Hours of Boredom

@PeterScholla @henrysgao Shang yang led the legal reform during an earlier part of the Qin Kingdom which allowed it to grow strong enough to take on the other 6 warring states

@PeterScholla @henrysgao 指鹿为马。Literally calling a deer a horse. Figuratively confusing right from wrong. The fall of the Qin Dynasty when a eunuch Zhao Gao who controlled a weak emperor tried to test the loyalty of the govt officials by calling a deer a horse and seeing how many would agree.

Don’t call yourself a China expert, unless you can explain to your friends why a deer is making the rounds in New Year greetings for the Year of the Horse — and why the year’s guardian deity ought to be Lord Shang Yang rather than Malfoy.

You’re killing yourself to grind out basis points instead of being with your family and a guy who underperformed for 15 years is gonna (maybe) make $35m a year running the largest bank in the world one day. There’s a lesson in that.

Xi Jinping's "You can check if there is any spyware in Xiaomi" kills me 💀

@liensofnewyork You can say a couple other things as well. 😑

Is it safe to say foreigners have different values.

IMO we are prob max 6 weeks away from the top in junk/overhyped/retail type names; I say this b/c now even smart ppl are in on the joke & long. We'll continue to front-run rate cuts but more likely that sets up for a dump in speculative garbage once the cuts happen.

Fartcoin market cap is still over a billion dollars. The boys who started this one have probably cashed >100 million. You have the wrong career. So do I.

My theory is that a major contributing factor to the rise of all these private members clubs is the deterioration of civil society (and rising crime / declining sense of safety & security) since the pandemic. A part of the allure of these clubs (of which I am a patron, so I'm also projecting here) is that you're buying into a high-trust microcosm. Yes, you pay the money so that you have a place to work, or to network, and meet people and party etc, but also: no one will take your laptop if you leave it on a desk when you take a bathroom break. That same laptop would be gone in 5 minutes at a neighborhood coffee shop, even in a "nice neighborhood." Members clubs offer a lot of things, including replicating... the safety of the suburbs... in the city.

Go to 21 seconds in. Elon pauses for 15 seconds before answering a question. If you're the interviewer or want info from someone, NEVER EVER interrupt that silence. Most people do because its uncomfortable. But on the other end of that silence is often great content.

Druckenmiller at Sohn: "If we get a hard landing, there will be unbelievable opportunities, and I don't want to miss those opportunities by blowing my money now and having some 20-30% loss where my head is all screwed up when those opportunities present themselves."

How is this not viral yet?! 🔥

The modern world is managed by bureaucracies staffed with average people. Bureaucrats pile on rule after rule to keep the below-average from hurting themselves or others. Smart & capable individuals need to either opt-out of society or win big before the system suffocates them.

Our brains come preset to look at life up close. Don't forget to zoom out.

@GarethSoloway You’re mixing up USD and CNY currencies. DOYU has a lot of net cash but still a positive EV

$HUYA mkt cap of $2.5B but has $11.3B cash. $DOYU mkt cap of $1.23B but has $6.33B cash. This makes them attractive for a 'going private' bidder who can buy at a 100% premium to the stock price and still bank billions with the cash. Saw reports on $YY today for this very thing.

@Badpak The 1 datapoint we have from Dec 2019, they didn’t announce buyback with earnings. Earnings were 11/27/19, board convened after and announced their US$100mn buyback on 12/20/19.

$DOYU No buyback? smh ir.douyu.com/2021-08-16-Dou…

孩子不用补课了眼睛就变好了，所以爱尔眼科崩盘了。妈妈周末不用送孩子去补课，自己没时间做美容了所以医美也崩盘了。爸爸也没时间喝酒了所以白酒也崩盘了. 😭😭😭😭😭

If you’d like to get an idea of Lina Khan’s antitrust views, check out her landmark paper. In case of price-fixing book publisher cartel, she sides with…the cartel. Things get weird when you redefine antitrust from “preventing consumer harm” to “penalizing companies I dislike.”

I think the UK should get to destroy the Colosseum as reparations for the Romans keeping Anglo-Saxon slaves. We cannot stop until absolutely every historical wrong since the beginning of time has been redressed eye-for-an-eye style. Does that make me woke enough yet?

Another great piece from ⁦@morganhousel⁩ Wonder if he has drafts/throwaways that aren’t perfect…. collaborativefund.com/blog/hard/

@realKunalAShah @DanielSLoeb1 @SecretCapital_ Danaher Business System - systematic way of driving value danaher.com/how-we-work/da…

@DanielSLoeb1 @SecretCapital_ What’s DBS?

Related is “deliberate practice”. Think of a musician doing scales, a runner doing hill repeats or a surfer practicing dry land pop-ups. According to Colvin it’s an essential part of the champion’s repertoire. Read the book does for other elements: amazon.com/Talent-Overrat…