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Saved by @Mollyycolllinss

Specifically, it would raise the minimum wage to $9.50 on the day of passage, then by $1.50 one year later, increasing by $1.50 each year until it reached $15 in 2025.

 One other detail that the NBC screenshots leave out: After 2025, this bill would index the minimum wage to median wages, raising it automatically every year. https://t.co/StmCH7PVYT
Here's the full text of the bill. https://t.co/oD5yT2oK3R
The minimum wage bill introduced today would phase out the tipped minimum wage loophole, raising it by $2.50 a year until the tipped minimum wage reached parity with the regular minimum wage in 2025.
Similarly, it phases out the separate minimum wage for disabled workers on the same timetable.
The timeline for the minimum wage hike in this bill sucks, but the indexing and elimination of sub-minimum wages for tipped and disabled workers is really good and important.
(There's a reason why Bernie and Jayapal are lead sponsors on this bill.)
To answer a couple of questions people have asked: First, most of the provisions of this bill would take effect before the 2024 election, if the bill passes this year.
If this bill passes in its present form this year, the minimum wage will be $14 on Election Day 2024, and the sub-minimum wage for tipped and disabled workers will be $12.50, en route to being phased out entirely the following year.
Second, any midterm Democratic congressional losses wouldn't effect the law, since Biden could veto any attempt to repeal or amend it while he remained in office.
Third, any attempt to rescind the final-year raises or the subsequent indexing couldn't be implemented by a president alone—they'd have to pass congress as well.
Fourth, the indexing after the minimum reaches $15 pegs the minimum wage to the median wage nationally. It can't go down if that median goes down, and goes up by a parallel percentage to the median.
(Most years, indexing to the median wage is better for workers than indexing to inflation—by my calculation, if the 2009 $7.25 minimum wage had been indexed to median wages it'd be a bit over $10 now, but only about $9 if indexed to inflation.)
Good question. And no, the Labor Secretary's role is just to calculate and announce the amount of the wage hike, based on the median national wage as determined by the Bureau of Labor Statistics. The Secretary doesn't have discretion in setting the wage. https://t.co/JtI1Tbu0b1
Wow. here's something interesting—this bill is actually considerably BETTER than the symbolic minimum wage bill the Dems passed in the House in 2019. https://t.co/GuaUnlArpU
The 2019 bill, like this one, phased in completely in 2025, but with smaller, later incremental steps. And while it narrowed the tipped-wage and disabled-worker gaps, it didn't eliminate them entirely, even in the final phase of the bill.
(The 2019 bill would have eliminated the youth minimum wage, which this bill also does, on a similar time schedule.) https://t.co/Rpb0wuv5Vc
In 2019, the Dems knew their bill was going nowhere. That this one is more aggressive both in benchmarks and in principles is a good sign.

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1/ Thread: $GOOG 4Q'20 Update

For the first time, GOOG segmented its cloud revenues/income separately, and overall revenue was >20% in 4Q which led to +7% after-hours reaction yesterday.

Here are my notes from earnings/press release.

2/ In the last quarter, here is the segment-wise growth:

Search +17.4%
YouTube ads +46.0%
Google Network Members +22.9%
Cloud +46.6%

Cloud more than doubled in the last two years.
Other bets losses $4.5 Bn in 2020 (vs $4.8 Bn in 2019)


3/ Operating margin in Q4 ~28%
FCF margin in Q4 ~30%

One of the big takeaways was the core business was even MORE profitable than most investors thought since cloud had -42.9% operating margin.

$GOOG's search business is a good comp for Fed in terms of "printing" money. JK.

4/ "you can track takeout and delivery orders when you book or order from Google Maps"

"More than 0.5 million channels livestreamed on YouTube for the first time in 2020"

"videos in our new Shorts player are receiving 3.5 billion daily views."

5/ Google Pay app is now used by >150 mn people in 30 countries.

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# of Deals >$250 Mn became >3x

Waymo is providing hundreds of fully AV rides per week

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Our intuitions often leads us astray. A good reminder: study counterintuitive math and economic results.

Here are 9 of them 🧵

The Birthday Paradox

In a room of 23 people, there's a >50% chance that 2 people share the same birthday.

This type of probabilistic thinking does *not* come naturally to many people.


The Coastline Paradox

Fractal geometry is also confounding:

The coastline of a landmass does not have a well-defined measurement. As the unit of measurement gets smaller (eg. from KMs to cm), the length increases without limit.


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In an auction, the winning bid will usually exceed the intrinsic worth of an item leading to a significant overpay (and negative net profit for the winner).


Braess's Paradox

Removing an extra road can make everyone's commute time faster.

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share = x * totalShare / totalDebt

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4/ So if you manage to have AH bank with totalShare = 1, and some totalDebt you can repeatedly borrow less than the totalDebt (ideally totalDebt - 1) effectively doubling totalDebt in each iteration. You can do it as many times as you want, while totalShare will remain 1

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Ten MF mistakes I recommend you avoid...

1. Too much love

A fund does well. You fall in love with the fund house. You have a large mid and small cap scheme from them. They all tank together! Diversify. And remember being good at one thing doesn’t make you good at the other.

2. One for all

Applying the same metrics to judge different asset classes. What matters to equity funds doesn’t matter to debt funds. Arb funds are fully hedged - the individual stocks don’t matter, they do in equities. Understand what matters for each asset class.

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Assuming all passive funds are good because they are cheap. There are terrible passive funds out there too. They track bad indices. Or they track good ones but have a lot of tracking error. Passive requires its own set of research.

4. Apples and kiwis 🍎 🥝

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Keep dwelling on this:
Further Examination of the Motif near PRRA Reveals Close Structural Similarity to the SEB Superantigen as well as Sequence Similarities to Neurotoxins and a Viral SAg.

The insertion PRRA together with 7 sequentially preceding residues & succeeding R685 (conserved in β-CoVs) form a motif, Y674QTQTNSPRRAR685, homologous to those of neurotoxins from Ophiophagus (cobra) and Bungarus genera, as well as neurotoxin-like regions from three RABV strains

(20) (Fig. 2D). We further noticed that the same segment bears close similarity to the HIV-1 glycoprotein gp120 SAg motif F164 to V174.
https://t.co/EwwJOSa8RK


In (B), the segment S680PPRAR685 including the PRRA insert and highly conserved cleavage site *R685* is shown in van der Waals representation (black labels) and nearby CDR residues of the TCRVβ domain are labeled in blue/white
https://t.co/BsY8BAIzDa


Sequence Identity %
https://t.co/BsY8BAIzDa
Y674 - QTQTNSPRRA - R685
Similar to neurotoxins from Ophiophagus (cobra) & Bungarus genera & neurotoxin-like regions from three RABV strains
T678 - NSPRRA- R685
Superantigenic core, consistently aligned against bacterial or viral SAgs
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Now when Indian Muslims are thrown to wolves it’s Pakistani & Bangladeshi Muslims with whom they kept distance are the only ones feeling their pain. None of the people who they invited for Eid Milan. Qawali & Mushaira are there for them. Such people invoke wrath upon themselves

Indian Muslims never spoke for Kashmiri Muslims. Distancing from separatist was understandable but we never even bothered to highlight their human rights violation & rapes carried out by forces. We could have sent them humanitarian help we didn’t. Our silence made us complicit.

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