What I wrote last week
Which Do You Prefer For Apple? Revenue Growth Or Steadily Expanding Ecosystem?
Believe That It Will Come, Just Not Know When
Business
Goldman Sachs’ future hinges on a low-profile, high-growth business. “Goldman does particularly well with the ultra-rich, defined as those with at least $30 million to invest; it has about 8% of that cohort in the U.S., according to a company presentation. In fact, Goldman’s average ultra-high net worth client keeps about $60 million at the bank. Where Goldman fares less well is serving the merely rich; it has only about 1% of the high-net worth market, or those who have between $1 million and $10 million to invest.”
America’s Most Tech-Forward City Has Doubts About Self-Driving Cars. I am long skeptical about whether we can solve the key edge cases of self-driving, but even if the technological challenge is overcome, there is an even bigger problem: the required infrastructure. A mixed of ordinary and FSD cars on the streets wouldn’t bring out the full benefits that we hope for. Hence, we need an infrastructure suitable to FSD vehicles to lock its strengths. Then, we have an egg-and-chicken issue. Governments would hesitate to invest unless the adoption reached a tipping point. But we wouldn’t get there without the infrastructure. We are still years away from having FSD cars on the streets.
A Disney Sale to Apple? Don’t Count It Out This Time. Apple buys companies for strategic capabilities, not for market share, revenue or profits. Most of its acquisitions are so small that the company doesn’t need to file disclosures. The most expensive purchase that Apple made in recent memories is Beats at $3 billion. Disney would cost a lot more than that. However, the price tag is not the question. Why Apple should buy Disney is. The iconic Mouse House has a truckload of IPs and valuable assets. Certainly, Apple can use such IPs to bolster Apple TV+. But the streaming service is microscopic compared to the rest of Apple business. Why would Tim Cook splurge billions of dollars to enhance a tiny piece of the puzzle? Furthermore, Disney is drowning in a sea of problems. Traditional media business is fast deteriorating. Parks are declining. Streaming services continue to find a sweet spot between profitability and growth. Key personnel either retired or left. The CEO is 71 years old and only signed on to stay for another three. In addition, any deal would take years to complete as there would be litigation and regulatory scrutiny. It sounds like a no-go to me.
Lyft to Expand Its Ad Business as New CEO Eyes a Turnaround. As much as I believe Uber is a stronger business, keep an eye out on Lyft. The CEO has done the right things to me since taking over. Ads business is definitely the right investment. It’s a long hard road ahead to compete with Uber, but with the economy showing resilience, Lyft has the wind behind its back
How Vietnam’s Infrastructure Incapacity Undermines Its Geoeconomic Ambitions. A company cannot grow without a solid tech stack or robust infrastructure. Imagine doing everything manually in this day and age. Similar, you can’t grow a country without proper infrastructure. Unfortunately, my country doesn’t get the memo. More than three decades since we opened the economy and the country and we still struggle to get it right.
Amazon Cuts Dozens of House Brands as It Battles Costs, Regulators. This move makes sense. If you have a limited marketing budget, the more brands there are, the less money there is to support each. In times like this when efficiency is paramount, companies are even more excited to get lean and rid of excessive fat. Plus, regulators are lurking around, looking to investigate Amazon for unfair practices. I reckon that it doesn’t do Amazon any favor to give the FTC more ammunition.
Other stuff I find interesting
Don’t fall victim to olive oil fraud. How does the FDA allow this fraud to happen? It’s good to know about this so that next time our household shops olive oil, we’ll make sure that it is from an Italian company or from California.
Devote Yourself to the Cause of Your Life. “What I am instead arguing for is something more expansive. The thing you should work hard at is everything. Finding ways to imbue each moment with meaning and purpose and effort is the only path to long-term happiness. Paradoxically, trying to get rid of work to give happiness the space to grow does the opposite. It leaves a gap in your soul into which rushes your insecurities and fears. Being busy with things that bring you goodness is what matters. Ralph Waldo Emerson once said, “The purpose of life is not to be happy. It is to be useful, to be honorable, to be compassionate, to have it make some difference that you have lived and lived well.”
Despite reforms, mining for EV metals in Congo exacts steep cost on workers. Another story on blood minerals. When we track down the origins of rare minerals used in EV batteries and how they are extracted, do we still believe that EV vehicles bring net benefits to society?
Why Remote Workers are Increasingly Less Productive, Anxious, Depressed, and Lonely. I am increasingly convinced that the privilege to work remotely should be granted on a case-by-case basis. At work, I am often frustrated by the current policy that enables folks to WFH three days a week. In practice, I believe that equates to 3-3.5 days worth of work only. Plus, as the article mentions, WFH makes all interactions planned and it’s more difficult to exchange ideas and information. Note that I am not suggesting blowing things up by mandating everyone to go back to the office. Some don’t live in the same city as their office and they should not be punished. But companies should really consider when to pull the trigger and be more forceful in this issue.
Social Security: The Most Important Retirement Plan Ever Created. “In 1900, 75% of men aged 75 or older were still in the labor force. From 1920 to 1960 the number of senior citizens in the workforce dropped from 60% to 30%. That number is now below 10%. Four out of every 10 older Americans would be below the poverty line if it wasn’t for Social Security. Instead, that number is one in 10.”
The Chip Titan Whose Life’s Work Is at the Center of a Tech Cold War. A fascinating story on the founder of TSMC. Three main takeaways for me: 1/ read books; 2/ take audacious bets; 3/ know that you can only connect the dots looking backwards. I wish I would have a chance to meet him one day
What Cuisine Means To Taiwan’s Identity & Its Clash With China. I wholeheartedly support Taiwan’s independence. It’s one of the top destinations that I want to visit. But I suspect China will let go of what it claims to be its territory. At least not without a massive fight.
Kazakhstan: A road trip through the nation’s immense landscapes. Central Asia is a tricky region where the landscape seems otherworldly gorgeous and which I really want to visit. Kazakhstan looks like a heaven for hikers and adrenaline seekers.
Stats
Fewer than 5,000 steps a day enough to stay healthy
Minh Quang Duong 
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