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Patrick McKenzie
@patio11
, 4 tweets, 1 min read Read on Twitter
In what is possibly the most radical political statement I’ve ever seen just going by revealed preferences, a public park in Tokyo (Setagaya Park) has a playground which is intentionally not optimized for safety.
Includes (freehand interprtstion rather than literal translation) “We intended this park as a response to parks which are nothing but a list of fun things you cannot do” and “Our motto is freedom for you to play your own way, at your own responsibility.”
Play currently happening includes open flames in fire pits, woodworking with saws, some nailing, and a lot of playing on traditional park equipment which looks handmade over natural dirt and rock surfaces.
Kids look to be having a ball, adults are keeping a watchful eye, civilization does not appear to have collapsed into feuding tribes of hunters and gatherers.
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Patrick McKenzie
@patio11
HN commenter, paraphrased: "HFTs pay brokerages money to see non-executed limit orders! That's outrageous."

Literally anyone can pay a trivial amount of money to see non-executed limit orders on the order book at a stock exchange, which exists in large part to do exactly this.
Not dunking on the commenter here; this feels like a good encapsulation of something which is easy for a technologist to believe so good to correct publicly.
The purpose of a limit order is to ask an exchange to advertise your willingness to buy or sell a defined quantity of stock at a defined price, so if you do not want market participants to learn you wish to buy a defined quantity of stock at a defined price, perhaps don't do that
Read 3 tweets
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Patrick McKenzie
@patio11
Thinking of writing an essay on how brokerages make money since a) it comes up on HN a lot and the easy answer (commissions) is wrong and b) the revenue mix for different brokerages, even among discount brokerages, varies hugely.
Charles Schwab, for example, runs a brokerage almost as a loss leader to have access to $100 billion (you read that right) in client deposits paying an average of 27 basis points (0.27%; you read that right) annually.

Net interest revenue is 70% of their topline revenue.
TDAmeritrade, by contrast, actually earns ~36% of their revenue by selling the thing that everyone thinks they are in business to sell. That is a high number among discount brokerages.
Read 4 tweets
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Patrick McKenzie
@patio11
Don’t use “SMB” in customer-facing copy. The people who you think are SMBs do not self-identify as it.

The people who have an extremely dictionary correct version of what SMB means and believe their company qualifies are probably higher in your internal segmentation.
(The government considers a manufacturer who owns a $100 million plant with $60 million of annual sales, 450 employees, and a total payroll cost of about $30 million an SMB.)
Different companies I know do segmentation differently internally but broadly speaking they mean “A company we don’t need a high touch sales process or custom legal work to close.”

Companies like that might self-identify as a startup, business, local business, $FIRM_TYPE, etc.
Read 3 tweets

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Headsnipe01
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Political correctness is a major malaise afflicting discourse in our times.

Wiki defines it in a rather restrictive way-

"the language, policies, or measures intended to avoid offense or disadvantage to members of particular groups in society"

But I feel this is not accurate
A broader definition of "Political correctness" would be -

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1. You know, for me, the veiling/niqab issue begins and ends with what one young Muslim girl once asked me during an interview:
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