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Patrick McKenzie Profile picture
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Aug 22, 2018 • 3 tweets • 1 min read
Internet fist bump to the engineer who just got +20% salary (and +30% equity) by asking for it.
(I only tweet these anecdotes when I get permission for them so, sadly, y'all don't get to see my happiest inbox folder, but it's pretty clear that I'm going to have to hustle to someday top the economic consequences of a blog post from 2014.)
2012? *sigh* Feeling old.

kalzumeus.com/2012/01/23/sal…

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Patrick McKenzie Profile picture
Feb 18
An interesting stat I heard on Reddit and which has the ring of truth: 99% of the cost of international logistics for oceangoing trade happens in port and as a result all distances at sea are basically equivalent desirability (module time-sensitive goods, etc).
“The box” (containers and related industry) really did remake the world as we know it.
“But carbon footprint is…”

Subject to exactly the same logic. If you care about it you should care a lot about what *precisely* happens in ports.
Read 4 tweets
Patrick McKenzie Profile picture
Feb 18
Embedded finance has been a very hot topic among fintech geeks for the last few years. This week's Bits about Money goes into why I think it will be transformative for SMB banking.

bam.kalzumeus.com/archive/changi…
I often think technologists have a poor model of banking, assuming that banks are stupid, innumerate, and incapable of employing smart technologists. All of these are very obviously false.

The bigger reason why SMB banking is mediocre is more nuanced.
It mostly comes down to "SMBs are essentially co-extensive with the sum of all human economic activity. There is no model for the sum of all human economic activity which is a good model except for the sum of all human economic activity. Now, try to write a design doc for them."
Read 4 tweets
Patrick McKenzie Profile picture
Feb 15
Fractally bad decisions, where zooming in on any part reveals an infinite variety of other bad decisions.
“But the cash drag!”

“But buying a muni in a tax advantaged account, accepting a lower interest rate because munis are themselves tax advantaged!”

“But the idiosyncratic risk!”

“But the overallocation to bonds!”
It’s not the literal worst choice you could make! It’s just… even if you had a theory for why it would be a good choice, it’s pathologically bad.
Read 5 tweets
Patrick McKenzie Profile picture
Feb 11
I like this sort of microintervention on the global economy delivered at scale.

Most businesses probably shouldn't have to understand how most of their customers prefer to buy things, particularly internationally. That's a minor implementation detail.
We have a lot more in the works here, including e.g. allowing you to one-click opt-in to a class of options here where accepting them is Pareto optimal (lower cost, higher conversion rate, roughly equivalent terms in expectation).
And, of course, if you're using Checkout or one of the other integration options where we're painting pixels for you, perhaps your plucky pixel painters would prefer to paint pixels precisely predicated on productively picked projects for your particular product.
Read 4 tweets
Patrick McKenzie Profile picture
Feb 7
In "surprisingly good experiences in government and healthcare IT", the HER-SYS system for tracking covid symptoms through self-reports also includes same symptoms input by healthcare professionals and public health workers (typically after followup call or on-site health check).
I kinda feel a little unhappy that a nationwide database with a competent web frontend that can join records by primary key is surprisingly novel, but I will take competence where I can get competence.
(Also feels surprisingly novel to read doctor's notes, which is something I've had very few experiences of in the healthcare system of either nation I've lived in. An interesting look at a norm in a state of flux.)
Read 5 tweets
Patrick McKenzie Profile picture
Feb 7
I should diagram this infra out for a BAM episode once I’m feeling better.

And, to tweak crypto’s nose a bit: it /would certainly be more efficient to replace a decentralized network with a central actor doing all functions.
(It is not widely understood by retail investors that while a stock, for example, is *listed* on one stock exchange it *trades* on many separate physically distinct venues which they access simultaneously through their broker.)
Another fun example of a thing not well understood: decoupling brokerages and clearing functions is in investor interest but sometimes prevents some investors from doing something they want to do.

See the RobinHood/GameStop bruhaha.
Read 5 tweets

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