TravisJamison

Munger talked on this.

“Disliking distortion. Bias from that. The reciprocal of liking distortion and the tendency not to learn appropriately from someone disliked.”

It’s not just the cash flow, it’s the margins.

Redbulls gross margins are probably 90%. It’s basically just water, sugar, and caffeine sold for $3.

You can do a lot of great promotions if the cost of your product is a rounding error.

Markets are obviously, rationally, not happy about the overspending.

But what gives me pause is that a some of the mag 7 (think Meta) could change their mind on AI build-out tomorrow, and 1-year from now have the same amazing free cash flow they always did.

Markets generally love buybacks.

The market is both happy that Apple didn’t spend all its cash on AI build-out, but also at the same time angry that Apple is “missing AI”.

Not to mention the grumblings that Apple has peaked.

Are you trading collectibles? I’m just genuinely curious what someone would buy with 2-3 transactions a month.

In Hong Kong Braintree made it so incredibly difficult to get an account started that we ended up abandoning it. When Stripe finally opened up their HK beta I tried again and the process to get approved took all of 3 minutes.

"WITH its estimated one million security cameras, London is pioneering a new area of detection". - Insane, and scary.