Doesn’t seem relevant, as my stonking is almost exclusively money I either get from my job for retirement or something I get an automatic 30%+ return on simply by putting it in retirement investments.
If my job ever doesn’t put a roof over my head or food on the table shit has gone sideways af
Not to take away from your point, which is a good one, but notwithstanding their stagnant economy, the Japanese continue to be voracious, unapologetic, materialistic consumers of many things.
Spx gonna breach 4000 tonight?!
:vince2:
It’s a bit deceptively optimistic, imo - kind of like when someone says that buying shares of a company means that your own part of the business. A company can generate a net income for decades and the stock price could remain the same or drop in price if it’s determined that the value of the biz has decreased.
The stock prices of companies like Apple or Microsoft amongst other absolutely cannot continue to 10x every decade. There isn’t enough money to pull form other areas with their size to do so. Lots has changed on that front in the last 6-8 years.
I’m obviously a fan of the longterm investment of stocks for reasons like protecting your money from inflation or taking advantage of future innovation. But it goes up because of those reasons and not just because it dropped to a certain point or that enough time has passed. And there aren’t a lot of signals right now for those things that have driven up the market for the next 5-10 years and that’s what matters the most.
Lol credit suisse
I just finished reading The Cult of We: WeWork, Adam Neumann, and the Great Startup Delusion. I have thoughts.
This is the second book on WeWork that I read, and I’m pretty sure this was much better than Billion Dollar Loser. If I could do it over, I’d probably read this one and skip that one.
Probably everyone knows the basic story that this narcissistic CEO managed to convince a bunch of people that his office supply sublease business was actually a soon-to-be enormously profitable technology company. But the overwhelming message from this book is that there are investors controlling hundreds of billions of dollars who are easily fooled and just absolute morons.
My favorite highlights:
Neumann would give tours of the first WeWork building to help potential investors see what the culture was, and how it differed from a standard office building. The problem was that these tours didn’t present actual tenants (“members”): “To bring the showroom to life, WeWork employees were told to leave their desks during an investor tour and go to 110 Wall. They’d act as models, chatting or playing cards. Neumann specificed that when he walked in with an investor in tow, he wanted the Notorious B.I.G. song “Juicy” to be blaring. Given that he was never on time, WeWork employees had to sit with the song on repeat, sometimes for as much as an hour, awaiting their boss and the unknown potential funders.”
Their method of accounting was insane. They didn’t recognize rent expense appropriately and their preferred metric (“Community-adjusted EBITDA”) completely mischaracterized their actual results. The fun part is that the company obviously didn’t scale - they didn’t magically become more profitable as they grew. (Which isn’t surprising, considering they were a real estate company, not a technology company.) “By normal measures, WeWork’s revenue doubled to $866 million in 2017, and its losses more than doubled to $933 million that year. But using Minson’s new definition, WeWork had actually generated $233 million in profits.” Accounting is really important!
Softbank’s founder Masayoshi Son gets slaughtered and characterized as basically the Jamie Gold of investing. Page after page of him making enormously stupid decisions based entirely on feel. And it wasn’t just a one-time investment - he kept pouring money into this obviously terrible business. The original IPO prospectus was so bad that when Son tried to get the Kazakhstan wealth fund to invest, they viewed it garbage: “When employees of Kazakhstan’s fund started grilling advisers to the Vision Fund [Softbank’s fund] about WeWork’s corporate governance, they were disheartened. In these advisers’ view, the former Soviet republic’s own fund didn’t have much in the way of governance. Yet these employees of the Kazakhstan fund were so moved by WeWork that they felt a need to call out such flaws in a flashy American startup.”
It’s a really well-written book covering an absolutely insane CEO (and his insane wife), along with the doofuses who continued to give him money despite a warehouse full of red flags.
We have two ex Wework/live employees now, might need to read that.
And yet:
Crypto is insane, these scammers run one Ponzi into the ground then instantly start up Ponzi 2.0. Wait which thread am I in?
So uh what does this person do? Replies are amazing
https://twitter.com/coldhealing/status/1541826643681058817?s=21&t=m3tULZ-MIZmjy-4luJY65Q
The future really is now.
https://twitter.com/kpmg_us/status/1539586499263340544?s=10&t=l1xx6lPA_gB0sw38N1bgXA
This is pretty funny but a lot of the THAT’S NOT REAL WORK people spend all day attending meetings they don’t have to be in, reading emails that didn’t have to be written or that shouldn’t have been sent to them, etc. etc. etc. The pantomime of real work that 80% of employees do isn’t any more productive than Ms. Millennial here and her quiet rooms and snacks.
My company sold our headquarters since we are 100 percent remote permanently now, but we leased some space in a shared “innovation” space and it’s a lot like that video lmfao. Food of the day, drink of the day, all kinds of themed rooms and quiet rooms, etc. Thankfully I only go into there 2 or 3 times per year.
*ahem*
This actually makes some sense because anecdotally companies are finding that if attending work is optional then they have to offer snacks and stuff to get anyone to show up.
When she says she started to do some work, she was using the platform I helped build 
I know a lottttttt of people that do much less for much more than $24 an hour.
I show up only when my boss says he really really really wants me there. But we have some people (including one of my guys) that insist on going in almost every day. My boss’s boss also works a surprisingly frequent number of days from the office, considering he lives ~ 2000 miles away. I would say about 20 percent of the people I know really well wish we were still required to work from the office. (And these are a mix of junior and senior people.)
