HY

[Melissa Chen @MsMelChen]

WINNING: THIS IS HUGE

Temu, SHEIN and all these tacky fast fashion companies that sell mostly crap have long relied on an unfair and unwarranted trade advantage.

They have long been beneficiaries of what is called the "de minimis loophole."

This loophole allows goods to be shipped directly from overseas to American consumers so long as the value of EACH PACKAGE is under US$800, without any customs declaration.

It's cheap, direct, untaxed and unregulated. It's a law that's existed since the 1930s, long before the internet and the existence of e-commerce retailers.

Last year the US received a BILLION packages from China through this loophole. CBP (Customs and Border Protection) cannot possibly inspect items at this scale so things do slip through the cracks - unsafe items, knock-offs, products made with forced labor from Xinjiang and yes, chemicals that are used to make FENTANYL.

To put things in context:

In 2022, GAP paid $700 million while H&M paid $200 million in import taxes.

Temu paid ZERO.

"Free trade" once again is not free. It's flooding our markets with cheap crappy potentially toxic goods, gutting our own retail markets, and allowing unsavory foreign competitors to exploit loopholes and gain unfair competitive advantages over retailers who HAVE to play by the rule because of... geography.

Now, we have closed this loophole for goods coming in from China.

🏆

[zerohedge @zerohedge]

You'll be shocked when you learn the answer

[NFL Memes @NFLMemes]

Joe Biden watching Kamala walk back into the White House today

[Mario Nawfal @MarioNawfal]

🚨🇺🇸DANA WHITE: THE FACT THIS IS EVEN REAL LIFE IS ABSOLUTELY FUCKING INSANE

@danawhite : "They figured out a way to slide Kamala in here…If they can pull this off, whoever is really running the country now will still be in power for another 4 years."

https://t.co/MzxHcuChaE

[Bill Ackman @BillAckman]

Bias in the media is a stain on our democracy.

[End Wokeness @EndWokeness]

The reaction from Biden's team when he called Kamala "Vice President Trump"

ABSOLUTELY PRICELESS 🤣😂💀

[Citizen Free Press @CitizenFreePres]

Djokovic unleashes after getting booed by Wimbledon crowd.

Dude is completely authentic, and is afraid of no one.

[Matt Orfalea @0rf]

"Sharp as a tack"

[𝐍𝐢𝐨𝐡 𝐁𝐞𝐫𝐠 🇮🇷 ✡︎ @NiohBerg]

If you told me 10 years ago Saudi Arabia would allow commercials like this, I would laugh and call you crazy.

Despite all their issues, this is a monumental shift.

[shugar bread • @shugarbreaddd_]

F**ck it, The Most Decorated Football Clubs In Football History 🤩

A THREAD 🧵

1. Al Ahly FCB (121)

🏆 43 Egyptian Premier League
🏆 39 Egypt Cup titles
🏆 14 Egyptian Super Cups
🏆 12 CAF Champions League
🏆 1 CAF Confederation Cup
🏆 8 CAF Super Cups
🏆 4 African Cup Winners' Cups
🏆 1 Afro-Asian Club Championship
🏆 1 Arab Club Champions Cup
🏆 1 Arab Cup Winners' Cup
🏆 2 Arab Super Cup

[End Wokeness @EndWokeness]

Trump just released a brutal 95 second ad of Joe Biden's debate lowlights:

[Chamath Palihapitiya @chamath]

Let me add to this to clarify...when I was young, one great piece of advice I got was be the non-complainer. When asked by someone to do something, I would do it.

When asked to build a deck, I did it. And obsessed about every word, transition, image and animation until I felt it was pixel perfect. This took time.

When asked to build a model, not only did I try to understand the purpose, I made the model flexible, structurally sound and elegant. This took time.

When asked to work on a project, I took it on head first, developed some sense of it and then wrote a few pages explaining what I had learned and why it may be valuable as the project went forward, or didn't. This took time.

Meanwhile, I didn't have time to gossip, I didn't have time to make friends at work, I didn't have time to complain.

I made myself indispensable to my superiors by being a reliable worker. They then took me into the rooms they were in because I was essential to them doing well. Eventually, as they transitioned further upwards, I took command of the rooms they used to run.

This is how the process is supposed to work.

So if you want to get into the rooms where it happens, don't complain and don't get distracted. Be a reliable worker to those you work for and with. The rest takes care of itself.

[David Sacks @DavidSacks]

.@NicoleShanahan, who was a major Democratic donor until she joined @RobertKennedyJr’s ticket as VP, says:

“I’ve never met a party that hates democracy more than the current leadership within the Democratic Party.”

She’s right!

[Elon Musk @elonmusk]

Wow

[Shaun Maguire @shaunmmaguire]

I would much prefer for my children to become Ivanka Trump than Hunter Biden

[HY @youhabib]

@JShamess @collierscanada Is this the Lakeside Development that was acquired from Greenland?

[Elon Musk @elonmusk]

Trudeau is trying to crush free speech in Canada. Shameful.

[Chamath Palihapitiya @chamath]

In May of 2017, I presented at the Ira Sohn conference for the second time. My first pick, in 2016, was $AMZN. In 2017, my pick was $TSLA at a split adjusted price today of ~$22.

https://t.co/ufpQvLyfDu

The comparison I made at that time was that Tesla was like Apple and the Model 3/Y was its iPhone moment.

I thought this quarters’ results were a bit dumped on but I had the opposite reaction.

I think Tesla’s iPhone moment is now at hand:

1) high interest rates today generally diminish demand. Supply chain inflation increases cogs which generally results in higher end prices. Taken together, these phenomenon usually drive lower consumer demand for most companies. But Tesla cut prices and demand grew. While these price cuts eat into their short term margins, higher demand allowed them to make huge profits (because of volume). The takeaway for me is to rationally keep cutting prices to saturate the world with their product. You rarely get a chance to build a monopoly. When given it, take it. Sacrifice GMs in the short term to drive worldwide saturation in the long term - especially if you can be profitable doing it!

2) cogs are now flattening and margins will start going back up as supply chain inflation eases. And as rates eventually start going lower, demand will naturally go up all else equal. Tesla should then be able to flow as much of these to the bottom line but if they keep cutting prices, demand will go nuts while total profitability also still goes up - that’s a unique place to be.

3) they’ve struck deals to share their charging network with other OEMs and now are also in discussions to license FSD. This is Tesla becoming a true platform company that has their “apps” (Model S/3/X/Y) but also enables other “apps”. And a take rate on 3rd party apps is a very lucrative business (see Apple).

4) when Apple ran this similar playbook towards global domination, they took GMs down about 15-20% for a few years between 2012-2014. And they kept them there until 2020 or so and then brought them back up along with prices. The outcome was a $3T company.

Tesla’s upper bound seems still unwritten even while they’ve essentially told us they are going to run the same play.

[The Tennis Letter @TheTennisLetter]

Carlos Alcaraz hits the shot of the tournament against Novak Djokovic

The ability to sprint like this, catch up with the very good shot Novak hit, & hit a winner passing shot from this position just defied basic physics.

Win or lose, this is greatness

[Pelé @Pele]

Pelé sempre admirou o Vinicius, pelo sua alegria e talento. Nas oportunidades que tiveram de conversar, o Rei adorava o carinho e respeito que nutriram um pelo outro. Neste dia, temos certeza absoluta que o Edson estaria nos pedindo para escrever isso, então assim o faremos. @vinijr, a Pelé Foundation te apoia e admira a sua coragem. Continue sendo uma voz ativa e nunca deixe de sorrir diante das adversidades. O racismo não tem mais espaço no esporte que tanto amamos.
.

Pelé always admired Vinicius for his joy and talent. In the opportunities they had to talk, the King loved the affection and respect they had for each other. On this day, we are absolutely certain that Edson would be asking us to write this, so we will do it. @vinijr, the Pelé Foundation supports you and admires your courage. Keep being a vocal advocate and never stop smiling in the face of adversity. Racism no longer has a place in the sport we love so much.