Patrick McKenzie Profile picture
Aug 5, 2019 3 tweets 1 min read Read on X
Thought I’d share this, and provide the longitudinal observer note that these would be perceived as extreme outlier success N years ago in the community and now are closer to “Solid hiring-on-all-cylinders execution.”
Technology is a thing but not all technology relevant to a software business is in code. A lot of the (e.g.) marketing and sales approaches have been investigated and materially derisked, resulting in less wasted effort for founders trying dead ends.
*firing

(Though if one sustains growth like that hiring-on-all-cylinders is a reasonable option if one wants to do that ;) )

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More from @patio11

Jan 19
Correspondent: *situation* So how is it that my credit card at A shows a payment has posted but by checking account at B shows it as not withdrawn yet?
Me: That’s usual behavior for U.S. bank transfers. Each is an extension of credit, with various risk controls.
And now I’ll continue this with a character.

X: But the money is in two places at once. It cannot be in two places at once.
Me: Extension of credit creates money, yes.
X: Good thing this only happens for credit cards and not for checking accounts.
Me: Built into every account.
X: But a checking account isn’t a credit product.
Me: Oh no it is.
X: What I didn’t apply for credit.
Me: Try to remember what information was on the form you filled out when you opened it.
X: That was for KYC though.
Me: Also a purpose of that form.
Read 6 tweets
Jan 17
Seems like the SEC finally got around to fining DCG for lying through their teeth repeatedly in 2022.



I think this finally lets me cash in a very old hash. Most is very old news, but there's one discussion topic that is perhaps not public yet.sec.gov/newsroom/press…
So back in November 8th, 2022 I dropped this hash on Twitter.

95c693284e1dc60b50e370550e0b9cc65db0a15f081eebcd58f436fa3f43d5c9ced6006db527a90c737f40cce985680fb005774366210217a54b5598b398d528

For readers unfamiliar with this idiom:

kalzumeus.com/essays/droppin…
Read 36 tweets
Jan 17
If they have, hypothetically, they probably don’t describe it as that.

C.f. Professional Managerial Class Handbook on Cognitive Diversity (revised), pg 73.
That is not actually a book, but let’s say there is a very rich subgenre of advice, much of it written by and for very successful people, which says what that book would say, in some cases literally by way of extended D&D metaphors it assumes the audience will grok.
*sigh*

You can tell more than a little bit about me from immediately feeling the need to clarify that that was not an actual book.
Read 8 tweets
Jan 16
I sometimes get asked "Why don't you have a tip cup? I'd like to support you, but don't want to commit to a subscription." My macroed response is that I appreciate the gesture and suggest a donation to a local charity.

I do not take donations because I sell things to businesses.
Businesses do not customarily tip or donate to professionals. When they see someone with a tip cup, they think "Not a professional."

This is not something I want a business to think about me when quoting rates.
From time to time a business has suggested to me that they think my prices are too high. I tell them that they are welcome to their opinions on pricing strategy. Sometimes they then tell me they are confident I would make more if I lowered prices.
Read 18 tweets
Jan 15
Matt Levine has a great entry today about the bank which motivated this tweet thread, which apparently ran afoul of the CFPB. He is… appropriately skeptical of their theory that this is improper in a way which should be illegal.
I never know if BB URLs will work so crossing fingers. Also, subscribe to Money Stuff already.

bloomberg.com/opinion/author…
Matt after describing the CFPB’s apparent thought that bankers should be fiduciaries with regards to what they charge for financial services: Image
Read 9 tweets
Jan 14
Two years ago I would have been pleasantly surprised that an LLM could math out what a QSR manager was and provide fictional examples. Today I’m pleasantly surprised one just extrapolated cultural commentary on why PMC values chefs more than QSR managers… without me asking.
Claude 3.5, FWIW. I am very new with Claude and have minimal system prompt or context it could be going on, unless it's cross-connecting with my public corpora.

The setup: Image
Claude then answers my question with a question of its own. I play along. Image
Read 7 tweets

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