Bloomberg Ideas conference now starting! I will be live-tweeting it. You can watch on our Facebook or Twitter pages (links below)!
Today and tomorrow we'll be having a Bloomberg Ideas event!— Noah Smith (@Noahpinion) October 25, 2018
Today will be a panel on cryptocurrency.
Tomorrow will be panels on the economics of AI, and on regulation of big tech companies.
You can watch livestreams here:https://t.co/1dC0ELGvabhttps://t.co/Juz5Mp2EC1 pic.twitter.com/VfxOscNflo
Russo: Yes. Remittances and cross-border transfers still very small.
(Noah's note: Seems like fees are too high for that)
Feldman: Having been to Iraq, toppling the nation-state sounds bad.
Levine: A lot of crypto is rediscovering the (institutional) history of finance.
Cowen: Bitcoin is relatively minor as far as energy usage goes, but it's a real problem.
Levine: Lighting network and proof-of-stake.
Feldman: But war is bad.
More from Noah Smith
2/Apu's presence in Springfield represented a basic reality of America in the late 20th and early 21st century: the presence of nonwhite immigrants.
3/As Tomas Jimenez writes in "The Other Side of Assimilation", for my generation, immigrants from India, China, Mexico, and many other countries aren't strange or foreign. On the contrary, they're a
4/But that America I grew up with is fundamentally ephemeral. The kids of immigrants don't retain their parents' culture. They merge into the local culture (and, as Jimenez documents, the local culture changes to reflect their influence).
5/Simpsons character don't change. But real people, and real communities, do. So a character who once represented the diversity that immigrants brought to American towns now represents a stereotype of Indian-Americans as "permanent foreigners".
I keep feeling guilty about being mistaken for Noah Feldman and angry about being mistaken for Noah Berlatsky...
Then there's that guy Noah Smith who does computer science at the University of Washington, who is way handsomer and more successful than I am...but nobody mistakes me for him because I'm much louder and more online... :D
"I want a guy named Noah to slice my mango. I want that Noah mango. That’s the income bracket I want to be in."
- Ali Wong
Short version: Places with lots of skilled workers are doing great, other places aren't. But more people are moving to the former, which is good.
And here are cool interactive maps to go along with the
Report is via @LettieriDC, who is doing great work on struggling places.
A bit of good news: People are moving from economically bad places to economically good places, though probably too slowly.
Rural America continues to languish.
2/First of all, many people don't realize just how many PhDs we produce! More than almost any other rich country.
3/And we've kept ramping this number up and up.
4/But the problem begins when PhDs start looking for (usually academic) jobs.
5/The U.S. built a ton of universities and then we stopped.
Professors have tenure.
That means there are just going to be fewer new tenure-track jobs than before. Everyone in academia already knows this well.
I will be live-tweeting again, and you can also watch video at either the Twitter or Facebook links below!
Kaissar: Every industry gets regulated when it gets big. The question is what kind of regulation Big Tech will get,and whether the companies will be proactive in shaping it.
Kaissar: More profitable companies have higher returns. Why? Maybe it's a risk factor, because more profit = higher risk of getting regulated.
Bershidskyis showing a diagram of GDPR complaince pop-ups. What a massive ill-conceived bureaucratic mess.
Ritholtz: It's 2018 and we're still talking about Facebook privacy settings?! If you're still giving your personal data to Facebook, you just don't care about privacy!
More from All
I have some thoughts:
As somebody who bootstrapped ~4 companies, I feel like I had to make some clearly suboptimal decisions early in them for lack of what is, in hindsight, not all that much money. But there's a huge gap in the product space for investment options.
It's weird: you can get $25k from Amex trivially, and angels are very willing to write a check for that much, but you have to make representations about your goals/ambitions/market/etc which don't really apply to everyone.
And so you see the traditional angel/VC ecosystem fund companies where honestly the returns are probably not there, and this is knowable pretty early, but the chase of them will wreck what could have been a perfectly happy business.
(To make the math work for traditional VCs the company has to at least have a market-appropriate shot of $100 million a year. There are a lot more $10 million a year companies than $100 million a year companies. That is *not* a bad terminal outcome for founders/employees.)
Brown's article at Buzzfeed starts off pretending it's some kind of really off-the-wall notion that Hillary Clinton paid for the creation of the Steele Dossier that was then used to justify the FBI's spying on the Trump campaign & transition team.
After that awful start, he swerves to making accusations that the Epoch Times is connected to the 'cult' Falon Gong.
You can read the article here:
Brown insinuates with no real evidence whatsoever that the Epoch Times is 'Falon Gong-linked'.
The 'evidence' he supplies in his article to 'prove' @EpochTimes is 'Falon Gong-linked is this:
1) the Epoch Times' extensive *news coverage* of China's attempts to wipe out Falon Gong with intense persecution directed at the group since 1999.
2) a reporter *shouting a question in 2006* at then-President George W. Bush about China's persecution of Falon Gong members.
He's STILL in charge of the Mueller investigation.
He's STILL refusing to hand over the McCabe memos.
He's STILL holding up the declassification of the #SpyGate documents & their release to the public.
I love a good cover story.......
The guy had a face-to-face with El Grande Trumpo himself on Air Force One just 2 days ago. Inside just about the most secure SCIF in the world.
And Trump came out of AF1 and gave ol' Rod a big thumbs up!
And so we're right back to 'that dirty rat Rosenstein!' 2 days later.
At this point it's clear some members of Congress are either in on this and helping the cover story or they haven't got a clue and are out in the cold.
Note the conflicting stories about 'Rosenstein cancelled meeting with Congress on Oct 11!"
First, rumors surfaced of a scheduled meeting on Oct. 11 between Rosenstein & members of Congress, and Rosenstein just cancelled it.
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your own "scheme" of Divya Darshanam i.e sending 1.3 lakh poor hindus to pilgrimage.
cost: 100 crs.
borne by - TTD & 7 major temples.
cost to tax-payer: 0. Z-E-R-O. 1+
RO plant at Srisailam.
Development works or Construction works at various temples across AP.
Kalyana Mantapas at various places in AP.
cost: a few hundred crores.
borne by: TTD
cost to tax-payer: 0. Z-E-R-O. 2+
Construction works at various temples across AP.
Kalyana Mantapas at various places in AP.
cost: a few hundred crores.
borne by: TTD
cost to tax-payer: 0. Z-E-R-O. 3+
Land for Bharat Electronics Ltd.
borne by: TTD
cost to tax-payer: 0. Z-E-R-O. 4+
Venkateswara Swamy temple at Amaravati. in CRDA limits.
Cost: 50 lakh per acre.
borne by; TTD
cost to tax-payer: 0. Z-E-R-O. 5+
2. The Enterprise is run Bill Barr himself and organized 800 ex-CIA agents and 300 ex-Soviet KGB Generals into a junta of 1,100 Frank Guistra partners in a sort of law firm of international crime. Iran Contra drug running was the first major operation in 1980. by the Enterprise.
3. Chip Tatum, a CIA pilot, flew Bill Barr, then a CIA attorney for George Bush, to Central America for Iran Contra banking and money laundering operations talks about this extensively in him book about his close friend, Robert Mueller, entitled, "The Mule".
4. A fundamental premise of my work over the last four years is to focus on this core Iran Contra, "Enterprise" group, to follow election hacking, dark weapons trade, drug running, and money laundering. Here are some video notes capture on the web from shows I did in 2016.
5. You can see in these 2016 show notes how my focus was on a USAID funded Serbian election flipping, subversive group called OTPOR. This group received subversion funds for election flipping through KKR, a joint venture of David Petraeus and Henry Kissinger.
1) Maruti Suzuki (passenger cars)
2) APL Apollo (structural & pre galvanized tubes)
3) CDSL (investors accounts)
4) Interglobe Aviation (air traffic passengers)
5) GMM Pfaudler (glass lined equipment)
6) Asian Paints (decorative paints)
7) Colgate (oral care)
8) Symphony (coolers)
9) PGHH (female care & vaporub)
10) La Opala Rg (opalware)
11) HLE Glasscoat (filtration & drying equipment)
12) Delta Corp (online poker games)
13) Bajaj Auto (3W segment)
14) Vinati Organics (IBB)
15) OCCL (insoluble sulphur)
16) LMW (textile machinery)
17) Bajaj Consumer (almond hair oil)
18) Indiamart Intermesh (online B2B Classified space)
19) Vst Tillers (power tillers)
20) Sanghvi Movers (overall domestic crane hiring market)
21) Emami (antiseptic & male grooming)
List of companies with more than 60% Market Share:
1) Concor (domestic container cargo transport)
2) Exide (lead batteries)
3) Naukri (Indian job market space)
4) Praj (ethanol plant installing)
5) ACE (mobile & tower cranes)
6) Pidilite (adhesives)
7) Jamna Auto (leaf spring)
8) CAMS (RTA within mutual fund industry)
9) Time Technoplast (polymer based industrial packaging)
What you call chaos I call spontaneity.
A regimented life is like a heartbeat that's non-chaotic; it's a system that’s too ordered. It doesn't have any life to it. And real life has lots of ups and downs, some of them very extreme.
I over-plan, but planning is pretty useless. What tends to dominant life are a small number of Black Swan events in both directions, positive and negative.
Expose yourself to asymmetric upside and lots of good options: things that can become massively important for you.
And you want to avoid the asymmetric downside: anything that can end the game, whether it's through financial ruin, or reputational ruin, or physical ruin.
That requires a certain amount of chaos and spontaneity.
If nothing else, 2020 taught the power of optionality.
We think about planning as linear and controlled, but that's not how the world around us works anymore.
The world is dominated by nonlinearities, so understanding options value is far more important.
The environment that Ousmane Dembélé grew up in and the environment that FC Barcelona seeks to engulf its youngsters with could not be more different.
The Great Gatsby starts with a life lesson.
"Whenever you feel like criticizing any one, just remember that all the people in this world haven't had the advantages that you've had."
Ousmane hasn’t had the advantages that La Masia youngsters have had. That’s why he’s Ousmane.
Like every La Masia youngster, Ousmane grew up with a dream: playing for Barça.
Like every youngster, he fought to stand out amid a talented group of players, the majority of which would fail to go pro.
However, his football education was the polar opposite to that of La Masia.
Ousmane did not reside in one of the most expensive academies in Europe: he lived in a low-cost public housing unit in Normandy. He did not play in the well-trimmed pitches of La Masia, he played in the concrete jungles of Évreux. These disadvantages made him the man he is today.
While street soccer encourages individuality & creative freedom, academy-based training like La Masia encourages unselfishness & teamwork.
That’s why Barça produce certain types of 20-year-olds like a factory line. It’s also why Barça spent €145m on a 20-year-old Ousmane.