nauset

investor | seeking asymmetry in markets & life

[Finding Compounders @F_Compounders]

Charlie Munger on Focus

“I think people who multi- task pay a huge price”

[Jay Yang @Jayyanginspires]

I revisit this Sam Altman post nearly every month:

[Boring_Business @BoringBiz_]

Cannot tell you how many CIMs and DD response lists are being created purely using Claude

At this point, bankers are not even trying to hide it anymore

Excels contain comments that specifically say that the author was Claude, and decks that are all left in the typical Claude format

Literally just Claude creating materials that will be reviewed by Claude and presented in front of an IC that will use Claude to summarize the memo created by Claude

Unbelievable stuff

[Jay Yang @Jayyanginspires]

POV: the moment you realize you can just do things.

[jay plemons @jayplemons]

The great lie is that society is divided between rich and poor.
The great truth, as David Friedberg puts it, is makers vs takers.

Makers build, create, and deliver real value: houses, software, art, businesses, and everything that moves civilization forward.

Takers watch, criticize, analyze, and politic. They push the lie that the rich hoard unfairly so the poor must seize it… all while positioning themselves to rule the chaos.

As @friedberg tells his kids: “At the end of the day, if you made something and someone else valued it, you were a maker. That was an amazing achievement. That is a great day.”

Takers thrive on division. Makers drive progress.

Time to choose your side.

[Brian Armstrong @brian_armstrong]

I think it’s time to revisit the accredited investor laws in the US.

Companies are staying private longer, where only accredited investors (aka rich people!) can invest. Retail investors can only come in after IPO, when much of the upside has already been captured.

These rules were created with the best of intentions, to protect regular people from scams - a noble idea. Unfortunately, in practice they've often made it illegal to get richer, unless you're already rich. A regressive tax!

We have to judge policies based on their outcomes, not on their intentions.

These are two possible routes I see:

1) Replace the rule with something merit-based, like a financial literacy test. Pass it and you're accredited. Having a qualification based on competency rather than your bank balance or income seems far more fair.

2) Remove the rule entirely. Let consenting adults assess their own risk. Disclosure requirements stay and fraud enforcement stays to punish bad actors.

[signüll @signulll]

ppl now tend to plan so so much esp in nyc but i find that the best parts of life are usually truly emergent.

walks that become drinks.

drinks that become dinner.

dinner that becomes 2 a.m. somewhere you didn’t even expect.

nyc has endless possibility, but somehow everyone has converted it into logistics. a city built for serendipity but kinda ruined by calendar invites.

[The Wise Investor 🧠 @TheWiseIC]

If I had to boil my $UBER thesis down to one post it would be this.

Try creating your own 1P network that gets sufficient utilization while carrying expensive robots on your balance sheet.

Utilization is the bottleneck. Not the technology. Not the data.

[hdf @PaikCapital]

love or hate the man, he went all in.

and won.

bet on yourself.

[Robert Sterling @RobertMSterling]

> you’ll never start a rocket company
> you’ll never build your own engines
> you’ll never be able to use off-the-shelf parts
> you’ll never survive three launch failures
> you’ll never reach orbit
> you’ll never win NASA’s trust
> you’ll never launch cargo to the ISS
> you’ll never compete with Boeing
> you’ll never compete with Lockheed
> you’ll never make rockets reusable
> you’ll never land a rocket vertically
> you’ll never land one on a drone ship
> you’ll never reuse a booster
> you’ll never fly the same booster 10 times
> you’ll never fly the same booster 20 times
> you’ll never fly the same booster 30 times
> you’ll never recover and reuse the fairing
> you’ll never lower launch costs
> you’ll never launch every month
> you’ll never launch every week
> you’ll never launch multiple times a week
> you’ll never carry astronauts
> you’ll never replace Roscosmos
> you’ll never fly civilians to orbit
> you’ll never manufacture satellites at scale
> you’ll never build the biggest constellation ever
> you’ll never make satellite internet work
> you’ll never make satellite internet fast
> you’ll never make satellite internet affordable
> you’ll never serve rural customers
> you’ll never serve aircraft and ships
> you’ll never build a methane rocket engine
> you’ll never make full-flow staged combustion work
> you’ll never build the most powerful rocket ever
> you’ll never build a rocket bigger than Saturn V
> you’ll never build it out of stainless steel
> you’ll never launch Starship
> you’ll never separate Super Heavy and Starship
> you’ll never relight Raptor in space
> you’ll never bring Super Heavy back
> you’ll never catch a booster with Mechazilla tower arms
> you’ll never launch 85% of mass to orbit worldwide
> you’ll never change the economics of space
> you’ll never force the entire industry to copy you
> you’ll never win
> you’ll never IPO

Congratulations to @elonmusk and the SpaceX team. You did what countless people said was impossible, and you did it time and time again.

Today is your day. You deserve this. May it be a glorious one.

[Karan🧋 @kmeanskaran]

BE DELUSIONAL.

[SMB Attorney @SMB_Attorney]

The government should seize Outlook from Microsoft and turn it over to a serious tech company. The US GDP would 10x if it actually worked like it's supposed to.

[Kpaxs @Kpaxs]

People believe they think clearly and just struggle to "put it into words." It's almost always backwards. The struggle to put it into words is the discovery that the thought wasn't clear yet.

Writing is the brutal honesty machine. It takes the warm fog in your head that felt like understanding and forces it onto a line where every gap shows. You didn't lose the clarity in translation, you never had it. The page just told you.

[DAN KOE @thedankoe]

Stress is great for brute-forcing mindless tasks, but it absolutely destroys your ability to think spatially. It destroys your creativity, which is the one thing that will give you a competitive advantage over everyone optimizing for productivity.

[Nikunj Kothari @nikunj]

I was listening to the latest episode of @InvestLikeBest and it talked a lot about S-curves..

So I had Fable one shot a website that talked about all the S-curves, their inflection point & commentary on each being a bubble in the last 200 years.

Live now on escurves dot com 🌊

[Aman @AmanHasNoName_2]

If someone can fit 20g protein into a can of Diet Coke without changing the taste and texture , that recipe will make a bigger IPO than Anthropic.

[Patrick OShaughnessy @patrick_oshag]

It's not a coincidence Jamie Dimon, Elon, Jensen, and Barry Diller all share the same management philosophy: getting the truth from the source

Dara on what he learned from Barry Diller in his 20+ years working with him:

"I was an analyst at Allen & Company working on the LBO model for Paramount.

Barry didn't want to talk to the MD or the VP or the associate.

He'd say, 'Who built the model? I'm going to talk to that guy.'

He wanted to hear straight from the source.

It's the filtering that gets the edge out of the situation, and it's often the edge that gives you an edge. It's not the average."

@GavinSBaker in our conversation from 2024 explained how Elon, Jensen, and Jamie work:

"Wherever in the company the problem is, that is who Jensen and Elon go to work with — the subject matter expert, whether they're 23 or 50, there's no hierarchy.

When JPMorgan was buying Bear Stearns, the best modeler in the company was 24 years old.

They set up a desk for him side-by-side with Jamie. Jamie would say, "Change that, change this."

He didn't ask for that guy's boss. He said, 'This guy is the best, I want to work with him.'"

[Damian Player @damianplayer]

Mark Zuckerberg on the best advice Peter Thiel ever gave him:

“in a world that’s changing so quickly the biggest risk you can take is not taking any risk.”

“there are always people who point to the downside risks. locally they may be right. but in aggregate, if you stay stagnant you’re guaranteed to fail and never catch up.”

standing still is the gamble.

[Adam Miller @_AdamMiller_]

Dara is so impressive

- Family fled Iran when he was 9 and they lost their fortune, seized in the revolution
– Very principled and values driven
- Took Uber from deeply loss-making to nearly $10 billion of free cash flow a year
- Incredible communication skills
- Extremely responsive to market opportunities and challenges
- Still has a huge chip on his shoulder

What a blessing it is for a $150b public company to have a leader that both feels like a seasoned executive as well as a hungry founder

[Dwarkesh Patel @dwarkesh_sp]

Over the last 200 years, we've automated away a lot of hard physical labour. But people still go to the gym.

Indeed, many people today are more physically capable than people in the past. We can train systematically for whatever physical goal we want, and it's more fun than hard labour on a pre-modern farm.

@karpathy's hope is that, in the future, the same will be true of learning.

AI tutoring that's tailored to each person will make learning easy, and more people will want to do it. We will be able to go much further than our ancestors.