@elonmusk star trek gave us a decent starting point for a first principals monetary unit in federation credits. once cme launches compute futures, can probably tokenize some issue that pays holders the roll yield, use as collateral for loans, etc. @ereborbank
Dear New Philanthropists
Most 20th century institutions are unfit for 21st century problems. Will this generation’s winning innovators build new ones, or get hoodwinked by the old ones?
Why are most wealthy people not bolder with their philanthropy?
And, five levels of giving:
@TMTLongShort@hendry_hugh oh u prob gona love this too. More macro guys waking up to the fact that we can pivot from doomer managed decline and it will work out for us. Long american gdp/Short mercantilist currencies.
On this segment of tracking the narrative spin:
Critics don’t want to look like they are against a deal, but they still want to call it a loss for Trump.
So they pivoted from saying the deal wouldn’t work to “I was right, good on Trump for cutting his losses”
The Vietnam comparison reveals the lie.
Trump didn’t invade, take the place of the ruling government and get stuck unable to transition Iran to a stable democracy.
He entered with a limited, explicit plan to degrade Iran’s military capability, kill their leadership and negotiate from strength with the primary objective already complete.
We didn’t get drawn into Vietnam by accident. We had unrealistic expectations of the results of a ground invasion. Expectations Trump never had about Iran.
This shouldn’t be surprising considering Trump was against the Iraq war when it happened.
James Carville is mockingly complementing Trump for surrendering in order to look magnanimous in victory, when James is actually being a slippery worm in defeat.
Ironically it was Carville and company who cut their losses on their failed narrative of a boondoggle. Which they used to mischaracterize the war from the start.
The Iron law of woke projection strikes again.
why do people use abnormality as an insult?
you'll find a lot of normies dismiss whatever you do as "weird",
but none of the things that are valuable in life
are achieved through "normal" means.
you're going to have to go through a period of being VERY strange to the average joe
if you want to exceed him in accomplishments.
the main way this manifests is through passion.
when you're possessed by a passion -
whether it be a passion for love,
for your craft,
for conquest,
whatever.
it captures your entire spirit.
you can no longer do what "normal" humans do.
you lose your appetite,
you lose sleep,
you lose interest in the most basic things.
you are possessed by one goal.
people call this insanity but it is the most beautiful thing that can happen to a human.
this is the emotion that created Caesar, Columbus, Darwin, Einstein, Alexander, Napoleon, Tesla.
you DONT want to be normal.
After 5,000 founder meetings, we discovered that many of the world’s greatest builders are blessed (and cursed) with a mind that is thinking 24/7.
There is no off switch.
Notebooks kept by the bed for ideas that arrive at 3am and won't survive until morning. Phones full of voice memos recorded at red lights. Dinners going cold because they've pulled out a napkin to sketch something.
They are constantly told they are “half-present” or “mentally somewhere else”.
Workaholics force themselves to be at the desk. The trait here is different: the problem follows them uninvited into every room of their life. They couldn't put it down even if they wanted to. The conscious decision to stop working doesn't actually stop the part of the mind that's doing the work.
Most people view this as a failure of work-life balance and try to fix it. But you can't compartmentalise your way to a genuine breakthrough.
Across 5000+ founder meetings, the single rarest success trait we saw was pathological determination (<1% of founders). Having a good work ethic is not enough; these individuals possess a borderline-delusional ability to run through any wall they meet, and don’t have an off switch. It’s not easy to see and most investors don’t ask the right questions in founder meetings to uncover it.
We have 10-15 proxy signals that we use to turn determination into a data point. Across hundreds of founders, we looked for a desperate desire to prove someone/something wrong, multiple previous failed businesses, early-life adversity and irrational optimism when most others would quit.
Our early findings showed that founders with a high determination index were significantly more likely to build bigger companies, even if it took them longer on average. Determination wasn’t correlated with confidence or charisma. The most determined founders were more introverted and did not light up rooms.
Most investors overvalue raw talent and ignore the sheer power of persistence. Brilliance is fragile. Obsession is anti-fragile. When vetting a startup, back the team that refuses to stay dead.
The fact that orbital compute is (soon) the most efficient way to build datacenters says a lot about how much excessive regulation has harmed progress on earth.
It’s more efficient to fly to outer space than to try and build on land.
Freedom is always on the frontier.
The U.S. constitution was a breakthrough in that it protected citizens from tyrannical government. What it missed, and what we should try to integrate into the next constitution (on Mars, special economic zones, etc), is restraint against unchecked growth of regulation and government spending.
I’ve been slowly collecting proposals for how that could work. Might do a post on it at some point.