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Saved by @Jacobtldr

Some insights I wanted to share with you from Tony Deden's speech (in his own words) at the Observer's conference from late 2018.

This is PURE GOLD, some incredible gems being dropped by Deden, as usual. It's especially relevant now more than ever.

1/

 Savings accumulated over a lifetime is something precious & irreplaceable & in order to protect it one must first respect it, & in seeking to deploy it one must acquire a sense of detachment from the noise of the dance hall & find what is valuable in context of irreplaceability 2
The idea of a prudent man has been replaced with microsoft excel, financial calculus, risk officers and the compliance industry. And the idea of investment value became very fuzzy. 3/
A prudent man must seek to satisfy himself about the means to an end. This demands that he revisit, again & again, the elemental principles of his craft. What is money? What is wealth? What is savings? What is time? What is scarcity? What is value? What is risk? 4/
At the root, we all inevitably measure value in terms of money, overlooking the fact that money in itself can never be a measure of value. It made no sense. It seemed to me that there must exist an understanding of value independent of the money in which it is expressed. Why? 5/
We talk about financial markets but don't have genuine markets in the sense they are free from coercion or intervention. Extensive interventions, regulation, legal uncertainty, banishment of failure as natural means to corrections, etc, make the modern notion of markets a mockery
If we don't have real markets, we have no price discovery. Our forefathers understood that without a free market in the price of money, all calculation becomes false. Money is the defining element in any economic calculation and once destroyed via inflationary policies, the ...7/
...the distortions create an unreal framework characterized by the booms that cause the ensuing busts. Uncorrected, the errors compound. Yet, why do we insist on using error-induced prices to calculate investment value? 8/
Private equity didn't exist in the past as an asset class, and would not be possible today were it not for another word that also didn't exist then: EBITDA - a word that owes its very existence and relevance to dishonest money. 9/
"Well, this is all philosophical." Indeed, we look to prices on an exchange to reckon value, failing to see that wealth creation via stock market doesn't create resources in the economy. 10/
Booming markets without savings is not an accumulation of resources but an accumulation of claims on existing resources. We hail growth by looking at meaningless aggregate such as GDP, hoping for higher prices, dismissing fact that such growth in money terms more often ....11/
comes from debt creation and consumption of our capital. Yet we reckon all this as a modern financial miracle. We've abolished the idea of failure. In GDP terms, it looks terrific. But it is neither enduring nor real. 12/
A promise to pay is not money. How many really understand this? We dress it up as a bank deposit, a T-bill, or some variation and insist on calling it an asset. But we also laugh at the man who chooses to keep his cash in gold. 13/
The price of something becomes our value determinant rather than its characteristics in being real, enduring, or suitable as a means to our objective. 14/
Take the notion of "intrinsic value" as an example. We conjure future flows of money, something we guess from a business whose results are subject to interventions & distortions, we then discount it all by a number - a rate of interest that bears no relationship to anything. 15/
We get a number & compare it to the monetary value of an investment instrument. The math can be impressive to the customer, but what does it really mean? I propose it means absolutely nothing. 16/
At the root, we eagerly look to authorities to find solutions to the very problems they created in the first place. Indeed, many of the problems we face are intractable. Their resolution is too painful to contemplate. But we know that the undoing of massive errors is unavoidable.
How we view investment value must be reassessed in the light of the scarcity of our capital & in light of what we consider valuable, as a means to our specific ends. 18/
In the fog & distorted noise of a world of boom/busts, the sanctity of our savings demands an escape from what is merely financial. The only one I know is that of seeking to find what is scarce & valuable to me...what is real and what is enduring. 19/ (final)
@JeffBooth - H/T for opening my eyes to the sustainability of the current path we're on
@PrestonPysh - H/T for opening my eyes to a new framework to think of price discovery in today's world
@radigancarter - H/T for introducing me to Deden's writings

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@jeffreyatucker In the end, it is all a natural consequence of a very human foible, namely that we all do everything we can to blame anybody or anything else for our problems, if we can get away with it. It's the reason why rulers start wars to squelch domestic dissent - macro and micro the same

The very notion of the germ theory of disease revolves around this and while it is good for selling medical interventions, treatments and pharmaceuticals, it is no good for either personal health, or public health in any way. We need to start looking at health on a holistic level

More of a systems approach to health would get us to see that the whole instinct to stamp out viruses, like the very counter-factual notion of "zero Covid," and other nonsense, are driven by this need to blame somebody or something else for our problems, so we can have our cake

and eat it too, i.e. we can pass the blame to others and go and kill them, be they bugs or other people (lockdowns???). The results are disastrous for health on both a personal and a public level, and we continue on a path of assured self-destruction. But times are changing, now.

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stacks are eating the world

business used to be easiest to comprehend via a) market-based logic of horizontal vs. vertical STRUCTURE, b) professionalization/specialization based FUNCTION c) core competencies based BEHAVIORS

this has pretty much collapsed in the last decade

Structure = sclerosis
Functional specialization = bureaucracy
competencies = inertial habits

"Stack" thinking instead lets technology structure (rather than market structure) drive business org logic

Companies seem to do well when they identify an entire stack of technologies they are good at (not just point bits) and organize to conform to its logic. There is a "full-stack" dimension of technical specialization that is the spine of the org

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The Misrepresentation of the Levites

[A Bonus Smallanyana Thread]

Disclaimer:

This thread is not part of the Angelology Threads we are focusing on this month of February but it is a response to what uNkulunkulu laid on my heart when I was finishing up Part 3 of the main threads.

This thread is also not an attack but a personal observation.

Let's Begin 📖

The Levites or the Tribe of Levi was/ is one of the original 12 tribes of Israel. Descended from Levi the son of Jacob. Descendants of Aaron, the first high priest of Israel. The Levites were designated as the priestly class, also known as the Kohanim.

Principal roles:

Singing Psalms during temple services
Teachers of the Word
Judges (Politics)
Construction and Maintenance of the Temple
Serving as Guards

The Levites were known to stand for truth, at all cost. Some considered them an army set apart by and for uNkulunkulu.

Numbers 18:6

And behold, I have taken your brothers the Levites from among the people of Israel. They are a gift to you, given to the Lord, to do the service of the tent of meeting.
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As a scholar who has researched and written quite a bit about the Anabaptists, can we set a few things straight?

1. Baptists are not Anabaptists. Their history is theirs; ours is ours. We have similarities, but we are not them. We honor them by not using them for our purposes.

2. Not all Anabaptists were in Münster, and many if not most Anabaptists at the time were just as appalled as we are by the Münsterites. So please drop the tropes equating all Anabaptists with Münster. Informed and honest scholars are known by their right retelling of history.

3. The same truth applies to the other types of Reformation Radicals. There is a great difference between those who have become known as Evangelical Anabaptists on the one hand and Spiritualists, Rationalists, etc. on the other hand. Respect them as you also wish to be respected.

4. Yes, there were Anabaptists who toyed with various heresies, including Arianism, Socinianism, and Celestial Flesh Christology. But there were also many Anabaptists who affirmed, commented upon, and used the traditional Apostles’ Creed, Nicene Creed, and Athanasian Creed.

And if you want to do the honest research, you can also find a few heretical Roman Catholic Popes and more than a few heretical Anglicans, Presbyterians, Lutherans. and whomever else you want to talk about. Good historical theology doesn’t play favorites; it speaks the truth.
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One of the most moving and relevant stories of the Battle of the Bulge, or any American Soldier in any war, is that of Master Sergeant Roddie Edmonds, a Knoxville, Tennessee native, who served with the 106th Infantry.


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Roddie was captured early on in the Battle of the Bulge, on December 19th, when Panzer forces plowed through his unit.

He, along with almost his entire regiment, was forced to surrender.


3 of 16:

The men were transported to the Stalag IX-A POW camp in Ziegenhain, Germany.

Roddie was the senior enlisted American Soldier at the site. As such, he was the conduit between all American Soldiers and their German captors.


4 of 16:

In late January, the camp’s commandant, Major Siegmann [pictured here], ordered Roddie, a Christian, to identify all Jewish Soldiers and order them to stand in formation by themselves the next day.

[Jewish Soldiers were a minority within American units]


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Throughout WWII, captured Jewish Soldiers were often tortured and then killed by their German captors.

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Thanks, Apple! I really was nostalgic for worrying about yanking my computer off the table.

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The kingdom of Sindh was ruled by its last Hindu king Raja Dahir during the 8th century. When Muhammad-bin-Qasim invaded Sindh, he decimated Sindh in his savage bloodlust. The chronicles of his advent are described in the Chachnama.


2/n
The Chachnama describes in detail how the Arabs led by butcher Qasim conquered Sindh. It tells the terrible tale of bravery, treachery, & carnage marking the entry of Islamic conquest of India’s Hindus.


3/n
When Muhammad-bin-Qasim attacked Sindh, Dahir had collected an army of 50,000 horses and marched from Brahamanabad to Rawar to face the invader. Qasim had an army that numbered in the tens of thousands with camels & horses.

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Makers are looking to reverse-engineer success. I see it everywhere.

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I have built dozens of different products over the last couple of years. The vast majority failed. 😭

Surely if I know the answers to these questions, but still fail over and over again, these answers aren’t that useful. 🤷‍♀️

So what’s a better question to ask? 🤔

99.9% of the questions I receive are about the products that did well. In a way that makes sense, because we quickly forget about those that didn’t succeed.

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Focusing on what survived, while ignoring what made it survive in the first place.

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What makes @WIP, @BetaList, and to some extent @AllStartupJobs succeed where my countless other attempts failed?

What separates a failed product 👎 from a successful product 👍?

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