In what might be the biggest, hugest, most crazy story ever, financial journalist discovers taxpayers, some of which were highly successful, didn't pay taxes on unrealized gains, per the tax code followed by everyone.

Other journalists agree and are outraged.
In other crimes-against-humanity news, millions of ordinary Americans are now declared morally bankrupt and should be cancelled because they failed to pay taxes on rising home values.

Financial journalists everywhere call for a national day of mourning and repentance.
Said one well known financial journalist, "I haven't seen this level of moral filth since I heard about companies having the freedom to use their free cash flow as they please, including to buy back stock."
Another soon-to-be Pulitzer winner chimed in, "We gotta stop this. Next thing you know, they'll allow for donations and capital expenditures to be tax deductible. Think of all the atrocities if you incentivized people to help others and invest back in the economy. Burn it down."

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More from @BrentBeshore

30 May
This is the end of a memoir from the famous 20th c. atheist and formerly socialist historian Will Durant called "Fallen Leaves" which was discovered and published after his death at 96 in 1981. It's packed with beautiful prose and raw observations.

Here are some quotes:
"Our children bring us up by showing us, through imitation, what we really are."

"Childhood may be defined as the age of play; therefore some children are never young, and some adults are never old."
"Most men of forty are but a reminiscence, the burnt-out ashes of what was once a flame. The tragedy of life is that it gives us wisdom only when it has stolen youth."
Read 18 tweets
21 May
Politely disagreeing with friends is fun. @BillDA you're wrong and you suck. JK.

In all seriousness, yes, debt is a tool. Not sure most people need the nudge to use more.

Here's why @PermanentEquity hasn't used debt in our last 6 deals (gasp!) and why we think that's correct.
Debt is not a source of returns. It’s an amplifier. It’s a way of taking good returns and making them better. Or taking mediocre returns and creating problems.

Let’s state the obvious: With perfect information, you’d always employ max leverage.
The challenge is that the world is messy and unpredictable. We think we’re far more in control than we are. People go off the rails. Pandemics hit. The price of oil goes negative. Digital shared fictions become a $1T asset class. Musical chairs look available until they’re not.
Read 8 tweets
16 May
I get it Neville. I too thought similar things at one time, but decided to dig in and study Jesus. What I found surprised me and amazed me. I think it would surprise you too.

Here's a summary of what I learned in case it's helpful.
Jesus was a radical whose ideas turned the world upside down.

He believed in the inherent value of all human life, which is the basis for human rights. He fiercely defended the poor and oppressed, condemning only the self-righteous religious elites.
He proclaimed truth with love, warning against the distortive effects of money and power. He was a friend to outcasts, prostitutes, and criminals, treating them with compassion, respect, and graciousness. He forgave his enemies, asking God to forgive them as He hung on the cross.
Read 19 tweets
4 Apr
Happy Easter! He is risen!

Instead of barraging you with quotes and facts about the historicity of Jesus, instead I want to confess a personal struggle, a fairly recent revelation, and what I've learned.

Blind spots are called blind for a reason. Here has been one of mine.
I became a Christian intellectually first. Prior, I thought I was a well-read, well-reasoned atheist.

I’ve always felt a pull towards intellectual superiority, towards wanting to know more and build my identity on being smarter and more thoughtful than, frankly, you, all of you.
As I met some highly educated, whip-smart Christians who kindly corrected my assumptions, I realized I wasn’t nearly as smart or as well-read as I thought I was.

I tore through the books they gave me, first knowing the truth, then realizing I might be wrong. It was terrifying.
Read 16 tweets
25 Feb
Below is a beautiful, intellectually honest secular materialist perspective trying to make sense of our existence.

As a former atheist, I too stared into the abyss and felt similarly. If curious, here's my journey:

Here's how I'd rewrite it now...
We know how this ends. You’re going to die and so will everyone you love. And then you’ll be reunited with God, your creator. Your friends, who knew their shortcomings, admitted their failures, and relied upon the forgiveness of Jesus, will be there, too.
Heaven will come down to earth. All sickness, brokenness, injustice, and hatred will cease. We will be perfected in love, living richly into eternity with purpose and in harmony, finishing the work we started prior to death.
Read 9 tweets
31 Jan
Opportunities beyond the purely transactional require relationships.

Relationships require education and trust, setting the stage for predictability of behavior under varying circumstances.

Brand is the most expensive (t+m) and frictionless expression. P2P sales the opposite.
With both, past performance is your proof of work for future engagements.

First-hand proof of work is obviously most powerful, with abstractions (your stories, others' stories) being less powerful but more distributable.
The higher the overlap and the stronger the signal between someone's proof of work and the other's potential engagement, the more friction-decreasing.

Transferred mutual trust (introductions, known network, shared experiences, familiarity) creates an amplification of signal.
Read 4 tweets

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