haha yes

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@willis_cap @UpslopeCapital eyeballing the EPS number says JKHY

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@stoked_on_waves @CitronResearch I don't know anyone >100 IQ online who lost money big money in cannabis. IRL I know half a dozen HNW punters who got fleeced, possibly still holding losses to this day

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American nonprofit founder thinks the chief problem with Europe's stagnation is there aren't *enough* taxes and government regulation (that would just so happen to make donating to nonprofits easier)

[John Arnold @johnarnold]

America's cultural ideal has been the self-made entrepreneur while Europe's was rooted in aristocracy, with status inherited rather than earned. Europe's inheritance laws show this divide.

Many European countries have "forced heirship" laws that require people to leave 50-75% of their estates to their children. Want to leave the majority of your wealth to charity? not allowed. Your kids are estranged from you, struggling with addiction, or irresponsible? still required to give them the money. Want your kids to avoid a life of entitlement? tough.

Incredibly, these laws look back at transfers made during your lifetime. If you have 3 children in France, you're required to bequeath them a minimum of 75% of your estate. Because French law calculates this based on your assets at death plus all lifetime gifts, giving away more than 25% of your wealth while alive means your heirs can legally sue to force charities or foundations to return the funds. This has limited the development of the nonprofit sector on the continent.

The cultural gap between an entrepreneurial society and one shaped by dynastic wealth is enormous. If you make it yourself, you tend to want your kids to do the same. If you inherit it, the primary goal is protecting the estate for the next gen.

Countries like Spain, France, and Italy legally entrench family dynasties, while America has historically sought to limit them through estate taxes. The result is not only a weaker culture of philanthropy and civil society in Europe, but also less economic dynamism.

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@CrankyFed @RichardBSpencer

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@ebitdaddy90 Cycle doesn't end until some NBA player demands to be paid in compute/tokens

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I really need to grift harder on substack

[Trevor Scott @TidefallCapital]

"Moody’s found that the five major hyperscalers – Microsoft, Amazon, Alphabet, Meta, and Oracle – together have $662 billion off-balance sheet commitments already. GAAP accounting lets them hide it."

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@LucreSnooker @parasociality Phenomenologically i have struggled the most with those that pray to Yahweh that they do well on the big test instead of actually studying for the test. How did this thing ever get off the ground with median person???????? it must be divine

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@stoked_on_waves he absolutely, explicitly shorted jpy selling local bonds at like, 0-1% coupons

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@HatfieldCapital The idle wealthy would have the good sense to fuck off and not be seen in public after going to prison for stealing from the government

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of course! your contra being bearish *definitely* means we can pull out of this war very quickly and put 20M barrels back on the water in no time at all!

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@AyyouEm For sure mezz, no? something like single A-