Marshall Beard
1.9K posts

Marshall Beard
@beardmars
thinking in atoms to bits

Haven’t made videos since Friday… Spent time instead freaking out about a biopsy I’m getting tomorrow in my chest😭 I don’t talk about my health publicly but figured I’d do it because health issues are isolating and they shouldn’t be. Hopefully back to normal by Tuesday!


Jane Street made ~$40B in 2025 with 3,500 employees, a ~2x from the year before. At ~65-70% profit margin, that's $8M profit / employee, the highest for a 1000+ ppl company. High-frequency trading continues to be the most efficient money making engine. I want to share an old story about my Jane Street interview in 2014. Jane Street was known for hiring a lot of math, physics and CS olympiad winners from top universities and putting them through many rounds - including, for trading roles, a gauntlet of mental math. It was my 6th interview and my final round and I recall being asked "What is the next day after today in DD/MM/YYYY where all the digits are unique?" They'd toy with you and say "You can use a pencil and paper, if you want" but you knew that was an instant no. Painstakingly and as quickly as I could, I came to an answer. "How confident are you that this is correct on a 0-1 probability scale?" the interviewer said. "0.95", I blurted out, not fully knowing how to answer that. "Are you sure?" After thinking harder for a few more seconds, I realized I could've flipped the digits around to get a closer date. I gave the interviewer my answer. It was correct. "0.95 huh?" he chuckled. That's when I knew I failed. Note: fwiw, other companies that come close in efficiency are - Tether ($90M+ profit/emp) - Hyperliquid ($80M+ profit/emp) and on revenue: - Valve ($50M/emp) - OnlyFans ($37M/emp) - Craigslist ($14M/emp) - Anthropic ($12M/emp, run rate) - OpenAI ($8M/emp, run rate) For comparison, Nvidia is very efficient at scale and is $4.4M/emp.



This week's episode of "Interesting Times" is a conversation with Ben Sasse, who is dying in public: nytimes.com/2026/04/09/opi…


@NateSilver538 It’s paywalled. If only 0.1% of users can derive value from the content, it will organically rank lower.



New research indicates that fathers build bonds best with their children (and craft secure attachment in them) by "destablizing the child" in a "safe environment. Fathers in the study had a unique ability to make their children laugh and therefore create more perceived safety for the child which led to stronger attachment. Mothers made children feel safe too, usually with repetition and soothing, but the laughing and playing did not make the children as attached as it did when fathers performed it. Several things jump out from this at me: First, a father who is relaxed enough to laugh and play indicates a safe environment. Fathers are biologically the providers of safety, so if dad is relaxed, the world must truly be safe. Children may be picking up on this. Second, being worthy of a father's time and attention is a huge marker for kids. A father's attention may actually mean more in many cases, as we've seen in other studies. The bond with mom is equally as important, but sometimes the bond with mom is taken for granted, where the bond with dad is taken as remarkable due to perceived other demands on his time. What this means: Dads, you've got to be playing with your kids. As silly and disruptive as possible. They need this from you. It's one of the strongest ways they can bond to you. More about the research: psypost.org/laughter-plays…

After more than a decade of uncertainty, this interpretation will provide market participants with a clear understanding of how the SEC treats crypto assets under federal securities laws. This is what regulatory agencies are supposed to do: draw clear lines in clear terms.














