Patrick Anquetil

Ditch 2 hours of Netflix today… watch this instead. I promise you won’t regret it.

Marc Andreessen explains future belongs to generalist in the AI era. Founders will need skills across 6–8 fields. Deep expertise still matters, but broad knowledge plus AI tools will be more valuable in most areas. Top CEOs already operate this way.

Steve saw the future as a bright and boundless place, lit the path forward, and inspired us to follow. We miss you, my friend.

From @ETH to Kendall Square in Cambridge. Thank you @patanq from @portalcambridge for sharing your lessons learnt with the Swiss National Medtech Team. #VleadersMedtech

Morning in America

This is one of the great business leaders leading in real time unscripted on the topic of work from home. He is entirely right. We can all learn from him. A must listen.

If the election outcome is as I expected, it should cause the large minority of the country who supported @KamalaHarris and predicted her victory to begin to question their sources of truth. Half the country has believed that @X is filled with mis- and disinformation, and that they could only therefore rely on The NY Times, MSNBC, CNN and other mainstream media for their news. And they did. If, however, you have been active on @X for the last year, you have known the truth days, weeks and often months before the facts appear in the MSM. The MSM excerpted, clipped and cut to defame @realDonaldTrump while claiming that @JoeBiden was fit as a fiddle. Then when Biden’s polls collapsed, @KamalaHarris was anointed the candidate and her hagiography was written with glowing acclaim from the press. But this could not hold as she ducked the media and held fast to the teleprompter. Citizen journalists with their phone cameras in hand captured the real Kamala forcing her to defend her record and her plans in more media appearances. It did not go well and the public demanded to learn more so @KamalaHarris had to risk more unscripted media. The doom loop was underway with perhaps 60 Minutes as one of the more dramatic examples, even after CBS tried to save her, most glaringly by excerpting one answer to replace a word salad response to another. But the citizen journalists on @X quickly caught and outed this fraud and demanded a transcript. As many who supported Kamala began to realize that they have been misled, they became open to Trump as an alternative, but they didn’t want to rely on the media to understand him because they did not want to be misled again. They wanted to hear the candidate in his own words and that is where @lexfridman and @joeroganhq long form podcasts came to the rescue. When Kamala was offered the same opportunities to explain herself, she rejected them. And the voting public could only draw a negative inference. When the story of this election is written, I expect it will be as much about how half of America woke up to the reality that they have been manipulated by the media. This should lead to an abandonment by many of the MSM as their primary source of information. It will push more people to @X, to podcasts and other empirical sources, and it will lead to a more informed public. The other outcome I hope happens is the implosion of the Democratic Party. The Party lied to the American people about the cognitive health and fitness of the president. It prevented, threatened, litigated and otherwise eliminated the ability of other candidates for the primary to compete, to get on ballots, and to even participate in a debate. The Party and the administration used lawfare in an attempt to imprison, bankrupt or otherwise kill off Trump as a candidate. These acts are collectively grave threats to our democracy. With the highest irony in order to hide these acts, the Party accused the opposition candidate of being the grave threat to democracy. The Democratic Party proved itself to be fundamentally undemocratic. It needs a complete reboot. The leadership should be thrown out and those responsible should apologize to the American people. Honest Abe said it best: You can fool some of the people all of the time, and all of the people some of the time, but you can not fool all of the people all of the time.

BREAKING: For the first time ever, the @Tesla Model Y was officially the best-selling car overall in the world in 2023, with 1.23 million units sold. This is the first time an EV took the #1 spot in global sales. What's crazy is that Model Y production started only 4 years ago. Note: While others have already claimed the Model Y was the best-selling car in the world in 2023, tonight we received Toyota's official 2023 sales data to support the claim, which is why I waited to report the news until now.

Great leadership @htaneja. We are back at SVB.

The gov’t has about 48 hours to fix a-soon-to-be-irreversible mistake. By allowing @SVB_Financial to fail without protecting all depositors, the world has woken up to what an uninsured deposit is — an unsecured illiquid claim on a failed bank. Absent @jpmorgan @citi or @BankofAmerica acquiring SVB before the open on Monday, a prospect I believe to be unlikely, or the gov’t guaranteeing all of SVB’s deposits, the giant sucking sound you will hear will be the withdrawal of substantially all uninsured deposits from all but the ‘systemically important banks’ (SIBs). These funds will be transferred to the SIBs, US Treasury (UST) money market funds and short-term UST. There is already pressure to transfer cash to short-term UST and UST money market accounts due to the substantially higher yields available on risk-free UST vs. bank deposits. These withdrawals will drain liquidity from community, regional and other banks and begin the destruction of these important institutions. The increased demand for short-term UST will drive short rates lower complicating the @federalreserve’s efforts to raise rates to slow the economy. Already thousands of the fastest growing, most innovative venture-backed companies in the U.S. will begin to fail to make payroll next week. Had the gov’t stepped in on Friday to guarantee SVB’s deposits (in exchange for penny warrants which would have wiped out the substantial majority of its equity value) this could have been avoided and SVB’s 40-year franchise value could have been preserved and transferred to a new owner in exchange for an equity injection. We would have been open to participating. This approach would have minimized the risk of any gov’t losses, and created the potential for substantial profits from the rescue. Instead, I think it is now unlikely any buyer will emerge to acquire the failed bank. The gov’t’s approach has guaranteed that more risk will be concentrated in the SIBs at the expense of other banks, which itself creates more systemic risk. For those who make the case that depositors be damned as it would create moral hazard to save them, consider the feasibility of a world where each depositor must do their own credit assessment of the bank they choose to bank with. I am a pretty sophisticated financial analyst and I find most banks to be a black box despite the 1,000s of pages of @SECGov filings available on each bank. SVB’s senior management made a basic mistake. They invested short-term deposits in longer-term, fixed-rate assets. Thereafter short-term rates went up and a bank run ensued. Senior management screwed up and they should lose their jobs. The @FDICgov and OCC also screwed up. It is their job to monitor our banking system for risk and SVB should have been high on their watch list with more than $200B of assets and $170B of deposits from business borrowers in effectively the same industry. The FDIC’s and OCC’s failure to do their jobs should not be allowed to cause the destruction of 1,000s of our nation’s highest potential and highest growth businesses (and the resulting losses of 10s of 1,000s of jobs for some of our most talented younger generation) while also permanently impairing our community and regional banks’ access to low-cost deposits. This administration is particularly opposed to concentrations of power. Ironically, its approach to SVB’s failure guarantees duopolistic banking risk concentration in a handful of SIBs. My back-of-the envelope review of SVB’s balance sheet suggests that even in a liquidation, depositors should eventually get back about 98% of their deposits, but eventually is too long when you have payroll to meet next week. So even without assigning any franchise value to SVB, the cost of a gov’t guarantee of SVB deposits would be minimal. On the other hand, the unintended consequences of the gov’t’s failure to guarantee SVB deposits are vast and profound and need to be considered and addressed before Monday. Otherwise, watch out below.

Who would ETH alumnus, innovator and founder Patrick Anquetil @patanq like to shadow at @ETH_en and what does #philanthropy mean to him? ethz-foundation.ch/en/spotlight/a…

Funny how being an entrepreneur is "too risky"... but being an employee with just 1 source of income is society's standard for financial security 🤔

10th landing of this Falcon 9 first stage booster

I'm discussing “Coffee with the CEO” with Madison Hill. Tomorrow, Dec 3 at 9:30 AM EST in @clubhouse. Join us! clubhouse.com/event/MznGaOK4

Excited to back this fantastic project by my good friend Bridget Hunter-Jones. For all the sports fanatics, weekend warriors, fitness enthusiasts out there, you need this!! indiegogo.com/projects/pact-… #fitness #recovery #sports

This is huge! Dawn of a new era of space tourism.

Helping Impact Biosystems, a company that is developing a device to track your muscle recovery after physical activity and give you insights about your body. You too can get involved by answering the survey below and trying out the product prior to launch: surveymonkey.com/r/2021bcreferm…

I'm going to BIO Digital 2021, Jun 10-11 & 14-18, A virtual event. Join me! invt.io/1tdbjztwvpp @IAmBiotech #BIODigital21

Today we announced new growth funding, new investors @silverlake_news @oakhcft @Temasek @NovoHoldings and an incredible new director on our board @sbp04. New capital & partners that will help us grow our platform and help more people live healthier lives web.noom.com/press-releases…