Excessive use of financial statecraft, alliances with overseas populists, or prolonged bouts of anti-immigrant hysteria, however, will force even close allies to start thinking about alternatives.
I love this quote. I think it's Lenin. There are decades where nothing happens and weeks where decades happen. And we have seen decades of progress happen in the last nine months.
Early in the final stage of the Big Debt Cycle, the market action reflects this dynamic via interest rates rising led by long-term rates, the currency declining especially relative to gold, and the central government’s treasury department shortening the maturities of its debt offerings because of a shortage of the demand for long-term debt.
Rather, the way that AI companies engage with communities-forcing NDAs, dangling billion-dollar promises, pushing environmental externalities far away from AI's wealthy user base-resembles a classic story about dark money in politics.
My view is that an appreciation of China's REER is very much to be desired, but the real (haha) way to get there is through higher inflation domestically, and that means different macro policies.
I predict that in the next 10 years software development will survive, but it will become like any other white-collar professional work. No more $200,000 salaries, unlimited vacation, or incredible employee bargaining power.
There are many many unsolved problems in the world, many great ideas hiding in plain sight that were actually solvable that could have been multi-billion or multi-t trillion dollar businesses a while ago, but nobody's building them and not for any reason other than nobody went and did it.
likely this will be one of the largest industries in the world and um, uh, it'll take longer than a couple two, three years. It'll take less than 10. And so this will this will be our next $100 billion business.
Take Eroom’s Law: the number of new drugs approved per dollar of R&D has fallen for decades, even as our scientific tools have grown vastly more powerful, the exact opposite of what the existence of more raw capability would predict.
There have been countries that have gone through currency resets. This is not a nice experience because if you had a little bit of money, a currency reset can mean you have now no money. If you had no money, it may feel like it's impossible to ever get any more money. If you're retired, what do you do during a currency reset?
Well, I love these markets and they're all around us where we think they're mature and over and they haven't even started yet. And that was search before Google. You know, Google was the 56th search engine. It was a mature, slow growth business. Google made us reimagine what search could be in our lives and obviously turned it into a trillion dollar company value.
The trust that they gained is the reason why they're a 70 billion dollar company today. But most leaders when asked to defend their principles can't do it because they've been taught ROI based thinking.
And then the rest of it, to me, is: is it possible for NVIDIA to be a, you know, $3 trillion revenue company in the near future? The answer is, of course, yes. And the reason for that is because it's not limited by any physical limits.
They could release claw slow mode and have an increase in tokens per dollar by a significant amount. Um they could probably like reduce the price of Opus 46 by you know 4x 5x and reduce the speed by another by maybe just like 2x like the curve on inference throughput versus speed is there already just on hm um and yet they don't um because no one actually wants to use a slow model
With Claude, I've built a host of software like this. Mostly small tools for myself — programs that instantly append copy buffers to text files (I keep a running file of nice things people write to me called notapieceofshit.txt) or quickly perform live currency conversions.
This book manages to pull all of that together in a way that's genuinely readable and engaging, helped along by anecdotes from his own policymaking experience that both clarify the arguments and make them feel concrete and accessible to a much broader audience.
the improvement software improvements of really throughput in terms of tokens per dollar per watt that we're able to get uh you know quarter over quarter year over year is massive uh right so it's 5x 10x maybe 40x in some of these cases
For the last few years, I've been using Superhuman, which costs me about a dollar a day. Even if you don't use email as much as I do, I think you'll find that it's a bargain. (The link gets you two free months). It takes about three hours to learn, which is a big part of why it works.
no one carries the full legitimacy inside of a company. Legitimacy is a currency in a companies. No one carries the full legitimacy in a company, even the CEO. The CEO just has a lot of input on the plan. The plan carries the legitimacy.
Bitcoin is not going to catch on as a charity. In order for spending it to catch on persistently at scale (i.e. not just billions of dollar-equivalents in annual global medium-of-exchange volume, but trillions), it has to solve problems for spenders and/or recipients that other solutions are not doing.
If a new monetary network with its own unit (i.e. not pegged to an existing currency as a credit rail on top of it, but rather a fully parallel system to central banks) is going to bootstrap from zero to massive, it requires upward volatility.
this story tells us how an increase in foreign demand to save in the US rather than at home will push up the dollar, and cause the trade deficit, which is in effect how foreigners send us factories which they would rather build here than in their own countries.
There's this very good quote from Sam Altman who... He can be a hyperbeast sometimes, but one of the things he said, and I think I agree, is that superhuman persuasion will happen before superhuman intelligence, right? And if that's the case, then these things before we get this AGI ASI stuff, we can embed superhuman persuasion towards our ideal or whatever the ideal of the model maker is, right?
And to go back to thinking about money, money works because we all believe in it. It's a form of social trust, and it's a form of belief and faith in our society and in the other people in it. And when that breaks down, the money system will break down as well.
But to ever promise a homepage redesign or marketing site redesign in order to drive more acquisition is a failed promise that is going to be led by lots of agency money spending, uh often a million dollars plus
Stabilizing factors such as the global demand for U.S. dollars and debt denominated in its own currency suggest an era of fiscal dominance in the U.S. that's less dramatic than alarmists predict but more persistent and intractable than optimists hope.
Look, I think compute is going to be the currency of the future. I think it will be maybe the most precious commodity in the world, and I think we should be investing heavily to make a lot more compute.
I believe that power is the currency of international relations, and by that I mean that states are deeply interested in the balance of power and they're interested in maximizing how much power they control.
in quote-unquote real life, right? Which is starting businesses or you know, writing books, right? Or composing music or playing basketball or playing poker, right? Or basically doing anything interesting we're in a probabilistic domain, right?
Eric Schmidt, Jonathan Rosenberg and Alan Eagle, Trillion Dollar Coach: The Leadership Playbook of Silicon Valley’s Bill Campbell: I understood Bill Campbell was a behind-the-scenes guy in Silicon Valley, but I had no idea just how influential he was. Bill Gurley of Benchmark noted “I would argue that Bill has had a bigger impact on Silicon Valley than any other single person simply because his reach was so amazingly wide.” That’s a story I want to read.
Bradley Hope and Tom Wright, Billion Dollar Whale: The Man Who Fooled Wall Street, Hollywood, and the World: Is financial fraud becoming its own sub-genre? This reporting into yet another fraud reminds me of The Spider Network or Bad Blood. What distinguishes this one is the size: it involved billions of dollars.
Firefox has an extremely nice feature that I like for web development: if you hit ' (single quote) it will bring up a search box, but the search box only searches through links on the page.
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