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Patrick McKenzie Profile picture
@patio11
Dec 1, 2017 • 23 tweets • 4 min read • Read on X
Some people really benefit from hearing advice that everyone knows, for the same reason we keep schools open despite every subject in them having been taught before.

In that spirit, here's some quick Things Many People Find Too Obvious To Have Told You Already.
Your idea is not valuable, at all. All value is in the execution. You think you are an exception; you are not. You should not insist on an NDA to talk about it; nobody serious will engage in contract review over an idea, and this will mark you as clueless.

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More from @patio11

Patrick McKenzie Profile picture
Apr 12
Swift on Security, one of my favorite "Twitter accounts", wrote up their life story:

It's a deeply personal and reflective one. A thing I would like to underline: in between long stretches of showing up, there are occasionally leveraged choices.
Sometimes, choices are made by people who have grossly insufficient ability to understand the tradeoffs presented or even that there is a choice to be made at all.

One of best acts of charity is noticing if you observe that and intervening to extent possible.
I did not grow up in the best of socioeconomic circumstances and owe a lot to a friend's dad, and I don't even remember whose dad it was, who saw me with an IIT pamphlet in high school and said "Patrick, come here a minute."
Read 11 tweets
Patrick McKenzie Profile picture
Apr 12
This is, FWIW, a fairly complicated area where the IRS’s position is “We won’t make trouble for small business owners unless you really go out of your way to turn your credit card into a business into itself.”
What many, many small business owners do is spend $50k on the business’ card and extract $1k of value (flights, cash back, whatever) for themselves personally without that value being taxed.

The IRS has a technical objection to this but doesn’t really care.
The technical objection is that the card rewards should function as a discount and then that discount reduces the value of the expense that your business is deducting. Few small business owners actually do this.
Read 14 tweets
Patrick McKenzie Profile picture
Apr 9
If you’re looking for an absolutely wild fraud story:



The details about horses/Hermes scarves/etc are salacious but the details about organizational design are the real scandal.politico.com/news/magazine/…
The theft was discovered when the criminal got so distracted enjoying their ill-gotten gains that a non-conspirator needed to fill in for her and see the account statements, *this being the first time a non-conspirator had direct possession of the account statements in decades.*
What, what, WHAT.
Read 27 tweets
Patrick McKenzie Profile picture
Mar 29
This is the paradigmatic example of why we have securities laws: Image
It’s usually a dentist not a pharmacist* but “Highly intelligent well-respected member of the community gets taken advantage of and loses life savings or more” can only happen so many thousands of times before guardrails get put in.

* Read this as a joke not a true statement
There’s often a certain amount of chuckling in finance circles about the medical professions at this point, and I am compelled to point out that the same trade was a daisy cutter across the putatively serious professionals in crypto (after it had made some huge amounts of money).
Read 5 tweets
Patrick McKenzie Profile picture
Mar 29
Me: Honey could you pick up my prescription for me.
Ruriko: Sure. Do you have it?
Me: *puzzles* Oh you mean do I have it on paper? No, it gets electronically transmitted to pharmacy.
Ruriko: Then how will they know I am authorized to pick it up.
Me: I asked last time I was in.
Ruriko: Do they ask for proof of marriage?
Me: No.
Ruriko: Good because we aren’t even licensed in this country.
Me: I think they intend to allow a much larger range of people than spouses to pick up prescriptions.
Ruriko: You are about to terrify me.
Me: They will ask you for…
Me: My name and either the phone number or the address on the prescription.
Ruriko: AMERICA.
Me: Also they probably won’t actually enforce that against you if you’re persistent about being my wife and just not knowing what address is currently on file, given totality of situation
Read 21 tweets
Patrick McKenzie Profile picture
Mar 24
Apparently my trivial use of crypto (mostly to quiet my friends saying “You cannot understand it unless you have actually used it”) resulted in me getting an airdrop.

I’m a bit boggled by what I perceive as the incentive design here.
PM: An airdrop uses legal-tells-me-I-can’t-call-it-equity to incentivize the behavior we want to see in the world.
Me: I get this concept.
PM: So projects used to just spray and pray with airdrops, but that ends up being wasteful.
Me: Yes giving your equity to entire world does.
PM: So one of the innovations is creating a tiering system for the airdrop. Users get status within that tiering system based on their historical usage of the protocol. Since heavy users are fans, this is much more efficient.
Me: I do not endorse this explanation but tracking it.
Read 11 tweets

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