Weekly reading – 28th August 2021

What I wrote last week

My review of three books: 1/ Stray reflections; 2/ An ugly truth and 3/ Obviously awesome

Business

Facebook says post that cast doubt on covid-19 vaccine was most popular on the platform from January through March. The fact that this article was published on a Saturday means that Facebook doesn’t want too many people to see it. I honestly can see the bull case for Facebook. However, it will be remiss to not mention the monumental challenge of content moderation that the company has to face. Because when false information runs rampage on its platforms, it may affect the engagement of users; which in turn can adversely affect advertising that is Facebook’s bread and butter.

Why You Can’t Find Everything You Want at Grocery Stores. Retailers are suffering from supply shortages; which is exacerbated by higher-than-expected demand. But if these hiccups are overcome, it means that there will be a growing retail segment in the coming months and by extension, likely, a healthy economy.

Diem: A Dream Deferred? Facebook has a lot going to their advantage: almost limitless resources, four of the most popular social networks in the world, 1/3 of the global population are its users, a money printing machine that is growing at a scary clip. But there are a couple of challenges that Facebook will have a hard time to overcome. First, it’s content moderation. Should I say: content moderation without pissing off anybody. As you can see, the task sounds almost impossible. When you moderate content by people with vastly different ideologies, you are almost certain to upset somebody. Facebook doesn’t have the luxury of having upset users or lawmakers. Hence, it’s not a problem that Facebook will easily solve. Second, public trust. The company has been around for almost 20 years and it has not garnered a lot of trust. As long as it continues to rely on advertising, capturing data and more importantly be embroiled in misinformation, the public trust will likely continue to evade them. As the article from Coindesk pointed out, trust is paramount in the payments/finance world. How on Earth would Facebook succeed in it?

The Digital Payment Giant That Adds Up. Merchants are going down the omni-channel route that allows shoppers to shop in multiple ways. This will be the key to Adyen’s growth. I like the fact that they prefer building in-house and maintaining the one-ness of their platform to acquiring capabilities from other companies through M&A and bundling different tech stacks into one. Working at a company that suffers from systems not talking to each other, I know first-hand how that could become a significant problem in no time. In addition, I really look forward to Adyen coming to the U.S with a banking license. I am not sure the folks at Marqeta share my enthusiasm.

Buying a bank turned LendingClub around. Now the fintech industry is watching. It requires a lot of work and preparation to get a banking license. The benefits of owning a charter; however, include less dependency and more control over your own fate, margin and operations.

What I found interesting

Inside Afghanistan’s cryptocurrency underground as the country plunges into turmoil. One can argue that cryptocurrency can be a savior in crises like what is going on in Afghanistan. The thing is that if something requires there to be a crisis to drive adoption, I am not sure that something is as good or revolutionary as some may think.

An immense mystery older than Stonehenge. It’s profoundly impressive to me that prehistoric people could transport stones that weighed tons to the top of a hill 6000 years ago. Think about that for a second. They must not have had all the tools that we came up with up hundreds of years later. It’s just extraordinary. If I ever have enough money and time, Gobekli Tepe, Machu Picchu, Egypt and Greece are where I wish to go.

Bigger vehicles are directly resulting in more deaths of people walking. Take a trip to Europe and you’ll see how absurdly big vehicles in the U.S are compared to those in Europe. And the implications aren’t necessarily positive. I’d argue that it’s considerably better to have smaller vehicles or fewer vehicles on the roads.

European Sleeper Trains Make a Comeback. I really wish that Americans would share the same enthusiasm about travelling by train as Europeans do. Personally, I enjoyed the train ride from Chicago to Omaha. If there were a reliable Wifi, I’d take trains every single time over flights and especially driving.

Apparently, there is a 2021 Global Crypto Adoption Index and Vietnam is ranked as #1. Below are the two reasons that experts say are why Vietnam’s adoption is so high. I am not sure how I should feel about it. On one hand, this index is not negative in nature. Hence, the #1 ranking certainly feels good. On the other hand, the alleged reason that young people don’t know what to do with ETF is alarming. That implies a lack of understanding in investing and a tendency to gamble in cryptocurrencies.

“We heard from experts that people in Vietnam have a history of gambling, and the young, tech-savvy people don’t have much to do with their funds in terms of investing in a traditional ETF, both of which drive crypto adoption,”

Source: CNBC

Stats that may interest you

In 2019, 70% of music in Japan was consumed via CDs

eCommerce made up 13.3% of total retail sales in the U.S in the 2nd quarter of 2021, indicating that the Covid effect has tapered off

46% of retail BNPL shoppers didn’t use their credit cards because they wanted to avoid high interest rates

The U.S online lottery ticket market will reach $2.3 billion by the end of 2021, a 25% YoY growth

A couple of Afghanistan veterans sharing their experience

I came across a candid post by an Afghanistan veteran, on what she thought of the U.S pulling out of the country. You should have a read, but here is an excerpt:

We use people up and throw them away like it’s nothing.

And now, finally, we are leaving and the predictable thing is happening. The Taliban is surging in and taking it all back. They were always going to do this, because they have a thing you cannot buy or train, they have patience and a bloody-mindedness that warrants more respect than we ever gave them.

I am Team Get The Fuck Out Of Afghanistan which, as a friend pointed out to me today, has always been Team Taliban. It’s Team Taliban or Team Stay Forever.

There is no third team.

And so I sit here, reading these sad fucking articles and these horrified social media posts about the suffering in Afghanistan and the horror of the encroaching Taliban and how awful it is that this is happening but I can’t stop feeling this grim happiness, like, finally, you fuckers, finally you have to face the thing Afghanistan has always been. You can’t keep lying to yourself about what you sent us into.

No more blown up soldiers. No more Bollywood videos on phones whose owners are getting shipped god knows where. No more hypocrisy.

No more pretending it meant anything. It didn’t.

It didn’t mean a goddamn thing.

Source: Laura Jedeed

Another vet shared this on his Twitter

What weighed heavily in my heart today and what angered me is that when a minority group of people have the influence and power to change other lives for the better, as it often is the case around the world, the outcome is usually that generations of innocent people suffer. Why does that have to be the case?

Weekly reading – 3rd April 2021

What I wrote last week

Handling a lot of data isn’t easy

Business

A drive to survive: How Liberty Media used Netflix and esports to win a new generation of fans and safeguard the future of Formula 1

Apple Watch can function as a reliable indicator of cardiovascular activities

The a16z Marketplace 100: 2021

Credit Suisse’s research on Stripe

Credit Suisse’s research on Payments, Processors and Fintechs

How Vietnam can reimagine tourism

What I found interesting

The Ancient Method That Keeps Afghanistan’s Grapes Fresh All Winter

Who owns the Nile? Another geopolitical conflict that will take years to resolve, if we can even do so.

Stats you may find interesting

A survey by Brickmeetsclick shows that online grocery hit $8 billion in February 2021, down from $9.3 billion in January 2021

Meat sales in the US increased by 20% in 2020, compared to 2019

88% of Berkshire Hathaway Energy’s investment in Property, Plant & Equipment in 2020 was in renewables

Berkshire Hathaway Energy's PP&E in 2020

Berkshire Hathaway Energy’s renewables output made up 34% of its total production in 2020, compared to 12% in 2006

Berkshire Hathaway Energy's Renewables Output

Book: The Kite Runner

This is my second book by Khaled Hosseini after the wonderful A Thousand Splendid Suns and it didn’t disappoint. The Kite Runner is an account of the life of Amir, the son of a merchant in Kabul Afghanistan. The book covers his life from Afghanistan to America and back to his hometown after a few decades to deal with his unresolved matters from the past. Saying more than that will be equal to the act of spoiling and disservice to the book and future readers, so I stop here. But the book is another gut-wrenching and moving work by Khaled Hosseini.

Tired of business and self-help books, I had decided to pick up novels to stir things up. Well, after the two emotionally charging novels by Hosseini, I think I am ready to go back to the mundane books for now.

“I wondered if that was how forgiveness budded; not with the fanfare of epiphany, but with pain gathering its things, packing up, and slipping away unannounced in the middle of the night.” 

“There is only one sin, only one. And that is theft. Every other sin is a variation of theft. When you kill a man, you steal a life… you steal his wife’s right to a husband, rob his children of a father. When you tell a lie, you steal someone’s right to the truth. When you cheat, you steal the right to fairness… there is no act more wretched than stealing.” 

“And that’s the thing about people who mean everything they say. They think everyone else does too.” 

“For you, a thousand times over”

Book: A thousand splendid suns

The book is a captivating and breathtaking story with the violent events in Afghanistan from the 1970s to 2000s in the background. The two main stories surround two female characters: Mariam and Laila. The author walks us through the injustice that the two protagonists had to suffer. The first 25% of the book was about Mariam, followed by the section on Laila and later their life together, which accounts for half of the book.

As a Vietnamese, I almost have to apply for a visa to every country that I want to travel to. It means a great deal of paperwork, time and money involved. Sometimes, it frustrates the hell out of me as I look with envy to many of my friends from the US, Canada and EU whose nationalities allow them to travel almost everywhere the very next day with little trouble. However, I felt tremendously grateful for the life I have whenever I read books on North Korea or books like this one. They really make me look at things from a perspective. Somewhere around the world, the life I am leading is a luxury to many and something I should cherish.

It’s horrifying and unthinkable to know that women in some countries in the world are treated so badly, in the way that the two characters were in the book. For all the scientific advancements we have had, we still have much on this front to solve. I hope that one day, women everywhere will be liberated and given as much freedom as men are and have always been.

If you are looking for a great page-turner, I highly recommend this. Below are a few beautiful passages I appreciate a great deal

“And the past held only this wisdom: that love was a damaging mistake, and its accomplice, hope, a treacherous illusion. And whenever those twin poisonous flowers began to sprout in the parched land of that field, Mariam uprooted them. She uprooted them and ditched them before they took hold.”

“Miriam wished for so much in those final moments. Yet as she closed her eyes, it was not regret any longer but a sensation of abundant peace that washed over her. She thought of her entry into this world, the harami child of a lowly villager, an unintended thing, a pitiable, regrettable accident. A weed. And yet she was leaving the world as a woman who had loved and been loved back. She was leaving it as a friend, a companion, a guardian. A mother. A person of consequence at last. No. It was not so bad, Miriam thought, that she should die this way. Not so bad. This was a legitimate end to a life of illegitimate belongings.

“She would never leave her mark on Mammy’s heart the way her brothers had, because Mammy’s heart was like a pallid beach where Laila’s footprints would forever wash away beneath the waves of sorrow that swelled and crashed, swelled and crashed. ”

“Marriage can wait. Education cannot…Because a society has no chance of success if its women are uneducated, Laila. No chance.” 

She sat on the chair instead, hands limp in her lap, eyes staring at nothing, and let her mind fly on. She let it fly on until it found the place, the good and safe place, where the barley fields were green, where the water ran clear and the cottonwood seeds danced by the thousands in the air; where Babi was reading a book beneath an acacia and Tariq was napping with his hands laced across his chest, and where she could dip her feet in the stream and dream good dreams beneath the watchful gaze of gods of ancient, sun-bleached rock.”