Up 23.5% YoY
What this means: On a weekly basis, Realtor.com reports the year-over-year change in active...
3 weeks ago
What this means: On a weekly basis, Realtor.com reports the year-over-year change in active inventory and new listings. On a monthly basis, they report total inventory. For November, Realtor.com reported inventory was up 26.2% YoY, but still down 21.5% compared to the 2017 to...
FIRE v London
July ’24: New UK government
July has been quite a busy month. I’ve been getting about a bit. Some South Coast action, some...
5 months ago
July has been quite a busy month. I’ve been getting about a bit. Some South Coast action, some Mediterranean fun, a trip up to Oxford, a visit to one of England’s great Cathedrals, and more. And July saw some fine times in London. Both outdoors and inside. And of course we had...
Musings on Markets
Putting the (Insta)cart before the (Grocery) horse: A COVID Favorite's Reality Check!
After years of rumors of an imminent IPO, Instacart has finally filed for a public offering of it’s...
a year ago
After years of rumors of an imminent IPO, Instacart has finally filed for a public offering of it’s shares, aspiring to raise about $600 million from markets, at a pricing of about $9-$10 billion for its equity. Coming in the week after ARM, an AI chip designer, also filed to go...
Calculated Risk
AIA: Architecture Billings "Flat" in November; Multi-family Billings Turn Slightly Positive
Note: This index is a leading indicator primarily for new Commercial Real Estate (CRE)...
2 weeks ago
Note: This index is a leading indicator primarily for new Commercial Real Estate (CRE) investment.
ABI November 2024: Architecture firm billings remain flat
Despite the AIA/Deltek Architecture Billings Index (ABI) score dipping slightly below 50 for the month, it remains close...
balajis.com
Only Newsom Can Go To China
If Nixon and Mao came to an accord, so might Newsom and Xi.
a year ago
If Nixon and Mao came to an accord, so might Newsom and Xi.
Calculated Risk
Housing Starts Decreased to 1.289 million Annual Rate in November
From the Census Bureau: Permits, Starts and Completions
Housing Starts:
seasonally adjusted annual...
2 weeks ago
From the Census Bureau: Permits, Starts and Completions
Housing Starts:
seasonally adjusted annual rate of 1,289,000. This is 1.8 percent below the revised October estimate of 1,312,000 and is 14.6 percent below the November 2023 rate of 1,510,000. Single-family housing starts in...
The Rational Walk
A Dangerous Interregnum
President Biden's decision to allow Ukraine to fire American missiles deep into Russian territory...
a month ago
President Biden's decision to allow Ukraine to fire American missiles deep into Russian territory risks plunging the world into crisis in the finals months of his administration.
Commoncog
Becoming Data Driven, From First Principles
People often say things like "become data driven" without explaining what that means or how to do...
11 months ago
People often say things like "become data driven" without explaining what that means or how to do it. This is everything you need to know to actually become data driven, from scratch, using the same first principles that Amazon, Koch, and Toyota used back in their day.
Mazdak
Tech Titans: AI Race Heats Up!
We will explore the intensifying competition between major tech companies in the field of artificial...
2 months ago
We will explore the intensifying competition between major tech companies in the field of artificial intelligence.
Calculated Risk
Q4 GDP Tracking: 2.1% to 3.3% Range
From BofA:
Since our last weekly publication, our 3Q GDP tracking estimate has moved up a tenth to...
3 weeks ago
From BofA:
Since our last weekly publication, our 3Q GDP tracking estimate has moved up a tenth to
3.0% q/q saar. Additionally, our 4Q US GDP tracker was unchanged at 2.1% q/q saar. [Dec 13th estimate]
emphasis added
From Goldman:
We left our Q4 GDP tracking and domestic final...
Mazdak
Stock Buybacks: A Popular Yet Polarizing Practice
Stock buybacks have become a prevalent practice in the financial world, but they also generate...
9 months ago
Stock buybacks have become a prevalent practice in the financial world, but they also generate significant debate. This article dives into the concept of buybacks, explores their motivations, and examines the arguments for and against them. What are Stock Buybacks?
The Rational Walk
The Theban Plays
The tragic life of Oedipus is the subject of The Theban Plays by Sophocles. The horrors of its plot...
3 months ago
The tragic life of Oedipus is the subject of The Theban Plays by Sophocles. The horrors of its plot has captivated audiences for nearly 2,500 years.
The Rational Walk
The Digest #184
Ed Thorp: A Man for All Markets, Howard Marks on easy money, Active patience, Activist investing,...
12 months ago
Ed Thorp: A Man for All Markets, Howard Marks on easy money, Active patience, Activist investing, Damodaran's 2024 data update, Michael Ovitz, Live Oak, Red Bull, Capital allocation
FIRE v London
Dec ’23 – 2023 in review
It’s the start of a calendar year. Let’s take a look at what 2023 did to me financially. I’m...
a year ago
It’s the start of a calendar year. Let’s take a look at what 2023 did to me financially. I’m following the same structure I’ve used for the last few years (2022, 2021, and 2020). Overall, 2023 was a good year on almost all measures – thanks in particular to Q4 which saw the US...
Moneyness
Coinbase: "What if we call them rewards instead of interest payments?"
Here's a question for you: which U.S. financial institutions are legally permitted to pay interest...
a year ago
Here's a question for you: which U.S. financial institutions are legally permitted to pay interest to retail customers?
We can get an answer by canvassing the range of entities currently offering interest-paying dollar accounts to U.S. retail customers. It pretty much boils...
Mazdak
Google's Ad Business Under Fire in Europe
Google Faces Antitrust Probe in Europe. Microsoft and OpenAI: A Partnership in Turmoil. Google Faces...
a year ago
Google Faces Antitrust Probe in Europe. Microsoft and OpenAI: A Partnership in Turmoil. Google Faces Antitrust Probe in Europe The European Commission has made a formal antitrust complaint against Google and its ad business. In a preliminary opinion, the regulator says Google has...
The Diff
How High Does AI's Revenue Per User Get?
Plus! The Challenges of Scaling Challengers; The Reddit Loop; Scaling AI by Doing Things That Don't...
3 weeks ago
Plus! The Challenges of Scaling Challengers; The Reddit Loop; Scaling AI by Doing Things That Don't Scale Yet; Complete Markets; Legitimacy and Growth
Citation Needed
Sam Bankman-Fried wants only six years for his "victimless" crime
Sam Bankman-Fried maintains that his crimes were victimless and resulted in zero losses, and...
9 months ago
Sam Bankman-Fried maintains that his crimes were victimless and resulted in zero losses, and therefore warrant only six years of imprisonment. Prosecutors argue that 40–50 years are justified.
Bits about Money
Credit card debt collection
Credit card debt is the waste stream of consumer finance. The debt collection industry ends up being...
a year ago
Credit card debt is the waste stream of consumer finance. The debt collection industry ends up being sordid, for complex structural and microeconomic reasons.
Bits about Money
BAM's Early Adopter discount ends soon
Bits about Money's Early Adopter discount ends on January 31st, 2023.
a year ago
Bits about Money's Early Adopter discount ends on January 31st, 2023.
Citation Needed
Issue 60 – Raging in favor of the machine
The crypto industry jumps on the Trump train.
6 months ago
The crypto industry jumps on the Trump train.
Mazdak
Netflix Discontinues Basic Plan in Canada
Netflix has stopped offering its Basic subscription plan in Canada. The company has not said if it...
a year ago
Netflix has stopped offering its Basic subscription plan in Canada. The company has not said if it plans to discontinue the plan altogether, but it is no longer available to new or rejoining members. The Basic plan was the most affordable option for Netflix subscribers in Canada,...
Commoncog
Process Improvement is Trickier Than You Think
Most companies skimp on process improvement. But the surprising thing is that they do so not because...
over a year ago
Most companies skimp on process improvement. But the surprising thing is that they do so not because they're bad or lazy — but because there are system dynamics that prevent them from doing so. We take a look at what those are.
Moneyness
How should money laundering laws apply to DeFi?
Everyone agrees that money laundering laws apply to DeFi. The question is: how to apply them?
DeFi,...
3 months ago
Everyone agrees that money laundering laws apply to DeFi. The question is: how to apply them?
DeFi, or decentralized finance, is an emerging segment of the broader financial industry that delivers traditional financial services, say like trading or lending, using a novel type of...
Moneyness
Kraken v Kraken, or how to protect the public from crypto exchange failures
It's been a full year since FTX International and FTX-US collapsed, and the shocking thing is –...
a year ago
It's been a full year since FTX International and FTX-US collapsed, and the shocking thing is – there is still no regulated crypto venue in the U.S.! You'd think some lessons would have been learnt.
To best protect the public from the Sam Bankman-Frieds of the world, what the...
Mazdak
Open Source AI Takes Center Stage: A New Alliance Challenges Tech Giants 🤖
In a bold move to challenge the dominance of closed AI models, a new global alliance for AI open...
a year ago
In a bold move to challenge the dominance of closed AI models, a new global alliance for AI open source development has emerged, firing shots at the likes of OpenAI, Google, and Anthropic. These tech giants have captured much of the AI spotlight in 2023, but the alliance believes...
balajis.com
Network State Conference 2023
Come to Amsterdam on October 30, 2023 to build the parallel establishment.
a year ago
Come to Amsterdam on October 30, 2023 to build the parallel establishment.
Calculated Risk
Q3 Update: Delinquencies, Foreclosures and REO
Today, in the Calculated Risk Real Estate Newsletter: Q3 Update: Delinquencies, Foreclosures and...
3 weeks ago
Today, in the Calculated Risk Real Estate Newsletter: Q3 Update: Delinquencies, Foreclosures and REO
A brief excerpt:
We will NOT see a surge in foreclosures that would significantly impact house prices (as happened following the housing bubble) for two key reasons: 1) mortgage...
The Rational Walk
The Digest #202
George Washington on debt, Superinvestors of micro-caps, BYD, OXY/BHE joint venture, Imposter...
7 months ago
George Washington on debt, Superinvestors of micro-caps, BYD, OXY/BHE joint venture, Imposter syndrome, Decline of higher education, Howard Schultz, Cathie Wood, Robert Hagstrom
Moneyness
AML works, even if it intercepts less than 1% of criminal proceeds. Here's how
Critics of anti-money laundering (AML) often point to the fact that just a tiny fraction of 1% of...
a year ago
Critics of anti-money laundering (AML) often point to the fact that just a tiny fraction of 1% of criminal proceeds are seized every year, their point being that AML is not working. Either update our approach to AML, they say, or just throw in the towel and legalize money...
Mazdak
Who Should You Ask for Feedback?
Feedback is essential for business success. It can help you identify areas for improvement, get new...
a year ago
Feedback is essential for business success. It can help you identify areas for improvement, get new ideas, and stay ahead of the competition. But not all feedback is created equal. If you want to get the most out of feedback, you need to ask the right people.
Farnam Street
Reciprocity: Getting What You Give
This article is an excerpt from the bestselling book The Great Mental Models Volume 2: Physics,...
over a year ago
This article is an excerpt from the bestselling book The Great Mental Models Volume 2: Physics, Chemistry and Biology Reciprocity teaches us why win-win relationships are the way to go, why waiters leave candies with the bill, why it’s a good idea to use the least force possible...
Calculated Risk
Final Look at Local Housing Markets in November and a Look Ahead to December Sales
Today, in the Calculated Risk Real Estate Newsletter: Final Look at Local Housing Markets in...
6 days ago
Today, in the Calculated Risk Real Estate Newsletter: Final Look at Local Housing Markets in November and a Look Ahead to December Sales
A brief excerpt:
After the National Association of Realtors® (NAR) releases the monthly existing home sales report, I pick up additional local...
Mazdak
Google's Gemini Enters the AI Arena: Ready to Take on OpenAI?
Get ready for a new contender in the world of large language models (LLMs): Google's Gemini! This...
a year ago
Get ready for a new contender in the world of large language models (LLMs): Google's Gemini! This powerful AI is set to shake things up, potentially rivaling big names like OpenAI and Microsoft. What's the Buzz About Gemini? Gemini comes in three flavors:
The Rational Walk
Burlington Northern Santa Fe — 2023 Results
Warren Buffett is concerned about the performance of Berkshire's railroad
10 months ago
Warren Buffett is concerned about the performance of Berkshire's railroad
Mazdak
Interest Rates Dip, But Will Demand Follow?
As the housing market continues its dynamic dance, a recent drop in interest rates presents a...
a year ago
As the housing market continues its dynamic dance, a recent drop in interest rates presents a curious conundrum. While the average 30-year fixed-rate mortgage for qualifying loans sunk to 6.83%, purchase applications surprisingly declined 1%. This begs the question:
Citation Needed
25 years for Sam Bankman-Fried
"The judgment has to adequately reflect the seriousness of the crime, and this was a very serious...
9 months ago
"The judgment has to adequately reflect the seriousness of the crime, and this was a very serious crime."
Mazdak
Meta's Fake AI Profiles, the TikTok Ban, Telegram Updates, and Microsoft's $80 Billion AI Investment...
Meta's AI Experiment: What Went Wrong?
yesterday
Meta's AI Experiment: What Went Wrong?
The Rational Walk
The Digest #177
Remembering Charlie Munger
a year ago
Remembering Charlie Munger
Commoncog
When Action Beats Prediction
One of the great paradoxes of business is that management is prediction, but entrepreneurship ......
a year ago
One of the great paradoxes of business is that management is prediction, but entrepreneurship ... isn't. What a theory of expertise in entrepreneurship tells us about creating new things in business.
Citation Needed
Citation Needed has a new home
Citation Needed is no longer hosted on Substack. Welcome to my antifascist bar.
a year ago
Citation Needed is no longer hosted on Substack. Welcome to my antifascist bar.
Moneyness
The intensifying effort to isolate Russia's banks
Last week the U.S. government expanded the coverage of its secondary sanctions to encompass most of...
6 months ago
Last week the U.S. government expanded the coverage of its secondary sanctions to encompass most of Russia's banks. It's a very big step, one that has been long-awaited by sanctions watchers, and will likely have significant repercussions for Russia and its trading partners....
The Rational Walk
Warren Buffett’s Canvas
Berkshire Hathaway continues to evolve as Warren Buffett celebrates his 93rd birthday with no signs...
a year ago
Berkshire Hathaway continues to evolve as Warren Buffett celebrates his 93rd birthday with no signs of putting down his paintbrush anytime soon.
Calculated Risk
Q3 GDP Growth Revised up to 3.1% Annual Rate
From the BEA: Gross Domestic Product (Third Estimate), Corporate Profits (Revised Estimate), and GDP...
2 weeks ago
From the BEA: Gross Domestic Product (Third Estimate), Corporate Profits (Revised Estimate), and GDP by Industry, Third Quarter 2024
Real gross domestic product (GDP) increased at an annual rate of 3.1 percent in the third quarter of 2024, according to the "third" estimate...
Mazdak
Salary vs. Dividends: Picking the Right Paycheck as a Business Owner
Whether it's the joy of self-employment or the burden of payroll decisions, every business owner...
10 months ago
Whether it's the joy of self-employment or the burden of payroll decisions, every business owner faces unique financial considerations. One critical choice arises early on: to pay yourself a salary or take dividends? Understanding the pros and cons of each path empowers you to...
Citation Needed
Issue 72 – A seat at the table
The SEC is still busy even though it may soon be undermined, crypto industry capture of government...
a week ago
The SEC is still busy even though it may soon be undermined, crypto industry capture of government continues to worsen, and several media outlets botch their crypto reporting at a time it’s needed most.
Calculated Risk
Census: The U.S. population grew by nearly 1.0% between 2023 and 2024
From the Census Bureau: Net International Migration Drives Highest U.S. Population Growth in Decades...
2 weeks ago
From the Census Bureau: Net International Migration Drives Highest U.S. Population Growth in Decades
The U.S. population grew by nearly 1.0% between 2023 and 2024, according to the new Vintage 2024 population estimates released today by the U.S. Census Bureau.
As the nation’s...
Calculated Risk
FOMC Preview: Fed to Cut Rates 25bp
Most analysts expect the FOMC will cut the federal funds rate at the meeting this week by 25bp...
2 weeks ago
Most analysts expect the FOMC will cut the federal funds rate at the meeting this week by 25bp lowering the target range to 4 1/4 to 4 1/2 percent. However, most market participants now expect the FOMC to pause in January and are split on a rate cut at the March...
Mazdak
The Best Age to Start Taking Social Security: It's Not What You Think
When you reach full retirement age (FRA), you can start taking Social Security benefits. But you may...
a year ago
When you reach full retirement age (FRA), you can start taking Social Security benefits. But you may want to consider taking them sooner, even if it means a smaller monthly check. Here's why: Your benefits will grow by 8% per year for each year you delay taking them, up to age...
Moneyness
Will the digital euro be like cash?
The European Union published its proposal for a digital euro late last month, which will be issued...
a year ago
The European Union published its proposal for a digital euro late last month, which will be issued by the European Central Bank (ECB) if it goes ahead. There's plenty to digest in the 62-page document, but the one area I want to focus on in this post is privacy.
Digital euros...
The Rational Walk
The Limits of the 25th Amendment
The 25th Amendment is intended to clarify Presidential succession procedures, but it has severe...
6 months ago
The 25th Amendment is intended to clarify Presidential succession procedures, but it has severe limits that should be acknowledged.
Calculated Risk
Tuesday: Richmond Fed Mfg
Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios.
Richmond Fed...
a week ago
Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios.
Richmond Fed Survey of Manufacturing Activity for December.
NYSE and the NASDAQ will close early at 1:00 PM ET.
The Diff
Longreads + Open Thread
Inflation, AI, Linkrot, Data, Research, Pod Shops, Life Advice, Nvidia
2 weeks ago
Inflation, AI, Linkrot, Data, Research, Pod Shops, Life Advice, Nvidia
The Rational Walk
Biden’s Withdrawal and the Limits of Gaslighting
President Biden's withdrawal from the election is the culmination of months of gaslighting by the...
5 months ago
President Biden's withdrawal from the election is the culmination of months of gaslighting by the Democratic Party and allies in the mainstream media.
FIRE v London
June ’24: Election fever
June was busy. I travelled more than usual in June. Partly in the UK – visiting Glasgow, the west...
5 months ago
June was busy. I travelled more than usual in June. Partly in the UK – visiting Glasgow, the west country, the south coast and the Isle of Wight; partly overseas – I visited Ibiza for a few days of R&R. Meanwhile, the election campaigns were in full swing. Nigel Farage did his...
Moneyness
The magnificent Swiss 10-centime coin
The Swiss 10-centime coin has a lot to teach us about monetary economics.
On its face, the Swiss...
2 months ago
The Swiss 10-centime coin has a lot to teach us about monetary economics.
On its face, the Swiss 10-centime (rappen in German) looks like a pretty unremarkable coin. It's the second-lowest value Swiss coin, the Swiss version of America's lowly nickel, the sort of coin that many...
Calculated Risk
NAR: Existing-Home Sales Increased to 4.15 million SAAR in November
From the NAR: Existing-Home Sales Elevated 4.8% in November; Post Strongest Year-Over-Year Increase...
2 weeks ago
From the NAR: Existing-Home Sales Elevated 4.8% in November; Post Strongest Year-Over-Year Increase Since June 2021
Existing-home sales grew in November, according to the National Association of Realtors®. Sales advanced in three major U.S. regions and remained steady in the...
Citation Needed
Follow the Crypto
FollowTheCrypto.org: A new project to track cryptocurrency industry spending to influence 2024...
5 months ago
FollowTheCrypto.org: A new project to track cryptocurrency industry spending to influence 2024 elections in the United States.
The Rational Walk
The Iliad
Homer's epic poem has much to teach us about human nature if we first take the time to gain an...
9 months ago
Homer's epic poem has much to teach us about human nature if we first take the time to gain an understanding of Greek mythology.
Musings on Markets
Data Update 1 for 2024: The data speaks, but what does it say?
In January 1993, I was valuing a retail company, and I found myself wondering what a reasonable...
a year ago
In January 1993, I was valuing a retail company, and I found myself wondering what a reasonable margin was for a firm operating in the retail business. In pursuit of an answer to that question, I used company-specific data from Value Line, one of the earliest entrants into the...
balajis.com
California Is Not A Democracy
It's a one-party state. They hold elections, but the Party always wins.
6 months ago
It's a one-party state. They hold elections, but the Party always wins.
Commoncog
Dell's Capital Expertise
We trace Michael Dell's skill at the art of capital in business, and use it to examine how skill at...
a year ago
We trace Michael Dell's skill at the art of capital in business, and use it to examine how skill at capital allows you to make moves that aren't available to a novice business operator.
Commoncog
Danny Meyer’s Business Expertise
Let's break down Danny Meyer's business expertise as an exercise in biography reading.
5 months ago
Let's break down Danny Meyer's business expertise as an exercise in biography reading.
The Diff
Where do AI Agents Get Deployed First?
Plus! IP; Bull Markets; Run on the Fund; Moderating Moderation; Paraphrasing Bundling
a month ago
Plus! IP; Bull Markets; Run on the Fund; Moderating Moderation; Paraphrasing Bundling
Calculated Risk
Part 2: Current State of the Housing Market; Overview for mid-December 2024
Today, in the Calculated Risk Real Estate Newsletter: Part 2: Current State of the Housing Market;...
3 weeks ago
Today, in the Calculated Risk Real Estate Newsletter: Part 2: Current State of the Housing Market; Overview for mid-December 2024
A brief excerpt:
Earlier this week, in Part 1: Current State of the Housing Market; Overview for mid-December 2024 I reviewed home inventory, housing...
Commoncog
Commoncog's Next Phase
Announcing the launch of the Commoncog Case Library, setting the Learning in Ill-Structured Domains...
a year ago
Announcing the launch of the Commoncog Case Library, setting the Learning in Ill-Structured Domains series free, and one more thing.
The Rational Walk
The Digest #192
Unpopular large companies, Dopamine culture, Buffett's cheapest stock, Investing in vertical SaaS,...
10 months ago
Unpopular large companies, Dopamine culture, Buffett's cheapest stock, Investing in vertical SaaS, The bear case for China, Chris Davis, Michael Mauboussin
Musings on Markets
The Seven Samurai: How Big Tech Rescued the Market in 2023!
I was planning to finish my last two data updates for 2024, but decided to take a break and look at...
11 months ago
I was planning to finish my last two data updates for 2024, but decided to take a break and look at the seven stocks (Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia and Tesla) which carried the market in 2023. While I will use the "Magnificent Seven" moniker attached by these...
Mazdak
Yelp's Transformation: From Review Revolution to Advertising Efficiency
Yelp, the online review platform that revolutionized local business discovery, has undergone a...
a year ago
Yelp, the online review platform that revolutionized local business discovery, has undergone a remarkable transformation in recent years. Shifting from a sales-driven model to a self-service advertising engine, Yelp has achieved significant efficiency gains and revitalized its...
The Rational Walk
The Limits of an Inner Scorecard
Having an "inner scorecard" can be liberating and foster independent thinking, but ultimately human...
a year ago
Having an "inner scorecard" can be liberating and foster independent thinking, but ultimately human beings must also subject themselves to the judgment of key people in their lives.
Bits about Money
Demystifying financial leverage
Leverage is actually reasonably easy to understand, both in the math and in the implications for...
over a year ago
Leverage is actually reasonably easy to understand, both in the math and in the implications for financial firms.
FIRE v London
10 year review
Wahoop! I have made it through ten years. In fact, I’ve had a trackable portfolio for over 20 years....
a year ago
Wahoop! I have made it through ten years. In fact, I’ve had a trackable portfolio for over 20 years. But 10 years ago I started tracking my portfolio in a consistent, monthly way – unitising its performance so I could measure its return. It wasn’t until 2015 that I started this...
Citation Needed
Sam Bankman-Fried: guilty on all charges
Jurors spent less than five hours deliberating before returning the verdict.
a year ago
Jurors spent less than five hours deliberating before returning the verdict.
Farnam Street
Tit For Tat
Tit for tat is a strategy which, according to game theory, is the most effective choice for iterated...
over a year ago
Tit for tat is a strategy which, according to game theory, is the most effective choice for iterated games based on mutual cooperation or defection. Both players benefit if they cooperate, but one benefits and the other loses out if only they defect, and both lose out to a lesser...
The Rational Walk
The Digest #217
Berkshire Hathaway Acquires BHE Minority Interests, Measuring Competence, Greg Abel Interview, The...
3 months ago
Berkshire Hathaway Acquires BHE Minority Interests, Measuring Competence, Greg Abel Interview, The Fed's Inflationary Bias, Jimmy Carter at 100, Sam Altman, Bruno Leoni, Thermopylae
Citation Needed
Issue 59 – Hot damn, this is going to get interesting quickly
Are US legislators warming to crypto? The SEC approves Ethereum ETPs, and a crypto bill gets through...
7 months ago
Are US legislators warming to crypto? The SEC approves Ethereum ETPs, and a crypto bill gets through the House.
Musings on Markets
Good (Bad) Banks and Good (Bad) Investments: At the right price...
In my last post, I looked at banking as a business, and used a simple banking framework to advance...
a year ago
In my last post, I looked at banking as a business, and used a simple banking framework to advance the notion that the key ingredient tying together the banks that have failed so far in 2023 is an absence of stickiness in deposits, created partially by depositor and deposit...
Musings on Markets
For the fun of it: An Open House for my Spring 2025 Classes
I am a teacher at heart, and every year, for more than two decades, I have invited people to join me...
3 weeks ago
I am a teacher at heart, and every year, for more than two decades, I have invited people to join me in the classes that I teach at the Stern School of Business at New York University. Since I teach these classes only in the spring, and the first sessions for each of the classes...
Calculated Risk
PCE Measure of Shelter Decreases to 4.8% YoY in November
Here is a graph of the year-over-year change in shelter from the CPI report and housing from the PCE...
2 weeks ago
Here is a graph of the year-over-year change in shelter from the CPI report and housing from the PCE report this morning, both through November 2024.
CPI Shelter was up 4.8% year-over-year in November, down from 4.9% in October, and down from the cycle peak of 8.2% in March...
Calculated Risk
Housing Dec 16th Weekly Update: Inventory down 1.1% Week-over-week, Up 26.6% Year-over-year
Altos reports that active single-family inventory was down 1.1% week-over-week. Inventory is now...
2 weeks ago
Altos reports that active single-family inventory was down 1.1% week-over-week. Inventory is now 7.7% below the peak for the year (8 weeks ago).
Inventory will continue to decline seasonally until early next year.
The first graph shows the seasonal pattern for active...
Seeking Wisdom
What I Learned from The South Asian Health Solution and wearing a Continuous Glucose Monitor
We all know avocados are healthy, and coke is bad. Yet we can’t help but gulp down a coke with a...
7 months ago
We all know avocados are healthy, and coke is bad. Yet we can’t help but gulp down a coke with a plate full of french fries. It takes an enormous amount of energy to break bad habits. I’ve broken bad habits under two conditions: (a) it’s a do-or-die situation, or (b) you have a...
Mazdak
The Big News: ChatGPT Pays Up for Content, Ushering in a New Era for Media & AI
Get ready for a paradigm shift, folks! News just dropped that OpenAI, the brains behind ChatGPT, has...
a year ago
Get ready for a paradigm shift, folks! News just dropped that OpenAI, the brains behind ChatGPT, has signed a multi-year licensing deal with Axel Springer, the media giant behind Politico and Business Insider. This isn't just any deal, it's a game-changer
balajis.com
The Network State Book
A book by Balaji S. Srinivasan (@balajis) on how to start a new country. Now available for preorder...
over a year ago
A book by Balaji S. Srinivasan (@balajis) on how to start a new country. Now available for preorder on Amazon.
Calculated Risk
Hotels: Occupancy Rate increased Year-over-year
From STR: U.S. hotel results for week ending 7 December
The U.S. hotel industry reported positive...
2 weeks ago
From STR: U.S. hotel results for week ending 7 December
The U.S. hotel industry reported positive year-over-year performance comparisons, according to CoStar’s latest data through 7 December. ...
Occupancy: 59.0% (+0.5%)
emphasis added
The following graph shows the seasonal...
Mazdak
Inflation finally chills out! Americans rejoice & recession whispers fade as prices dip and spending...
The good news just keeps coming! Prices finally took a breather in November, marking the first...
a year ago
The good news just keeps coming! Prices finally took a breather in November, marking the first decline since way back in 2020! This ain't no mirage, folks - inflation is cooling down, and the Fed's fight against skyrocketing prices is showing real results!
The Rational Walk
The Digest #174
Working Hard, Berkshire Q3 Recap, ProPublica attacks Buffett, Chipotle's international ambitions,...
a year ago
Working Hard, Berkshire Q3 Recap, ProPublica attacks Buffett, Chipotle's international ambitions, The AI Gold Rush, 100th anniversary of Hitler's beer hall putsch, The Federalist Papers
Moneyness
How is the foreign expansion of Canadian banks going?
With the high profile nixing of TD Bank's purchase of First Horizon Bank last month, I thought I'd...
a year ago
With the high profile nixing of TD Bank's purchase of First Horizon Bank last month, I thought I'd take a step back and try to visualize the last few decades of Canadian bank expansion outside of the country.
What I've done is go through the annual reports of the big-5 banks at...
Calculated Risk
MBA Survey: Share of Mortgage Loans in Forbearance Increases to 0.50% in November
From the MBA: Share of Mortgage Loans in Forbearance Increases to 0.50% in November
The Mortgage...
a week ago
From the MBA: Share of Mortgage Loans in Forbearance Increases to 0.50% in November
The Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey revealed that the total number of loans now in forbearance increased to 0.50% as of November 30, 2024. According to MBA’s...
Mazdak
Apple & Google Face Mounting Threats to $500 Billion Market
The $500 billion app store market, which has been a cash cow for Apple and Google for years, is...
a year ago
The $500 billion app store market, which has been a cash cow for Apple and Google for years, is facing a growing number of threats. A recent court ruling against Google and new regulations in Europe and Asia could force the two tech giants to open up their app stores to more...
Mazdak
The Rise of Nvidia and the Fall of Intel
For 25 years, Intel held a coveted spot in the Dow Jones Industrial Average, a testament to its...
2 months ago
For 25 years, Intel held a coveted spot in the Dow Jones Industrial Average, a testament to its influence in the tech world.
The Rational Walk
The Digest #180
Berkshire Hathaway Energy, John Neff and Peter Lynch on investing, Charlie Munger on parenting,...
a year ago
Berkshire Hathaway Energy, John Neff and Peter Lynch on investing, Charlie Munger on parenting, Damodaran on key person risk, Microsoft's IPO, Howard Marks and Annie Duke on risk
Farnam Street
A Wandering Mind: How Travel Can Change the Way You Think
Most people travel as an observer, and as a result, “see” a lot. When you travel as an active...
over a year ago
Most people travel as an observer, and as a result, “see” a lot. When you travel as an active participant, the experience can transform the way you think, and how you see the world. *** Here’s a situation familiar to many of us: We decide to take a vacation and go somewhere...
balajis.com
The Elondrop
Build the political support necessary to free Twitter with the largest airdrop in history.
over a year ago
Build the political support necessary to free Twitter with the largest airdrop in history.
Commoncog
Mental Strength in Judo; Mental Strength in Life
Results of a four month accelerated expertise experiment in Judo. Or: "I expected to learn about...
a year ago
Results of a four month accelerated expertise experiment in Judo. Or: "I expected to learn about deliberate practice but instead learnt a ton about my mental shortcomings."
The Rational Walk
Free Articles!
All articles older than six months are now free to read.
11 months ago
All articles older than six months are now free to read.
Bits about Money
The business of check cashing
Check cashing, as a business, is a poorly understood "alternative" financial service.
11 months ago
Check cashing, as a business, is a poorly understood "alternative" financial service.
The Rational Walk
The Digest #208
Biden's Withdrawal and Limits of Gaslighting, The CrowdStrike Crash, Munger and Franklin, Steve Jobs...
5 months ago
Biden's Withdrawal and Limits of Gaslighting, The CrowdStrike Crash, Munger and Franklin, Steve Jobs in 1983, Microsoft deep dive, Marks on risk, Luca Delanna on ergodicity, Guadalcanal
The Rational Walk
Dollar General: Value or Value Trap?
I spent Labor Day weekend reading about this beaten down retailer. This article provides some...
a year ago
I spent Labor Day weekend reading about this beaten down retailer. This article provides some initial thoughts about the company as well as the overall retail landscape.
Mazdak
X's Ad Business Faces Its Toughest Challenge Yet
In a major blow to X, formerly Twitter, a number of marquee advertisers have announced that they are...
a year ago
In a major blow to X, formerly Twitter, a number of marquee advertisers have announced that they are suspending ad spending on the platform. This comes in response to owner Elon Musk's endorsement of an antisemitic post, as well as to a report by Media Matters For America that...
Musings on Markets
Data Update 4 for 2024: Danger and Opportunity - Bringing Risk into the Equation!
In my last data updates for this year, I looked first at how equity markets rebounded in 2023,...
11 months ago
In my last data updates for this year, I looked first at how equity markets rebounded in 2023, driven by a stronger-than-expected economy and inflation coming down, and then at how interest rates mirrored this rebound. In this post, I look at risk, a central theme in finance and...
Commoncog
Executing on Becoming Data Driven
Every analytics project consists of two parts. The technical part, and then the 'get the...
a year ago
Every analytics project consists of two parts. The technical part, and then the 'get the organisation on board' part. We talk about why the latter is the real challenge.
Calculated Risk
Question #9 for 2025: What will happen with house prices in 2025?
Today, in the CalculatedRisk Real Estate Newsletter: Question #9 for 2025: What will happen with...
a week ago
Today, in the CalculatedRisk Real Estate Newsletter: Question #9 for 2025: What will happen with house prices in 2025?
Earlier I posted some questions on my blog for next year: Ten Economic Questions for 2025. Some of these questions concern real estate (inventory, house prices,...
balajis.com
America's $175 Trillion Problem
The true state of the global financial system, in ten charts.
5 months ago
The true state of the global financial system, in ten charts.
Commoncog
Capital Allocation as an Antidote to Business Luck
The unspoken secret about new company formation is that you need to get lucky. Roll the dice, get a...
a year ago
The unspoken secret about new company formation is that you need to get lucky. Roll the dice, get a business outcome. Capital allocation matters because it allows you more skill, less luck, on the journey to a large outcome.
Bits about Money
Seeing like a Bank
The structural reasons why banks sometimes behave bizarrely in interactions with customers, like...
a year ago
The structural reasons why banks sometimes behave bizarrely in interactions with customers, like forgetting things which customers tell them.
Moneyness
What does the recent ruling on the Emergencies Act mean for your banking rights?
A Federal judge ruled last week that the emergency banking measures taken to end the Ottawa convoy...
11 months ago
A Federal judge ruled last week that the emergency banking measures taken to end the Ottawa convoy protest in 2022 contravened the protestor's rights. In this post I want to provide my reading of this particular ruling and what is at stake for Canadians and their bank...
Commoncog
Under The Hood
How do you shape employee culture? How do you win employee commitment? Under The Hood has a coherent...
a month ago
How do you shape employee culture? How do you win employee commitment? Under The Hood has a coherent model for building this skill.
The Rational Walk
The Digest #175
Pseudonyms on social media, Superinvestor portfolios, Apple Vision Pro, Gates on AI, 40% discount...
a year ago
Pseudonyms on social media, Superinvestor portfolios, Apple Vision Pro, Gates on AI, 40% discount rates, Evolving moats, Jay Gould, Garry Tan, Milton Friedman, Ayn Rand, Steve Ells
Mazdak
Finance News Roundup - Wednesday, 29th November
😢 Investing Legend Charlie Munger Passes Away Charlie Munger, a longtime vice chairman of Berkshire...
a year ago
😢 Investing Legend Charlie Munger Passes Away Charlie Munger, a longtime vice chairman of Berkshire Hathaway and a close associate of Warren Buffett, has passed away at the age of 97. Munger was known for his wit, wisdom, and contrarian investment style.
Calculated Risk
Weekly Initial Unemployment Claims Increase to 242,000
The DOL reported:
emphasis added
The following graph shows the 4-week moving average of weekly...
3 weeks ago
The DOL reported:
emphasis added
The following graph shows the 4-week moving average of weekly claims since 1971.
Click on graph for larger image.
The dashed line on the graph is the current 4-week average. The four-week average of weekly unemployment claims increased to...
Musings on Markets
A Return to Teaching: The Spring 2023 Edition
If, as you read this post, it feels like you have read it or a close variant before, it is because...
over a year ago
If, as you read this post, it feels like you have read it or a close variant before, it is because you have. Each year, ahead of teaching my classes at NYU's Stern School of Business in the spring, I invite readers to accompany me on my journey, and this year is no different....
The Rational Walk
What I’ve Been Reading
This post is a list of books that I read in the second quarter of 2024, including Aeschylus,...
6 months ago
This post is a list of books that I read in the second quarter of 2024, including Aeschylus, Herodotus, the Odyssey, and American Scripture.
The Rational Walk
The Digest #206
The Trust Deficit, EU Regulations, Medicare Advantage scams, Munger soldiered on, The cult of...
5 months ago
The Trust Deficit, EU Regulations, Medicare Advantage scams, Munger soldiered on, The cult of Silicon Valley, Self-esteem and outer scorecards, MMT's founder is worried about deficits
The Rational Walk
What I’ve Been Reading
This post is a list of books that I read in the first quarter of 2024, most notably The Diary of...
9 months ago
This post is a list of books that I read in the first quarter of 2024, most notably The Diary of Anne Frank, Endurance, Crime and Punishment, and the Iliad.
Farnam Street
Let Go of the Learning Baggage
We all want to learn better. That means retaining information, processing it, being able to use it...
over a year ago
We all want to learn better. That means retaining information, processing it, being able to use it when needed. More knowledge means better instincts; better insights into opportunities for both you and your organization. You will ultimately produce better work if you give...
Citation Needed
Elon Musk and the right’s war on Wikipedia
The world's richest man has joined a growing chorus of right-wing voices attacking Wikipedia as part...
3 days ago
The world's richest man has joined a growing chorus of right-wing voices attacking Wikipedia as part of an intensifying campaign against free and open access information.
Citation Needed
Issue 49 – And so the Lord says "give them a 10x"
Bitcoin ETP approval, God-sent crypto scammers, and more trouble in Justin Sun's world.
11 months ago
Bitcoin ETP approval, God-sent crypto scammers, and more trouble in Justin Sun's world.
Musings on Markets
Tesla in 2023: A Return to Reality, The Start of the End or Time to Buy?
I am not much of a car person and view cars primarily as a mode of transportation. I drive a 2010...
a year ago
I am not much of a car person and view cars primarily as a mode of transportation. I drive a 2010 Honda Civic, a perfectly serviceable vehicle that is never going to get oohs and ahas from onlookers, but I feel no urge to value Honda. I don't own a Tesla, and have only driven...
The Diff
Economic Lessons from the Last Few Singularities
Plus! Conflicts and Confluence; Bonds; Empire Building; China; The Capital and Talent Cycle
a week ago
Plus! Conflicts and Confluence; Bonds; Empire Building; China; The Capital and Talent Cycle
Commoncog
Putting Amazon’s PR/FAQ to Practice
What it's like putting Amazon's famed Working Backwards process to practice in a small company...
over a year ago
What it's like putting Amazon's famed Working Backwards process to practice in a small company context, and what was surprising and difficult about it.
Moneyness
Why do sanctioned entities use Tether?
Tether, a stablecoin, has been in the news for offering sanctioned actors such as Hamas a means to...
a year ago
Tether, a stablecoin, has been in the news for offering sanctioned actors such as Hamas a means to participate in the global payments ecosystem.
In this post I want to explore in more depth how Tether is being used to dodge sanctions. I'm going to avoid drawing on the Hamas...
Calculated Risk
New Home Sales Increase to 664,000 Annual Rate in November
Today, in the Calculated Risk Real Estate Newsletter: New Home Sales Increase to 664,000 Annual Rate...
a week ago
Today, in the Calculated Risk Real Estate Newsletter: New Home Sales Increase to 664,000 Annual Rate in November
Brief excerpt:
The Census Bureau reported New Home Sales in November were at a seasonally adjusted annual rate (SAAR) of 664 thousand. The previous three months were...
Calculated Risk
LA Ports: Traffic Increased Sharply Year-over-year in November
Container traffic gives us an idea about the volume of goods being exported and imported - and...
a week ago
Container traffic gives us an idea about the volume of goods being exported and imported - and usually some hints about the trade report since LA area ports handle about 40% of the nation's container port traffic.
Los Angeles and Long Beach in TEUs (TEUs: 20-foot equivalent units...
Citation Needed
Big publishers think libraries are the enemy
The recent Second Circuit decision in Hachette v. Internet Archive is only the latest battle in the...
3 months ago
The recent Second Circuit decision in Hachette v. Internet Archive is only the latest battle in the war on libraries and the freedom to read.
Calculated Risk
ISM® Manufacturing index Increased to 49.3% in December
(Posted with permission). The ISM manufacturing index indicated contraction. The PMI® was at 49.3%...
2 days ago
(Posted with permission). The ISM manufacturing index indicated contraction. The PMI® was at 49.3% in December, up from 48.4% in November. The employment index was at 45.3%, down from 48.1% the previous month, and the new orders index was at 52.5%, up from 50.4%.
Manufacturing...
The Rational Walk
Real Estate Adventures
Buying real estate can be intimidating and complicated. This article describes two experiences with...
9 months ago
Buying real estate can be intimidating and complicated. This article describes two experiences with realtors, one positive and one negative.
Moneyness
After twelve years of writing about bitcoin, here's how my thinking has changed
What follows is an essay on how my thinking on bitcoin has changed since I began to write on the...
2 weeks ago
What follows is an essay on how my thinking on bitcoin has changed since I began to write on the topic starting with my first post in October 2012. Since then I've written 109 posts on the Moneyness Blog that reference bitcoin, along with a few dozen articles at venues like...
Moneyness
Who are the money launderers in the Tornado Cash stack?
Over the last few years I've written a bunch of posts about Tornado Cash, an Ethereum-based mixing...
a year ago
Over the last few years I've written a bunch of posts about Tornado Cash, an Ethereum-based mixing service, because I find it to be a fascinating tool. With the recent indictment of two people involved in the Tornado Cash "stack" for money laundering, here's another post to add...
Mazdak
Elon Musk Lashes Out at Advertisers Leaving X
⚡️ Musk's Fiery Response to Advertiser Exodus 💥 "Go Fk Yourself," Musk Says to Advertisers** 🚀 X...
a year ago
⚡️ Musk's Fiery Response to Advertiser Exodus 💥 "Go Fk Yourself," Musk Says to Advertisers** 🚀 X CEO Defiant Amidst Advertising Boycott In a fiery exchange at the 2023 DealBook Summit in New York, Elon Musk unleashed a barrage of profanity at advertisers who have pulled their...
Mazdak
The 7 Steps to Becoming a Top Investor
Do you want to become a great investor? If so, you're in the right place. In this article, I'm going...
a year ago
Do you want to become a great investor? If so, you're in the right place. In this article, I'm going to share with you the seven steps that I believe are essential for becoming a top investor. Step 1: Develop a Clear Investment Philosophy The first step to becoming a great...
Mazdak
Don't Let Savings Turn into Penalties: Understanding RRSP and TFSA Contribution Limits
Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs) are cornerstones...
10 months ago
Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs) are cornerstones of Canadian financial planning. Both offer distinct advantages for saving and investing, but exceeding their annual contribution limits can lead to unwanted financial consequences.
Seeking Wisdom
How a Machine Learns – Part 2
I’m truly impressed by how accurately LLMs grasp natural language and consistently provide spot-on...
a year ago
I’m truly impressed by how accurately LLMs grasp natural language and consistently provide spot-on answers. Through these posts, I’ll build a toy GPT from scratch using Python and unpack everything that goes inside the LLMs, including the math it uses. This is my third post on my...
Mazdak
Used Car Prices Drop: Should You Buy Now or Wait for Better Deals?
The once-tumultuous used car market, characterized by record-high prices and limited options, has...
a year ago
The once-tumultuous used car market, characterized by record-high prices and limited options, has begun to exhibit signs of a significant shift. Prices are now decelerating, presenting both challenges and opportunities for buyers. This article delves into the key factors driving...
Mazdak
Tech Today - Apple Smart Home Camera
Subscribe to our newsletter at Mazdak.com
a month ago
Subscribe to our newsletter at Mazdak.com
The Rational Walk
The Digest #213
Berkshire's Trillion Dollar Milestone, Will Buffett attempt to acquire Chubb?, Intel's Prospects,...
4 months ago
Berkshire's Trillion Dollar Milestone, Will Buffett attempt to acquire Chubb?, Intel's Prospects, Personal Bots, Bitcoin, AI vs. Reality, "Useless" Knowledge, Jay Bowen, Rudy Havenstein
Moneyness
Memecoins are the point
Cypherpunks wanted to change the world. We ended up with memecoins.
Our story begins with some very...
2 months ago
Cypherpunks wanted to change the world. We ended up with memecoins.
Our story begins with some very smart and idealistic developers, known as cypherpunks, creating a new technology know as a blockchain. Blockchains are databases, but decentralized. Advertised as being...
The Rational Walk
Berkshire Hathaway Acquires BHE Minority Interests
Berkshire Hathaway has acquired the remaining minority interests in BHE from the Scott family and...
3 months ago
Berkshire Hathaway has acquired the remaining minority interests in BHE from the Scott family and now is the sole owner of the energy company.
Commoncog
Dancing Landscapes in Business
Cognitive Flexibility Theory creator Rand Spiro on what complexity theory has to say about the...
over a year ago
Cognitive Flexibility Theory creator Rand Spiro on what complexity theory has to say about the wickedness of business.
Moneyness
How PayPal can use stablecoins to avoid AML requirements and make big profits
There's a new financial loophole in town: stablecoins. Stablecoins are dollar, yen, or pound-based...
9 months ago
There's a new financial loophole in town: stablecoins. Stablecoins are dollar, yen, or pound-based payments platforms that are built using crypto database technology.
Financial institutions are always looking for loopholes to game the system. Typically this has meant avoiding...
Mazdak
ETFs vs. Mutual Funds : The Great Investment Debate
For many investors, both seasoned and new, choosing between Exchange-Traded Funds (ETFs) and mutual...
8 months ago
For many investors, both seasoned and new, choosing between Exchange-Traded Funds (ETFs) and mutual funds can be a head-scratcher. Both offer diversification, professional management options, and access to a variety of asset classes. However, they differ significantly in how they...
Seeking Wisdom
Modeling Life: Foundations
Herman Wouk was researching for a novel he planned to write about World War II. He interviewed...
9 months ago
Herman Wouk was researching for a novel he planned to write about World War II. He interviewed several physicists at Caltech who had worked on the bomb, including Richard Feynman. After the interview, Feynman asked Wouk if he knew Calculus. “No,” said Wouk. To which Feynman...
Commoncog
The Limits of Operational Excellence
An answer to a puzzle: why is that some businesses go down the Deming path, become data driven,...
8 months ago
An answer to a puzzle: why is that some businesses go down the Deming path, become data driven, achieve operational excellence, and die, and others acquire Process Power and win?
The Rational Walk
The Digest #224
Edith Hamilton on human stupidity, BHE's latest investor presentation, Berkshire's 13-F, Extending...
a month ago
Edith Hamilton on human stupidity, BHE's latest investor presentation, Berkshire's 13-F, Extending human lifespan, Fastenal's success story, Buffett's early investments, IKEA's founder
Citation Needed
Not just one bad apple: FTX's practices were business as usual in crypto
Adversary cases from the FTX collapse further expose how crypto companies do business: with secret...
5 days ago
Adversary cases from the FTX collapse further expose how crypto companies do business: with secret acquisitions of “grey area” businesses, buying influence, and creative accounting.
Moneyness
Crypto adoption in America
Source: America Loves Crypto
You may have recently come across the America Loves Crypto...
a year ago
Source: America Loves Crypto
You may have recently come across the America Loves Crypto marketing campaign, sponsored by Coinbase, the U.S.'s largest crypto exchange. In an attempt to promote the voting power of crypto owners, the website makes the claim that 52 million...
Mazdak
Tesla's Robotaxi: A Gamble?
Elon Musk finally took the wraps off his highly anticipated Cybercab at Tesla's "We, Robot" event on...
2 months ago
Elon Musk finally took the wraps off his highly anticipated Cybercab at Tesla's "We, Robot" event on October 10th.
Citation Needed
Issue 45 – I'm the director now
Rising bitcoin prices bring echoes of the crypto mania from years past, and an ambitious hacker...
a year ago
Rising bitcoin prices bring echoes of the crypto mania from years past, and an ambitious hacker decides to manifest a new job for themselves.
Calculated Risk
MBA: Mortgage Applications Decreased Over a Two-Week Period in Weekly Survey
From the MBA: Mortgage Applications Decreased Over a Two-Week Period in Latest
MBA Weekly...
3 days ago
From the MBA: Mortgage Applications Decreased Over a Two-Week Period in Latest
MBA Weekly Survey
Mortgage applications decreased 21.9 percent from two
weeks earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage
Applications Survey for the week...
Seeking Wisdom
It’s a treasure trove of health insights!
Use Insulin wisely Life on Earth started simple. For nearly 2 billion years, tiny single-celled...
2 months ago
Use Insulin wisely Life on Earth started simple. For nearly 2 billion years, tiny single-celled organisms dominated. Then, a lucky accident changed everything. One cell swallowed another, and the swallowed cell became mitochondria, the powerhouse of complex cells. This chance...
Mazdak
Can Zuckerberg Challenge Google's Search Empire?
Mark Zuckerberg is making a bold move to challenge Google's long-standing dominance in the search...
2 months ago
Mark Zuckerberg is making a bold move to challenge Google's long-standing dominance in the search engine market.
Mazdak
Jury Delivers Major Blow to Google in Antitrust Case: Play Store Deemed Illegal Monopoly
In a historic ruling that could shake the foundations of the mobile app ecosystem, a federal jury...
a year ago
In a historic ruling that could shake the foundations of the mobile app ecosystem, a federal jury has found Google Play guilty of violating antitrust laws in a lawsuit brought by Epic Games. This landmark decision has sent shockwaves through the tech industry and raised questions...
The Rational Walk
The Digest #196
Daniel Kahneman (1934 — 2024), Biglari Holdings, Classical education, Sports gambling, Ackman on...
9 months ago
Daniel Kahneman (1934 — 2024), Biglari Holdings, Classical education, Sports gambling, Ackman on Disney's proxy war, Lessons from Paul Graham, Dunbar's number
Citation Needed
Businessweek: Crypto Got What It Wanted in November’s Election. Now What?
The industry is now in a position to weaken financial rules that might protect consumers from the...
2 weeks ago
The industry is now in a position to weaken financial rules that might protect consumers from the next crypto crash.
Mazdak
Protect Your iPhone: Apple Introduces Stolen Device Protection
Apple is taking a stand against iPhone theft with a new security feature called Stolen Device...
a year ago
Apple is taking a stand against iPhone theft with a new security feature called Stolen Device Protection, currently available to beta testers. This feature adds an extra layer of protection to your personal information and financial data, making it more difficult for thieves to...
FIRE v London
Mar ’23: Harvesting tax losses
March has been rather a wet month in London. Wet, and cold. This translates into the ski slopes in...
a year ago
March has been rather a wet month in London. Wet, and cold. This translates into the ski slopes in the French Alps (finally) having great conditions – sadly too late for me to enjoy. Further north, it’s been a month of big change in Scotland. Nicola Sturgeon, the...
Commoncog
There Is No Truth in Business, Only Knowledge
'Knowledge' here is defined as 'theories or models that help you predict better'. How an idea from...
a year ago
'Knowledge' here is defined as 'theories or models that help you predict better'. How an idea from W. Edwards Deming may well be a working philosophy of business.
Musings on Markets
Dealing with Aging: Updating the Intel, Walgreens and Starbucks Stories!
A few weeks ago, I posted on the corporate life cycle, the subject of my latest book. I argued that...
3 months ago
A few weeks ago, I posted on the corporate life cycle, the subject of my latest book. I argued that the corporate life cycle can explain what happens to companies as they age, and why they have to adapt to aging with their actions and choices. In parallel, I also noted that...
The Rational Walk
The Digest #211
Thucydides, Corporate life cycles, Ben Graham's first big win, Buffett's early lesson in activist...
4 months ago
Thucydides, Corporate life cycles, Ben Graham's first big win, Buffett's early lesson in activist investing, Perils of forecasting, Orwell's 1984, Guy Spier, Ben Thompson, Estée Lauder
Bits about Money
Guys what is wrong with ACATS
Ever transferred assets between brokerages? Impressive, terrifying machinations happened in the...
7 months ago
Ever transferred assets between brokerages? Impressive, terrifying machinations happened in the background. No cats were harmed.
Calculated Risk
Realtor.com Reports Active Inventory Up 23.4% YoY
What this means: On a weekly basis, Realtor.com reports the year-over-year change in active...
2 weeks ago
What this means: On a weekly basis, Realtor.com reports the year-over-year change in active inventory and new listings. On a monthly basis, they report total inventory. For November, Realtor.com reported inventory was up 26.2% YoY, but still down 21.5% compared to the 2017 to...
Citation Needed
Issue 54 – Cases continue
Crypto-related litigation is in full swing, as the Terra civil fraud trial has kicked off and two...
9 months ago
Crypto-related litigation is in full swing, as the Terra civil fraud trial has kicked off and two other cases against crypto companies have survived motions to dismiss.
Calculated Risk
2nd Look at Local Housing Markets in November
Today, in the Calculated Risk Real Estate Newsletter: 2nd Look at Local Housing Markets in...
3 weeks ago
Today, in the Calculated Risk Real Estate Newsletter: 2nd Look at Local Housing Markets in November
A brief excerpt:
NOTE: The tables for active listings, new listings and closed sales all include a comparison to November 2019 for each local market (some 2019 data is not...
The Rational Walk
The Digest #160
Steve Jobs in his own words, Risk free rates, Saving for a home, Buffett's investments in Japan,...
a year ago
Steve Jobs in his own words, Risk free rates, Saving for a home, Buffett's investments in Japan, Flawed memories, Podcast interviews with Rudy Havenstein, Doomberg, Paul Graham, and Guy Spier.
Commoncog
The Skill of Capital
What, exactly, is the skill of capital? What does it consist of? How do you recognise it? We walk...
a year ago
What, exactly, is the skill of capital? What does it consist of? How do you recognise it? We walk through three stories, and then talk about the shape of the skill in practice.
Bits about Money
The Long Shadow of Checks
A lot of more modern financial infrastructure follows the paths blazed by checks, at least in the...
a year ago
A lot of more modern financial infrastructure follows the paths blazed by checks, at least in the U.S.
Calculated Risk
Question #3 for 2025: What will the unemployment rate be in December 2025?
Earlier I posted some questions on my blog for next year: Ten Economic Questions for 2025. Some of...
4 days ago
Earlier I posted some questions on my blog for next year: Ten Economic Questions for 2025. Some of these questions concern real estate (inventory, house prices, housing starts, new home sales), and I posted thoughts on those in the newsletter (others like GDP and employment will...
Mazdak
Walmart Goes All-In on AI: Building the Retail Future, One Personalized Shopping Spree at a Time
Forget the days of aimlessly wandering Walmart's aisles, clutching a crumpled grocery list and...
12 months ago
Forget the days of aimlessly wandering Walmart's aisles, clutching a crumpled grocery list and battling for the last box of Oreos. The retail giant is about to revolutionize your shopping experience with a generative AI makeover. Imagine this: You're planning a Super Bowl bash,...
The Rational Walk
The Digest #207
Claim Checks, Herodotus, Berkshire at record highs, Folly of certainty, Advance Auto Parts, Flawed...
5 months ago
Claim Checks, Herodotus, Berkshire at record highs, Folly of certainty, Advance Auto Parts, Flawed memories, Lost knowledge, Todd Combs, Walter Schloss, Bob Noyce, Nietzsche, Lincoln
Mazdak
Understanding the Stock Market Cycle
The stock market cycle is a crucial concept for investors aiming to navigate the financial markets...
7 months ago
The stock market cycle is a crucial concept for investors aiming to navigate the financial markets effectively. It represents the period from a market low to a peak and back again. Understanding the dynamics behind these cycles can help investors maintain their strategies during...
Commoncog
Members Preview: An Easier Way to Create XmR Charts
Early access to some software we've built to make XmR charts more accessible.
9 months ago
Early access to some software we've built to make XmR charts more accessible.
balajis.com
The Balaji Chat
A forum for balajis.com subscribers.
a year ago
A forum for balajis.com subscribers.
Calculated Risk
Weekly Initial Unemployment Claims Decrease to 220,000
The DOL reported:
seasonally adjusted initial claims was 220,000, a decrease of
22,000 from the...
2 weeks ago
The DOL reported:
seasonally adjusted initial claims was 220,000, a decrease of
22,000 from the previous week's unrevised level of 242,000. The 4-week moving average was 225,500, an increase of
1,250 from the previous week's unrevised average of 224,250.
emphasis added
The...
balajis.com
The Network State Book
A new book on starting new countries. Available on Kindle and for free at thenetworkstate.com.
over a year ago
A new book on starting new countries. Available on Kindle and for free at thenetworkstate.com.
Farnam Street
Chesterton’s Fence: A Lesson in Second Order Thinking
A core component of making great decisions is understanding the rationale behind previous decisions....
over a year ago
A core component of making great decisions is understanding the rationale behind previous decisions. If we don’t understand how we got “here,” we run the risk of making things much worse. *** When we seek to intervene in any system created by someone, it’s not enough to view...
Mazdak
Apple Intelligence, Gemini 2.0, Amazon Autos and more
Apple just redefined how we use Siri.
3 weeks ago
Apple just redefined how we use Siri.
The Rational Walk
Inflation Expectations
There's no reason for anyone to care what I think about inflation and interest rates, but readers...
9 months ago
There's no reason for anyone to care what I think about inflation and interest rates, but readers should pay close attention to Warren Buffett's statements and actions.
The Rational Walk
The Odyssey
Homer's epic poem tells the story of how Odysseus struggled to return home after the Trojan War. It...
8 months ago
Homer's epic poem tells the story of how Odysseus struggled to return home after the Trojan War. It is one of the greatest stories in history.
Calculated Risk
Question #8 for 2025: How much will Residential investment change in 2025? How about housing starts...
Today, in the CalculatedRisk Real Estate Newsletter: Question #8 for 2025: How much will Residential...
a week ago
Today, in the CalculatedRisk Real Estate Newsletter: Question #8 for 2025: How much will Residential investment change in 2025? How about housing starts and new home sales in 2025?
Earlier I posted some questions on my blog for next year: Ten Economic Questions for 2025. Some of...
Commoncog
An Expertise Acceleration Experiment in Judo
I relocated for a three month expertise acceleration experiment in Judo. These are my notes from two...
a year ago
I relocated for a three month expertise acceleration experiment in Judo. These are my notes from two months in: what I learnt, what was hard, and what deliberate practice actually feels like.
Citation Needed
Issue 61 – Soft war by the enemy
How will recent Supreme Court decisions affect the crypto world? Also, more absurdity from the...
6 months ago
How will recent Supreme Court decisions affect the crypto world? Also, more absurdity from the crypto lobby, and some new regulatory actions.
Bits about Money
Credit cards as a legacy system
Credit cards have been in use for almost 75 years. Some long-ago decisions still cause consequences...
over a year ago
Credit cards have been in use for almost 75 years. Some long-ago decisions still cause consequences in the present day. But change is possible.
The Rational Walk
The Digest #227
Final Issue: Bitcoin at $100K, Buffett and Munger Unscripted, Blue Chip Stamps, Flawed CPI...
a month ago
Final Issue: Bitcoin at $100K, Buffett and Munger Unscripted, Blue Chip Stamps, Flawed CPI Statistics, Ergodicity, The End of Shame, Notre Dame, Online Censorship, Healthcare Costs
Mazdak
The Latest in Smartglasses Tech
From Samsung's latest specs to the buzz surrounding Apple's potential entry, the world of...
a month ago
From Samsung's latest specs to the buzz surrounding Apple's potential entry, the world of smartglasses is heating up!
Calculated Risk
Monday: New Home Sales
Weekend:
Schedule for Week of December 22, 2024
Ten Economic Questions for 2025
Chicago Fed National...
a week ago
Weekend:
Schedule for Week of December 22, 2024
Ten Economic Questions for 2025
Chicago Fed National Activity Index for November. This is a composite index of other data.
Durable Goods Orders for November. The consensus is for a 0.4% decrease.
New Home Sales for November from...
Commoncog
High Roller: Lessons from America's Richest Banker
Andy Beal's story is an astounding story of capital allocation, incidentally making him America's...
a year ago
Andy Beal's story is an astounding story of capital allocation, incidentally making him America's richest banker. A guest post by Frederik Gieschen.
Bits about Money
Requiem for a bank loan
A brief retrospective on an attractive product First Republic used to offer, and a wider discourse...
a year ago
A brief retrospective on an attractive product First Republic used to offer, and a wider discourse on the banking crisis.
Musings on Markets
Breaking up Big Tech: Cui Bono?
In a court filing on October 9, 2024, the US Department of Justice (DOJ) let it be known that it was...
2 months ago
In a court filing on October 9, 2024, the US Department of Justice (DOJ) let it be known that it was considering a break-up of Alphabet, with the addendum that it would also be pushing for the company to share the data it collects across its multiple platforms with competitors....
Citation Needed
Polling: Are Democratic voters really “increasingly gravitating towards crypto”?
Paradigm has polled some Democratic voters about crypto and released a summary of their results. How...
4 months ago
Paradigm has polled some Democratic voters about crypto and released a summary of their results. How does it stack up to other industry polls, which are often heavily manipulated to paint a deceptively rosy picture?
Moneyness
Renovatio monetae
This silver pfennig from the Archbishopric of Magdeburg (1152-1192) was subject to a policy of...
8 months ago
This silver pfennig from the Archbishopric of Magdeburg (1152-1192) was subject to a policy of renovatio monetae. Twice a year whoever held it had to bring it in to be changed for new coins at a rate of four old coins to three new coins. That suggests an annualized tax rate on...
Mazdak
Nvidia Takes the Crown: The AI Chip Giant Dethrones Apple
Nvidia has overtaken Apple as the world's most valuable company.
2 months ago
Nvidia has overtaken Apple as the world's most valuable company.
Musings on Markets
Tesla in November 2023 : Story twists and turns, with value consequences!
I was planning to start this post by telling you that Tesla was back in the news, but that would be...
a year ago
I was planning to start this post by telling you that Tesla was back in the news, but that would be misleading, since Tesla never leaves the news. Some of that attention comes from the company's products and innovations, but much of it comes from having Elon Musk as a CEO, a man...
Calculated Risk
Schedule for Week of December 22, 2024
Happy Holidays and Merry Christmas!
----- Monday, December 23rd -----
8:30 AM: Chicago Fed National...
2 weeks ago
Happy Holidays and Merry Christmas!
----- Monday, December 23rd -----
8:30 AM: Chicago Fed National Activity Index for November. This is a composite index of other data.
----- Tuesday, December 24th -----
8:30 AM: Durable Goods Orders for November. The consensus is for a 0.4%...
Musings on Markets
Data Update 2 for 2023: A Rocky Year for Equities!
It is the nature of stocks that you have good years and bad ones, and much as we like to forget...
a year ago
It is the nature of stocks that you have good years and bad ones, and much as we like to forget about the latter during market booms, they recur at regular intervals, if for no other reason than to remind us that risk is not an abstraction, and that stocks don't always win, even...
Calculated Risk
Freddie Mac House Price Index Increased in November; Up 4.0% Year-over-year
Today, in the Calculated Risk Real Estate Newsletter: Freddie Mac House Price Index Increased in...
3 days ago
Today, in the Calculated Risk Real Estate Newsletter: Freddie Mac House Price Index Increased in November; Up 4.0% Year-over-year
A brief excerpt:
Freddie Mac reported that its “National” Home Price Index (FMHPI) increased 0.56% month-over-month on a seasonally adjusted (SA)...
Mazdak
CPP vs OAS: Understanding Canada's Core Retirement Benefits 🇨🇦
Canada's retirement income system consists of two major public pension programs: the Canada Pension...
a month ago
Canada's retirement income system consists of two major public pension programs: the Canada Pension Plan (CPP) and Old Age Security (OAS).
Musings on Markets
Data Update 3 for 2024: Interest Rates in 2023 - A Rule-breaking Year!
In my last post, I looked at equities in 2023, and argued that while they did well during 2023, the...
11 months ago
In my last post, I looked at equities in 2023, and argued that while they did well during 2023, the bounce back were uneven, with a few big winning companies and sectors, and a significant number of companies not partaking in the recovery. In this post, I look at interest rates,...
Seeking Wisdom
Modeling Life: Linear Algebra
This is the 4th post in my series summarizing the key takeaways from reading the book Modeling Life....
8 months ago
This is the 4th post in my series summarizing the key takeaways from reading the book Modeling Life. I recommend reading my previous posts first to gain a solid understanding on how to model dynamic systems. This post focuses on how linear algebra is employed in modeling dynamic...
Calculated Risk
Personal Income increased 0.3% in November; Spending increased 0.4%
The BEA released the Personal Income and Outlays report for November:
Personal income increased...
2 weeks ago
The BEA released the Personal Income and Outlays report for November:
Personal income increased $71.1 billion (0.3 percent at a monthly rate) in November, according to estimates released today by the U.S. Bureau of Economic Analysis. Disposable personal income (DPI), personal...
Seeking Wisdom
A great investor is a great rejector
I tend to grasp math concepts better from books written for other fields. Take linear algebra for...
7 months ago
I tend to grasp math concepts better from books written for other fields. Take linear algebra for example — I developed a stronger understanding and appreciation for it after reading the book Modeling Life. Similarly, the investing book What I Learned About Investing from Darwin...
Moneyness
Elon Musk's understanding of payments dates back to his PayPal days. It needs an update
[This is a republication of my most recent CoinDesk opinion piece.]
You've
heard the script...
a year ago
[This is a republication of my most recent CoinDesk opinion piece.]
You've
heard the script before. Migrants need to make payments back home to
their family, but cross-border payments are achingly slow, taking days
to process. Luckily, revolutionary new technologies like...
The Rational Walk
Daily Journal: The Canary in the Coal Mine?
Daily Journal and Berkshire Hathaway have little in common aside from Charlie Munger's influence....
7 months ago
Daily Journal and Berkshire Hathaway have little in common aside from Charlie Munger's influence. Recent development at Daily Journal raise concerns.
Mazdak
OpenAI's Meltdown: A Fight for the Future of AI
The recent turmoil at OpenAI, sparked by the abrupt firing of CEO Sam Altman, has far-reaching...
a year ago
The recent turmoil at OpenAI, sparked by the abrupt firing of CEO Sam Altman, has far-reaching implications for the future of artificial intelligence (AI). OpenAI, known for its groundbreaking ChatGPT technology, is considered a frontrunner in the AI race, and its fate could...
Mazdak
Multifamily Real Estate Investment
Multifamily real estate investment is the purchase of apartment buildings or other residential...
a year ago
Multifamily real estate investment is the purchase of apartment buildings or other residential properties with three or more units. It can be a good investment for a number of reasons, including: Potential for high cash flow. Multifamily properties can generate a steady stream of...
Mazdak
What is QSBS?
As a small business owner, you know the importance of every dollar. You pour your heart and soul...
a year ago
As a small business owner, you know the importance of every dollar. You pour your heart and soul into your company, and you want to see it thrive. But taxes can eat into your profits, leaving you feeling frustrated and discouraged. That's where QSBS (Qualified Small Business...
Citation Needed
Video: The charges against Binance
In December, not long after the Department of Justice announced charges against cryptocurrency giant...
11 months ago
In December, not long after the Department of Justice announced charges against cryptocurrency giant Binance and its CEO Changpeng "CZ" Zhao, I started writing up an overview of everything that had happened to the company over the past few years. I'd written separately about a...
Mazdak
Google and the Canadian Government Reach a Deal on Online News Act
The Government of Canada and Google have reached a deal on the Online News Act (C-18), just three...
a year ago
The Government of Canada and Google have reached a deal on the Online News Act (C-18), just three weeks before the act is scheduled to come into effect. The deal will see Google continue to show Canadian news on its platforms in exchange for annual payments to Canadian news...
The Rational Walk
The Digest #200
Jefferson's advice to his nephew, Inside a Baby Berkshire, Windows Copilot, Hot utility stocks,...
7 months ago
Jefferson's advice to his nephew, Inside a Baby Berkshire, Windows Copilot, Hot utility stocks, Appnesia, Stress and heart disease, Steve Jobs, Flying Cars, Dunkirk, Napoleon
Calculated Risk
Thursday: Unemployment Claims, PPI, Q3 Flow of Funds
Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios.
initial weekly...
3 weeks ago
Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios.
initial weekly unemployment claims report will be released. The consensus is for 220 thousand initial claims, up from 213 thousand last week.
Producer Price Index for November from the BLS. The...
Calculated Risk
Tuesday: Retail Sales, Industrial Production, Homebuilder Survey
From Matthew Graham at Mortgage News Daily: Mortgage Rates Start New Week With Some Hope
Last week...
2 weeks ago
From Matthew Graham at Mortgage News Daily: Mortgage Rates Start New Week With Some Hope
Last week wasn't great for mortgage rates. They moved higher on each of the 5 days. Moreover, there was a distinct lack of logical motivation from the economic data. In fact, on a few...
The Rational Walk
The Digest #164
Howard Marks on intelligent risks, Li Lu's amazing life story, Damodaran on streaming, Thompson on...
a year ago
Howard Marks on intelligent risks, Li Lu's amazing life story, Damodaran on streaming, Thompson on Charter vs. Disney, Taleb's favorite literary works, Buffett's Japanese investments, and more ...
Commoncog
How to Become Data Driven
The answer, like most things from Statistical Process Control, is more surprising and more obvious...
a year ago
The answer, like most things from Statistical Process Control, is more surprising and more obvious than you might think.
Mazdak
Renting vs. Buying in Canada's Skyrocketing Market: Is Homeownership Still a Golden Ticket?
The Great Canadian Housing Dilemma: Soaring prices and sky-high interest rates have transformed the...
11 months ago
The Great Canadian Housing Dilemma: Soaring prices and sky-high interest rates have transformed the dream of homeownership into a distant mirage for many Canadians. But before you resign yourself to renting forever, consider this: owning a home may not be the guaranteed...
Musings on Markets
A Zomato 2022 Update: Value, Pricing and the Gap
On July 21, 2021, I valued Zomato just ahead of its initial public offering at about ₹41 per share....
over a year ago
On July 21, 2021, I valued Zomato just ahead of its initial public offering at about ₹41 per share. The market clearly had a very different view, as the stock premiered at ₹74 per share and soared into the stratosphere, peaking at ₹169 per share in late 2021. The last few months...
balajis.com
#3 - The President of Palau
Listen now (51 min) | The President of Palau and Balaji discuss how the tiny island country is...
a year ago
Listen now (51 min) | The President of Palau and Balaji discuss how the tiny island country is becoming a digital leader, experimenting with everything from on-chain identity to drone delivery. Despite having less than 20,000 citizens, Palau is a full UN member state. Its path to...
The Rational Walk
Buffett Continues to Avoid Long-Term Bonds
Berkshire's longstanding aversion to fixed-maturity investments has not changed in response to...
a year ago
Berkshire's longstanding aversion to fixed-maturity investments has not changed in response to higher interest rates.
Mazdak
Bank of Canada Holds Rates Steady, Inflation Progress Seen as Insufficient
The Bank of Canada (BoC) opted to maintain its key interest rate at 5% today, signaling a cautious...
10 months ago
The Bank of Canada (BoC) opted to maintain its key interest rate at 5% today, signaling a cautious stance on inflation despite recent declines. Governor Tiff Macklem acknowledged progress in bringing inflation down to 2.9% in January, but emphasized the need for continued...
Commoncog
Making Sense of Deming
A comprehensive summary of W. Edwards Deming's ideas, whose System of Profound Knowledge is one of...
9 months ago
A comprehensive summary of W. Edwards Deming's ideas, whose System of Profound Knowledge is one of the most powerful things you'll find on the Operations side of the business expertise triad. Read this, so you don't have to read multiple books to apply his ideas.
Citation Needed
Issue 55 – Halving a bad time
The bitcoin "halving" looms, and that may not be as good news as coiners hope. Also, Terra committed...
8 months ago
The bitcoin "halving" looms, and that may not be as good news as coiners hope. Also, Terra committed fraud and Uniswap got a Wells notice.
The Rational Walk
Negative Lollapalooza Effects
Sharing ideas can have benefits but there are also psychological risks. This article applies lessons...
a year ago
Sharing ideas can have benefits but there are also psychological risks. This article applies lessons from Charlie Munger's psychology of human misjudgment to investing.
Calculated Risk
December 27th COVID Update: COVID in Wastewater Increasing
Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios.
For deaths, I'm...
a week ago
Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios.
For deaths, I'm currently using 4 weeks ago for "now", since the most recent three weeks will be revised significantly.
Note: "Effective May 1, 2024, hospitals are no longer required to report...
Commoncog
Focus Is Saying No To Good Ideas
Several stories about one of the hardest maxims to put to practice in business.
over a year ago
Several stories about one of the hardest maxims to put to practice in business.
Mazdak
Today's Top Tech News - Amazon's Discount Store
Amazon is taking on Temu and Shein with its new discount store, where everything is under $20!
a month ago
Amazon is taking on Temu and Shein with its new discount store, where everything is under $20!
Citation Needed
I am my own legal department: the promise and peril of “just go independent”
Independent publishing is one important facet of the media ecosystem, and while I love it, I know it...
2 months ago
Independent publishing is one important facet of the media ecosystem, and while I love it, I know it is not the path for everyone.
Calculated Risk
FHFA’s National Mortgage Database: Outstanding Mortgage Rates, LTV and Credit Scores
Today, in the Calculated Risk Real Estate Newsletter: FHFA’s National Mortgage Database: Outstanding...
a week ago
Today, in the Calculated Risk Real Estate Newsletter: FHFA’s National Mortgage Database: Outstanding Mortgage Rates, LTV and Credit Scores
A brief excerpt:
Here are some graphs on outstanding mortgages by interest rate, the average mortgage interest rate, borrowers’ credit...
Bits about Money
Improving how credit cards work under the covers
Card networks are legacy systems. Some bugs have persisted for decades, surprisingly, but they can...
a year ago
Card networks are legacy systems. Some bugs have persisted for decades, surprisingly, but they can be fixed. Stripe provides examples.
Mazdak
Twitter vs. Instagram Threads: The Battle for the Short-Form Social Media Crown
Twitter and Instagram are two of the most popular social media platforms in the world. They both...
a year ago
Twitter and Instagram are two of the most popular social media platforms in the world. They both offer users a way to share short-form content, but they have different approaches to how that content is displayed and consumed. Twitter is a more public platform, where anyone can...
Mazdak
Information Overload? Don't Be Fooled!
In today's world of instant access and information overload, we often find ourselves bombarded with...
a year ago
In today's world of instant access and information overload, we often find ourselves bombarded with conflicting opinions and dubious advice. It can be a challenge to distinguish genuine expertise from misleading claims and unqualified opinions. This issue of our newsletter offers...
FIRE v London
Sep 23: Antisocial markets
For some reason shoplifting is in the news. There’s evidently an epidemic of it. Not just in the UK,...
a year ago
For some reason shoplifting is in the news. There’s evidently an epidemic of it. Not just in the UK, but wider afield too – hence major brands pulling out of cities like San Francisco. From what I hear there is a general increase in antisocial behaviour, dating from the covid-19...
Musings on Markets
Market Resilience or Investors In Denial? A Mid-year Assessment for 2023!
I am not a market prognosticator for a simple reason. I am just not good at it, and the first six...
a year ago
I am not a market prognosticator for a simple reason. I am just not good at it, and the first six months of 2023 illustrate why market timing is often the impossible dream, something that every investor aspires to be successful at, but very few succeed on a consistent basis. At...
Mazdak
The Growth Rocket Fuel of Low Gross Margin Businesses
When most people think of successful businesses, they think of businesses with high gross margins....
a year ago
When most people think of successful businesses, they think of businesses with high gross margins. After all, a high gross margin means that a business is making a lot of money on each sale. However, there are a number of successful businesses that have low gross margins. These...
The Rational Walk
Progressive is Firing on All Cylinders
Progressive resumed aggressive growth in the first quarter of 2024 while reporting a strong combined...
8 months ago
Progressive resumed aggressive growth in the first quarter of 2024 while reporting a strong combined ratio.
Commoncog
The Capital Cycle
What a famous investing framework — part of the modern canon of value investing — tells us about the...
a year ago
What a famous investing framework — part of the modern canon of value investing — tells us about the expertise of capital in business.
Seeking Wisdom
Focus on the process, not the outcome
Woorkeri Raman, a former Indian cricketer and former coach of the India women’s national cricket...
4 months ago
Woorkeri Raman, a former Indian cricketer and former coach of the India women’s national cricket team, has two non-negotiables. As an offspinner, you must never get cut, and you must never get driven through the covers. Even when Ravichandran Ashwin takes five wickets, Raman will...
FIRE v London
April ’24: Juggling cash as new UK tax year begins
The temperature in the Middle East got even hotter in April, with Israel and Iran trading attacks on...
7 months ago
The temperature in the Middle East got even hotter in April, with Israel and Iran trading attacks on each other’s sovereign buildings/territory. Somehow World War III has never really seemed in danger of breaking out but it is a reminder that only change is constant. Over in New...
Mazdak
Creating a Data-Driven LinkedIn Strategy: A Step-by-Step Guide
One of the most effective ways to succeed on LinkedIn is to create content with purpose, track its...
2 months ago
One of the most effective ways to succeed on LinkedIn is to create content with purpose, track its performance, and adjust based on data.
Bits about Money
A review of Number Go Up, on crypto shenanigans
A review of Zeke Faux's Number Go Up, with some bonus commentary on financial journalism and Tether...
a year ago
A review of Zeke Faux's Number Go Up, with some bonus commentary on financial journalism and Tether specifically.
The Diff
We Still Have No Idea Whether Passive Investing is a Meaningful Risk
Plus! Complements and Strategy; Privacy, Competition, and Scale; Platforms and Ownership; KYC;...
a month ago
Plus! Complements and Strategy; Privacy, Competition, and Scale; Platforms and Ownership; KYC; Tariff Man
Calculated Risk
3rd Look at Local Housing Markets in November
Today, in the Calculated Risk Real Estate Newsletter: 3rd Look at Local Housing Markets in...
2 weeks ago
Today, in the Calculated Risk Real Estate Newsletter: 3rd Look at Local Housing Markets in November
A brief excerpt:
The NAR is scheduled to release November Existing Home sales on Thursday, December 19th at 10:00 AM. The consensus is for 3.97 million SAAR, up from 3.96 million...
Mazdak
Binance CEO Steps Down and Pleads Guilty as Part of $4.3 Billion Settlement
Binance is the world's largest crypto exchange, and CEO Changpeng "CZ" Zhao is the most powerful...
a year ago
Binance is the world's largest crypto exchange, and CEO Changpeng "CZ" Zhao is the most powerful player in the industry. This deal puts an end to a years-long investigation into Binance. The deal: CZ agreed to pay $50 million in fines and is prohibited from operating or managing...
Mazdak
Canadian Real Estate Market Predictions for 2024
As we enter the year 2024, the Canadian real estate market presents a unique landscape for...
a year ago
As we enter the year 2024, the Canadian real estate market presents a unique landscape for investors. While the explosive growth of recent years is likely to abate, a multitude of factors will continue to shape the market's trajectory. Understanding these factors is crucial for...
Commoncog
Data and the Capital Cycle: How Koch Became an Empire
How Koch Industries became an empire. We draw on ideas from both the Becoming Data Driven series and...
a year ago
How Koch Industries became an empire. We draw on ideas from both the Becoming Data Driven series and the Capital Expertise series.
balajis.com
Going Meta
Meta may be Android to Apple's Apple.
a year ago
Meta may be Android to Apple's Apple.
Calculated Risk
Case-Shiller: National House Price Index Up 3.6% year-over-year in October
Today, in the Calculated Risk Real Estate Newsletter: Case-Shiller: National House Price Index Up...
5 days ago
Today, in the Calculated Risk Real Estate Newsletter: Case-Shiller: National House Price Index Up 3.6% year-over-year in October
S&P/Case-Shiller released the monthly Home Price Indices for October ("October" is a 3-month average of August, September and October closing prices). ...
The Rational Walk
The Digest #215
Ajit Jain's Berkshire sales, Dollar Stores, Jobs vs Cook on Innovation, Robert Caro, Fact checking...
3 months ago
Ajit Jain's Berkshire sales, Dollar Stores, Jobs vs Cook on Innovation, Robert Caro, Fact checking Kamala Harris, Weaponizing political anger, Nick Sleep's letters, Howard Marks on risk
FIRE v London
Apr ’23: Wind and windfalls
April saw the season of long weekends begin here in the UK. Easter saw me inspired by the Ermine to...
a year ago
April saw the season of long weekends begin here in the UK. Easter saw me inspired by the Ermine to check out Dorset’s Chesil beach. We struck lucky with the weather and had a fine, distinctly non-London, time, over a very blustery Easter weekend. My walking shoes seem to have...
The Rational Walk
Improving Disclosure for Public Companies
The Securities and Exchange Commission could improve disclosure and transparency by implementing...
9 months ago
The Securities and Exchange Commission could improve disclosure and transparency by implementing three simple proposals.
Mazdak
ChatGPT vs. Google: The AI Search Wars
The battle for the future of search is on! ChatGPT, the AI chatbot from OpenAI, can now search the...
2 months ago
The battle for the future of search is on! ChatGPT, the AI chatbot from OpenAI, can now search the web, putting it in direct competition with Google.
Mazdak
The Grim Outlook for Offices in 2024
The future of your workspace is facing some serious turbulence.
a year ago
The future of your workspace is facing some serious turbulence.
Citation Needed
Substackers Against Nazis
A collective letter to Substack leadership.
a year ago
A collective letter to Substack leadership.
The Rational Walk
The Thirty Second Mind
Minds capable of deep concentration may soon be extinct.
11 months ago
Minds capable of deep concentration may soon be extinct.
Commoncog
Businesses as Ecosystem Organisms
What we can learn from seeing businesses as organisms in an ecosystem ... using the particularly odd...
3 months ago
What we can learn from seeing businesses as organisms in an ecosystem ... using the particularly odd example of HEICO being the barnacle to TransDigm’s whale.
Commoncog
Introducing Xmrit
Some free software to create, modify, experiment with and share XmR charts. Unlock the ability to...
9 months ago
Some free software to create, modify, experiment with and share XmR charts. Unlock the ability to become more data driven today.
Mazdak
How to Find Great Stocks That Will Make You Money
The stock market can be a great way to grow your wealth over time. However, it's important to know...
a year ago
The stock market can be a great way to grow your wealth over time. However, it's important to know how to find great stocks that will make you money. In this blog post, I will share five key factors to look for when finding great stocks. Factor 1: Strong Revenue Growth
Seeking Wisdom
Neural Networks – Part 3
This is the seventh post in my series on making a toy GPT. For better understanding, I recommend...
a year ago
This is the seventh post in my series on making a toy GPT. For better understanding, I recommend reading my earlier posts first. The MNIST dataset is the “hello world” of machine learning, containing images of handwritten digits that are used to train machine learning models. It...
Commoncog
Learning About Moats the Hard Way
How even legendary conglomerator Henry Singleton got caught out by competitive arbitrage at the end...
7 months ago
How even legendary conglomerator Henry Singleton got caught out by competitive arbitrage at the end of his career.
Calculated Risk
Weekly Initial Unemployment Claims Decrease to 219,000
The DOL reported:
seasonally adjusted initial claims was 219,000, a decrease of
1,000 from the...
a week ago
The DOL reported:
seasonally adjusted initial claims was 219,000, a decrease of
1,000 from the previous week's unrevised level of 220,000. The 4-week moving average was 226,500, an increase of
1,000 from the previous week's unrevised average of 225,500.
emphasis added
The...
Moneyness
Your finances are being snooped on. Here's how
We all have a pretty good idea that our finances are being snooped on, but most of us aren't quite...
5 months ago
We all have a pretty good idea that our finances are being snooped on, but most of us aren't quite able to articulate how. We know that we're being snooped on by two groups, corporations and the government. This post will focus on how the government snoops on our transactions,...
The Rational Walk
The Digest #199
Daily Journal reduces leverage, iPad Pro vs. MacBooks, Independent platforms, Berkshire Hathaway's...
7 months ago
Daily Journal reduces leverage, iPad Pro vs. MacBooks, Independent platforms, Berkshire Hathaway's annual meeting, A long run perspective, the parent-therapy trap
The Rational Walk
Superinvestor Portfolio Changes — Q3 2023
A few observations based on recent 13F filings, with a focus on Berkshire Hathaway, Dollar General,...
a year ago
A few observations based on recent 13F filings, with a focus on Berkshire Hathaway, Dollar General, Markel, and Semper Augustus.
Mazdak
Why 2024 will be the year of the Delivery Drone?
For years, drone delivery has hovered on the horizon, a tantalizing glimpse of a futuristic utopia...
a year ago
For years, drone delivery has hovered on the horizon, a tantalizing glimpse of a futuristic utopia where packages pirouette through the air and land at our doorsteps with clockwork precision. But 2024 marks a pivotal juncture, a year where the sci-fi fantasy transforms into a...
Seeking Wisdom
Books I loved reading in 2022
over a year ago
The Rational Walk
Pilot’s Founders vs. Berkshire Hathaway
Warren Buffett's reputation as a straight shooter is called into question by the Haslam family in a...
a year ago
Warren Buffett's reputation as a straight shooter is called into question by the Haslam family in a dispute over the valuation of their remaining 20% interest.
Seeking Wisdom
Few thoughts on Learning
I was learning how to program during the mid to late 90s. Finding learning material in a world...
a year ago
I was learning how to program during the mid to late 90s. Finding learning material in a world without the Internet, Google, and YouTube was incredibly challenging. I struggled to understand how pointers in C worked. Yashavant Kanetkar’s Understanding Pointers in C book helped me...
Citation Needed
Issue 43 – Laser eyes
Two crypto firms emerge from bankruptcy, and a Bored Ape party turns out even worse than it sounds.
a year ago
Two crypto firms emerge from bankruptcy, and a Bored Ape party turns out even worse than it sounds.
The Rational Walk
Costco’s Director Compensation
Charlie Munger's service on Costco's board makes the retailer's director compensation approach a...
a year ago
Charlie Munger's service on Costco's board makes the retailer's director compensation approach a potential model for Berkshire Hathaway in the future.
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