What I've Been Reading
By Sandeep Sood
"Fintech is finally cheap. Not dead. We’re not witnessing the end of Fintech, nor is this simply a reversion to the mean. We’re seeing a reshaping of what finance is. Manufacturing finance is shifting to asset managers. Distribution is shifting to new players."
(Congrats to Simon Taylor and his wife on the new addition to the family!)
Ben Thompson, as always, writes the best take of one of the wildest weekends in tech history:?
“The biggest loss of all, though, is a necessary one: the myth that anything but a for-profit corporation is the right way to organize a company.”
Lots of places to find this (including asking ChatGPT :), but this summary from Chamath is as good as any.
“U.S. consumer prices were unchanged in October as Americans paid less for gasoline, and the annual rise in underlying inflation was the smallest in two years, bolstering the view that the Federal Reserve was probably done raising interest rates.”
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With Javier Milei’s surprise victory in Argentina, the country may soon join Panama and El Salvador on the path to dollarization:?
“...total dollars in the economy are estimated anywhere at 200 to 250 billion. We have 16 billion in dollar deposits in the banking system. So the ratio of dollar money balances to peso money balances is huge….and I think these economists at MIT are too much in the ivory tower and they fail to see reality. It's very easy to play and build a model with all these sorts of interesting assumptions and whatever and project things, but at the end of the day, not only are the assumptions unrealistic, but the predictions don't make any sense.”
“The moves this week will cut hundreds of mostly senior-level employees, and future rounds will spread to thousands of lower level employees. The aim is to finish by the end of the first quarter.”
An important essay and speech from the A16Z partner:
“Every day I talk to smart young people who want to work in tech or become founders. And I ask them a simple and obvious question—one that should be instinctual to answer. Not about their revenue goals or their product or how they’re going to scale a team from 5 to 50. But a more essential question: What do you believe? Why will people follow you? I might as well ask: What is your creed? What will you shout from the rooftops even if you’re maligned for it?”
“We believe intelligence is the ultimate engine of progress. Intelligence makes everything better. Smart people and smart societies outperform less smart ones on virtually every metric we can measure. Intelligence is the birthright of humanity; we should expand it as fully and broadly as we possibly can.”
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1 年Great Write Up