Moneyness
Pricing the anonymity of banknotes
Banknotes are useful. Not only do they provide their owner with a
standard set of payments...
8 hours ago
Banknotes are useful. Not only do they provide their owner with a
standard set of payments services, they also offer financial anonymity.
This post introduces the idea of trying to price the anonymity
component.
To help think about why we might want to price anonymous...
Commoncog
Stan Slap on the Art of Building Effective Employee Cultures
Cedric talks to Stan Slap, international consultant to the Fortune 500, on a powerful, coherent...
20 hours ago
Cedric talks to Stan Slap, international consultant to the Fortune 500, on a powerful, coherent model for shaping employee culture.
Mazdak
AI Energy Fears: Overblown or the Next Crisis?
Is the fear of AI's energy consumption a tempest in a teapot or a sign of a looming energy crisis?
13 hours ago
Is the fear of AI's energy consumption a tempest in a teapot or a sign of a looming energy crisis?
The Rational Walk
The Digest #225
A Dangerous Interregnum, Trump's Energy Policy, Damodaran on ESG, Buffett in 1970, Inflation's Role...
3 days ago
A Dangerous Interregnum, Trump's Energy Policy, Damodaran on ESG, Buffett in 1970, Inflation's Role in Trump's Victory, Taxes in Retirement, James J. Hill, IKEA, F. A. Hayek, Shakespeare
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.
6 days ago
Crypto’s efforts to buy the 2024 elections paid off, and we’re in for a bumpy ride.
Mazdak
Regulating Crypto
Eighteen states are suing the SEC over Biden's crypto crackdown. Is this the beginning of the end...
6 days ago
Eighteen states are suing the SEC over Biden's crypto crackdown. Is this the beginning of the end for crypto, or a necessary step towards mainstream adoption?
The Rational Walk
The Digest #224
Edith Hamilton on human stupidity, BHE's latest investor presentation, Berkshire's 13-F, Extending...
6 days 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
Musings on Markets
The Siren Song of Sustainability: The Theocratic Trifecta's Third Leg!
You might know, by now, of my views on ESG, which I have described as an empty acronym, born in...
a week ago
You might know, by now, of my views on ESG, which I have described as an empty acronym, born in sanctimony, nurtured in hypocrisy and sold with sophistry. My voyage with ESG began with curiosity in my 2019 exploration of what it purported to measure, turned to cynicism as the...
Mazdak
Meta Fined & FBI on Polymarket
Meta slapped with a HUGE EU fine, the FBI is investigating Polymarket...
a week ago
Meta slapped with a HUGE EU fine, the FBI is investigating Polymarket...
Commoncog
Under The Hood
How do you shape employee culture? How do you win employee commitment? Under The Hood has a coherent...
a week ago
How do you shape employee culture? How do you win employee commitment? Under The Hood has a coherent model for building this skill.
Mazdak
Amazon Glasses: Seeing the Future of Delivery
Amazon is developing smart glasses for their delivery drivers to navigate routes, locate packages,...
a week ago
Amazon is developing smart glasses for their delivery drivers to navigate routes, locate packages, and even take photos of deliveries as proof for customers.
The Rational Walk
The Digest #223
Corporate Taxes, Election Gambling in 1916, Berkshire's Cash, Treasury Inflation Protected...
a week ago
Corporate Taxes, Election Gambling in 1916, Berkshire's Cash, Treasury Inflation Protected Securities, Market Prices as Political Predictors, The Three Indias, Semiconductor Progress
Citation Needed
Wind the clock
A message to those asking “what do I do now?”
a week ago
A message to those asking “what do I do now?”
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 week 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....
Mazdak
Block, TikTok & Beyond
From Block's latest moves to TikTok's impact on the music industry, we explore the trends shaping...
a week ago
From Block's latest moves to TikTok's impact on the music industry, we explore the trends shaping our digital world.
Musings on Markets
The Wisdom and Madness of Crowds: Market Prices as Political Predictors!
In this, the first full week in November 2024, the big news stories of this week are political, as...
a week ago
In this, the first full week in November 2024, the big news stories of this week are political, as the US presidential election reached its climactic moment on Tuesday, but I don't write about politics, not because I do not have political views, but because I reserve those views...
The Rational Walk
Donald Trump’s Resounding Victory
Donald Trump won a decisive victory in his bid for a second term, securing not only a comfortable...
2 weeks ago
Donald Trump won a decisive victory in his bid for a second term, securing not only a comfortable majority in the electoral college but a likely majority in the national popular vote as well.
Mazdak
Trump's Antitrust Agenda: Big Tech in the Balance
Will Big Tech face a reckoning or a reprieve?
2 weeks ago
Will Big Tech face a reckoning or a reprieve?
The Rational Walk
The Digest #222
Berkshire Hathaway's Q3 Results, BRK 2X Long Daily Target ETF, Presidential Election Polling, Online...
2 weeks ago
Berkshire Hathaway's Q3 Results, BRK 2X Long Daily Target ETF, Presidential Election Polling, Online Speech, Price Controls, Shakespeare's Caesar, Musk and SpaceX, Micro-Cap Investing
Mazdak
TFSA Talk: Unlocking Tax-Free Wealth 🇨🇦
Tired of paying taxes on your investments?
2 weeks ago
Tired of paying taxes on your investments?
Citation Needed
Issue 69 – Nice
Coinbase threatens me that continuing to report on their activities would be “.... unwise”. Also,...
2 weeks ago
Coinbase threatens me that continuing to report on their activities would be “.... unwise”. Also, election spending hits a fever pitch, with several new crypto PACs coming out of the woodwork.
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 weeks ago
For 25 years, Intel held a coveted spot in the Dow Jones Industrial Average, a testament to its influence in the tech world.
FIRE v London
Oct ’24: Budgets & broad shoulders
I haven’t seen much of London in October. I’ve been away every weekend in October, partly in the UK...
2 weeks ago
I haven’t seen much of London in October. I’ve been away every weekend in October, partly in the UK and partly visiting friends overseas. And now we’re in November, the clocks have gone back, but temperatures haven’t plummeted yet. London feels busy – pubs still have crowds...
The Rational Walk
Stepping into the River
Just like no man steps into the same river twice, reading a worthwhile book multiple times continues...
2 weeks ago
Just like no man steps into the same river twice, reading a worthwhile book multiple times continues to yield new insights over the years.
Mazdak
Big Tech Ad Boom
Tech giants are raking in cash as the digital ad market explodes!
2 weeks ago
Tech giants are raking in cash as the digital ad market explodes!
Moneyness
Memecoins are the point
Cypherpunks wanted to change the world. We ended up with memecoins.
Our story begins with some very...
3 weeks 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
The Digest #221
Bezos on Media Bias, Marks on Asset Allocation, Moral Hazard, Meta's AI Prospects, Vision Pro:...
3 weeks ago
Bezos on Media Bias, Marks on Asset Allocation, Moral Hazard, Meta's AI Prospects, Vision Pro: Success or Failure?, Berkshire in the 1960s, Whole Foods, Black Diamond, Merck, Wormholes
Mazdak
AI Fuels Alphabet's Growth
Google's parent company Alphabet is on a roll, and AI is the fuel.
3 weeks ago
Google's parent company Alphabet is on a roll, and AI is the fuel.
FIRE v London
Compounding, type II
Supposedly Albert Einstein called compounding the 8th wonder of the world. Certainly the wonder of...
3 weeks ago
Supposedly Albert Einstein called compounding the 8th wonder of the world. Certainly the wonder of compound annual growth rates is something I feel quite viscerally, the more so with each month that I track my portfolio. But I’ve been struck recently by a radical improvement in...
Mazdak
Apple Intelligence: Catching Up or Falling Behind?
Apple just launched its new AI features with much fanfare, but are they truly intelligent or just a...
3 weeks ago
Apple just launched its new AI features with much fanfare, but are they truly intelligent or just a bunch of glowing gradients and sparkle icons?
Musings on Markets
The Sugar Daddy Effect? Corporate venture capital, Sovereign funds and Green Energy!
It is a sign of the times that I spent some time thinking about whether the title of my post would...
3 weeks ago
It is a sign of the times that I spent some time thinking about whether the title of my post would offend some people, as sexist or worse. I briefly considering expanding the title to "Sugar Daddies and Molasses Mommies", but that just sounds awkward, or even replacing the words...
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...
3 weeks ago
Mark Zuckerberg is making a bold move to challenge Google's long-standing dominance in the search engine market.
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...
3 weeks 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.
Mazdak
Free Press or Bezos Press? The Washington Post Stays Silent
This episode examines the Washington Post's controversial decision to no longer endorse presidential...
3 weeks ago
This episode examines the Washington Post's controversial decision to no longer endorse presidential candidates, a move that has sparked outrage and accusations of cowardice, especially given the perceived threat to democracy posed by one of the candidates.
The Rational Walk
The Digest #220
The Intelligent Investor, Antitrust and Big Tech, Berkshire Hathaway's Moat, Nuclear War Risks, The...
4 weeks ago
The Intelligent Investor, Antitrust and Big Tech, Berkshire Hathaway's Moat, Nuclear War Risks, The Invisible Man, AIG's Rise & Fall, Housing Prices, Barbary Wars, Speeches of Pericles
Citation Needed
Guilty or coerced? Ryan Salame’s last interviews before prison
Unpacking my conversation with FTX executive Ryan Salame, where we discussed his claims that he’s...
a month ago
Unpacking my conversation with FTX executive Ryan Salame, where we discussed his claims that he’s innocent of the charges for which he’s now serving seven and a half years in prison.
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...
a month 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...
Commoncog
Business Reality Without Frameworks
A paradox: why it’s important to think about business without abstractions, even as we from what’s...
a month ago
A paradox: why it’s important to think about business without abstractions, even as we from what’s come before.
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...
a month 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...
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...
a month 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
Issue 68 – Opportunity agenda
Harris shouts out crypto in her “Opportunity Agenda for Black Men”, one crypto exec leaves prison as...
a month ago
Harris shouts out crypto in her “Opportunity Agenda for Black Men”, one crypto exec leaves prison as another enters, and Stand With Crypto bets on the favorites.
The Rational Walk
The Digest #219
Roth IRA Conversions, Net-Nets, Margin of Safety, SpaceX's Triumph, The Dystopia of Smartphones, Sam...
a month ago
Roth IRA Conversions, Net-Nets, Margin of Safety, SpaceX's Triumph, The Dystopia of Smartphones, Sam Zell, UK Bargains, Gregorys Coffee, Free Speech Under Assault, Dopamine and Addiction
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...
a month 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.
FIRE v London
Sep ’24: Ominous politics, juicy economics
September was fairly action-packed. I enjoyed getting out on a friend’s boat around Poole and the...
a month ago
September was fairly action-packed. I enjoyed getting out on a friend’s boat around Poole and the Solent. I made it to the Labour party conference in Liverpool, which was fascinating albeit wet. I am apparently firmly in the tax-raising sights of the Government, but I wasn’t the...
Mazdak
The Ultimate Small Business Hiring Guide
How to Find the Right Fit for Your Team
a month ago
How to Find the Right Fit for Your Team
The Rational Walk
Roth IRA Conversions For Early Retirees
Roth IRA conversions could make sense for early retirees who are able to control their income and...
a month ago
Roth IRA conversions could make sense for early retirees who are able to control their income and avoid falling into a high tax bracket.
Citation Needed
Fighting for our web
A talk from XOXO
a month ago
Bits about Money
Fiction and Finance
Recommendations of works of fiction of interest to financial practitioners or enthusiasts.
a month ago
Recommendations of works of fiction of interest to financial practitioners or enthusiasts.
The Rational Walk
The Digest #218
Books I read during Q3, Hurricane insurance claims, Berkshire's troubled railroad, Nike's troubles,...
a month ago
Books I read during Q3, Hurricane insurance claims, Berkshire's troubled railroad, Nike's troubles, Doing what you love, Human aging, Ray Ozzie on intelligent machines, Aesop's Fables
Citation Needed
Caroline Ellison: A woman with agency or a helpless pawn?
Why did the former Alameda Research CEO receive only two years imprisonment for her role in the FTX...
a month ago
Why did the former Alameda Research CEO receive only two years imprisonment for her role in the FTX collapse?
Moneyness
A glass half-full take on Caucasus sanctions evasion
Ed Conway of Sky News recently published a very good investigation on sanctions evasion being...
a month ago
Ed Conway of Sky News recently published a very good investigation on sanctions evasion being carried out through the Caucasus. He visits the Lars border crossing between Georgia and Russia to document how smugglers are openly moving British and German luxury cars into Russia, 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...
a month 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...
The Rational Walk
The Digest #217
Berkshire Hathaway Acquires BHE Minority Interests, Measuring Competence, Greg Abel Interview, The...
a month 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
POSSE: Reclaiming social media in a fragmented world
A simple technique offers the best of both worlds: total control over your own work, while still...
a month ago
A simple technique offers the best of both worlds: total control over your own work, while still maintaining a presence on third-party platforms.
The Rational Walk
The Digest #216
Trading Berkshire, The Theban Plays, The laws of economics, Fed fairy tales, Buffett's "retirement",...
a month ago
Trading Berkshire, The Theban Plays, The laws of economics, Fed fairy tales, Buffett's "retirement", Caro's writing process, Buffett's ground rules, Sherwin Williams, Mysterious owls
Commoncog
What Rigorous Process Improvement in Education Looks Like
What an rigorous trial and error looks like when applied to improving disadvantaged student outcomes...
a month ago
What an rigorous trial and error looks like when applied to improving disadvantaged student outcomes ... and why you should do this in your own organisational contexts.
Citation Needed
Issue 67 – Bug out bitcoin
Crypto resurfaces on the campaign trail and the FTX fallout continues to unfold. Also, merch!
a month ago
Crypto resurfaces on the campaign trail and the FTX fallout continues to unfold. Also, merch!
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...
a month 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.
Musings on Markets
Fed up with Fed Talk? Fact-checking Central Banking Fairy Tales!
The big story on Wednesday, September 18, was that the Federal Reserve’s open market committee...
2 months ago
The big story on Wednesday, September 18, was that the Federal Reserve’s open market committee finally got around to “cutting rates”, and doing so by more than expected. This action, much debated and discussed during all of 2024, was greeted as "big" news, and market...
Commoncog
Businesses as Ecosystem Organisms
What we can learn from seeing businesses as organisms in an ecosystem ... using the particularly odd...
2 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.
The Rational Walk
The Digest #215
Ajit Jain's Berkshire sales, Dollar Stores, Jobs vs Cook on Innovation, Robert Caro, Fact checking...
2 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
Citation Needed
Issue 66 – Pretensions to relevance
FTX fraudster Sam Bankman-Fried says he wants a do-over just as Celsius fraudster Alex Mashinsky...
2 months ago
FTX fraudster Sam Bankman-Fried says he wants a do-over just as Celsius fraudster Alex Mashinsky goes to trial, and some more ill-received blockchain games suggest “GameFi” has an uncertain future.
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,...
2 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...
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...
2 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.
The Rational Walk
The Digest #214
September 11, 2001, Nixon vs JFK, Apple's future, Damodaran on decline, Berkshire's book value,...
2 months ago
September 11, 2001, Nixon vs JFK, Apple's future, Damodaran on decline, Berkshire's book value, Founder mode, Chasing dividends, Caro on LBJ, Peter Lynch, Epicureanism, Mt Everest
Commoncog
The Hospitality Solution in Your Business
A look at the main provocation of Will Guidara’s Unreasonable Hospitality: that you can solve...
2 months ago
A look at the main provocation of Will Guidara’s Unreasonable Hospitality: that you can solve (certain) business problems with hospitality, and that it only takes a little thoughtfulness to do so.
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...
2 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...
FIRE v London
August ’24: From triumph to tragedy
Looking back on the month, it was more eventful than Augusts are reputed to be. In the UK we are...
2 months ago
Looking back on the month, it was more eventful than Augusts are reputed to be. In the UK we are getting used to our new government. And, in some cases, violently testing its boundaries with some summer rioting. We’ve seen some dreadful street behaviour, frequently of a racist /...
Citation Needed
Issue 65 – World Liberty Fiasco
Even the most pro-Trump crypto faithful think Trump’s new crypto scheme is a terrible idea.
2 months ago
Even the most pro-Trump crypto faithful think Trump’s new crypto scheme is a terrible idea.
Musings on Markets
The Power of Expectations: Nvidia's Earnings and the Market Reaction!
Last Wednesday (August 28), the market waited with bated breath for Nvidia’s earning call, scheduled...
2 months ago
Last Wednesday (August 28), the market waited with bated breath for Nvidia’s earning call, scheduled for after the market closed. That call, at first sight, contained exceptionally good news, with revenues and earnings coming in at stratospheric levels, and above expectations,...
The Rational Walk
The Digest #213
Berkshire's Trillion Dollar Milestone, Will Buffett attempt to acquire Chubb?, Intel's Prospects,...
2 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
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...
2 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?
The Rational Walk
The Digest #212
Berkshire Hathaway at $1 Trillion, Warren Buffett's Canvas, Dollar General, Mr Market Miscalculates,...
2 months ago
Berkshire Hathaway at $1 Trillion, Warren Buffett's Canvas, Dollar General, Mr Market Miscalculates, Competing in Search, The American Dream, Li Lu, Deep Dive into AI, The Impact of Debt, and more ...
Musings on Markets
Beat your Bot: Building your moat against AI
It seems like a lifetime has passed since artificial intelligence (AI) became the market's biggest...
2 months ago
It seems like a lifetime has passed since artificial intelligence (AI) became the market's biggest mover, but Open AI introduced the world to ChatGPT on November 30, 2022. While ChatGPT itself represented a low-tech variation of AI, it opened the door to AI not only as a business...
Commoncog
The Idea Maze is a Useless Idea
Product market fit is a crapshoot. Here's what's actually useful in the hunt for a new business...
2 months ago
Product market fit is a crapshoot. Here's what's actually useful in the hunt for a new business idea.
FIRE v London
From ISA $millionaire to £millionaire
The best tax break in the UK is the ISA tax-free savings regime. Each UK tax-resident adult can put...
3 months ago
The best tax break in the UK is the ISA tax-free savings regime. Each UK tax-resident adult can put £20k per year into an ISA account – use it for a wide range of investing activities – and not even have to report on what happens in those accounts, let alone pay tax on them.…...
The Rational Walk
The Digest #211
Thucydides, Corporate life cycles, Ben Graham's first big win, Buffett's early lesson in activist...
3 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
Commoncog
The Dangers of Expansion
A recurring pattern that seems to show up again and again in business: expansion is dangerous, and...
3 months ago
A recurring pattern that seems to show up again and again in business: expansion is dangerous, and everyone really only learns this through pain.
Musings on Markets
The Corporate Life Cycle: Corporate Finance, Valuation and Investing Implications!
As I reveal my ignorance about TikTok trends, social media celebrities and Gen Z slang, my children...
3 months ago
As I reveal my ignorance about TikTok trends, social media celebrities and Gen Z slang, my children are quick to point out my age, and I accept that reality, for the most part. I understand that I am too old to exercise without stretching first or eat a heaping plate of cheese...
Citation Needed
Issue 64 – Pointing its arsenal at our friends
As parts of the crypto industry scramble to court the Harris administration with events like...
3 months ago
As parts of the crypto industry scramble to court the Harris administration with events like “Crypto4Harris”, others insist it is Harris who must “bend the knee”.
balajis.com
The Network School
We’re starting a new school near Singapore for the dark talent of the world. Apply online at...
3 months ago
We’re starting a new school near Singapore for the dark talent of the world. Apply online at ns.com/apply.
The Rational Walk
Thucydides
Thucydides is best known for his extensive history of the Peloponnesian War which took place between...
3 months ago
Thucydides is best known for his extensive history of the Peloponnesian War which took place between 431 - 404 BC.
Commoncog
Data is an Added Sense
A useful operating principle to sidestep the biggest misconception with becoming data driven in...
3 months ago
A useful operating principle to sidestep the biggest misconception with becoming data driven 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...
3 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...
Moneyness
Stablecoins – a digital version of Swiss bearer savings books
Before anti-money laundering laws arrived in Switzerland, anyone could walk into a Swiss bank and...
3 months ago
Before anti-money laundering laws arrived in Switzerland, anyone could walk into a Swiss bank and open an account without showing any ID. The bank would then issue you something called a bearer savings book, otherwise known as inhabersparheften or livrets d'épargne au porteur....
The Rational Walk
The Digest #209
Berkshire's conservatism, Weschler's IRA, National Indemnity, A Defense of Andrew Left, Inflation...
3 months ago
Berkshire's conservatism, Weschler's IRA, National Indemnity, A Defense of Andrew Left, Inflation hammers the poor, Felony convictions as footnotes, Immanuel Nobel, Eisenhower and D-Day
Citation Needed
Issue 63 – RobConf 2024
Coinbase responds to campaign finance violation allegations, Trump panders to bitcoiners, and I chat...
3 months ago
Coinbase responds to campaign finance violation allegations, Trump panders to bitcoiners, and I chat with Lyn Alden about sexism in bitcoin.
Commoncog
Danny Meyer’s Business Expertise
Let's break down Danny Meyer's business expertise as an exercise in biography reading.
3 months ago
Let's break down Danny Meyer's business expertise as an exercise in biography reading.
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...
3 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...
Bits about Money
Why the CrowdStrike bug hit banks hard
Regulation-induced monocultures meet unfortunate but explicable engineering decisions.
3 months ago
Regulation-induced monocultures meet unfortunate but explicable engineering decisions.
Moneyness
China is slowly joining the economic war against Russia
I recently shared a chart on Twitter showing Chinese exports of ball bearings to Russia. Here it...
3 months ago
I recently shared a chart on Twitter showing Chinese exports of ball bearings to Russia. Here it is:
Having accelerated after Putin's invasion of Ukraine to a run-rate of around US$5-7 million per month in 2023, Chinese ball bearing exports to Russia have been ratcheted down...
Citation Needed
Coinbase appears to have violated campaign finance laws with a $25 million super PAC donation
Actively involved in contract negotiations with a federal government agency, Coinbase was likely...
3 months ago
Actively involved in contract negotiations with a federal government agency, Coinbase was likely prohibited from making its $25 million contribution to the Fairshake crypto super PAC in May 2024.
Commoncog
Running a Fine Dining Restaurant in a Recession
How Eleven Madison Park survived the 2008 Global Recession ... and what this tells us about...
3 months ago
How Eleven Madison Park survived the 2008 Global Recession ... and what this tells us about operating through the capital cycle.
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...
3 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...
balajis.com
America's $175 Trillion Problem
The true state of the global financial system, in ten charts.
3 months ago
The true state of the global financial system, in ten charts.
Musings on Markets
Country Risk: My 2024 Data Update
After the 2008 market crisis, I resolved that I would be far more organized in my assessments and...
3 months ago
After the 2008 market crisis, I resolved that I would be far more organized in my assessments and updating of equity risk premiums, in the United States and abroad, as I looked at the damage that can be inflicted on intrinsic value by significant shifts in risk premiums, i.e., my...
The Rational Walk
The Digest #208
Biden's Withdrawal and Limits of Gaslighting, The CrowdStrike Crash, Munger and Franklin, Steve Jobs...
3 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
Citation Needed
Issue 62 – Grassroots
Coinbase’s Stand With Crypto Alliance fudges the numbers, a (former) crypto industry CEO has a...
4 months ago
Coinbase’s Stand With Crypto Alliance fudges the numbers, a (former) crypto industry CEO has a meltdown, and another exchange suffers a nine-figure hack.
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...
4 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.
Citation Needed
Follow the Crypto
FollowTheCrypto.org: A new project to track cryptocurrency industry spending to influence 2024...
4 months ago
FollowTheCrypto.org: A new project to track cryptocurrency industry spending to influence 2024 elections in the United States.
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...
4 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,...
Commoncog
A Big Part of Being Data Driven is Will Not Skill
What it's like being data driven in the restaurant business ... and what it tells us about becoming...
4 months ago
What it's like being data driven in the restaurant business ... and what it tells us about becoming data driven in business more broadly.
The Rational Walk
The Digest #206
The Trust Deficit, EU Regulations, Medicare Advantage scams, Munger soldiered on, The cult of...
4 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
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...
4 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...
The Rational Walk
The Limits of the 25th Amendment
The 25th Amendment is intended to clarify Presidential succession procedures, but it has severe...
4 months ago
The 25th Amendment is intended to clarify Presidential succession procedures, but it has severe limits that should be acknowledged.
Citation Needed
Issue 61 – Soft war by the enemy
How will recent Supreme Court decisions affect the crypto world? Also, more absurdity from the...
4 months ago
How will recent Supreme Court decisions affect the crypto world? Also, more absurdity from the crypto lobby, and some new regulatory actions.
The Rational Walk
The Trust Deficit
My thoughts on the severe deficit of trust facing the United States on its 248th birthday and the...
4 months ago
My thoughts on the severe deficit of trust facing the United States on its 248th birthday and the urgent need to correct course.
Commoncog
The Amazon Weekly Business Review
Everything you need to know about the Amazon Weekly Business Review: how it works, why it works, and...
4 months ago
Everything you need to know about the Amazon Weekly Business Review: how it works, why it works, and how it helps Amazon win.
Bits about Money
Working title (insurance)
Title insurance is grossly overpriced relative to actual risks involved. Why is that?
4 months ago
Title insurance is grossly overpriced relative to actual risks involved. Why is that?
The Rational Walk
The Magic of Compounding
The magic of compounding was evident when I recently compared my lifetime gross wage income to my...
4 months ago
The magic of compounding was evident when I recently compared my lifetime gross wage income to my current net worth.
Citation Needed
Issue 60 – Raging in favor of the machine
The crypto industry jumps on the Trump train.
4 months ago
The crypto industry jumps on the Trump train.
FIRE v London
I’m 28, and can’t figure out how to start on FatFIRE – what would you do in my shoes?
From: TazTo: FvL Hi FvL I’ve read your blog on and off for the past year or three. I graduated from...
5 months ago
From: TazTo: FvL Hi FvL I’ve read your blog on and off for the past year or three. I graduated from the London School of Economics in 2017 after which I went through the hardest few years of my life mentally and ended up unemployed or in dead-end low paid jobs. I currently work...
The Rational Walk
The Digest #204
Buffett buys more Occidental, Daily Journal annual meeting notes, Experts vs. Imitators, Slowing...
5 months ago
Buffett buys more Occidental, Daily Journal annual meeting notes, Experts vs. Imitators, Slowing down time, Return of meme stocks, The U.S. Constitution, Gouverneur Morris, Cleopatra
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...
5 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
Daily Journal Annual Meeting Notes
A reader has generously shared his notes from the Daily Journal annual meeting which took place in...
5 months ago
A reader has generously shared his notes from the Daily Journal annual meeting which took place in Los Angeles on February 15, 2024.
FIRE v London
May ’24: UK election called
The month of May seems a little while ago, so I’d better get on and write it up. This will be quick....
5 months ago
The month of May seems a little while ago, so I’d better get on and write it up. This will be quick. The big news in the UK was Rishi Sunak, the outgoing PM, calling a general election for 4 July. Independence-from-the-Tories Day. May was also the month that u-turner/blowharder...
The Rational Walk
The Digest #203
American Scripture, Prometheus Bound, Herodotus on wealth, Apple intelligence, NetJets, Value...
5 months ago
American Scripture, Prometheus Bound, Herodotus on wealth, Apple intelligence, NetJets, Value Investor's Club, Nietzsche's world view, Are wrist watches effeminate?, Seinfeld on writing
Commoncog
Business Ecosystem Change Takes Time
The birth of Sony, and the possibility that private corporations and private individuals can change...
5 months ago
The birth of Sony, and the possibility that private corporations and private individuals can change broader business ecosystems.
Moneyness
"I didn't launder the cash, your honor. The robot did."
Crypto enthusiasts protest the trial of Alexey Pertsev
As the multiple Tornado Cash legal cases...
5 months ago
Crypto enthusiasts protest the trial of Alexey Pertsev
As the multiple Tornado Cash legal cases wend their way through courts in the Netherlands and the U.S., we continue to learn how society's money laundering laws will be applied to some of the more unique financial entities...
balajis.com
California Is Not A Democracy
It's a one-party state. They hold elections, but the Party always wins.
5 months ago
It's a one-party state. They hold elections, but the Party always wins.
The Rational Walk
Prometheus Bound
This article presents a discussion of "Prometheus Bound", a play by the Greek Tragedian Aeschylus...
5 months ago
This article presents a discussion of "Prometheus Bound", a play by the Greek Tragedian Aeschylus dating back to the fifth century BC.
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...
5 months ago
Are US legislators warming to crypto? The SEC approves Ethereum ETPs, and a crypto bill gets through the House.
Mazdak
Understanding the Stock Market Cycle
The stock market cycle is a crucial concept for investors aiming to navigate the financial markets...
5 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...
The Rational Walk
The Other Side of the Trade
Reflections on trying to profit from the technical problems that caused Berkshire Hathaway and other...
5 months ago
Reflections on trying to profit from the technical problems that caused Berkshire Hathaway and other stocks to temporarily crash on June 3, 2024.
Commoncog
Learning About Moats the Hard Way
How even legendary conglomerator Henry Singleton got caught out by competitive arbitrage at the end...
5 months ago
How even legendary conglomerator Henry Singleton got caught out by competitive arbitrage at the end of his career.
Citation Needed
Cryptocurrency companies have raised over $115 million to influence US elections this cycle, and...
As election season kicks into high gear, we need to watch how cryptocurrency companies are...
5 months ago
As election season kicks into high gear, we need to watch how cryptocurrency companies are influencing US politics.
The Rational Walk
The Digest #201
Daily Journal, The Oresteia, Elon's compensation, TSMC, Banks in disguise, Reading about stupidity,...
5 months ago
Daily Journal, The Oresteia, Elon's compensation, TSMC, Banks in disguise, Reading about stupidity, Zweig on Ben Graham's continued relevance, 3G Capital, Morgan Housel, Christopher Tsai
Moneyness
Monetagium
An English penny minted by William the Conqueror, who brought monetagium to England. Source: History...
5 months ago
An English penny minted by William the Conqueror, who brought monetagium to England. Source: History in Coins
The way that a modern mafia protection racket works is the mafia starts doing very bad things to regular folks, say you and your business. To stop the damage, you pay...
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....
5 months ago
Daily Journal and Berkshire Hathaway have little in common aside from Charlie Munger's influence. Recent development at Daily Journal raise concerns.
Bits about Money
Guys what is wrong with ACATS
Ever transferred assets between brokerages? Impressive, terrifying machinations happened in the...
6 months ago
Ever transferred assets between brokerages? Impressive, terrifying machinations happened in the background. No cats were harmed.
Mazdak
Capital Gains Tax Hike: Sell Now or Hold On? A Canadian Investor's Guide
Canada's recent federal budget has sent ripples through the investment and real estate communities....
6 months ago
Canada's recent federal budget has sent ripples through the investment and real estate communities. A key change: a looming increase in capital gains tax on sizeable transactions. This has many wondering – should I sell assets before June 25th, 2024, to avoid the taxman's bite?...
Citation Needed
Privacy, human rights, and Tornado Cash
I am more worried about privacy than crypto crime.
6 months ago
I am more worried about privacy than crypto crime.
The Rational Walk
The Digest #200
Jefferson's advice to his nephew, Inside a Baby Berkshire, Windows Copilot, Hot utility stocks,...
6 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
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...
6 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...
Commoncog
Setting Up For The Second Half of 2024
A new set of cases for two concept sequences, and the end of the Data Driven Series.
6 months ago
A new set of cases for two concept sequences, and the end of the Data Driven Series.
Citation Needed
Issue 58 – Threats to the stability and integrity of Ethereum
The Justice Department worries about the stability of Ethereum, DCG tries to bilk their subsidiary's...
6 months ago
The Justice Department worries about the stability of Ethereum, DCG tries to bilk their subsidiary's creditors, and Biden threatens a crypto veto.
The Rational Walk
Thomas Jefferson’s Advice to His Nephew
Two letters from Thomas Jefferson to his nephew, Peter Carr, illustrate Jefferson's views on...
6 months ago
Two letters from Thomas Jefferson to his nephew, Peter Carr, illustrate Jefferson's views on education, ethics, religion, and many other subjects.
Seeking Wisdom
Ruturaj Gaikwad, P-value, and Bayes’ Theorem
IPL is one of the greatest entertainments for a cricket lover like me. Chennai Super Kings (CSK) is...
6 months ago
IPL is one of the greatest entertainments for a cricket lover like me. Chennai Super Kings (CSK) is my favorite team. Ruturaj Gaikwad, the new CSK captain for the IPL 2024 season, lost 10 out of 13 tosses: LLLLWLLLLLLWL. The probability of seeing the sequence LLLLWLLLLLLWL is...
The Rational Walk
Hesiod’s Works and Days
One of the oldest surviving books provides advice that is just as relevant to our lives today as it...
6 months ago
One of the oldest surviving books provides advice that is just as relevant to our lives today as it was 2,700 years ago.
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...
6 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...
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...
6 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...
The Rational Walk
Apple’s Dystopian iPad Video
When Steve Jobs spoke about the intersection of liberal arts and technology, he did not envision...
6 months ago
When Steve Jobs spoke about the intersection of liberal arts and technology, he did not envision crushing symbols of art and culture.
Moneyness
Renovatio monetae
This silver pfennig from the Archbishopric of Magdeburg (1152-1192) was subject to a policy of...
6 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...
Citation Needed
Issue 57 - I take deep breath and I get real high
Changpeng Zhao's sentencing, FOIA requests reveal past FBI investigations into Coinbase, and the SEC...
6 months ago
Changpeng Zhao's sentencing, FOIA requests reveal past FBI investigations into Coinbase, and the SEC is on a Wells notice bender.
The Rational Walk
The Odyssey
Homer's epic poem tells the story of how Odysseus struggled to return home after the Trojan War. It...
6 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.
Seeking Wisdom
Modeling Life: Linear Algebra
This is the 4th post in my series summarizing the key takeaways from reading the book Modeling Life....
6 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...
Citation Needed
We can have a different web
Many yearn for the “good old days” of the web. We could have those good old days back — or something...
6 months ago
Many yearn for the “good old days” of the web. We could have those good old days back — or something even better — and if anything, it would be easier now than it ever was.
balajis.com
Gil Duran Faked A Quote For the New Republic
Then they stealth edited the piece. They knew they'd committed libel.
6 months ago
Then they stealth edited the piece. They knew they'd committed libel.
Bits about Money
The business of wallets
How digital wallets work, and how payment costs drive a lot of product decisions inside and around...
6 months ago
How digital wallets work, and how payment costs drive a lot of product decisions inside and around them.
The Rational Walk
The Dividend Signal
Mature technology companies are establishing regular quarterly dividends. Is this a positive or...
6 months ago
Mature technology companies are establishing regular quarterly dividends. Is this a positive or negative development for shareholders?
Citation Needed
Issue 56 – What are you gonna do, arrest me?
The Binance CEO's sentencing draws near, and prosecutors have been busy chasing down other crypto...
6 months ago
The Binance CEO's sentencing draws near, and prosecutors have been busy chasing down other crypto criminals. Also, lawmakers take another stab at stablecoin regulation.
Commoncog
The Limits of Operational Excellence
An answer to a puzzle: why is that some businesses go down the Deming path, become data driven,...
7 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?
Seeking Wisdom
Modeling Life: Oscillation
This is my 3rd post summarizing the key takeaways I got from reading the book Modeling Life. I...
7 months ago
This is my 3rd post summarizing the key takeaways I got from reading the book Modeling Life. I recommend reading my earlier posts first to get a good grounding on the foundations covered in the book. A system can exhibit three different types of behavior: equilibrium,...
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,...
7 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...
Mazdak
ETFs vs. Mutual Funds : The Great Investment Debate
For many investors, both seasoned and new, choosing between Exchange-Traded Funds (ETFs) and mutual...
7 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...
The Rational Walk
Free Articles!
A selection of fifteen formerly paywalled articles
7 months ago
A selection of fifteen formerly paywalled articles
Citation Needed
AI isn't useless. But is it worth it?
AI can be kind of useful, but I'm not sure that a "kind of useful" tool justifies the harm.
7 months ago
AI can be kind of useful, but I'm not sure that a "kind of useful" tool justifies the harm.
Mazdak
Should You Rent or Buy a Home in Today's Market?
In today's Canadian housing market, the age-old question of renting versus buying feels more...
7 months ago
In today's Canadian housing market, the age-old question of renting versus buying feels more pressing than ever. Soaring property values and rising interest rates have created a complex landscape, leaving many wondering: is homeownership still the golden ticket to building...
The Rational Walk
Paid Subscriptions
The reasons behind my decision to discontinue paid subscriptions.
7 months ago
The reasons behind my decision to discontinue paid subscriptions.
Commoncog
The Secret at the Heart of Continuous Improvement
Continuous Improvement sounds simple, even obvious. And yet there's a profound secret at its heart...
7 months ago
Continuous Improvement sounds simple, even obvious. And yet there's a profound secret at its heart that doesn't seem to get talked about.
Seeking Wisdom
Modeling Life: Equilibrium
This is my 2nd post summarizing the key takeaways I got from reading the book Modeling Life. I...
7 months ago
This is my 2nd post summarizing the key takeaways I got from reading the book Modeling Life. I recommend reading my earlier post first to get a good grounding on the foundations covered in the book. A system can exhibit three different types of behavior: equilibrium, oscillation,...
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...
7 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
Progressive is Firing on All Cylinders
Progressive resumed aggressive growth in the first quarter of 2024 while reporting a strong combined...
7 months ago
Progressive resumed aggressive growth in the first quarter of 2024 while reporting a strong combined ratio.
Moneyness
Why I'm in favor of financial illiteracy
I'm not a fan of mandatory investor education classes. The issue was brought up recently by former...
7 months ago
I'm not a fan of mandatory investor education classes. The issue was brought up recently by former chair of FDIC, Sheila Bair, who sees such classes as ways to stop future FTX-style disasters.
The model of finance I've been using for many years is the fairly dismal dark forest...
The Rational Walk
The Digest #197
Interest rates, Passive investing, Ben Graham as a young man, Daniel Kahneman, Ken Langone, Lawrence...
7 months ago
Interest rates, Passive investing, Ben Graham as a young man, Daniel Kahneman, Ken Langone, Lawrence Cunningham, Reed Hastings, Steve Eisman
Commoncog
Introducing Xmrit
Some free software to create, modify, experiment with and share XmR charts. Unlock the ability to...
7 months ago
Some free software to create, modify, experiment with and share XmR charts. Unlock the ability to become more data driven today.
The Rational Walk
Berkshire Hathaway Annual Meeting Questions
Berkshire Hathaway's 2024 annual meeting will be held in Omaha on May 4. This article includes five...
7 months ago
Berkshire Hathaway's 2024 annual meeting will be held in Omaha on May 4. This article includes five potential questions for the Q&A session.
Seeking Wisdom
Modeling Life: Foundations
Herman Wouk was researching for a novel he planned to write about World War II. He interviewed...
7 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...
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...
7 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.
Citation Needed
"The Monkey Fraud": An interview with Ryder Ripps
An interview with Ryder Ripps, a defendant in the Yuga Labs v. Ripps case about Bored Ape Yacht Club...
7 months ago
An interview with Ryder Ripps, a defendant in the Yuga Labs v. Ripps case about Bored Ape Yacht Club trademark infringement and racism.
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...
7 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.
Mazdak
The 4% Rule: A Guide to Retirement Withdrawals, Not a Golden Ticket
For many approaching retirement, the question of "how much can I safely withdraw?" looms large....
7 months ago
For many approaching retirement, the question of "how much can I safely withdraw?" looms large. Enter the 4% rule, a popular guideline that suggests retirees can withdraw 4% of their retirement savings in the first year and adjust for inflation thereafter. But is it a guaranteed...
The Rational Walk
The Digest #196
Daniel Kahneman (1934 — 2024), Biglari Holdings, Classical education, Sports gambling, Ackman on...
7 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
Issue 54 – Cases continue
Crypto-related litigation is in full swing, as the Terra civil fraud trial has kicked off and two...
7 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.
Mazdak
Canada's Housing Crisis: Is There a Way Out?
Canada's housing market has become a national concern. Soaring prices have pushed homeownership out...
7 months ago
Canada's housing market has become a national concern. Soaring prices have pushed homeownership out of reach for many, and even renters struggle to find affordable options. The pandemic exacerbated this pre-existing crisis, highlighting the urgent need for solutions. This article...
FIRE v London
Mar ’24: A towering influence
I’ve enjoyed March. I managed to enjoy a few days’ skiing, despite less snow than any of us would...
7 months ago
I’ve enjoyed March. I managed to enjoy a few days’ skiing, despite less snow than any of us would like, in the Austrian alps. Back at home, the sun has been getting stronger, and the evenings have been getting lighter – and now with Summer Time we will enjoy lovely late evenings...
Moneyness
The effects of Russian sanctions as portrayed in YouTube videos
Last month American provocateur Tucker Carlson visited a Russian grocery store. Because it was...
7 months ago
Last month American provocateur Tucker Carlson visited a Russian grocery store. Because it was filled to the brim with food, Carlson claims that western sanctions placed on Russia aren't having an effect. "We've been told sanctions on Russia have had a devastating effect on its
...
The Rational Walk
Poor Charlie’s Almanack
My thoughts on the new edition with a focus on inconsistency avoidance, one of the twenty-five...
7 months ago
My thoughts on the new edition with a focus on inconsistency avoidance, one of the twenty-five psychological tendencies that can cause human misjudgment.
Bits about Money
Anatomy of a credit card rewards program
Credit card rewards are mostly funded out of interchange, a fee paid by businesses to accept cards.
7 months ago
Credit card rewards are mostly funded out of interchange, a fee paid by businesses to accept cards.
balajis.com
All It Takes Is All You Got
Your assets are the government's collateral.
7 months ago
Your assets are the government's collateral.
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...
7 months ago
"The judgment has to adequately reflect the seriousness of the crime, and this was a very serious crime."
The Rational Walk
The Digest #195
BHE Investor Conference, United States vs. Apple, Ajit Jain interview, Flaws in medical studies,...
7 months ago
BHE Investor Conference, United States vs. Apple, Ajit Jain interview, Flaws in medical studies, Pursuing happiness, Mitsubishi Corporation, Robert Cialdini interview
Commoncog
Making Sense of Deming
A comprehensive summary of W. Edwards Deming's ideas, whose System of Profound Knowledge is one of...
7 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
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...
7 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.
The Rational Walk
Improving Disclosure for Public Companies
The Securities and Exchange Commission could improve disclosure and transparency by implementing...
8 months ago
The Securities and Exchange Commission could improve disclosure and transparency by implementing three simple proposals.
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...
8 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...
The Rational Walk
Berkshire Hathaway’s 2024 Proxy Statement
This article contains commentary on Berkshire Hathaway's latest proxy statement focusing on skin in...
8 months ago
This article contains commentary on Berkshire Hathaway's latest proxy statement focusing on skin in the game, repurchase activity, and stock based compensation.
Mazdak
Capital Gains Tax on the Sale of Property in Canada: A Comprehensive Guide
Selling a property can be a significant financial event, and understanding the tax implications is...
8 months ago
Selling a property can be a significant financial event, and understanding the tax implications is crucial. This article delves into capital gains tax in Canada, explaining how it works, how it's calculated, and how to potentially reduce your tax burden.
Moneyness
Are the sanctions on Russia working?
I very much enjoy economist Robin Brooks's tweets, especially his charts showing how sanctions...
8 months ago
I very much enjoy economist Robin Brooks's tweets, especially his charts showing how sanctions imposed on Russia have affected regional trade patterns. While direct trade between Europe and Russia has collapsed thanks to Russia's invasion of Ukraine and subsequent sanctions, the...
Citation Needed
Issue 53 – Choose rich
Euphoria has risen along with crypto prices, but nothing has changed from the last bubble.
8 months ago
Euphoria has risen along with crypto prices, but nothing has changed from the last bubble.
The Rational Walk
The Digest #193
Dynamic pricing, Greenback emissions, Berkshire Hathaway Energy, Working too hard, Ozempic's effect...
8 months ago
Dynamic pricing, Greenback emissions, Berkshire Hathaway Energy, Working too hard, Ozempic's effect on the brain, Race and cardiovascular disease, Inflation's effect on insurance pricing
Mazdak
Stock Buybacks: A Popular Yet Polarizing Practice
Stock buybacks have become a prevalent practice in the financial world, but they also generate...
8 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?
Commoncog
Members Preview: An Easier Way to Create XmR Charts
Early access to some software we've built to make XmR charts more accessible.
8 months ago
Early access to some software we've built to make XmR charts more accessible.
The Rational Walk
Burlington Northern Santa Fe — 2023 Results
Warren Buffett is concerned about the performance of Berkshire's railroad
8 months ago
Warren Buffett is concerned about the performance of Berkshire's railroad
Mazdak
The Pros and Cons of Buying Real Estate Through a Corporation in Canada
This article explores the advantages and disadvantages of using a corporation to purchase real...
8 months ago
This article explores the advantages and disadvantages of using a corporation to purchase real estate in Canada. It's important to note that this strategy is generally more complex and may not be suitable for everyone. When Owning Real Estate Personally Might Be Better
The Rational Walk
The Digest #192
Unpopular large companies, Dopamine culture, Buffett's cheapest stock, Investing in vertical SaaS,...
8 months ago
Unpopular large companies, Dopamine culture, Buffett's cheapest stock, Investing in vertical SaaS, The bear case for China, Chris Davis, Michael Mauboussin
Moneyness
It's time to get rid of "crypto"
Call me a pedant, but I'm not a fan of the word "crypto". It may have been a serviceable category...
8 months ago
Call me a pedant, but I'm not a fan of the word "crypto". It may have been a serviceable category back in 2011 when there was only one type of crypto thingy – bitcoin. But it's ceased to be a meaningful term and, if anything, it causes a regression in understanding.
Source:...
Seeking Wisdom
Stay the course
I spend a couple of weeks every February keeping up with my investments, timing it to coincide with...
8 months ago
I spend a couple of weeks every February keeping up with my investments, timing it to coincide with the release of Buffett’s annual letter to shareholders. I found something interesting while performing this ritual this time. I came across Aswath Damodaran’s website, where he has...
FIRE v London
Feb ’24: Envyidia
I’ve had quite a lot of culture to enjoy in February. Aside from some travel for the Six Nations...
8 months ago
I’ve had quite a lot of culture to enjoy in February. Aside from some travel for the Six Nations rugby, I’ve been to two shows – one in London’s Royal Opera House and one on the south coast. Both events were either full or practically full. Covid feels fully behind us now. But...
Moneyness
Why my favorite coinage is Byzantine coinage
What do I like about Byzantine coinage?
Most people probably admire the Byzantine solidus, a gold...
8 months ago
What do I like about Byzantine coinage?
Most people probably admire the Byzantine solidus, a gold coin that maintained its weight and purity for over 600 years, which is quite remarkable for a coin. The solidus was exported all over the world, including to Europe, which lacked...
Bits about Money
Financial systems take a holiday
Ever wondered about what happens when banks are closed or why some apps have operating hours? It's...
8 months ago
Ever wondered about what happens when banks are closed or why some apps have operating hours? It's fascinating.
Citation Needed
Issue 52 – I am Sam's low-level culpability
Bitcoin prices are spiking. Are we in for another round of crypto mania? Also, Sam Bankman-Fried...
8 months ago
Bitcoin prices are spiking. Are we in for another round of crypto mania? Also, Sam Bankman-Fried doesn't want to go to jail for 100 years.
The Rational Walk
The Digest #191
The dopamine loop, Berkshire Hathaway's annual report recap, Tom Gayner's letter to Markel...
8 months ago
The dopamine loop, Berkshire Hathaway's annual report recap, Tom Gayner's letter to Markel shareholders, Investing lessons from Earnest Shackleton, Google's Gemini AI goes off the rails
Citation Needed
Become a Wikipedian in 30 minutes
What will we do if Wikipedia falls to the type of AI-generated garbage that seems to be...
8 months ago
What will we do if Wikipedia falls to the type of AI-generated garbage that seems to be proliferating on the web? The number one thing you can do is learn to edit, and I will walk you through how to get started in only 30 minutes.
The Rational Walk
Will Berkshire Hathaway Pay a Dividend?
Investors have been debating the dividend question for decades. So far, shareholders have been well...
9 months ago
Investors have been debating the dividend question for decades. So far, shareholders have been well served by Warren Buffett's reluctance to send out dividend checks.
Moneyness
The first round of U.S. secondary sanctions on Russia is working
Turkish banks halted transactions with Russian banks last month and are only slowly reintroducing...
9 months ago
Turkish banks halted transactions with Russian banks last month and are only slowly reintroducing payments for a narrow range of products that are on a so-called "green list," reports Ragip Soylu. This broad debanking of Russia by Turkey is part of the fallout from President...
Mazdak
Walmart Takes a Big Swing at the Advertising Market with Vizio Acquisition
In a move that sent ripples through the tech and advertising worlds, Walmart announced its...
9 months ago
In a move that sent ripples through the tech and advertising worlds, Walmart announced its acquisition of smart TV maker Vizio for $2.3 billion. This deal is far more than just about TVs; it's a strategic play by Walmart to become a major force in the booming
The Rational Walk
The Digest #190
Berkshire Hathaway's Annual Report, Liberty SiriusXM, Catastrophic risk, Tesla's lead designer, Ben...
9 months ago
Berkshire Hathaway's Annual Report, Liberty SiriusXM, Catastrophic risk, Tesla's lead designer, Ben Graham's summer on a farm, Income taxes, Interviews of Bruce Berkowitz and Howard Marks, and more...
Mazdak
Understanding Employment Insurance (EI)
Employment Insurance (EI) is a social insurance program in Canada that provides temporary financial...
9 months ago
Employment Insurance (EI) is a social insurance program in Canada that provides temporary financial support to eligible individuals who lose their jobs through no fault of their own. While this is the most commonly understood purpose of EI, the program offers various benefits...
Commoncog
Tacit Expertise Extraction, Software Engineering Edition
One software engineer's story of extracting expertise from the heads of 'a tiger team of senior...
9 months ago
One software engineer's story of extracting expertise from the heads of 'a tiger team of senior software engineers'. Useful to anyone who might want to accelerate their own skills.
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...
9 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...
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...
9 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.
Citation Needed
Issue 51 – It's quiet... too quiet
It's been a quiet few weeks in the world of crypto disasters... too quiet.
9 months ago
It's been a quiet few weeks in the world of crypto disasters... too quiet.
The Rational Walk
The River of Doubt
The amazing story of Theodore Roosevelt's death defying trek through the unmapped rivers and jungles...
9 months ago
The amazing story of Theodore Roosevelt's death defying trek through the unmapped rivers and jungles of the Amazon River basin.
Commoncog
One Definition of Wisdom
Charlie Munger’s biggest business mistake, and what it tells us about wisdom.
9 months ago
Charlie Munger’s biggest business mistake, and what it tells us about wisdom.
The Rational Walk
The Digest #189
Fifteen years, Eisenhower's farewell, A tribute to Charlie Munger, A profile of Wang Chuanfu, Forty...
9 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
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...
9 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
We need to talk about digital ownership
"Ownership" means ten different things to ten different people. Let's talk about what we actually...
9 months ago
"Ownership" means ten different things to ten different people. Let's talk about what we actually want.
FIRE v London
Jan ’24: A giant tax bill lands
One of several highlights for me in January was visiting Salisbury cathedral, which I did on an...
9 months ago
One of several highlights for me in January was visiting Salisbury cathedral, which I did on an impulse while travelling back from the Coastal Folly. My main frame of reference to the cathedral being those notorious Russian nerve agent assassins citing it as their reason for...
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...
9 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
A Review and Analysis of "The Laws of Human Nature" by Robert Greene
Robert Greene, the author of the controversial bestseller "The 48 Laws of Power," takes a different...
9 months ago
Robert Greene, the author of the controversial bestseller "The 48 Laws of Power," takes a different approach in his 2018 book, "The Laws of Human Nature." Instead of focusing on acquiring power over others, he dives deep into the intricate workings of human psychology, unveiling...
Citation Needed
Review: Chris Dixon's Read Write Own
Prominent crypto venture capitalist Chris Dixon provides an unconvincing bible for blockchain...
9 months ago
Prominent crypto venture capitalist Chris Dixon provides an unconvincing bible for blockchain solutionists.
The Rational Walk
The Digest #188
Manufacturing time, Apple Vision Pro, Access journalism, Henry Ford's $5/hr wage, Sharing investment...
9 months ago
Manufacturing time, Apple Vision Pro, Access journalism, Henry Ford's $5/hr wage, Sharing investment ideas, Insurance brokerages, Katalin Karikó’s autobiography, John Randolph of Roanoke
Mazdak
What Expenses Can You Write Off Against Your Business Income?
Taxes are an inevitable part of running a business, but that doesn't mean you have to pay more than...
9 months ago
Taxes are an inevitable part of running a business, but that doesn't mean you have to pay more than your fair share. Fortunately, the law allows you to deduct certain expenses from your business income, lowering your taxable amount and saving you money. But navigating the world...
Citation Needed
Issue 50 – Bitcoin busts
Governments seize huge quantities of bitcoin, and a few people seem to be yearning for the days of...
9 months ago
Governments seize huge quantities of bitcoin, and a few people seem to be yearning for the days of peak crypto mania.
The Rational Walk
The Digest #187
Damage repair, Claude Shannon, Elon Musk's pay, Intellectual obesity, Apple Vision Pro, Ignoring the...
9 months ago
Damage repair, Claude Shannon, Elon Musk's pay, Intellectual obesity, Apple Vision Pro, Ignoring the market, Damodaran data updates, Apple packaging, Samsung, Big Pharma
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...
9 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...
Musings on Markets
Data Update 5 for 2024: Profitability - The End Game for Business?
In my last three posts, I looked at the macro (equity risk premiums, default spreads, risk free...
9 months ago
In my last three posts, I looked at the macro (equity risk premiums, default spreads, risk free rates) and micro (company risk measures) that feed into the expected returns we demand on investments, and argued that these expected returns become hurdle rates for businesses, in the...
Bits about Money
The business of check cashing
Check cashing, as a business, is a poorly understood "alternative" financial service.
9 months ago
Check cashing, as a business, is a poorly understood "alternative" financial service.
balajis.com
The Men's Party
Republicans are becoming the party of strong men and the women that love them.
9 months ago
Republicans are becoming the party of strong men and the women that love them.
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,...
9 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
Becoming Data Driven, From First Principles
People often say things like "become data driven" without explaining what that means or how to do...
9 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.
The Rational Walk
Endurance
The amazing story of Shackleton's legendary voyage to the Antarctic and how his 28 men survived...
9 months ago
The amazing story of Shackleton's legendary voyage to the Antarctic and how his 28 men survived shipwreck, ice floes, and constant danger.
FIRE v London
In praise of Berkshire Hathaway
I think I first clocked Warren Buffett’s (and Charlie Munger RIP’s) Berkshire Hathaway around the...
9 months ago
I think I first clocked Warren Buffett’s (and Charlie Munger RIP’s) Berkshire Hathaway around the year 2000. I loved the story. Starting from, as the story was told back then, humble beginnings and a paper round, Warren Buffett (and Charlie – who I will stop mentioning but...
The Rational Walk
The Digest #186
Macintosh at 40, Coffee Can Investing, Haslams on Pilot, Vision Pro's missing apps, Investment...
10 months ago
Macintosh at 40, Coffee Can Investing, Haslams on Pilot, Vision Pro's missing apps, Investment checklists, Shane Parrish interviews Tom Gayner, Novo Nordisk, Howard Marks on interest rates
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...
10 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,...
Moneyness
Do bitcoin ETFs conflict with bitcoin's original ethos?
Some folks are suggesting that a bitcoin ETF is absurd because it doesn't fit with Bitcoin's...
10 months ago
Some folks are suggesting that a bitcoin ETF is absurd because it doesn't fit with Bitcoin's original ethos. On the contrary, I think it's a nice snug fit.
It would be a misunderstanding of bitcoin's history to assume that it was the idealism of cypherpunk-ism that gave birth to...
The Rational Walk
Two Sides of the Same Coin
Savings and consumption are joined at the hip. The more we consume during our working years, the...
10 months ago
Savings and consumption are joined at the hip. The more we consume during our working years, the longer it will take to achieve financial independence.
balajis.com
Prompts are Tiny Programs
And prompt engineering is a subset of software engineering.
10 months ago
And prompt engineering is a subset of software engineering.
Mazdak
How Long (and Why) You Must Keep Every Business Record 🇨🇦
Every business, from the corner store to the tech giant, needs to keep accurate and reliable...
10 months ago
Every business, from the corner store to the tech giant, needs to keep accurate and reliable records. This isn't just about staying organized; it's about complying with the law, managing your finances, and protecting yourself from audits. But with so many rules and regulations,...
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