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Joined December 2018
Photo by tbone (@tbonecapital)Photo by tbone (@tbonecapital)Photo by tbone (@tbonecapital)Photo by tbone (@tbonecapital)Photo by tbone (@tbonecapital)Photo by tbone (@tbonecapital)Photo by tbone (@tbonecapital)Photo by tbone (@tbonecapital)Photo by tbone (@tbonecapital)Photo by tbone (@tbonecapital)
My fundamental principles of investing: 1. Understand the business you're interested in by reading their financial reports, understanding the unit economics of the business, their leverage and the different forms of financial and operational leverage they might be employing, their share ownership structure (share classes, poison pills) etc. 2. Understand the durable competitive advantages of the business, if present, that will contribute to continued profits and future cash flows even in potentially inflationary periods. These advantages could be regulatory, IP, location, brand, marketing etc. 3. Assess the talent and integrity of the management of the business. Analyze their long term performance, determine the factors that are in their control and compare with their peers in their respective industries, check their previous placements and find out why they left etc. This is one of the most important steps because if a company is retaining earnings annually at 10% of the book value a newly appointed CEO will be responsible for approximately 60% of the capital deployed in a span of only 10 years (10% growth in book value compounded for 10 years increases book value to 259% of the original amount, 159% gain/259% total = 61.39%). CEOs often rise up the ranks by being incredibly talented in narrow fields such as marketing, sales or simply by being good at office politics. The real skill they require is rational capital allocation. Many great companies have been destroyed by poor capital allocators becoming CEO. 4. Last but not least, buying at a significant margin of safety. No matter how wonderful the business is, buying at an insanely expensive price (like how many companies today are valued and how many have been valued in the past) is a good way to achieve poor performance. You have to know how to value businesses and understand how future growth affects value so that you're not overly conservative. Investing is not gambling. It is a craft and an art that only its practitioners can truly appreciate. The capital allocation decisions that investors collectively make over time redirect capital to its most productive uses and allow for economic growth and prosperity. The incredible rise in our quality of life over the last century globally has largely come from capital being redirected by investors to those businesses that have put that capital to its most productive use. Trading options, thereby making bets on the short term volatility of an underlying stock, is not investing (with some exceptions). Buying companies with no profits and no reasonable prospects for future profits is not investing. Buying unproductive assets that will never return cash to you is not investing. Buying bitcoin is not investing. Only exceptional people with an extremely patient temperament will beat the markets over the long term, but just having some general knowledge about the subject and teaching your kids about it can open up a lot of potential. People who don't have the aptitude or the time can just take their excess savings and dollar cost average into a low cost index fund over time (which will give you the return of the market and requires absolutely zero skill). They will get a very satisfactory result over a long period of time as long as they start early and stay persistent no matter how the market gyrates in the short term. Even a small amount of money can grow to a significantly large sum if you understand the power of compounding.
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a lot of doctors became doctors because of the status (and money), similar to lawyers - so when you challenge the ability to do their job it’s a direct ego attack and therefore they want to dismiss it, people who don’t see AI as an empowering tool will have a bad time
claude successfully diagnosed a growth plate fracture in my daughters wrist and armed me with a study to share w my doctor who was reluctant to xray she was like “ok fine ill order one just to satisfy you” and man she seemed genuinely pissed when the xray confirmed claude😂
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tbone retweeted
For all the videogame haters, [from the early NBA ROY leader]
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Fireworks sold by authorized wholesalers and distributors in North America are regulated by a myriad of government agencies. The fireworks are usually made in China but the Chinese meet all the thresholds required for chemical composition and safety and the importers send inspectors to ensure standards are met and their goods aren't rejected at the border and seized. Indians are buying illegally imported firecrackers from local Indian grocery stores and Facebook Marketplace which is the reason this man's house and cars burned down. Sad state of affairs.
Indian migrants celebrating Diwali caused a Canadian man's home to burn down
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Can somebody at @zomatocare get my bro Siva his 230 rupees back? He paid for Veg food but he got non-Veg food. Completely unacceptable. Siva paid good money for that masala with butter naan and deserves to be treated with the utmost respect and courtesy. Please do the needful!
Hey @zomato & @zomatocare On nov 6th I ordered the veg food but I received non veg food. I contacted zomato support on app, your agent promised me that he would return my money. Still I didn't receive refund. When will I get it. I attached the order details for your reference.
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Mark Levin on the cusp of dropping AOL and America on the cusp of dropping Israel. Truly we live in wondrous times.
Folks, I have spent literally the entire day trying to get someone at AOL to unlock my email. For the last eight hours, I have been told that the issue has been escalated to supervisors who would contact me. I haven't heard a thing. You would think that, since I'm one of the last human beings on the face of the Earth still using AOL, they would take care of this. You'd be wrong. So, once this gets resolved, hopefully before the next presidential election, I'm dropping them. (I kept them this long out of convenience, but now I have no reason to keep them.) I'll see you on the radio at 6 p.m., at which time I will address this further.
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claude successfully diagnosed a growth plate fracture in my daughters wrist and armed me with a study to share w my doctor who was reluctant to xray she was like “ok fine ill order one just to satisfy you” and man she seemed genuinely pissed when the xray confirmed claude😂
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tbone retweeted
Claude reverse engineered my 32-year-old Jeep. Then it started controlling it. Edited with Fable 5.2
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Buzkashi 🐎 match in Faizabad, Badakhshan province.
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Turkish carpet sellers were able to successfully scam @tim_cook. Kudos.
Bir etkinlik için İstanbul’a gelen Apple’ın CEO’su Tim Cook, Kapalıçarşı’dan 18.000 dolara halı satın aldı.
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There will be a rush of mineral deals in Afghanistan in the next year. China doesn't need American chips anymore. The limiting factor now is access to as much copper/lithium/lanthanum/cerium/neodymium etc. as humanly possible.
If true this is incredible. I'm seeing the machine translatable code in real time with all the recomps and decomps coming out on the gaming scene too. Decomps that used to take up to a decade can now be done in less than a day. More importantly it would also mean we have zero moat over Chinese chips.
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If true this is incredible. I'm seeing the machine translatable code in real time with all the recomps and decomps coming out on the gaming scene too. Decomps that used to take up to a decade can now be done in less than a day. More importantly it would also mean we have zero moat over Chinese chips.
The Nvidia CUDA moat is gone. Anthropic sees all compute as fungible and it only took Mythos 3 days to figure out how to run itself on AMD hardware.
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Imagine how you might talk to ChatGPT. You know it's only there to serve you. You're the master and they're the servant. You don't pay the AI the courtesy of proper grammar and spelling. You only exert the minimum amount of cognitive effort necessary to get your point across.
Replying to @tbonecapital
wtf is it with all these epstein email people writing like they have Tourettes or a 4th grade education...?
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Ashkenazi Jews have the second highest per capita genetic sampling representation rate of any ethnic group in the world. 20% of the entire living population has been genetically sampled in some manner. Icelanders are number one with 70%.
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Difference between the Ashkenazis and Icelanders is the Ashkenazis largely self-funded the sampling through commercial companies, Icelanders achieved high sampling due to Icelandic government funded research.
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tbone retweeted
د څلورمې پېړۍ باختری سند چې په تعدیل شوي یوناني خط کې لیکل شوی او پکې د افغانانو (αβγανανο) یادونه شوې ده. "د اورمزد بونوکان ته له برېډاګ واتانان څخه، د افغانانو مشر"
Bactrian document in the modified Greek script from the 4th century mentioning: Afghan (αβγανανο). "To Ormuzd Bunukan from Bredag Watanan, the chief of the Afghans"
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Kanging on history is retarded bro. Tajik-inhabited areas devolved from centres of learning to shitholes with $1500 GDP per capita and no contribution to innovation or human civilization. 40% of working age men have to run away to Russia to work. Same goes for Pashtun areas too. Instead of kanging we need to figure out how we are going to fix our societies because something is deeply, deeply wrong.
Tajiks are arguably the only people to have: -Dominated the Eurasian steppe as nomadic Aryans. -Dominated the Silk Road as merchants and traders. -Dominated the Islamic Golden Age as scholars, scientists, and intellectuals.
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There is an article about it. It’s not far fetched to say that those cookers are making the next generation mentally retarded.
Afghanistan has one of the world's highest rates of childhood lead exposure, which causes permanent brain damage. Nearly all children here have significant lead poisoning. Researchers in the US have found the source of the lead. But nobody has told the Afghan public. Thread.
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They now predict that 95% of Anthropic's R&D will be fully automated by November 2027. This is what Anthropic describes as AL5, fully autonomous RSI. This would have many implications for policy, as this will eventually happen at every lab, not just Anthropic
The AI Futures Project have updated their timelines. They say we are five months ahead of AI 2027, and they now believe a Superhuman AI Researcher will arrive sometime in 2027.
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A good lesson my Dad taught me as I entered the corporate world was that any man that will cheat on his wife, will royally fuck you over the moment it benefits him.
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