pipko

@ZShee09 @PalmerLuckey @KennyBurgosNY There are interest, taxes, maintenance fees, etc. in NYC. You are only focused on the principal payments, which is why you are wrong.

@PalmerLuckey @KennyBurgosNY Are y’all really acting like the property wasn’t already paid off for at least 26 years of his 40 year lease 😂 bro for sure made a net positive renting for so long

These are so frustrating to receive. A building owner sent me this video of a 2BR Upper West Side apartment he just got back, but after he empties it out it will stay vacant going forward. The tenant lived here since 1985 and the current legal rent is $940.01 Because of the 2019 HSTPA law, a building owner is expected to fully renovate this unit to current building code (that’s a good thing), but also expected to lose money in perpetuity at the same time. This 2BD would need well over $100,000 to clean out the debris, comply with lead laws, upgrade major systems, remove the Sheetrock + much more just to make this into an apartment a tenant would actually want to live in with dignity. But the law says the $940 rent would still end up below the estimated $1300/mo it costs to operate the apt which covers insurance, property taxes, labor, fuel, and capital expenditures for the building. So if the new rent falls below the operating cost, the owner would still lose money every month and never see $1 back from the $100k+ renovation. Why would the state expect anyone to lose money like this? What bank would ever provide a loan with no path to repayment? Why do we acknowledge the cost to build housing but ignore what it takes to preserve older housing? Why do we accept this policy when thousands of New Yorkers are searching for housing in the midst of the worst supply crunch we’ve ever seen? So frustrating.

@awilkinson If you think an HR VP is going to vibe code compliance software for the HR org or trust an out of the box solution from OpenAI you are out of your mind friend

LINK: insideredgereport.com/p/walmart-with…

Some heroes wear capes — Chief Aaron Edwards wears blue.

Calling it now that in next 6 months all the frontier AI coding will run in Cloud agents + Ides, with snapshotted VM machines testing end to end flow. When the stats show up I will post this tweet below them.

@jasonlk Simple fix, generate 20% margins and trade at 10-20x (depending on your view of AI risk). That would produce a nice 2-4x for you. Also CS Disco has some hair on it.

@BumpkinEsq @UbermenschMind Esse cuam videri… so fitting

@UbermenschMind The vintage pic of the boys is at Groton, the O.G. American prep school.

Success is measured by how little diversity you have to see

@llamaonthebrink Sir, if crypto moves beyond finance, it will need to actually create value for its customers. What is the plan for this? This was never the plan, no?

I’m starting realize that Vitalik was miles ahead of the rest of the industry when he prophesied that highly financialized crypto products have a hard ceiling on value. Everyone is bullish HYPE rn, and there’s probably good upside potential there for traders. But how much upside realistically? Let’s say HL becomes wildly successful. It’s mcap would probably trade at some modest multiple of the NASDAQ (~$55B), for arguments sake, let’s say 3x. That would translate to a hefty $165B dollar HYPE valuation. Thats about a 4-5x price increase from its current level. And that’s on the most optimistic scenario. Or a more reasonable comparison would be to that of present day Robinhood (~$80B mcap), which is a mere 2x from HYPE’s current Val. Again, this is in a very optimistic scenario. The reason for this capped upside is that financial applications are but a small part of societal utility. The largest companies in the world sell goods and services unrelated to finance. Google - An internet and digital products conglomerate - nothing to do with finance Nvidia - chipmaker - nothing to do with finance Meta - social media monopoly - nothing to do with finance Tesla - EV maker / robotics company - nothing to do with finance SpaceX - aerospace company - nothing to do with finance EliLilly - pharma company - nothing to do with finance Apple - computer and smart phone producer - nothing to do with finance The list goes on and on and on. For crypto to level up from here, we need to begin building non-financial (or semi-financial) use cases that are enhanced by decentralization. Money and Finance were the proof of concept for crypto, but we need to begin venturing outside of that bubble. If you peer hard enough, you’ll realize that Vitalik was 1000% right when he said that indexing too much on finance will make crypto an ouroboros. That’s not to say that DeFi is small potatoes. Quite the contrary, I think DeFi will eventually enable finance to grow much larger than its present day size. But that doesn’t mean it’s wise to make DeFi the only onchain use case. The leap doesn’t have to be too foreign either, imo the crypto industry as a whole can grow big time simply by combining the best of what we have in DeFi right now to create semi-financial super apps. The lowest hanging fruit here is decentralized social media with some financial gamification built in. Other more futuristic applications that are far above my pay grade would be zk-proven LLMs that use crypto-economics for verifiable compute. But we need to begin building in these directions. Failing to do so means the upside for all of us will remain severely capped. A 5x isn’t cool. You know what’s cool? 500x. The year of the tail eating snake is over. The year of the conquering Horse is here. Time for crypto to stop eating its own tail and begin conquering uncharted territory outside of money and finance.

@AthenaisdeMont @sspencer_smb @jbarro Comically bad—but don’t worry, none of us will be working by the end of 2024, right?

@sspencer_smb @jbarro This ridiculous argument is exhibit A for why AI is not a threat to lawyers.

A lot of people in Mamdani’s coalition want to move these buildings into government or non-profit hands, but that’s just a means for further subsidy, including by taking them off the property tax rolls.

@JohnHolbein1 The study was conducted in 2016/2017 to a panel of entry level jobs which will not exist in the next 5 years due to AI (CSRs, etc.). Why are they publishing this now and how is it even relevant?

Interesting! These authors wanted to know which aspects of the college experience give recent graduates a leg up in the job market. So they ran an experiment. In it, they sent 37,000 fictitious resumes to employers and randomized multiple aspects of the college experience. Specifically, they randomized applicants': -college major (Biology, Economics, Chemistry, Marketing, Anthropology, Psychology, or Finance) -college minor (History, Math, or none) -internship experience (social, quantitative, or none) -study abroad (in Italy, Argentina, China, Mexico, Japan, Dubai, South Africa, or none) -computer skills (basic, programming, data skills, programming and data skills, or none) They then observed who got the most employer callbacks. They found that in first positions: -Biology and Economics majors received the highest callback rate, particularly in occupations involving high intensity of analytical and interpersonal skills. -minors in History and Math did not help applicants get more callbacks. -Internship experiences that are social skills-oriented positively influence callbacks, yet this is not the case for analytical internships. -Study abroad experiences enhance callback rates, but where you do your study abroad matters! -Listing both programming and data analysis skills significantly boosts callback rates. "Our study provides a comprehensive characterization of which features of the college experience are more and less valuable during the high-stakes, first-job matching process."

@insiderfed @InvestorMexican Koyfin

@InvestorMexican beautiful UI. Where is this screenshot from? app or website name is appreciated. PLEASE

The formula for creating a hole in your portfolio: Buy at the highest historical multiple (in this case P/E 30x) a company with deteriorating fundamentals, in an industry with headwinds, or that is over-earning in the peak of cycle. Then wait thinking: I'm a long term investor.

I encountered a reasonably sophisticated ChatGPT exploit / attack vector in the wild today. To replicate: 1. Google "mac finder show hidden files" 2. Click the second link on chatgpt 3. This leads to a chat that explains that the best way to find hidden files is to run a shell command 4. The command isn't the right comment, and instead downloads and executes payload from a hashed website "putuartana/hidden_files" (not linking here)

@powerbottomdad1 @jeff82874662 It is over

@jeff82874662 is it over

Dawg half the funds out there right now won’t ever fundraise again

The more startups I meet, the more I wish I were an investor in OpenAI or Anthropic.

Sana Labs demos are candidly embarrassing. I can’t believe workday $WDAY paid up for some skinned RAG AI features.

From my 100+ interviews and on the job experience, the emerging pattern is that the candidate’s high school, not their post-secondary institution, matters far more. There has also been discussion of this in tech circles w.r.t. founders. The colleges have really messed up the sort.

Having interviewed 100+ associate / senior associate candidates for several well-regarded private equity funds, I would much rather blind hire a non-target over an Ivy League grad (ex. Wharton). Those individuals tend to be far less technically oriented and have serious problems with work ethic.

@vanspina_ @STLChrisH It is cash pay 🤫

@STLChrisH First Republic had an enormous business doing this. That's why all the PE guys in NYC used their umbrellas. The interest was PIK if I recall correctly

Yikes. NYC private equity folks: is this true? Would PE professionals borrow recourse debt to fund their commitments to the GP?

@mullysmuscles @swarley75042565 @BoringBiz_ Mister CFA, how many bps is fair for a “good” advisor?

@pipko__ @swarley75042565 @BoringBiz_ Fire that advisor. Good ones do way more

McKinsey estimates that we are about to enter a massive shortage of wealth management advisors in this country With the looming retirement boom and one of the largest transfers of wealth in history through inheritance, younger folks are simply not ready to manage these assets

@swarley75042565 @mullysmuscles @BoringBiz_ Yeah, the “advice” basically needs to be free LT. these guys are just running model portfolios and charging your Thursday afternoon tee time with them to your portfolio behind the scenes. Modern day financial shamans lol

advisors were more useful before index funds existed. The fee structure has got to come down. 1% is absurd. Most people will just self-manage with Wealthfront/Betterment. Stupid people will YOLO crypto and meme stocks. People with a lot of money that they inherit and a complicated estate will look for advice but it won't be about stocks

WALKING AROUND THE MAGIC KINGDOM GETTING SUPER BULLISH ELI LILLY, VALUATIONS BE DAMNED.