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Mazdak
Sam Altman Returns to OpenAI as CEO In a stunning turn of events, Sam Altman has been reinstated as CEO of OpenAI, just days after being...
a year ago
66
a year ago
In a stunning turn of events, Sam Altman has been reinstated as CEO of OpenAI, just days after being fired by the company's board. The move comes after a whirlwind few days that saw Altman's supporters rally to his side, with many threatening to quit if he was not brought back.
The Rational Walk
Buffett Accelerates Gifts to Family Foundations For the second year in a row, Warren Buffett has made gifts to four family foundations in excess of...
a year ago
102
a year ago
For the second year in a row, Warren Buffett has made gifts to four family foundations in excess of the annual commitments pledged in 2006.
Commoncog
Strong at Capital, Bad at Everything Else Two examples of operators who were strong on the capital side of the business expertise triad, but...
a year ago
73
a year ago
Two examples of operators who were strong on the capital side of the business expertise triad, but weak in just about everything else.
Mazdak
Binance CEO Steps Down and Pleads Guilty as Part of $4.3 Billion Settlement Binance is the world's largest crypto exchange, and CEO Changpeng "CZ" Zhao is the most powerful...
a year ago
105
a year ago
Binance is the world's largest crypto exchange, and CEO Changpeng "CZ" Zhao is the most powerful player in the industry. This deal puts an end to a years-long investigation into Binance. The deal: CZ agreed to pay $50 million in fines and is prohibited from operating or managing...
Citation Needed
Issue 44 – Four The Justice Department's interest in Binance isn't just "FUD" anymore.
a year ago
The Rational Walk
The Digest #176 Found Money, OpenAI drama, GLP-1 drug studies, Estée Lauder, Heart valve technology, Edwin Land,...
a year ago
103
a year ago
Found Money, OpenAI drama, GLP-1 drug studies, Estée Lauder, Heart valve technology, Edwin Land, John Oliver skewers dollar stores, Apple regrets, The Great Books Journal
Mazdak
Sam Altman's Potential Return to OpenAI In a surprising turn of events, high-level discussions are underway to bring Sam Altman back to...
a year ago
96
a year ago
In a surprising turn of events, high-level discussions are underway to bring Sam Altman back to OpenAI, not just as an investor or advisor, but as the company's CEO once again. This development comes just days after Altman's abrupt departure from the position, which sent...
The Rational Walk
The Digest #175 Pseudonyms on social media, Superinvestor portfolios, Apple Vision Pro, Gates on AI, 40% discount...
a year ago
52
a year ago
Pseudonyms on social media, Superinvestor portfolios, Apple Vision Pro, Gates on AI, 40% discount rates, Evolving moats, Jay Gould, Garry Tan, Milton Friedman, Ayn Rand, Steve Ells
Commoncog
Colin Bryar on the practice of Amazon's Weekly Business Review Cedric talks to Colin Bryar, early Amazon executive and former shadow to Jeff Bezos, on one of...
a year ago
127
a year ago
Cedric talks to Colin Bryar, early Amazon executive and former shadow to Jeff Bezos, on one of Amazon's secret operational weapons: the Weekly Business Review.
Mazdak
Unlocking Tax Savings and Building Wealth for Your Children: A Smart Strategy for Business Owners As a business owner, you're constantly seeking ways to optimize your operations, reduce costs, and...
a year ago
52
a year ago
As a business owner, you're constantly seeking ways to optimize your operations, reduce costs, and maximize profits. But have you considered a strategy that not only benefits your business but also sets your children up for financial success? The concept of hiring your children...
The Rational Walk
Superinvestor Portfolio Changes — Q3 2023 A few observations based on recent 13F filings, with a focus on Berkshire Hathaway, Dollar General,...
a year ago
57
a year ago
A few observations based on recent 13F filings, with a focus on Berkshire Hathaway, Dollar General, Markel, and Semper Augustus.
Mazdak
How Companies Use Transfer Pricing to Avoid Taxes In the world of finance, there are a myriad of strategies employed by corporations to optimize their...
a year ago
458
a year ago
In the world of finance, there are a myriad of strategies employed by corporations to optimize their tax liabilities. One such method, known as transfer pricing, has become increasingly prevalent in recent years, raising concerns about fairness and equity in the global tax...
The Rational Walk
Finding Your Life’s Work The majority of people never find their "life's work", yet the premise of paying hundreds of...
a year ago
121
a year ago
The majority of people never find their "life's work", yet the premise of paying hundreds of thousands of dollars for a college degree assumes that they will.
Citation Needed
The stones left unturned in the Sam Bankman-Fried trial From billions of mysterious Tethers to the apparent identity theft of Thai sex workers, many...
a year ago
54
a year ago
From billions of mysterious Tethers to the apparent identity theft of Thai sex workers, many questions remain about what happened at Bankman-Fried's crypto empire.
Seeking Wisdom
Neural Networks – Part 3 This is the seventh post in my series on making a toy GPT. For better understanding, I recommend...
a year ago
122
a year ago
This is the seventh post in my series on making a toy GPT. For better understanding, I recommend reading my earlier posts first. The MNIST dataset is the “hello world” of machine learning, containing images of handwritten digits that are used to train machine learning models. It...
balajis.com
Only Newsom Can Go To China If Nixon and Mao came to an accord, so might Newsom and Xi.
a year ago
Mazdak
How to Use Pain to Fuel Your Personal Evolution Pain is inevitable, especially if you're chasing ambitious goals. But what if I told you that pain...
a year ago
55
a year ago
Pain is inevitable, especially if you're chasing ambitious goals. But what if I told you that pain can be a powerful tool for personal evolution? When you're feeling pain, it's a sign that you need to find a solution. This is an opportunity to learn and grow. If you can develop a...
The Rational Walk
The Digest #174 Working Hard, Berkshire Q3 Recap, ProPublica attacks Buffett, Chipotle's international ambitions,...
a year ago
58
a year ago
Working Hard, Berkshire Q3 Recap, ProPublica attacks Buffett, Chipotle's international ambitions, The AI Gold Rush, 100th anniversary of Hitler's beer hall putsch, The Federalist Papers
Citation Needed
Issue 43 – Laser eyes Two crypto firms emerge from bankruptcy, and a Bored Ape party turns out even worse than it sounds.
a year ago
The Rational Walk
Berkshire Hathaway’s Q3 2023 Results — Manufacturing, Service, and Retailing A review of Berkshire's large collection of non-insurance operating businesses, with a focus on...
a year ago
61
a year ago
A review of Berkshire's large collection of non-insurance operating businesses, with a focus on results in Q3 2023 as well as a longer term view.
Mazdak
In the AI Race: Embrace Commoditization, Focus on Customer Value The world of AI is a fast-paced and ever-evolving landscape, where startups are constantly vying for...
a year ago
62
a year ago
The world of AI is a fast-paced and ever-evolving landscape, where startups are constantly vying for attention and a slice of the market pie. In this competitive environment, it's easy to get caught up in the pursuit of proprietary components and cutting-edge algorithms,...
Citation Needed
New York Times: Crypto's fragile foundations My article in the New York Times describes the common practice throughout the cryptocurrency...
a year ago
56
a year ago
My article in the New York Times describes the common practice throughout the cryptocurrency industry that can lead to death spirals like the one at FTX.
Commoncog
High Roller: Lessons from America's Richest Banker Andy Beal's story is an astounding story of capital allocation, incidentally making him America's...
a year ago
58
a year ago
Andy Beal's story is an astounding story of capital allocation, incidentally making him America's richest banker. A guest post by Frederik Gieschen.
The Rational Walk
The Digest #173 Berkshire's Q3 earnings, Munger on retailing, SBF's strange philosophy, Rob Henderson on reading,...
a year ago
55
a year ago
Berkshire's Q3 earnings, Munger on retailing, SBF's strange philosophy, Rob Henderson on reading, Howard Marks on a full return world, Morgan Housel on writing that sells, Cities on Mars
Bits about Money
Seeing like a Bank The structural reasons why banks sometimes behave bizarrely in interactions with customers, like...
a year ago
116
a year ago
The structural reasons why banks sometimes behave bizarrely in interactions with customers, like forgetting things which customers tell them.
Seeking Wisdom
Neural Networks – Part 2 This is my sixth post in a series on building a toy GPT. I recommend that you read my previous posts...
a year ago
105
a year ago
This is my sixth post in a series on building a toy GPT. I recommend that you read my previous posts before reading this one. When using linear and logistic regression, which involve just a single linear equation, calculating derivatives is easy since there is only one equation...
Mazdak
Move Your Business Abroad: A Step-by-Step Guide for Entrepreneurs Expanding your business abroad can be a great way to reach new markets, increase revenue, and...
a year ago
88
a year ago
Expanding your business abroad can be a great way to reach new markets, increase revenue, and diversify your portfolio. However, it's important to do your research and take the necessary steps to ensure a successful transition. Here are some practical tips for entrepreneurs...
The Rational Walk
Buffett Continues to Avoid Long-Term Bonds Berkshire's longstanding aversion to fixed-maturity investments has not changed in response to...
a year ago
98
a year ago
Berkshire's longstanding aversion to fixed-maturity investments has not changed in response to higher interest rates.
balajis.com
Crypto Twitter Found SBF's Fraud The establishment did nothing until the internet revealed everything.
a year ago
FIRE v London
Oct ’23: Terror erupts from Gaza It’s the Middle East again. I don’t have any perspective on it, sadly, other than that I hear of...
a year ago
102
a year ago
It’s the Middle East again. I don’t have any perspective on it, sadly, other than that I hear of some nasty low level youth violence/intimidation/vandalism in North London in Jewish neighbourhoods by pro-Palestinian, dare-I-say-it pro-Hamas hotheads. But in most of London life...
The Rational Walk
Berkshire Hathaway’s Q3 2023 — Overview A high level overview of third quarter results and year-to-date repurchase activity.
a year ago
Seeking Wisdom
Neural Networks – Part 1 This is my 5th post on my journey to build a toy GPT. I’d recommend checking out my previous posts...
a year ago
54
a year ago
This is my 5th post on my journey to build a toy GPT. I’d recommend checking out my previous posts before diving into this one. Take the statement, ‘I will only go for a walk if it’s nice outside AND I have free time.’ This can be neatly represented using a truth table. We can…
Commoncog
The Two Types of Data Analysis Broadly speaking, there are two approaches to data analysis in business. The two approaches have...
a year ago
101
a year ago
Broadly speaking, there are two approaches to data analysis in business. The two approaches have different worldviews, and express different tradeoffs. Here's why that matters.
Citation Needed
Sam Bankman-Fried: guilty on all charges Jurors spent less than five hours deliberating before returning the verdict.
a year ago
The Rational Walk
The Digest #172 Pilot's Founders vs. Berkshire, I Bonds, Ted Weschler interview transcript, Expanding circles of...
a year ago
43
a year ago
Pilot's Founders vs. Berkshire, I Bonds, Ted Weschler interview transcript, Expanding circles of competence, Damodaran on Tesla, Thompson on AI, Charlie Munger, Chris Davis
Seeking Wisdom
Make Every Day Count It was a 2012 evening, and I was driving home from the office. I was worried about finishing a big...
a year ago
154
a year ago
It was a 2012 evening, and I was driving home from the office. I was worried about finishing a big project at work on time. I’d made the journey from the office to my home so many times, my car almost seemed to know the way by itself. My hands were on the wheel, but…
The Rational Walk
By diverse means we arrive at the same end Montaigne's Essays: Book 1, Chapter 1
a year ago
Commoncog
Capital Allocation as an Antidote to Business Luck The unspoken secret about new company formation is that you need to get lucky. Roll the dice, get a...
a year ago
103
a year ago
The unspoken secret about new company formation is that you need to get lucky. Roll the dice, get a business outcome. Capital allocation matters because it allows you more skill, less luck, on the journey to a large outcome.
FIRE v London
Feeling broke My psychology around money has changed significantly over the last two years. While some of that is...
a year ago
144
a year ago
My psychology around money has changed significantly over the last two years. While some of that is captured in my monthly portfolio updates, I thought it was worth recording some of my emotions while they are still fresh. Two years ago Turning the clock back, my financial...
The Rational Walk
American Prometheus The tragic story of J. Robert Oppenheimer encompasses far more than science and politics. It is a...
a year ago
59
a year ago
The tragic story of J. Robert Oppenheimer encompasses far more than science and politics. It is a cautionary tale of human nature that holds timeless lessons.
Seeking Wisdom
From Linear to Logistic – Sigmoid Curve and Log Loss Can we predict the likelihood of heart disease from sleep and exercise? This is my fourth post on my...
a year ago
109
a year ago
Can we predict the likelihood of heart disease from sleep and exercise? This is my fourth post on my journey to build a toy GPT. I’d recommend checking out my previous posts before diving into this one. Let’s train a model to predict heart disease using sleep and exercise data....
The Rational Walk
The Digest #169 Apple Watch, Musical Chairs at Dollar General, IPOs, Impact Investing, Buffett in 1988, Mapping the...
a year ago
45
a year ago
Apple Watch, Musical Chairs at Dollar General, IPOs, Impact Investing, Buffett in 1988, Mapping the human brain, Interviews of Nassim Taleb, Jensen Huang, John and Patrick Collison, and more ...
Commoncog
Building a Valuable Business? It's How You Spend It That Matters The skill of capital allocation — a mysterious, under-discussed element of remarkable business...
a year ago
The Rational Walk
Musical Chairs at Dollar General Investors were euphoric when Dollar General brought back its former CEO less than a year after his...
a year ago
55
a year ago
Investors were euphoric when Dollar General brought back its former CEO less than a year after his retirement. A sober look at the situation reveals significant concerns.
Seeking Wisdom
How a Machine Learns – Part 2 I’m truly impressed by how accurately LLMs grasp natural language and consistently provide spot-on...
a year ago
51
a year ago
I’m truly impressed by how accurately LLMs grasp natural language and consistently provide spot-on answers. Through these posts, I’ll build a toy GPT from scratch using Python and unpack everything that goes inside the LLMs, including the math it uses. This is my third post on my...
balajis.com
The Network State Conference Come to Amsterdam on October 30 to build the parallel establishment.
a year ago
Mazdak
How to Win Friends and Influence People by Dale Carnegie: A Summary and Key Takeaways Dale Carnegie's How to Win Friends and Influence People is one of the most popular and influential...
a year ago
109
a year ago
Dale Carnegie's How to Win Friends and Influence People is one of the most popular and influential self-help books ever written. First published in 1936, it has sold over 50 million copies and been translated into over 30 languages. The book is a practical guide to improving...
The Rational Walk
Initial Public Offerings A company that is in the process of selling shares to the public for the first time must navigate a...
a year ago
38
a year ago
A company that is in the process of selling shares to the public for the first time must navigate a minefield of competing interests.
Commoncog
Beck’s Measurement Model, or Why It’s So Damn Hard to Measure Software Development A pretty useful lens for when a business activity is easy to measure, and when it is not. Part of...
a year ago
90
a year ago
A pretty useful lens for when a business activity is easy to measure, and when it is not. Part of the Becoming Data Driven in Business Series.
Seeking Wisdom
How a Machine Learns How a fly helped Descartes to invent the Cartesian plane René Descartes (1596 – 1650), the famous...
a year ago
85
a year ago
How a fly helped Descartes to invent the Cartesian plane René Descartes (1596 – 1650), the famous philosopher and mathematician, was lying in his bed, eyes fixed on a fly on the ceiling. As he pondered how to accurately describe the fly’s position, Descartes visualized the...