Daniel Gamboa

10/ New @backtestpodcast episode on the birth of the railway x.com/backtestpodcas…

9/ It's the closest historical mirror we have to the AI moment And if railways are any guide, unsettling is exactly what this is supposed to feel like

1/ On September 15, 1830, a train killed a Member of Parliament in front of a huge crowd It was opening day of the first inter-city railway in the world No one watching really understood what they were witnessing 🧵

From @mgharris34 on @backtestpodcast: "...customers don't buy your core technology all by itself. They buy the complete solution. They buy the outcome that they actually want. And Richard Trevithick is a great example of this. You know, he built a great locomotive prototype, but didn't have the rails that could support it. Iron technology hadn't caught up. So he just, didn't have the total product and George Stephenson did just about 20 years later. And you see this over and over again with major technological revolutions." As true today as it was in the early 1800s... x.com/johnarnold/sta…

Live now!

PSA: in the world of LLMs, if you're asking leading questions, you're getting biased answers

@backtestpodcast in the Bay!

Hard to overstate and I stand by what @mgharris34 and I said in our @backtestpodcast shale revolution series Probably the most underappreciated technological revolution in history x.com/Bob_McNally/st…

Watch how a $5K investment in US and China equity markets in 2011 grew by 2025.

Here comes the food inflation Costs for food companies jumped 7.9% yoy in March (vs. 4.2% in Feb.) This is basically just from higher fuel costs - we're still waiting for the impact of higher fertilizer, plastics, etc. From the Odd Lots newsletter: bloomberg.com/news/newslette…

@HowardMarksBook @backtestpodcast x.com/backtestpodcas…

Another must read memo from @HowardMarksBook Read that, then go listen to the 80s on Wall Street series on @backtestpodcast x.com/Oaktree/status…