Christian Baaki
@christianbaaki
Christian Baaki
... See moreEvery breakthrough — every invention, every industry, every new frontier — began with a handful of extraordinary individuals free to take extraordinary risks. Washington led men into battle at 22. Carnegie was building his steel empire by 30. Meriwether Lewis charted the American West in his twenties. Sam Colt patented the revolver at 22. Palmer
Loose monetary policy created asset-price inflation, but ordinary people mostly just felt the effects of rising prices. Unlike the wealthy, they didn’t benefit much from the rising asset prices in their portfolios.
... See moreThe standard explanation of why government grows is that, as time goes on, there is more work for government to do, and that therefore the public’s “demand for government” rises. Far more accurate is the view that there is a case of an inverted Say’s Law, where supply — or rather the suppliers of government “services,” the bureaucracy — themselves
“General Motors had come to own the manufacturers of 70 percent of everything that went into its automobiles—and had become by far the world’s most integrated large business. It was this prototype keiretsu that gave General Motors the decisive advantage, both in cost and in speed, which made it within a few short years both the world’s largest and
... See morePeter Drucker, The Essential Drucker
The impact of the corporate income tax on the economy is much larger than the actual amount of taxes collected. Additionally, the overall size of the wage base is many times the amount of the corporate taxes collected, so a small increase in the corporate tax can have a relatively large effect on wages.
There's a concept known as financial compounding, but most people don't know about intellectual compounding. Buffett and Munger employed this to great effect and to accumulate mental models such that they can make large decisions quickly. Intuition is simply reading a lot.
Sizhao Yang • Tweet
In Europe, governments account for 40–50% of GDP (higher in France particularly if you include education). In the U.S., it’s higher than reported when you include local government and recent interventions. A century ago, governments were under 15% of GDP, often less than 5%.
... See moreThe fastest-moving entrepreneurs are obsessive resource allocators. Similar to investors, they seek the best risk-adjusted returns with the resources they have. The main resources of the business are time (of the team), attention (of the team), and capital (of the business). So resource allocation is 1) aligning attention on the most important