It increasingly feels a facts are a thing of the past

lol the other Steve?

Where are you now?

Thanksgiving food isn’t boring. What’s boring it’s the conversation. The food is just straight up bad. Get some authentic Szechuan food.

Thanks!

Me too lol

Where’s the fintwit list?

Yeah seriously…

Wow

Whoa sorry which cables are these?

I’ve never come up with a new idea in my life :)

The US has a “return value to shareholders” culture that doesn’t seem to exist anywhere else. In many markets, the culture seems to be distinctly anti-shareholder such as China.

US corps, esp the large cap corps, are uniquely capable of generating mind boggling quantity of profits. It’s a combination of legal institutional changes (market power consolidation and innovative network externality) but also has a unique shareholder friendly culture.

They were trying to emerge in China, but the political template ultimately proved too difficult. Whatever progress made up to early 2010s is being lost

I’d add 2 factors: capitalist institutions (democracy, rule of law, fearless entrepreneurial culture) and market size (positive externality). There’s a reason mega cap innovative firms can only seem to emerge in the US. This creates an endless demand for dollar assets (intangible and human capital)

Yup

Idk what she means. What signs is she seeing?

What are the “increasing signs that r* is materially higher than before the pandemic”? Not really sure what that sentence means tbph