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The Rational Walk
The Digest #212 Berkshire Hathaway at $1 Trillion, Warren Buffett's Canvas, Dollar General, Mr Market Miscalculates,...
12 months ago
106
12 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...
12 months ago
22
12 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...
12 months ago
135
12 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...
a year ago
95
a year 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...
a year ago
92
a year 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...
a year ago
105
a year 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: Managing, Valuation and Investing Implications! As I reveal my ignorance about TikTok trends, social media celebrities and Gen Z slang, my children...
a year ago
20
a year 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...
a year ago
115
a year 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...
a year ago
136
a year 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...
a year ago
112
a year 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...
a year ago
118
a year 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...
a year ago
137
a year 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...
Molson Hart's Blog -...
The Fiacracy; A Mental Model for Modern Government This article will explain the following: 1. What is a Fiacracy 2. How do Fiacracies NOT work 3. How...
a year ago
34
a year ago
This article will explain the following: 1. What is a Fiacracy 2. How do Fiacracies NOT work 3. How Fiacracies work 4. Are Fiacracies sustainable 5. Why Fiacracies matter 1. What is a fiacracy? It’s government by fiat (money). The driving mechanism by which it works is not...
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...
a year ago
20
a year 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...
a year ago
107
a year 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...
a year ago
110
a year 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.
a year ago
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...
a year ago
117
a year 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.
a year ago
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...
a year ago
21
a year 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...
a year ago
121
a year 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...
a year ago
108
a year 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...
a year ago
22
a year 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.
a year ago
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...
a year ago
20
a year 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...
a year ago
123
a year 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...
a year ago
118
a year 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...
a year ago
110
a year 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...
a year ago
130
a year 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...
a year ago
21
a year 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 surveils 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...
a year ago
134
a year 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...
a year ago
141
a year 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...
a year ago
140
a year 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...
a year ago
109
a year 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...
a year ago
127
a year 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...
a year ago
115
a year 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...
a year ago
156
a year 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?
a year ago
The Rational Walk
The Magic of Compounding The magic of compounding was evident when I recently compared my lifetime gross wage income to my...
a year ago
127
a year 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.
a year ago
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...
a year ago
136
a year 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...
a year ago
112
a year 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 Russian secondary sanctions program to...
a year ago
19
a year ago
Last week the U.S. government expanded the coverage of its Russian secondary sanctions program 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...
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...
a year ago
132
a year 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....
a year ago
134
a year 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...
a year ago
94
a year 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...
a year ago
132
a year 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...
a year ago
18
a year 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...
balajis.com
California Is Not A Democracy It's a one-party state. They hold elections, but the Party always wins.
a year ago
The Rational Walk
Prometheus Bound This article presents a discussion of "Prometheus Bound", a play by the Greek Tragedian Aeschylus...
a year ago
121
a year ago
This article presents a discussion of "Prometheus Bound", a play by the Greek Tragedian Aeschylus dating back to the fifth century BC.