Michael Murphy

@RonnieMicle @dollarsanddata It is right. The first $1,000,000 would scale up each marginal rate and have a much lower effective rate, but then the other 99% of taxable income would’ve all been at the top rate of 94%, skewing the effective rate way up.

@dollarsanddata Are these actually effective tax rates? Look at 1950 - is the graph saying that someone who earned $100M paid a 90% tax on that $100M? That doesn't seem right.

Yes, they really did use to tax the hell out of rich people

@ethankingdotcom @AlexAndBooks_ Lol. Come on bro. Be better than that.

@AlexAndBooks_ Wealth Beyond Money: Unlocking The 6 Dimensions of Success for Richness in Every Area of Your Life by Ethan King

What’s the best book you read in 2022?

If you want to give yourself a personal MBA, read these 10 books:

What are the best articulations of an investment philosophy or framework produced by investors who are still active? Many of these are not publicly available so DMs are open…

@KyleClark Gunnison: Power Stop has the greasiest, most hole-in-the-wall, outstandingly delicious hamburgers. Huge menu of unique choices. It’s a former gas station… a perfect fit. Montrose: Storm King Distillery. Great drinks, rotating food trucks. All local ingredients.

@KyleClark First, once you cross the Continental Divide, don’t tell any of the locals you think you’re in Southern CO. Might fly in Durango or Pagosa, but CB/Gunny/Montrose/Ouray are most definitely Western CO. Up next… actually answering your question:

Taking time off soon to revisit favorite places in Southern Colorado. Have hikes etc planned but would appreciate any recommendations for great under-the-radar food/drink in: Pueblo, Alamosa, Crestone, Salida, Gunnison, Montrose, Ouray, Silverton, Durango, Mancos, Pagosa Springs.

@NBA_ComputerMan @dougboneparth How are there people following Mr. Boneparth on Twitter who don’t know that he may never have tweeted a single non-sarcastic thing ever.

@dougboneparth Sarcasm I hope...What was the labor participation rate wise guy? They never like to mention that, do they? If you don't think this country is in a recession I can't help you.

Recession intensifies as US adds 528,000 jobs in July.

@patrick_oshag Can’t believe no one has recommended The Invention of Nature! Alexander von Humboldt. Darwin’s and Jules Verne’s inspiration, worldwide celebrity, audiences with Jefferson, Madison and Napoleon. Literally invented the idea of nature and interconnected ecosystems. Brilliant.

Who are the most interesting explorers in history? Similar to Shackleton, Lewis and Clark, Darwin etc. And what are the best books written about them?

“Water is fluid, soft, and yielding. But water will wear away rock, which is rigid and cannot yield. As a rule, whatever is fluid, soft, and yielding will overcome whatever is rigid and hard. This is another paradox: what is soft is strong.” ~Lao Tzu, "Tao Te Ching"

Wedgewood Partners Q2 Letter .. David Rolfe Always a good read... Detailed write-ups: Poolcorp, First Republic Bank, Starbucks (Sold) Updates: Meta, Paypal, Alphabet, Apple, Taiwan Semi, Texas Pacific, United Health, Progressive Macro... wedgewoodpartners.com/_files/ugd/d2a…

This is next level gaslighting

Here is a treat for all Peter Lynch fans - a video interview of him during the depths of the 2000-2002 bear market in which he shares timeless principles of investing! youtu.be/TpwOeY0kPnU

@jeffvandermeer i don’t know if you drink gin, but the second I saw and tasted this one from @castleandkey I thought that if you do drink gin, you surely drink this one. Straight out of the Southern Reach.

Part three of what has changed over 30 years of teaching Security Analysis @Columbia_Biz and @CenterDodd. The course has four sections - the third is on competitive strategy analysis (i.e., is this a good business with a sustainable competitive advantage?)

There just isn't a good historical analog for today's core CPI print in the post-70s era. I can tell you that what it represents is consumer demand rebounding faster than the economy can create supply in the short term. That's a *good* thing for corporate profits.

@InvestorAmnesia I knew you'd come through. Thanks, my man.

@mikeyjmurph investoramnesia.com/2021/04/24/tax…

Would love to learn more about the history of changes in tax rates in the US. How did markets, economy, politicians, citizens react? (e.g. to the top marginal inc tax rate of 93% post WWII). Any good sources to recommend?

The Composition of Wealth