Thomas Chua

On 9 April 2020, I published my first post on Steady Compounding. No audience. No plan. Just a tagline: "All Big Things Come From Small Beginnings." Almost 6 years and a little less hair later, that line turned out to be the whole point. steadycompounding.com/life/almost-6-…

First order of business in Nagoya.

Buy when the price is right... stay disciplined. "We have a straightforward rule that is also easy to implement: Buy when the price is right." — Pulak Prasad

Be short-term paranoid, long-term optimistic. "A mindset that can be paranoid and optimistic at the same time is hard to maintain, because seeing things as black or white takes less effort than accepting nuance. But you need short-term paranoia to keep you alive long enough to exploit long-term optimism." —Morgan Housel

@KanadaGooze Oh yeah it's hitsumabushi! Really good.

@SteadyCompound That looks amazing!

Every quarter, the same opening lines from Paycom's CEO: "Sales are ramping." "We serve 5% of TAM." "Bookings inflection coming later in the year." In Q1, Paycom took on $675M of debt to retire 15% of its shares. What it means ($): steadycompounding.com/investing/payc…

Michael Mauboussin's follow-up to his February base rates paper. Three reader pushbacks tested... none held up. Read here: morganstanley.com/content/dam/im…

Imagine this. After decades of saving and investing, you've hit a milestone: S$1 million in your investment portfolio. Congratulations. You've done what most people only dream about. Something different for my latest article for the Business Times, Singapore's financial newspaper. But here's the thing: the moment you stop working, a clock starts ticking. Every dollar you withdraw is a dollar that's no longer compounding for you. Take out too much, too fast, and you could outlive your money. Take out too little, and you'll be penny-pinching through what should be your best years. So how much can you safely spend each year? It's the million-dollar question, literally.

Check out interview here corememory.com/p/metas-ai-chi…

Subscribe for primary-source reads on the companies shaping AI infrastructure: steadycompounding.com/subscribe Follow @steadycompound for more company breakdowns and discussions on these businesses.

Meta spent the last 9 months rebuilding its AI stack from scratch. Pre-training, RL, data science. All torn down and redone. Muse Spark is the first data point. The bigger models land in "coming months." Notes from Alex Wang's first long-form interview: