Eduardo Salvatore

Full time trader in New York. On the hunt for convex ideas.

[Lee Kuan Yimby @LeeKuanYimby]

This speech from Zohran Mamdani on America’s 250th changed my politics.

I’ve never seen a more pompous individual whose life has been void of any sacrifice or hard work confidently lecture as if people like him hold the key to human prosperity.

Here’s a guy who had never held a job until he found the angle to satisfy his thirst for attention through politics at age 30, sit behind George Washington’s desk and give us a lecture on what is supposed to be a day of celebration.

Instead of celebrating what this country built, prosperity and human rights that spread across the globe from basically nothing, he turns the moment into a lecture about how America is this flawed project desperately in need of topdown change from useless academics and politicians who’ve never built anything of value for anybody.

As I get older, I have started wrestling with my own ridiculous and undeserved comforts, and the massive sacrifices of generations that made them possible. We should be expressing sheer gratitude for the families who crossed this country in covered wagons chasing a future, for the young men who died in muddy fields and frozen trenches defending it. At some point we let the children forget about this, and it's going to be a tragedy.

Our ancestors didn’t sacrifice so we could sit around demanding more redistribution while building nothing of value ourselves and living in opulence kings couldn't have dreamed of. They built something exceptional through risk, and relentless work.

Watching someone like Mamdani use the 250th as an opportunity to lecture us about what’s wrong with America, it just flips a switch for me. I’m done with the ingratitude.

We need to defend America from those that leech off it's greatness and attempt to redefine it.

[Fugitive Caesar @ThomBrady5]

That's right, none of this was real

[Eduardo Salvatore @Negative__Carry]

@_sn_n I don’t believe hoping and posting for the death of someone is considered comedy? No matter who that person is.

[Daniel Priestley @DanielPriestley]

Socialists imagine a class struggle. In their made-up fantasy the CEO is in competition with low level workers, the wealthy entrepreneur is stealing from the underpaid nurse.

In reality, workers do not compete vertically they compete horizontally.

Entrepreneurs compete with entrepreneurs. Investors outbid each other. CEOs are benchmarked against other CEOs. Nurses are hired from a pool of nurses. Etc.

The CEOs pay has no correlation to the entry level workers. The Football star on £300K a week isn’t linked to the person selling drinks in the stadium. A biotech entrepreneur raising VC capital isn’t paid relative to a cleaner.

What is linked is the demand and supply dynamic of each role.

If a company places an ad for a qualified truck driver and 150 people apply for the role, then the company knows it does not need to increase wages for that role. If the company has an open role for months, it is forced to look at the compensation package.

Same for a CEO. A board representing shareholders would like to hire a CEO for a lot less if they could. Their dream scenario would be to hire a CEO who brings in institutional investors, attracts top executives, drives innovation and growth, keeps margins steady and is a good public face for the business even under pressure. It turns out there aren’t a lot of these people looking for work and if you want one you have to pay more than other companies are offering.

The class struggle isn’t vertical it’s horizontal. CEOs are in competition with CEOs. Retail workers are in competition with retail workers. Demand and supply dynamics set the price.

Sure you can say that a CEO want’s profitability and would like wages to be lower BUT it’s not up to the CEO - demand and supply tension sets the price of workers. An Airline like RyanAir would like free pilots if they could get them but they can’t… so they pay the market rate.

The reason incomes are rising at the top and falling at the bottom is not class warfare. It’s technology and globalisation.

Technology makes basic jobs simple, remote or fully automated. At the same time tech makes executive roles more leveraged, more important and more valuable.

A CEO used to run a smaller organisation. Today a CEO who’s 2% better on a $5B company is generating $100M more. Seems sensible to try and pay a few million to get $100M.

Globalisation has put workers from all over the world in completion with each other - downward pressure on wages. Globalisation has given CEOs more market opportunities to explore - upside opportunity to unlock.

The rich are not very interested in buying houses that poor people own. The poor are not buying up the homes the rich want. They are separate groups living separate lives. Try finding the genuinely rich people whose strategy is to hoard normal residential homes - it barely exists as a thing. About 85% of landlords are people who own 1-4 properties. Super-landlords (100+ properties) are 0.2% of landlords and own a tiny fraction of the 30M homes in the UK… and they’re heavily taxed.

Class warfare isn’t real. It’s an imagined war in the minds of socialists.

Demand and supply dynamics are real. To the degree it is measured in class, it’s a horizontal competition not a vertical one.

[Eduardo Salvatore @Negative__Carry]

@ThrillaRilla369 Niche. It’s pronounced ‘neesh’ not ‘nitchy’ or ‘nitch’.

[Eduardo Salvatore @Negative__Carry]

@NYCMayor So does the US go without immigration enforcement and let anyone in who wants to? Genuine question.

[Eduardo Salvatore @Negative__Carry]

@WestsideLAGuy Stop posting these you loser.

[Eduardo Salvatore @Negative__Carry]

@BillAckman @NYCMayor Why do they need raises, or money at all if their purported aim is to make this a socialist city? Interesting

[𝗦𝗵𝗼𝘄 𝗠𝗲 𝗧𝗵𝗲 𝗗𝗮𝘁𝗮 @txsalth2o]

I’m new to soccer so help me out here:

Libs want the USMNT, which is made up of primarily Blacks and Latinos, to lose to the team of white Europeans, because our president made sure a Black player who had an unjust call against him was able to play?

[Eduardo Salvatore @Negative__Carry]

@Jacqueline7865 @CurttiMagurtti Why?

[Eduardo Salvatore @Negative__Carry]

@OSHEA522 @jeremykauffman @EndWokeness @grok It’s a joke bro..

[Yogi @Houseofyogi]

Mamdani got the whole American dream in eight years. Came here as a kid, got citizenship in 2018, now he runs the biggest city in the country.

And on America's 250th birthday he sat down at George Washington's desk and told us everything wrong with the place.

I'm not even angry. I'm disappointed.

Here's the picture he painted:

He mocked the people who supposedly think America "becomes less the more people it welcomes."

Said it belongs "only to those with the right accent or the right shade of skin."

Called our streets a place where "masked agents" are "terrorizing" people.

Said the country's wealth was built by "calloused, dirt-streaked hands" and then left to rot.

Looked out from Washington's desk and called the Americans who built this economy "small" and "weak."

Okay Mamdani. You hate it so much, why'd you come here?

Let's put that picture up against the actual country.

He's a Muslim kid born in Uganda and he's the mayor of New York. A guy back in his own birthplace said it plainly: over there he'd have had to claw his way in. Here we held the door open.

We've got the most diverse Congress in our history. It was never about skin color, no matter how many years the left spent forcing that story onto a country that kept proving them wrong.

A machine that grinds immigrants down? Nearly half the Fortune 500 was started by immigrants or their kids. 231 companies.

Apple, son of a Syrian.

Google, a kid who came over from the Soviet Union.

Amazon, son of a Cuban.

Put them together and they out-earn Japan, out-earn Germany. That's not a country grinding people into the dirt. That's a country handing them the keys.

It's been and always will be the land of opportunity.

And more people want in here than anywhere else alive. 53 million immigrants live here, the most of any nation on earth. We're 4% of the world's people and we hold 17% of the world's migrants.

Every year since 2007 you ask the whole planet where it'd go if it could go anywhere, the answer comes back the same. America. Number one. The line to get in wraps around the globe.

Here's the line he won't draw. I will.

Legal immigration built this country. The strivers. That's the front door working the way it's supposed to, and I'll defend it all day. You need to earn your spot, respect our laws and customs.

But that's not what we're running anymore.

Four years of Biden's open border blew the doors off. The foreign-born share of this country just hit 15.8%. An all-time high. Higher than Ellis Island, more than triple what it was in 1970.

The Census Bureau didn't expect that number until 2042 and we smashed past it. And on top of it, a record 14 million people here illegally, who cut in front of every single person who did it the right way.

The front door built America from Ellis Island to today. The fence is a different thing. Pretending they're the same is how you end up calling every American who wants a secure border a bigot.

And we've earned the right to standards. This is the most wanted country on the planet. We get to choose who walks in. You want in? Build something. Contribute. Earn it. Nobody's owed anything.

You come illegally, you commit crimes, you steal from taxpayers, you should get deported. That's not terrorizing the streets.

Mamdani walked through that front door in 2018. He of all people should be defending it. Instead he stood at Washington's desk and spent his speech blurring the line between the people who came the right way and the ones who broke in.

The man even admitted out loud that America is exceptional. Then spent the rest explaining why it isn't. On the one day the whole country stops to celebrate itself, he reached for the darkest story he could find.

That's not a man who's lost about America. That's a man who's angry at the country that gave him everything he has.

You don't like it here? Nobody made you come.

Nobody's stopping you from leaving. But you won't. They never do. Because there's nowhere else on earth that hands a person this much of a shot.

This country took him in and made him a mayor. He owes it. It doesn't owe him a thing.

We're not perfect. We're the best odds a human being has ever been handed. 250 years old, the richest and freest country alive, and the whole world is still clawing to get in while nobody's trying to leave.

They hold America to a standard they'd never hold anyone else to, then act shocked it falls short.

It's nonsense.

Respect the country. Especially when it's the reason you're standing at that desk at all.

[Eduardo Salvatore @Negative__Carry]

@UrbanFakir_NFT @sfliberty @elonmusk Give me one?

[Eduardo Salvatore @Negative__Carry]

@UrbanFakir_NFT @sfliberty @elonmusk Any chance you can have leaders in a socialist economy which are not self-serving is also zero. If you don’t like the disparity of wealth in America now, you’d find it even more stark when the gap grows even further under socialism.

[Eduardo Salvatore @Negative__Carry]

@UrbanFakir_NFT @sfliberty @elonmusk And how many good leaders have we seen exist in socialist economy?

[Eduardo Salvatore @Negative__Carry]

@sexaddictsander Is this him?

[Krzysztof Szczawinski 🇵🇱 @Kristof_Poland]

Animal Farm by George Orwell, in short:

1. Old Major, the fattest pig on the farm, delivers a sermon about "liberation." He has never missed a meal in his life – but he is the most envious of the Man – the producer, the entrepreneur…

2. “Whatever goes upon two legs is an enemy” – the ideology is manufactured from the start, designed not to free the animals but to direct their resentment away from the pigs and toward a useful target. Every revolution needs an enemy. The pigs chose the farmer.

3. The revolution’s commandments were never a constitution. They were a management tool – sacred enough to motivate, vague enough to rewrite, and controlled from the beginning by the only ones who could read – the pigs.

4. Boxer the horse, the most honest creature on the farm, decent, loyal yet naive, totally devoted, responds to every setback with the same answer: “I will work harder!” He means it completely. He works himself half to death. It is the most heartbreaking sentence in the book – because the new system is perfectly designed to absorb exactly that kind of devotion and give nothing back.
When he finally collapses from exhaustion, he is sold to the knacker. For cash. The pigs buy more whisky with the proceeds.
The other animals are told he died in a hospital receiving the best care. The most useful animal on the farm is the one who never once suspects he is the product.

5. The commandments get rewritten at night not because power corrupted the revolution – the rewriting was always the plan. Language was the weapon from the first speech Old Major ever gave.

6. “All animals are equal, but some animals are more equal than others” – this is not the system’s failure. It is the system’s true face, finally visible once the animals are too exhausted and confused to object.

7. Orwell’s message: the lie came first. And the "liberation" it promised delivered something far worse than what came before – because the fattest pig was merely selfish at the start, but by the end is selfish and fluent in the language of "justice." He took all the eggs. He took everything. And made the hens thank him for it.
The fattest pig knew what he was doing all along…

[Eduardo Salvatore @Negative__Carry]

@FippsieHartmann There is no way that contact would cause someone of that size to fall over. No way

[Eduardo Salvatore @Negative__Carry]

@sophaller Queen 👑

[ArtButMakeItSports @ArtButSports]

@Complex Petit disque orange (rotated), by František Kupka, 1932