ht

@borjafb00 @DTCMidas Not selling salt you won’t

@DTCMidas What are they going to do now, Ecom? I’m in a very similar position and considering quitting too.

2 of my friends quit private equity this month. A big part of my circle works in pe, and most of them are slowly realizing the job is nothing like what they were sold, the hours are brutal, the work is unfulfilling, and the money isn't what everyone outside thinks it is. The real money in pe is carry, and carry is designed to keep you there. It grows the longer you stay, vests over years, and only pays out when funds exit, close to a decade in. Walk away early and you forfeit everything that hasn't vested, and even the part that has is money you'll wait years to actually see. So every year you stay, leaving gets more expensive. You only make the money once you're already burned out. That's why quitting is the hard move. My friends left not because they couldn't handle it, but because they realized there are other ways to get the lifestyle they actually want, without doing unfulfilling work for a decade first. I'm happy I get to build instead. The upside is yours, and it's honestly so much more fun.

@DTCMidas Funny thing as well is in super high returning funds like VC and opportunistic PE the returns are mostly paper and the 2% management fee makes the most money, which is not related to carry. Carry is only on realized returns.

@DTCMidas Same here. Carry is mostly a trap

@rizzn @genzcash Equity in business trades for a multiple of earnings. If you make $2m a year as a lawyer it’s $2m ($1m after taxes). $2m in your business is $20-40m in valuation which can be sold or borrowed against (also taxed better)

This is kind of an insane take. What is a business, but ownership of a labor pool? If it's something else, then it's something that was built with labor sold for a price, which an individual can do for themselves without investing in someone else's equity. Can you get rich with investing? Yes. Is it the only way? Absolutely not. Major failure of imagination.

Naval Ravikant explains why you’ll never get rich selling your time “As a modern knowledge worker, an intellectual athlete, you want to function like an athlete. You train hard, then you sprint, then you rest, then you reassess” “This idea that you're going to have linear output by cranking every day at the same amount of time... that's machines. Humans are not meant to work 9 to 5” “The first thing if you're going to make money is that you're not going to get rich renting out your time” “Even lawyers and doctors charging $300, $400 or $500 an hour aren't getting rich because their lifestyle slowly ramps up along with their income” “The first thing you have to do is own a piece of a business. You need to have equity, either as an owner, an investor, a shareholder or a brand that you're building that accrues to you to gain your financial freedom”

@MehtabKarta @DTCMidas I am in two categories with 10b+/yr tam. Don’t have to be big to be in big categories.

@DTCMidas @htbburner Avg ecom guy is way too dorky to be into anything with huge tam.

Only if you’re selling to an audience that looks like you. Same holds for ecom. If you’re a 23 year old founder selling a lifestyle change product to boomer women, it makes no sense to film ads yourself. A good creator that actually looks like your audience will almost always outperform you, and that easily makes up for the “extra cost” of not filming yourself. Always try to match the creator to the audience your selling to.

@DTCMidas The Samsungs and Xiaomis of world do this best

This is how you built LTV when you don’t have a consumable product Just drop banger products over and over and over again that are relevant to your audience

@bbalkus @MrFamilyOffice Have you lived in nyc? People get houses in CT and the Hamptons specifically for the better UHNW lifestyle, which is probably why NYC is not ranked on this post titled best cities for UHNW lifestyle.

@htbburner @MrFamilyOffice Some don’t have their official residences in NYC for tax reasons. If you don’t think people want to live in NYC, you are delusional. bloomberg.com/news/features/…

Swiss private bank Julius Baer ranked the top ten cities for lifestyle for HNWIs 1. Singapore 2. Zurich 3. Monaco 4. Hong Kong 5. London 6. Shanghai 7. Paris 8. Sydney 9. Milan 10. Bangkok Based on prices of 20 luxury goods and services, with a higher weighting to residential property and cars Goods: Bicycle, car, champagne, jewellery, men’s suit, residential property, sports equipment, technology package, watch, women’s handbag, women’s shoes Services: Business-class flight, fine dining, healthcare, hotel suite, LASIK eye surgery, lawyer, MBA, private school, spa How things have changed since 2022:

@bbalkus @MrFamilyOffice No actually, it’s because that’s where work is. I lived in nyc everyone with money leaves as much as possible and even have their primary residence in Connecticut, Long Island or the Hamptons.

@htbburner @MrFamilyOffice There is a reason more UHNW individuals live there than anywhere else. The private schools and clubs, elite shopping, culture, entertainment, food etc. henleyglobal.com/publications/w…

@bbalkus @MrFamilyOffice NYC isn’t that much better for a UHNW than a regular HNW, same transport same traffic same parks

@MrFamilyOffice The fact that NYC, Miami, and LA aren’t included makes this list lose credibility immediately. You can tell a European made it.

@Sebastianb0527 True, men are also easier customers post purchase and complain less

I have a theory but don’t know if it’s fact. Selling to women is much easier than men, but men have a higher AOV.

@tomfgoodwin @orenmeetsworld That’s why the colder countries in the world have higher GDP lol

@orenmeetsworld I always found it impossible to work anywhere that's nice. The nicer the place I was in, the more agonizing

Taking advantage of the first summer I’m able to work from anywhere

@BartSimpson9021 @zarathustra5150 That’s my point, other than religion levant arabs are closest to Americans. Search amjad masad for modern day tech example, if his name was Andy you would call him American.

@htbburner @zarathustra5150 Steve Jobs had a Syrian-Arab dad, but a White mom. His parents split when he was young, he ended up raised by his White stepdad and White biological mom. TBF, some Non-Muslim Levantines have assimilated pretty well, like Doug Flutie and Casey Kasem.

As American, who feels the most culturally distant and unfamiliar to you?

@BartSimpson9021 @zarathustra5150 Change a levant arabs name American name and you get Steve Jobs

@htbburner @zarathustra5150 Levant Arabs are culturally pretty similar to Indians. Though some of the Christian Arabs at least share some religious similarities with Southeastern Euros.

@BartSimpson9021 @zarathustra5150 Levant arabs are probably most similar to Americans of any group

@zarathustra5150 I'm surprised Arab isn't winning here. I guess it's a reflection of Twitter Groypers being different from the rest of the Conservatives.

@yourealazyfvck What do you qualify as distribution

He who had the most Distribution will always win.

@mysteryofkartal @UBERSOY1 Proved he’s retarded

@UBERSOY1 @htbburner And the USSR didn’t you imbecile?? Bro I hate you for life after this list.

Top 7 most powerful states of all time: 1. The United States 2. The Roman Empire 3. The British Empire 4. The Chinese Civilization 5. The French Empire 6. The German Empire/Third Reich 7. The Russian Empire/USSR

@UBERSOY1 Just like the German you listed

@htbburner They got disintegrated almost immediately

@htbburner They’re not close. The Spanish, Japanese and the Ottomans are far closer. Also the mongol empire is gay larp anyways