AA

[Nobody Special @JG_Nuke]

AI Bros are stomping their feet and screaming that it’s perfectly normal for two multi-trillion dollar private companies to use different methodologies to calculate a fake accounting statistic to inflate perceptions of actual revenue.

There’s a lot to unpack here.

[Vladimir Bayandin @vovudebosh]

b2b saas founders doing $10-50k mrr with no salesperson: this one is for you.

give Claude your website link. it finds the companies that need your product, emails them, books the calls.

$30 free 👇

https://t.co/IDwQ8oyTVM

[Uncensored.AI @GoUncensored]

Jared Kushner may own nearly every .SI domain, and he might have been buying them in bulk for months before Trump declared AI would be renamed Super Intelligence.

[Marc-André Fongern @Fongern_FX]

⚠️ Pimco warns 10y Treasury yields could hit 6% for the first time since 2000, as forced unwinding of losing bets takes over. Let me put it this way: Even at 5%, the cost of capital rewrites every leveraged business plan, and at 6% it ends many of them. Watch the bond market!

[Alex Monahan @AlexMonahaqyrt]

This is IMPORTANT...

When I was a quant trader @ SIG, they made you study for YEARS before you ever traded a dollar of the firm's capital. They wanted to train you, have you become an expert. They did NOT want you LOSING their money...

The problem with prediction markets is nobody studies. You have people with ZERO CLUE what they're doing betting thousands of dollars on sports daily. Then they're confused why they get addicted & go broke.

You need to spend *a lot* of time understanding markets, speed/latency, etc to be successful. That's why the sports betting industry gets SUCH a bad rep... People watch sports & think they "know everything" when they know nothing about profitable gambling/trading...

[jezz @JezziiB]

Jeff Bezos owns a $500 million superyacht. It's so big it needs a second yacht just to carry its helicopter pad.

Andrew Carnegie, with his Gilded Age fortune, built over 2,500 public libraries. Most are still open today ....free, for anyone, forever.

One of these things outlives the man who paid for it.

[Handre @Handre]

The Federal Reserve held rates near zero from 2002 to 2005, and Wall Street responded the way any rational actor responds to free money: by manufacturing demand from thin air. NINJA loans, no income, no job, no assets, were the logical endpoint of that process.

Lenders handed mortgages to people who could not plausibly repay them, packaged those loans into securities, sold the risk to pension funds and foreign banks, and collected origination fees at every step. Genius, really, until it wasn't.

Credit markets exist to allocate capital toward productive uses. Interest rates, when set by genuine time preference between borrowers and savers, signal which borrowers deserve capital and which do not. Suppress that signal artificially, and the signal stops working. The Fed gave banks essentially free reserves, rating agencies slapped AAA on mortgage-backed securities stuffed with NINJA paper, and regulators at the OCC preempted state lending laws that would have constrained the worst abuses.

The crisis that followed in 2007 and 2008 erased roughly $11 trillion in household wealth, and you did not need to hold a single bad mortgage to be affected by it.

Artificially cheap credit caused the failure. The standard political response, more regulation layered over the same monetary distortion, treats the symptom while the Fed refills the punch bowl. The Dodd-Frank Act passed in 2010. Rates returned to zero in 2020, and the cycle keeps repeating because the source remains untouched.

[Handre @Handre]

Monaco collects no income tax. Liechtenstein's corporate rate sits at 12.5%. These reflect deliberate policy choices by governments small enough to feel the immediate consequences of driving capital away.

Small states cannot afford to be predatory. A large country like France can tax its productive class into emigration and still run on bureaucratic momentum for decades before the rot fully surfaces. Monaco has 2.1 square kilometers. Drive out your wealth creators on a Tuesday, and you notice it by Thursday. This constraint forces discipline that large states never face.

The second mechanism is competition. When Liechtenstein offers low taxes, genuine rule of law, and strong property protections, capital flows toward it from Germany, France, and Italy, countries where politicians treat your earnings as a communal resource they generously allow you to partially keep. Mobile capital and mobile talent vote with wire transfers and residence permits. The European principalities win those votes constantly.

Secure property rights do the rest. When entrepreneurs trust that contracts hold and confiscation stays illegal, they plan long-term, invest, build. Liechtenstein's per capita GDP exceeded $180,000 in 2024. Monaco's residents hold median wealth that dwarfs most European capitals. Neither state built that through natural resources. They built it by leaving productive people alone.

The formula is genuinely simple: low taxes, sound institutions, enforceable contracts, no appetite for redistribution theater. Every large government on earth knows this formula and refuses it, because taxing you funds the people who vote to keep the taxers employed.

[Handre @Handre]

Capital flees taxation the way water flows downhill: By the physics of human choice.

When France raised its top income tax rate to 75% in 2013, Gerard Depardieu moved to Belgium and eventually took Russian citizenship. Eduardo Saverin renounced his U.S. citizenship before Facebook's 2012 IPO. These were transactions. Rational actors doing math.

Impose a cost on production and you get less production. Impose a cost on capital and capital relocates. The political class treats this as betrayal. Supply and demand applies to jurisdictions.

Cayman Islands, Monaco, Dubai, Singapore: these places didn't stumble into prosperity. They built low-tax, low-regulation environments and capital came to them. Singapore's top income tax rate sits at 24% with no capital gains tax at all. The result is a per capita GDP that buries most of Europe.

High-tax jurisdictions run the same experiment in reverse. You raise rates, your most mobile earners leave first, then your businesses restructure, then your tax base erodes, so you raise rates again on whoever remains. The spiral ends with a population that cannot leave because it has nothing worth taxing.

California has lost over 500,000 residents net to other states since 2020. Illinois has shed population for nine consecutive years. The people staying aren't the founders and investors. They're the ones who can't afford to move.

Tax havens don't cause this dysfunction. They simply make it visible by giving capital somewhere better to go.

[Leyla @LeylaKuni]

I ran into an awesome acronym (while reading about the Mellon bank restructuring):

CLOWNS (Collateralized Loan Obligations Worth Nothing Securities)

-- apparently, that was Drexel's internal nickname for the high risk high-coupon jr notes

[Mr. Nobody @MmisterNobody]

They call them "data centers" because if they called them "the critical infrastructure of the beast system, needed to run a social credit score and programmable currency, to be implemented for total population control and inevitability wielded by the wicked to commit atrocities on scales not ever witnessed before in human history," people probably wouldn't want them in their communities.

[George Callas @George_A_Callas]

The tax strategy works like this: First, acquire an asset you expect to appreciate in value. Second, borrow against the asset once it does appreciate in value and use the proceeds for personal consumption. Third, die.

Wait, what?

[Packy McCormick @packyM]

A long time ago, I interviewed with a hedge fund at 9 W 57th in a conference room with the most incredible views of the entire Central Park with a late 20-something who'd made the firm something like $2 billion on massive distressed credit bets the year before and had just been named its global head of credit. The next year I read he pulled in over $100 million, and he'd go on to lead the firm.

One of the most intimidating hours of my life. Not a credit guy.

[Owen @Owennfa]

I came across a Reddit post that described AI in a way I can’t stop thinking about:

“AI allows the wealthy to access skills while stripping skilled people of their ability to access wealth.”

I don’t think I’ve ever seen the purpose of AI captured so brutally and accurately.

[unusual_whales @unusual_whales]

170 billionaire families have spent a record $1.7 billion on the midterms, plus another $600 million in dark money, per Americans for Tax Fairness.

Billionaire political spending has increased 53x since Citizens United.

[MAD Cripto 💎🫱.og @mattunchi]

Si tienes cripto, esto sí da miedo.

Justin Drake, investigador de la Ethereum Foundation, pidió hoy a la industria prepararse para el "modo búnker".

Cree que la IA va tan rápido en matemáticas que podría romper la criptografía que protege las llaves de Bitcoin y Ethereum antes que las computadoras cuánticas. En el peor caso, en meses y no en años.

Hoy nada conocido puede hacerlo. Él mismo lo dice. Pero la probabilidad dejó de ser ignorable.

Lo que recomienda es simple:
1. Pasar tus fondos a una dirección nueva que nunca haya firmado una transacción.
2. Cada vez que firmes, mover lo que quede a otra dirección nueva.
3. Sin prisa y sin pánico. Va primero para exchanges, custodios y ballenas.

La seguridad de billones de dólares se apoyaba en que nadie podía resolver ese problema. Ahora estamos construyendo máquinas que resuelven lo que nadie podía.

Guárdalo.

[PoliticsVideoChannel @politvidchannel]

BREAKING: The Senate to allow all Americans the Right to get compensation from Trump and his family for corruption

Every American gets The Right to Sue Trump and the prize is a cut of whatever a judge decides was obtained through corruption.

https://t.co/xBj5gEgLSg

[Donna Goode @goodedonnae]

Destroy the country like it’s his job. Protects pedophiles with every fiber of his being.

Commits fraud of every kind. Every sector of the US economy is toast. Destroys the environment across the board. Poisoning our water, food, and air for corporations. Openly committing treasonous sedition against the American people serving a foreign country while destroying our military and global reputation.

Whines like a bitch when nobody likes him.

[Nick Gerli @nickgerli1]

We're starting to see 2008-level discounts in Florida's housing market.

Take this condo.

Owner bought for $220,000 in 2024.

Now pending at a $138,000 asking price in 2026.

A staggering 38% decline in two years. Down to $107 PSF.

But here's where things get more interesting.

Zillow estimates this condo could rent for $2,000/month, equating to a staggering 18% gross annual rental yield.

However, the HOA fee is $780/month, significantly denting net rental returns.

We haven't seen discounts like this in Florida in nearly a decade. But the cost of HOA, property taxes, and insurance in is still making it difficult for buyers.

To see how much to offer on properties like this, use Reventure's listing analyzer: https://t.co/mxvaVVQ2fN

[Nicolas Colin @Nicolas_Colin]

1️⃣ Europe once had factories and no money. Now it has the money and sends it away.

According to the ECB, while euro-area investors doubled their equity holdings over the past decade, they quadrupled their holdings of US stocks, mostly because US stock prices kept rising. Over the same period, German industrial output fell 9%.

A story of "the West's carry trade against itself", in charts 🧵