1/ A highly maneuverable weapons delivery system (i.e., a missile) moving at hypersonic speed from a polar low earth orbit can be countered by a global system of thousands of sensors also operating a low earth orbit that can direct anti-missile systems. google.com/amp/s/amp.ft.c…
2/ The assertion by FT that hypersonic weapons development is something that US and other nations have not been aware of isn't remotely credible. The people who actually do understand hypersonic weapons can't talk about them, because that is the nature of a security clearance.
3/ That a person is being quoted in a well-known publication doesn't mean they understand what they are talking about. This story about hypersonic weapons is just one example. By thinking independently you have an opportunity to avoid the Murray Gell-Mann amnesia effect.
4/ "Space Development Agency (SDA) and Missile Defense Agency (MDA) are developing sensor satellites in low orbits to detect and track maneuvering hypersonic glide vehicles. L3Harris and SpaceX are making wide-field-of-view missile tracking satellites." spacenews.com/space-force-do…
5/ That FT has knowledge of all existing sensor-based networks is as unlikely as the sources quoted fully understanding the current status of hypersonic missle deployment and tracking.
Only the no idea part is correct: "We have no idea how they did this,' said a fourth person."
6/ There are many deployed and in development US defense and intelligence systems for which revealing their existence would be counterproductive. This will always be true. Sometimes there is limited disclosure, for example, if there is enough circumstantial evidence. It depends.
7/ In 2019: "SpaceX may have just “completely changed our ability” to sense threats against America using satellite clusters in space."
“Holy smokes. Talk about being able to move the ball,” Air Force Gen. O’Shaughnessy
8/ How many 3,000 kg hypersonic weapons can be launched by the US into LEO orbit in a single Starship?
In calculating an answer, use a baseline assumption that Starship can deliver 100 metric tons to LEO, even though tonage may be higher and multiple Starships can be launched.
9/ "Chinese Foreign Ministry spokesperson Lijian said the launch involved a spacecraft rather than a missile and was of “great significance for reducing the use-cost of spacecraft and could provide a convenient and affordable way to make a round trip." msn.com/en-us/news/wor…
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1/ Trillions is a new book by Robin Wigglesworth. The book's core is a lively telling of the creation story of index funds. The author skillfully uses the contributions of colorful individuals to inform the reader about the investing system's origins. amazon.com/Trillions-Rene…
2/ Wigglesworth’s narrative describes the contributions of the people and organizations who invented, developed and promoted the index fund phenomenon. I found the book's discussion of the motivations and contributions of John Bogle and Vanguard insightful and interesting.
3/ After I read a review copy of a book I inevitably ask myself whether I would have purchased the book. In the case of Zillions, my answer is definitely yes. If you are unsure about this, I encourage you to listen to Wigglesworth describe his book in a podcast. It is worthwhile.
1/ Simba: "Investing based on ratios like P/E isn't working."
Mufasa: "That's because stock prices reflect transactions between investors selling the present value of future flows they expect a business to produce and buyers who expect even higher future cash flows."
2/ Simba: "Looking up ratios on a web site is easy. Doing a Price-Implied Expectations Analysis requires some work."
Mufasa: "Do you want to use an investing system that is easy or do you want the PIE system that actually works? Use the on-line tutorial." expectationsinvesting.com/online-tutoria…
3/ Simba: "Can't I just invest in great businesses?
Mufasa: "You can't earn superior returns on stocks that are priced to fully reflect future performance. Picking stocks is searching for mistakes What revisions doesn't the seller understand? To start, know what they expect."
Of course, if the container ship backlog at the ports of LA/Long Beach drop, all supply chain problems are fixed! Everyone knows this.
"By September, the annualized rate of sales had tumbled by one-third to just 12.6 million vehicles from as high as 18.8 million in April." news.google.com/articles/CAIiE…
1/ The amount of venture capital invested in space is ~1.2%. A tiny fraction of that is for commercial human flight. Less than .1% probably. As a percentage of all investments globally the amount of money invested in commercial human flight isn't even noise. It's bupkis.
2/ Rocket launches are spectacular and draw lots of attention. It's a giant bomb with a nozzle.
Arguments that investing in space based business is diverting resources from other "more important" efforts are gong to be made by people who have zero understanding of the facts.
3/ Space-based technology (eg, earth observation and GPS) have resulted in huge productivity and quality of life improvements. Higher farm productivity that results from precision agriculture is just one example. GPS is everywhere. Not investing more capital in space is bonkers.
1/ I often dream about writing and speaking as precisely and thoughtfully as my friend Michael Mauboussin. I was lucky to be able to read his new book when it was still a draft. Now I have a hard copy for my library. Friends are a treasure. Hand written notes are a lost art.
2/ "Rather than forecasting cash flows, investors should begin by estimating the expectations embedded in a company's stock price. An investor who has a fix on the market's expectations can then assess the likelihood of expectations revisions."
3/ At 4:46 Bill Gurley describes an approach that is straight up Michael Mauboussin-style "Expectations Investing." Take the stock price today and reverse engineer what must happen to support that price. One thing you do know is the current price. Invert!
1/ "Wholesale transfer pricing power" is a term I first heard John Malone use circa 1995. The "Warner Media-Discovery just does content" bet that David Zaslav is making depends on who has the most pricing power in the value chain. What's your BATNA? vanityfair.com/news/2021/10/d…
2/ John Malone: "Is cable going be a great business; who is going to make the money? It may well be that the Disneys of the world make the money and cable and video continue to get squeezed. I think at least for now [broadband has] enough pricing power." 25iq.com/2014/11/02/a-d…
3/ Wholesale transfer pricing = the bargaining power of company A that supplies a unique product XYZ to Company B which may enable company A to take the profits of company B by increasing the wholesale price of XYZ.