Farmer’s fable (ergodicity economics)

sharing is actually maximizing profit a cartoon that show how sharing to reduce fluctuation leave both parties better off (on a random walk)

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Homo Ergodicus

“Multiplicative process offers a concrete physical advantage in favor of cooperative behavior”

Also, Warren Buffet’s 3 rules in light of ergodicity  (St. Peterburg’s Paradox explained)

Helicopter VC Money

1. some says the stock market has matured, all blue chips company are pretty much well managed, so it does not really matter picking the right one, so passive investing

2. But some other noted that if you take out the value created by a 4% of high-performers the rest of the pubblic companies just thred water, so pick thos 4% and grow rich. So pick the google and facebook early. Buy a crystal ball

3. Or just get into any seed round you can, because someone says this is the best way to gt into those winners

1. would Maubouissin in this paper The Incredible Shrinking Universe of Stocks

2. would be The best-performing four percent of listed companies explain the net gain for the entire U.S. stock market since 1926, as other stocks collectively matched Treasury bills

3. is Angel List If you miss the best-performing seed investment, you will eventually be outperformed by someone who blindly invests in every credible deal.


Asset valuation? Really?

hope it is not lost on you the humour of an investment banker, not any one, the CEO of Goldman Sachs who claims assets cannot be valued,of all assets, houses

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This argument has some merit, for example Goldman Sachs at some point valued WeWork at 47 billion, that point was right before selling it to investors in the IPO, the investors balked nd WeWork was refinanced by its current owner, Softbank at 8 Bln valuation

“The global market for private equity, including venture capital, has swelled fivefold in the past two decades to $4.2tn,” says the FT—they become increasingly dominated by more public-style investors who don’t have that discernment.  Matt Levine in newsletter