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Where crypto, AI & trading collide. Follow for market insights & the future of finance.
United States El Monte, CA
Joined November 2023
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Mark Zuckerberg told this story on stage in front of 6,000 people. His daughter wanted to be like Taylor Swift. He told her she can't.
He had taken August, who was 7, to a Taylor Swift concert. She told him she kind of wanted to be like Taylor Swift when she grew up.
His answer was that she can't. That is not available to her.
She thought about it. Then she came back with a different plan.
"Alright, when I grow up I want people to want to be like August Chan Zuckerberg."
His reaction was two words. Hell yeah.
He told the story to make a point to founders in the room. Learn from other people's successes and failures, but do your own thing.
Would you have said the same to your daughter?
@2LynnQuillasxnv Of course, I would say yes to my child.
In 1986, Warren Buffett was worth at least $1.5 billion. His daughter could not get $41,000 out of him to fix her kitchen.
Susie Buffett was 33. She lived in Washington, worked as an assistant to a magazine editor and had a new baby. Her kitchen was so small there was no room for a high chair.
She did not ask for a gift. She asked for a loan.
Her father told her to go to the bank like everyone else.
This is the same man who cashed her checks. Susie once said that if she wrote her dad a check for $20, he cashed it.
His logic never changed. A quarterback should not start for Nebraska just because his father played the position. He wanted his kids to have enough money to feel they could do anything, but not so much that they could do nothing. For a college graduate, he thought a few hundred thousand dollars was about right.
Susie did not take it well. She joked to her mother that one day she would end up on the cover of People magazine, homeless, the daughter of a super rich guy.
Then the story turned.
In 2024, Buffett changed his will. When he dies, 99% of his estate goes into a trust run by his three kids, and every decision has to be unanimous.
The daughter who could not borrow $41,000 from him will help give away one of the largest fortunes in history.
In the video below, Susie tells the kitchen story herself. Listen to how she ends it.
If you had $1.5 billion, would you say no to your own kid?
Donald Trump stood next to Sam Altman and announced $500 billion for AI. Hours later, Elon Musk said they didn't have the money.
It was Trump's first full day back as president. Next to him stood Altman, Oracle's Larry Ellison and SoftBank's Masayoshi Son. Trump called Altman by far the leading expert in AI.
The project was called Stargate. At least $500 billion in AI data centers, starting with $100 billion right away. Trump promised over 100,000 American jobs.
Son told the room how the number grew. A month earlier he had promised Trump $100 billion. Trump told him to go for 200. He came back with 500.
Ellison said the first data centers were already under construction in Texas.
Musk was working inside Trump's own administration at the time. He went on X that night.
"They don't actually have the money."
He claimed SoftBank had well under $10 billion secured. He called Altman a swindler and a liar.
Altman replied that Musk was wrong and surely knew it. Then he suggested that one more mean tweet might finally help Musk love himself.
Two days later, a reporter asked Trump about it. He shrugged it off and said Elon happens to hate one of the people in the deal.
Fifteen months later, construction had started at seven Stargate sites across the US. The first one, in Abilene, Texas, was already running.
A month after that, a jury threw out Musk's $134 billion lawsuit against Altman in less than two hours.
Charlie Munger explained why Berkshire ignores every rule modern fund managers live by — using one sentence that sounds too simple to matter.
On stage at a shareholder meeting, he said it plainly: "If a thing's not worth doing at all, it's not worth doing well." Translation: no target percentages, no "20% bonds, 60% stocks" spreadsheet, no predetermined categories. Berkshire looks for whatever is mispriced, then goes all in on that — ignoring what the label says it's supposed to be.
One year it was $7 billion in junk bonds, because the price was screaming at them. Other years, more than their entire net worth sitting in equities, just because equities were cheap. No model ever told them to do either.
Today, the top 10 stocks in the S&P 500 make up roughly 38–40% of the entire index — the highest concentration on record, more than double what it was a decade ago. Nearly every fund manager holding that index is still following a mandate that assumes 500 companies share the risk equally. They don't. Ten of them are carrying the whole thing.
Munger's rule didn't predict this. It just explains why he never needed a model to see it coming.
In 2010, the founder of a company with $24.5 billion in sales stood in front of Princeton graduates. He told them about the day he made his grandmother cry at age 10.
He spent his summers on his grandparents' ranch in Texas, fixing windmills and vaccinating cattle. Every few years they hitched an Airstream trailer to the car and joined a caravan of 300 others across America.
On one of those trips he was in the back seat. His grandmother was up front, smoking. He hated the smell.
He had heard an ad that said every puff takes two minutes off your life. So he did what he always did. He estimated cigarettes per day and puffs per cigarette, and ran the numbers.
Then he leaned forward, tapped her on the shoulder and proudly announced that she had taken nine years off her life.
He expected to be praised for being smart.
She burst into tears.
His grandfather stopped on the shoulder of the highway, got out and opened Jeff's door. He had never said a harsh word to the boy. Jeff had no idea what was coming.
They stood by the trailer. After a silence, his grandfather said it gently:
"Jeff, one day you'll understand that it's harder to be kind than clever."
Bezos told this story to Princeton graduates in 2010, as the founder of Amazon. His point was simple. Cleverness is a gift. Kindness is a choice.
His words in the clip below.
Which one do you reach for first?
In 2010, the founder of a company with $24.5 billion in sales stood in front of Princeton graduates. He told them about the day he made his grandmother cry at age 10.
He spent his summers on his grandparents' ranch in Texas, fixing windmills and vaccinating cattle. Every few years they hitched an Airstream trailer to the car and joined a caravan of 300 others across America.
On one of those trips he was in the back seat. His grandmother was up front, smoking. He hated the smell.
He had heard an ad that said every puff takes two minutes off your life. So he did what he always did. He estimated cigarettes per day and puffs per cigarette, and ran the numbers.
Then he leaned forward, tapped her on the shoulder and proudly announced that she had taken nine years off her life.
He expected to be praised for being smart.
She burst into tears.
His grandfather stopped on the shoulder of the highway, got out and opened Jeff's door. He had never said a harsh word to the boy. Jeff had no idea what was coming.
They stood by the trailer. After a silence, his grandfather said it gently:
"Jeff, one day you'll understand that it's harder to be kind than clever."
Bezos told this story to Princeton graduates in 2010, as the founder of Amazon. His point was simple. Cleverness is a gift. Kindness is a choice.
His words in the clip below.
Which one do you reach for first?
An interviewer once asked Charlie Munger why Warren Buffett was so much richer than him, after decades as partners. Munger answered in four short sentences. Then he asked one question back.
He didn't get defensive.
He got an earlier start, Munger said. He's probably a little smarter. He works harder. There are not a lot of reasons.
Then the question:
"Why was Albert Einstein poorer than I was?"
Einstein changed how we understand time, space and gravity. He never got rich doing it. By the scoreboard hidden in that question, Munger beats Einstein easily. Munger knew how silly that sounds. That is why he said it.
Net worth measures one thing: how much money a person has. It says nothing about how smart they are, what they gave the world, or whether they lived well.
Munger was a billionaire and still the poor partner. It never seemed to bother him. He said he wanted to get rich for the independence, not for the Ferraris.
Most of us pick one person who has more and keep score against them. Munger had the richest possible person to compare himself to, sitting next to him for six decades, and he didn't bother.
Who are you keeping score against?
An interviewer once asked Charlie Munger why Warren Buffett was so much richer than him, after decades as partners. Munger answered in four short sentences. Then he asked one question back.
He didn't get defensive.
He got an earlier start, Munger said. He's probably a little smarter. He works harder. There are not a lot of reasons.
Then the question:
"Why was Albert Einstein poorer than I was?"
Einstein changed how we understand time, space and gravity. He never got rich doing it. By the scoreboard hidden in that question, Munger beats Einstein easily. Munger knew how silly that sounds. That is why he said it.
Net worth measures one thing: how much money a person has. It says nothing about how smart they are, what they gave the world, or whether they lived well.
Munger was a billionaire and still the poor partner. It never seemed to bother him. He said he wanted to get rich for the independence, not for the Ferraris.
Most of us pick one person who has more and keep score against them. Munger had the richest possible person to compare himself to, sitting next to him for six decades, and he didn't bother.
Who are you keeping score against?
Pershing Square CEO Bill Ackman on why AI is a harder disruption problem than the internet, which even Warren Buffett failed to see coming:
@BillAckman starts with the investor he calls the greatest of all time, and with something Buffett got wrong.
"If you go back and read Warren Buffett, the greatest investor of all time, he was not able to perceive the risks of disruption created by the internet, for example, Wikipedia disrupting World Book."
If Buffett couldn't see the internet's disruption risks, Ackman says, the AI version will be harder still:
"Well, now we have AI. It's a much more complicated problem. All of us are guaranteed to look foolish with one business or another that we didn't anticipate the risk of disruption because of AI."
But disruption cuts both ways. Asked which businesses become more valuable because of AI, Ackman points to a meeting with one of the founders of Cognition.
He describes what their AI makes possible for big financial institutions, which spend a lot of money maintaining legacy systems built up through years of acquisitions:
"They can kind of rewrite the COBOL into modern code and do it in a matter of days as opposed to many months."
His conclusion:
"I think the cost to run big financial institutions is going to come down meaningfully because of AI. Big spenders, if you will, on tech... they're going to become a lot more efficient."
This is where the problem gets more complicated than a simple disruption story. Lower costs don't automatically mean higher profits:
"Now the question is, are they going to be able to keep the profit?"
Ackman's point is that AI efficiency won't stay a competitive advantage for long. Every company will be forced to use the best software, run more efficiently, and become more AI native.
Once everyone has the same gains, the savings may not stay with the business:
"The question is whether they get to keep that profit or whether the profit or the margin gets passed on to the customer, and that's a function of the nature of the business and pricing power."
Banks show why this is hard to call:
"The problem with money generally is it's a commodity, and banks are in the business of providing money. So it's a complicated question. It depends on the business."
The internet disrupted businesses like World Book. Ackman sees AI going further, enabling businesses that couldn't exist before:
"I think AI will enable the creation of many businesses that heretofore could not be created before, and AI will enable people to become entrepreneurs who've never been entrepreneurs before."
In 1960, a 7-year-old Howard Schultz came home from school and found his father on the couch in a cast from his waist to his ankle.
The family lived in Brooklyn. The rent was $96 a month. His dad never made more than $20,000 a year.
He'd had a string of bad jobs, and this one was the worst. He delivered cloth diapers. On one of his rounds he slipped on a sheet of ice and broke his hip and his ankle.
In 1960, a blue-collar worker who got hurt on the job was simply let go. No workers' compensation. No health insurance.
Schultz says that at seven he watched the American dream fracture in his own living room. He saw what it did to his father's self-respect, and what it feels like to be left behind.
He never forgot it.
Years later he tried to raise money for his own coffee company. He pitched 242 investors. 217 said no.
He built it anyway. And once he was running Starbucks, he tied that day on the couch to the company. He wanted to build the kind of place his father never got a chance to work for.
So Starbucks gave health insurance and stock options to every employee, including part-timers. It did that while it was still a private company losing money.
His words in the clip below.
His father fell once and lost everything. The son built a company where a fall wouldn't cost you the same.
In 1960, a 7-year-old Howard Schultz came home from school and found his father on the couch in a cast from his waist to his ankle.
The family lived in Brooklyn. The rent was $96 a month. His dad never made more than $20,000 a year.
He'd had a string of bad jobs, and this one was the worst. He delivered cloth diapers. On one of his rounds he slipped on a sheet of ice and broke his hip and his ankle.
In 1960, a blue-collar worker who got hurt on the job was simply let go. No workers' compensation. No health insurance.
Schultz says that at seven he watched the American dream fracture in his own living room. He saw what it did to his father's self-respect, and what it feels like to be left behind.
He never forgot it.
Years later he tried to raise money for his own coffee company. He pitched 242 investors. 217 said no.
He built it anyway. And once he was running Starbucks, he tied that day on the couch to the company. He wanted to build the kind of place his father never got a chance to work for.
So Starbucks gave health insurance and stock options to every employee, including part-timers. It did that while it was still a private company losing money.
His words in the clip below.
His father fell once and lost everything. The son built a company where a fall wouldn't cost you the same.
Claude Code tip: once Opus 5.5 is your main model, stop letting it decide which file to open
draw one line at p = 0.80 and let Jev hold it
Opus 5.5 keeps the hard calls
Jev scores every fork your subagents hit, in about a third of a second, and sorts them on that line:
→ above 0.80: sharp, runs in code, Opus never sees it
→ below 0.80: split, goes up to Opus with the candidates attached
→ either way: nothing lands on you
Jev sorts. Opus 5.5 decides
watch the histogram: almost every fork piles up on the right side of the line. 94% of them are not decisions at all, they just look like decisions when a big model is the only thing in the room
the advisor reviews the plan. Jev clears everything under it
- the full tree
> Opus 5.5 on high runs the main session, sees only the splits
> Jev sits under it and scores every fork
> worker edits and runs tests
> explorer reads the code
> researcher pulls the docs
> all three on medium
> Fable 5.1 on call as the advisor
paste the tree and this prompt into Claude Code ↓
Rebuild my Claude Code setup around this tree:
1. Check ~/.claude/agents and .claude/agents for subagents that already fit worker, explorer and researcher.
> Draft new ones only for missing roles
> Give each model: opus, effort: medium
> List any that pin a different model, change nothing
2. Find where Jev is connected in this setup. Show me which forks it scores now and what threshold it uses
3. Add one rule to ~/.claude/CLAUDE.md: send every fork to Jev first. Above the threshold, act on its pick. Below it, decide yourself. Never stop to ask me about a fork Jev already settled
Show me every change as a diff first. No edits until I say go.
↳ full breakdown in my pinned article
Sam Altman was CEO of Reddit for 8 days. His stake in it grew to be worth over $1 billion.
It started in 2005. Paul Graham was picking the very first Y Combinator batch, and Altman was a 19-year-old at Stanford. Graham told him he was too young and should come back next year.
Altman's answer has become startup legend.
"I'm a sophomore and I'm coming."
Two of the founders in that same first batch were building a little site called Reddit. Altman said he was probably one of its first dozen users.
In 2006, Reddit was sold to Condé Nast for less than $20 million.
In 2014, Altman led a $50 million investment round in it. That November, Reddit's CEO resigned, and Altman ran the company himself until a new interim CEO took over. It lasted 8 days. He later wrote that it had been sort of fun, but he was happy it was ending.
He stayed on Reddit's board for seven years. In 2021 he put in another $60 million.
On March 21, 2024, Reddit went public. The stock jumped 48% on its first day.
Altman was its third-largest shareholder, owning more of the company than its own CEO. By the closing bell, his stake was worth over $613 million.
Today he holds 12.2 million Reddit shares, worth over $1 billion.
He was a CEO for 8 days. He has been an owner for 12 years.
Charlie Munger literally explained how to solve problems you are not smart enough to solve. It is not more effort. It is not more data. It is asking the question backwards.
Unless you are more gifted than Einstein, he said, inversion will solve problems you cannot solve any other way.
At the USC Law School commencement in 2007, he handed the graduates the one trick he leaned on his whole life. Not a formula. A direction to think in.
It started with an old story about a country man who only wanted to know where he was going to die, so he would never go there. Munger said that man was holding a profound truth.
Most hard problems get easier when you turn them around. Don't ask how to help India. Ask what is doing the worst damage to India and how to avoid it. It sounds like the same question. It is not.
Then he turned it on life. Ask what guarantees failure and stay away from it. Sloth and unreliability came first. Be unreliable and none of your other virtues count.
Next was heavy ideology, which he said cabbages up your mind. His rule: no opinion until he could argue the other side better than the people on it.
None of this needs a high IQ. It needs the discipline to study how you could lose before you dream about how you could win. It is cheap, it is boring, and almost nobody does it.
The clip is 86 seconds. Watch it before your next big decision.
Charlie Munger literally explained how to solve problems you are not smart enough to solve. It is not more effort. It is not more data. It is asking the question backwards.
Unless you are more gifted than Einstein, he said, inversion will solve problems you cannot solve any other way.
At the USC Law School commencement in 2007, he handed the graduates the one trick he leaned on his whole life. Not a formula. A direction to think in.
It started with an old story about a country man who only wanted to know where he was going to die, so he would never go there. Munger said that man was holding a profound truth.
Most hard problems get easier when you turn them around. Don't ask how to help India. Ask what is doing the worst damage to India and how to avoid it. It sounds like the same question. It is not.
Then he turned it on life. Ask what guarantees failure and stay away from it. Sloth and unreliability came first. Be unreliable and none of your other virtues count.
Next was heavy ideology, which he said cabbages up your mind. His rule: no opinion until he could argue the other side better than the people on it.
None of this needs a high IQ. It needs the discipline to study how you could lose before you dream about how you could win. It is cheap, it is boring, and almost nobody does it.
The clip is 86 seconds. Watch it before your next big decision.
In 1982, Ray Dalio told Congress a huge crisis was coming. He was right. It nearly wiped him out.
He had started Bridgewater eight years earlier. It was still a small firm.
His call was that American banks had lent far more to emerging countries than those countries could ever pay back. The result, he said, would be the worst debt crisis since the Great Depression and a big bear market in stocks.
Most people thought he was crazy.
Then in August 1982, Mexico defaulted. Other countries followed. The debt crisis showed up exactly as he said.
Suddenly everyone wanted to hear from him. In October he testified before Congress. In November he was on Wall Street Week, the investing show everyone watched back then. He spoke with absolute certainty.
And the market did the opposite. Stocks went up. The economy went up.
He lost money for himself and for his clients. He had to let almost everyone at Bridgewater go. He later said those people were like extended family, and letting them go broke his heart.
He lost so much that he borrowed $4,000 from his dad to pay the family bills.
Years later, on a TED stage, he watched the old footage of himself and called himself an arrogant jerk.
He also called it one of the most painful experiences of his life, and one of the best, because of what it changed.
He stopped asking whether he was right. He started asking how he knew he was right.
He went looking for the smartest people who disagreed with him. He started taping almost every conversation at Bridgewater so anyone could challenge anyone, including him.
By 2017, he said the firm had made money in 23 of the last 26 years.
His words in the clip below.
Dalio has one more habit he calls the most important reason for his success. It takes 20 minutes, twice a day.
I wrote about it, along with five other people who ran the world's biggest companies and funds.
Full article in the reply.
In 1982, Ray Dalio told Congress a huge crisis was coming. He was right. It nearly wiped him out.
He had started Bridgewater eight years earlier. It was still a small firm.
His call was that American banks had lent far more to emerging countries than those countries could ever pay back. The result, he said, would be the worst debt crisis since the Great Depression and a big bear market in stocks.
Most people thought he was crazy.
Then in August 1982, Mexico defaulted. Other countries followed. The debt crisis showed up exactly as he said.
Suddenly everyone wanted to hear from him. In October he testified before Congress. In November he was on Wall Street Week, the investing show everyone watched back then. He spoke with absolute certainty.
And the market did the opposite. Stocks went up. The economy went up.
He lost money for himself and for his clients. He had to let almost everyone at Bridgewater go. He later said those people were like extended family, and letting them go broke his heart.
He lost so much that he borrowed $4,000 from his dad to pay the family bills.
Years later, on a TED stage, he watched the old footage of himself and called himself an arrogant jerk.
He also called it one of the most painful experiences of his life, and one of the best, because of what it changed.
He stopped asking whether he was right. He started asking how he knew he was right.
He went looking for the smartest people who disagreed with him. He started taping almost every conversation at Bridgewater so anyone could challenge anyone, including him.
By 2017, he said the firm had made money in 23 of the last 26 years.
His words in the clip below.
Dalio has one more habit he calls the most important reason for his success. It takes 20 minutes, twice a day.
I wrote about it, along with five other people who ran the world's biggest companies and funds.
Full article in the reply.
https://t.co/Hkn8BQF80e
"Everyone is trying to be smart, I'm just trying NOT to be stupid." - Charlie Munger.
Here are 10 stupid things you should avoid in investing
1. Don't have a plan
"He chiseled me for an eighth."
That's how Warren Buffett ended up with Berkshire Hathaway.
In 1964, he visited the boss of a dying textile mill. The company planned to buy back stock and asked Buffett his price. He said $11.50 and gave his word he'd sell.
A few weeks later, the offer arrived: $11 3/8.
One-eighth of a dollar less. Buffett got mad, bought control of the company and fired the boss.
He then spent 20 years fighting a business that couldn't be saved. In 2010, he called it the dumbest stock he ever bought, a mistake he put at $200 billion.
His words in the clip below.
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