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Patrick McKenzie
@patio11
, 3 tweets, 1 min read Read on Twitter
If (greater) Tokyo were a country it would have the 10th highest GDP in the world, slightly beating Canada.
Sometimes I feel like I have a bit of a chip on my shoulder about this when in Silicon Valley because of the question "Isn't Japan sort of an economic basket case?" and, well, it's a pretty materially sized basket.
The parts of Japan that aren't in Tokyo, by comparison, amount to a United Kingdom and enough change for a Poland or so.
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Patrick McKenzie
@patio11
In addition to the SFBA getting less attractive, I think that some products (ironically many coming out of there) have helped geographically distribute access to the advantages people used to move to get.
Video conferencing which works 90% of the time every time isn’t quite good enough to replace office presence, but it is getting Good Enough, *and* folks not attending the meetings daily trust their productivity enough to write checks to fund them.
The last generation or two of the SFBA investor class live on the same Internet that their investors live on, and in comparison to previous generations, they’re quite willing to send a check farther than they could bicycle it.

(Startup generation not human generation.)
Read 8 tweets
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Patrick McKenzie
@patio11
If you were thinking of applying to TinySeed, the accelerator for bootstrapped software businesses, might want to get on that.
We probably need a richer vocabulary for describing software businesses than the bootstrapped / funded dichotomy, particularly as funding sources/models diversify.
No conversation I've ever had professionally interests me less than "Is that a startup or is a STARTUP startup?", with the possible exception of "OK help me understand, for the purpose of monthly recurring revenue, what revenue recurs monthly?" (This is, regretfully, a thing.)
Read 3 tweets
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Patrick McKenzie
@patio11
Wealthfront introducing a "Cash" account. Feels like a bit of a response to the Robinhood "checking" account that they had to talk back; interesting that they set it up as a bank sweep.

In terms of the offering: total no brainer, especially if you use WealthFront.
Interesting that there was a bit of unbundling of banking services and now the players which did well-ish are starting to do reverse unbundling: Wealthfront gets AUM from e.g. the larger banks then offers this to gain greater share of shorter-term assets.
And the mechanism of the sweep program has to be directing these deposits into banks with a higher cost of funding than what Wealthfront offers, i.e. generally smaller banks, many of whom would otherwise have to build direct-to-nationwide-consumer pipelines to compete for $.
Read 5 tweets

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Shrikanth Krishnamachary
@shrikanth_krish
It is often stated that India needs to "urbanize" faster. Over 60% of India still lives in the countryside

But there is a reason why India is not urbanizing fast enough

Indian cities are dirt poor, and the average "urban Indian" is arguably no richer than the average Indian
I don't have v conclusive data to turn this into an assertion. But here are the nominal Per-capita GDP figures as of 2014 for some major cities -

India : $1452
Delhi : $3580
Mumbai : $1990
Chennai : $1870
Hyderabad : $1430
Bangalore : $1420
Kolkata : $1110 !!

(as of 2014)
I am not even talking of Tier 2 and Tier 3 towns here. These are some of the largest metropolises in the world, contributing a large share of Indian GDP, and whose per-capita figures are no doubt skewed by the top 1%

Yet, the PCI figures are awful!
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Mike Prysner
@MikePrysner
California ALONE has the 5th highest GDP in the world. Yeah you read that right. This single state generates more wealth & has a bigger economy than all but three other countries on Earth.
As Uncle Marx said: Accumulation of wealth at one pole is, at the same time, accumulation of misery at the opposite pole
List of countries (and CA) by GDP:
1. US: $19.5 trillion
2. China: $12 trillion
3. Japan: $4.8 trillion
4. Germany: $3.6 trillion
5. *California: $2.7 trillion
6. UK: $2.6 trillion
7. India: $2.6 trillion
8. France: $2.5 trillion
9. Brazil: $2 trillion
10. Italy: $1.9 trillion
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