DYOR

“The more that you read, the more things you will know. The more that you learn, the more places you’ll go.” – Dr. Seus

[DYOR @Miguel7L7]

@LegacySiu Van nistlerooy?

[Gerard Rennick @RennickGBR]

IGNORE SUPERANNUATION MISINFORMATION

Further to yesterday’s post I think it’s important to dispel a few myths about superannuation going on some of the misinformed comments.

1. For low to middle income earners, putting money into superannuation comes at the expense of owning your own house.

Having money in superannuation account when you retire is secondary to owning your own house. The Government has no right to deny people from owning their own home and that’s what compulsory superannuation does.

2. Superannuation comes out of wages. Paul Keating and Bill Kelty designed superannuation in a way that wage rises were paid into superannuation not into workers pockets. Please read the link below in which Paul Keating explains how he did this. It was very sly and very deceptive.

3. Finally Superannuation is not going to take pressure off the budget - Superannuation tax concessions are over $60 billion which is almost the same as the cost of the pension of $65 billion.

The only winners out of super are grifters like the Labor party who are destroying the great Australian dream.

If you want to take control of your retirement sign up today at https://t.co/PeAaJW2pjF

[DYOR @Miguel7L7]

@DHughesy Keep going with calling them out, don’t relent in the face of hate & backlash. I sometimes think part of their strategy is they think we’ll just forget everything

[DYOR @Miguel7L7]

@matoxley Sad to see.

Ogura to be champion now.

[DYOR @Miguel7L7]

@Razormane @PortuGoal1 Euro 2000

[DYOR @Miguel7L7]

@the_jefferymead Stick to proper politics. What a sh*t take.

[Race 🕊️ @multiplanet1]

Elon Musk got rejected by Netscape. He walked into the lobby, was too shy to talk to anyone, and walked out. Never got the job.

At his first company Zip2, the board demoted him. Twice. They refused to let him be CEO.

He got fired from PayPal as CEO while flying to his own honeymoon. The board voted him out mid air.

He almost died of malaria in 2000. Ten days in intensive care. Lost 45 pounds. A day from death.

His first child died at 10 weeks old.

His first rocket exploded. Falcon 1, flight one. Burned on the pad.

His second rocket exploded.

His third rocket exploded. The last of his money was nearly gone.

Tesla nearly went bankrupt in 2008. The closest he ever came to a nervous breakdown.

Both companies almost died on the same Christmas Eve.

He was sued by investors. Mocked by the people who built cars before him.

His childhood heroes, the astronauts who inspired him, testified against his company to Congress.

The Cybertruck window shattered on live stage in front of the world.

He overpaid for Twitter by his own admission and watched its value collapse.

He was beaten unconscious as a child and thrown down a flight of stairs.

He has said he goes to sleep alone and it kills him.

He failed in public, over and over, for thirty years.

He is the richest man in the history of the world.

The difference was never the absence of failure. It was the refusal to stop after it.

[Bill Ackman @BillAckman]

.@BernieSanders , it is a time to celebrate. @elonmusk has created enormous value for society by building @SpaceX, driving down the cost of rocket launches and creating a global satellite communication network that has brought high speed, low-cost internet and communication access to hundreds of millions and eventually billions of people along with critical advantages for our military and our nation’s defense.

SpaceX and its technologies will cause an acceleration in the growth of wages and wealth creation globally, including in some of the poorest communities in the U.S. and around the world.

Access to low-cost, high speed communications everywhere will allow children around the world to be educated, families to build businesses, and life-saving medical knowledge and care to be available everywhere.

SpaceX will materially bring down the cost of compute, advancing AI and humanity.

Meanwhile, 4,000 SpaceX employees yesterday became millionaires, including hourly wage employees who you claim you are trying to help.

The Elon Musks of the world drive growth, global GDP, and provide access to goods and services at lower cost that would otherwise not exist.

Elon’s nominal trillionaire status is due to his ownership of SpaceX, Tesla, Neuralink, the Boring Company and his other initiatives that have brought new technologies that improve our everyday lives.

Elon is not sitting on a trillion dollar pile of cash, jewelry and gold. He is using his controlling stakes in his companies to advance mankind. Elon’s companies don’t pay dividends. They reinvest all of their capital to accelerate innovation and value creation.

Elon is working 24/7 for all of us. He deserves respect and appreciation, not smears.

Bernie, your socialism would never allow a SpaceX to be built. Socialism has only proven to impoverish mankind and lead to death and destruction.

We need to create the conditions for more SpaceXs to be built, not attack the great entrepreneurs who are helping to advance our country.

[Bad Hombre @Badhombre]

Every dollar Elon Musk has made is traceable. Every product sold, every service rendered, every government contract awarded, every share of stock bought or sold. It’s all on the record.

You, on the other hand, haven’t built a company, invented a product, or created anything people willingly pay for. You’ve spent the last 14 years collecting a $174,000 Senate salary.

Yet somehow you managed to buy a luxury D.C. condo, a $4 million Victorian mansion in Cambridge, and saw your net worth balloon by 150% to $12 million. Everyone knows where Musk’s money came from. The same can’t be said for yours.

[Mike Benz @MikeBenzCyber]

@SenWarren You could give “the typical American” 11 MILLION years and they still would not create PayPal, Tesla, SpaceX, OpenAI, xAI, Neuralink, Boring Company, Ad Astra, all while single-handedly saving free speech for all mankind.

[DYOR @Miguel7L7]

@RobertClapp @AnthropicAI 🤣

[DYOR @Miguel7L7]

@matoxley Love it 🤣 all time great meme

[DYOR @Miguel7L7]

I just went 82-0, think you can go 82-0? https://t.co/AdsXh9ffTw #NBA #82and0

[DYOR @Miguel7L7]

@the_jefferymead @BernieSanders I actually agree, but not for his “oligarch” framing . That’s plain wrong. & dangerous. I agree coz this will be like sharing the spoils of oil, it could help societal wealth if AI was to disrupt millions of jobs. Income to support these people would have to come from somewhere.

[DYOR @Miguel7L7]

@KB47105 @matoxley No one would know on X because he blocks everyone

[Robin Dods : Fenton Capital @toy59496]

The Chalmer Delusion: Outcome Bias & The Static Pie Fallacy

https://t.co/X5uAtgEL0y

I encourage you all to look at the excellent interview of Jim Chalmers by Philip Coorey of the AFR.

What struck me is that he appears genuinely sincere that he has a good policy and that it will work in delivering intergenerational equity and productivity.

It reminded me of Oscar Wilde's letter when he was in jail...

"Most people are other people. Their thoughts are someone else's opinions, their lives a mimicry, their passions a quotation".

Jim Chalmers is not you, and he is certainly not me, so how can his mind arrive at such bizarre conclusions.

I think the answer lies in the field of psychology: outcome bias combined with the static pie fallacy.

Jim Chalmers sees the successful founder, investor or business owner - but not the thousands who failed, lost capital, went bankrupt or spent years building nothing. Capitalism’s winners are visible; its graveyards are invisible.

Then comes the static pie fallacy: treating wealth as something merely to be redistributed rather than created through risk, incentives and relentless trial-and-error.

He doesn't see that for the pie to grow, incentives must be rewarded, and that outcomes are destined to be fundamentally inequitable If the model works properly. However if the pie grows large enough we have enough wealth to bring up those at the bottom. But we will never be all the same, and rewarded the same, if we were that would be socialism.

But he cannot see that, as trapped in his own psychology, Jim Chalmers feels taxing success is morally righteous rather than economically destructive.

The problem is that innovation only exists because extreme rewards compensate for extreme failure.

The argument is not one of intelligence, but of philosophy, and there is no common ground or resolution.

This is a very old dilemma, and Thomas Kuhn would say Jim Chalmers and the business community have "incommensurable frameworks", and trapped in his own paradigm he is unable to view the world differently. What we see as an apparently rational disagreement is actually a failure of shared meaning rather than a failure of intelligence.

The conclusion is sobering that the only way to resolve the problem is to remove Labour through the election box because the framework in which they make decisions is so foreign to economic reality that they will inevitably fail to interpret the world around them in a way that will grow the pie.

They are prisoners of their own ideology.

https://t.co/X5uAtgEL0y

[DYOR @Miguel7L7]

Tell me you’re not Australian without telling me you’re not Australian

[Joe Rogan Podcast News @joeroganhq]

Warren Buffett: "Owning five homes doesn't mean anything to me because I'm happy in one home. If I've got two homes, I know I've got more problems, and I don't have more happiness."

[DYOR @Miguel7L7]

@luke_amott @PaulineHansonOz @Cee_Cee_ “You should get your facts straight”. Advice to yourself? Inflation was up prior to the war.

[DYOR @Miguel7L7]

@BenjiNaesen Yessssssss! 🙌