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Patrick McKenzie @patio11
, 3 tweets, 1 min read Read on Twitter
What happens if you cross Berkshire Hathaway and a software business? Answer:

csisoftware.com/wp-content/upl…

> CSI's strategy is to be a good owner of hundreds (and perhaps someday thousands) of growing autonomous small businesses that generate high returns on capital.
And while I was aware of this model I hadn't ever heard their name before today. What a wonderful world we live in.
Seriously if you like Warren Buffett letters and know what MRR means you should read that; it is utter catnip to me.
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One of the least heralded and most important technological advances of the last 20 years is a battle getting fought one piece of paper at a time to replace workflows with web applications. It’s slow, boring, and enormously impactful.
It’s surprising how much you can get done these days *without* needing to call anyone, line up, or make a visit to an office to figure out the correct form to file something.
Random example for you: the IRS hires 10k people every year to type numbers from returns into the computer. This is a decrease from earlier, since e-filed returns don’t need to be redundantly retyped.
Read 4 tweets
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In case you were wondering whether the engineering hiring market was slowing down, here’s Amazon deploying probably every YC company combined on *one product*: wsj.com/articles/amazo…
And that team size is doing the 100% YOY growth thing.
(If you’ve got a better Fermi estimate for “every YC company combined” than 10k would love to hear it; I’m basically finger-to-wind guessing on that.)
Read 3 tweets
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Tokyo could drown in tech dollars but teachers would continue living in cheap housing because Tokyo builds housing. If you stop building housing, you’re deciding someone doesn’t get to live there; market just tells you their names.
Most important part of the puzzle:
We having baying hordes who advocate for and get scarcity and then wonder why we have no abundance. Truly it is a mystery.
Read 3 tweets

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Ok, it's high time to look at the REAL effects of Brexit. As the Tories implode & Labour sits on its hands, companies are executing contingency plans, shifting jobs & assets, slashing investments, or redomiciling (accounting exercise). Happening NOW, not in a fantasy future. 1/95
Barden Corporation is closing down its Plymouth factory after 51 years, putting 400 jobs at risk, as its parent company Schaeffler shifts production to various sites outside the UK due to Brexit. 2/95
plymouthherald.co.uk/news/business/…
8 health providers have warned of medicine shortages in the event of a no-deal Brexit: "we do not believe that the current medicine supply plans will suffice, and we will have widespread shortages if we do not respond urgently." 3/95
…33r3krz5b97d1-wpengine.netdna-ssl.com/wp-content/upl…
Read 96 tweets
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1/ Part 4 of 4: Implementation

Part 1


Part 2


Part 3
2/ So most of what we've talked about is pretty simple.

Start with the global market portfolio as a base case allocation, it's diversified and you can implement it for ~free.

That's roughly half in stocks and half in bonds. And of that, it's half US and half foreign...
3/ Which reminds me of the Bogle quote:

"I'm about 50 percent stocks and 50 percent bonds and I spend half my time worrying about why I have so much in stocks and the other half worrying about why I have so little in stocks."
Read 32 tweets
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@RepMarkMeadows We will discuss the following article, knowing what we know now.

independent.co.uk/news/world/ame…
@RepMarkMeadows It sure sounds like this is referring to George, and it is highly likely there are recordings. We should hear those recordings.

George wasn’t meeting with Russians, he was meeting with Western Intel assets.
@RepMarkMeadows This entire passage is incorrect.

Trump associates were intentionally targeted and there was no five eyes Intel.
Read 201 tweets
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I'm finally set up to livetweet Day 13 of #HarvardTrial. Harvard's expert, the @UCBerkeley labor economist David Card, is on the stand, attempting to firm up his finding that there is no statistical evidence of discrimination against Asian-Americans.
Another economist, Susan @Dynarski, who has contributed to a brief in support of Harvard and looked closely at this case, has said that Card is the exact last expert she'd want to to go up against — see below:
Card is looking over a chart of some of @Fair_Admissions's models, in which Asian-Americans see measurably higher academic and extracurricular ratings in Harvard admissions officers, but lower personal ratings. He calls it a "strange kind of schizophrenia."
Read 66 tweets
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GOOD. courthousenews.com/wp-content/upl…
omg, these are some spicy court documents
Aaron’s younger brother Seth was murdered in Washington, D.C. (“D.C.”) on July 10, 2016. Politically-motivated conspiracy theories about Seth’s murder began to swirl shortly after the murder. Because Seth had worked at the DNC, the theories held,
Read 16 tweets
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¿Que tienen en común las empresas con ➕market cap del 🌍?
1️⃣Apple: $874bn
2️⃣Alphabet: $761bn
3️⃣Microsoft: $708bn
4️⃣Amazon: $701bn
5️⃣Facebook: $515bn

Bingo! Todas son tecnológicas.
¿Y a qué demonios se dedica la 1️⃣ empresa no tecnológica del mundo?

Abro hilo.
Ya en 2011 @pmarca, VC y fundador de Mosaic (el primer navegador de Internet), anticipó esto en su famoso artículo “Why Software Is Eating The World.” aberdeeninvestment.com/wp-content/upl… Desde comprar (Amazon), escuchar música (Spotify) o hasta ligar (Tinder), todo acaba siendo software.
Por eso la primera empresa no tecnológica del 🌍 en este escenario es muy especial, única y diferente. Empezamos por su historia:

Oliver Chace (de Massachussets) empieza a trabajar de carpintero para Samuel Slater, uno de los empresarios textiles más influyentes del siglo XIX.
Read 149 tweets

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