The latest memo from Howard Marks, just like his previous, doesn’t disappoint. He mentioned all the common senses in his memo which a lot of analysts and investors don’t seem to remember, myself included.
This video clip is about how much Swedes trust their government and believe that their high taxes are in their benefits through free healthcare, education, great infrastructure and a great living standard. It can’t be more different from the US. Here, every time social benefits are mentioned, a lot of people can’t call them “socialists” or “communists” fast enough. It’s super fascinating to see people increasingly pay more taxes (as %) compared to billionaires and are convinced that a little bit of saving on taxes every month is worth having a low living standard and paying a lot of money for everything else. There is a natural and inherent distrust in the government that is the root of so many problems around here
Trump’s coup attempt of 2020-21, like other failed coup attempts, is a warning for those who care about the rule of law and a lesson for those who do not. His pre-fascism revealed a possibility for American politics. For a coup to work in 2024, the breakers will require something that Trump never quite had: an angry minority, organized for nationwide violence, ready to add intimidation to an election. Four years of amplifying a big lie just might get them this. To claim that the other side stole an election is to promise to steal one yourself. It is also to claim that the other side deserves to be punished.
When that violence comes, the breakers will have to react. If they embrace it, they become the fascist faction. The Republican Party will be divided, at least for a time. One can of course imagine a dismal reunification: A breaker candidate loses a narrow presidential election in November 2024 and cries fraud, the Republicans win both houses of Congress and rioters in the street, educated by four years of the big lie, demand what they see as justice. Would the gamers stand on principle if those were the circumstances of Jan. 6, 2025?
A merchant detailed his dealing with Amazon. It’s mind-blowing to see how much Amazon charges merchants for being on their site and how much these merchants rely on the behemoth for revenue. While the total commission is high, that’s the price to pay when you don’t own the customer relationship.
Airlines are making it really hard for customers to use credits. All airlines try to make customers use credits, rather than get reimbursed with cash. But some, like United Airlines, are exceptionally terrible. It’s rich to claim you are about serving your customers when claiming flight credits because of Covid-19 is difficult.
A new species of whales was discovered in Mexico. I kinda had mixed feelings after reading this. On one hand, I was glad we made this discovery. On the other, there may be some ignorant and greedy people trying to hunt them down for food or just an ego booster.
Bloomberg’s profile on OnlyFans, a potential major social media on the horizon
Uber sold its autonomous vehicle arm to Aurora. This move isn’t a surprise given that Uber has been trying to offload cash-intensive and loss-making businesses in order to focus on the ones that do make money. Though there is a big write-down from $7.5 billion to $4 billion, investors may find this deal good news
Online grocery slowed down in the last few months compared to the height in the summer. The basket size continued to be relatively big, compared to the same period last year and pre-Covid months.
Clover, which belongs to Fiserv and sells hardware & software payment solutions to small businesses, a competitor of Square, seems to have a higher GPV as well as a higher percentage of sellers with $125k in annual GPV. As Clover has more than 90% of its sellers above the $125,000 GPV threshold, the figure is far smaller for Square.
John Gruber’s review of Apple’s latest product: AirPods Max
An excellent piece on the longevity of some amazing small businesses in Japan. A mochi shop that has been around for more than 1,000 years? You read that right. 1,000 years, not 10, not 100, not 500. 1000! And many of them maintain enough in reserve to continue operations for 2 years in case there is an economic downturn.
Apple officially launched their new App Store Small Business Program. An important detail to note is that the $1million threshold is after Apple takes its cut, not before. Hence, it will give many developers more breathing room.
Derek Thomson of the Atlantic wrote about Democrats’ problems and what is wrong with the Electoral College. Read the excerpt below. If you support the GOP, then it’s good news. But if the shoe is on the other foot, as in the case for Democratic voters, saying that it is unfair is a massive understatement
The GOP currently holds both Senate seats in Alaska, Arkansas, Idaho, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Nebraska, South Dakota, and Wyoming. Those 11 states have 22 senators who collectively represent fewer people than the population of California, which has two Senate seats.
In the 2018 midterms, Democratic Senate candidates won 18 million more votes than Republicans nationwide, and the party still lost two net Senate seats.
One analysis of Census Bureau data projected that by 2040, roughly half of the population will be represented by 16 senators; the other, more rural half will have 84 senators at their disposal.
This piece tells a story about how Utah uses collaboration and human touch to create policies that help foster the state’s equality and economy. Two quotes stand out to me
Utahns seem strongly committed to charitable works, by government, alongside government or outside government. Whatever tools used are infused with an ethic of self-reliance that helps prevent dependency . . . when there’s a conflict between that ethic and mercy, Utah institutions err on the side of mercy
Betty Tingey, after seeing the news coverage about the Utah Compact, wrote to the Deseret News, “I don’t know much about politics except the sick feeling I get inside when there is constant arguing. . . . I don’t know how to settle debates, but I know a peaceful heart when I have one. I felt it when I read the Utah Compact.”
This clip about an 86-year-old baking master in Greece gave me mixed feelings. On one hand, I admire his work ethics, but on the other, it can be a condemnation of a system that forces old people to work this late in their life
Intel and AMD have to talk about gigahertz and power because they are component providers and can only charge more by offering higher specifications. “We are a product company, and we built a beautiful product that has the tight integration of software and silicon,” Srouji boasted. “It’s not about the gigahertz and megahertz, but about what the customers are getting out of it.”
It’s pretty heart-breaking to see what has been happening in Central Vietnam for the last few months. A Western reporter at Saigoneer courageously went there, took photos and wrote about it beautifully.