Devin Baker

In TechDollar 1, I explained that the world was bi-frucating into two systems. The countries that were producing real physical goods, and the tech and financial infrastructure of the world. That this underlying system was going to cause friction as the financial structure is currently set up to absorb real wealth from the productive countries and... See more

Markets are collective truth discovery machines encode information and allocate resources effectively. Interacting with markets will only continue to redefine what it means to be human in a connected civilization by changing the fabric of how we perceive, decide, and relate.

Strip the transcendent out and what remains is raw consumption. You are no longer participating in a project that exceeds you. You are furnishing a room. The judgment may be exquisite. The room may be beautiful. But the activity has no telos. It is not pointed at heaven. It is not even pointed at the future. It is pointed at a living room wall.

The fear of mass job displacement is real, but it rests on a flawed premise — that what we currently sit atop are radical, infallible systems of pure market competition. Capitalism has never actually been this. Global markets are, at most, a few hundred people coordinating with each other to make difficult trade-offs, organizing trillions in... See more

Across every domain we have stopped playing openings. We have stopped playing middlegames. The instinct everywhere is to skip directly to the endgame. To reason backward from the terminal state and treat everything between here and there as something to recite and move on.

Consider modern war. A century ago, wars were fought with openings. The first... See more

Toolmakers are closer to what I’d categorize as actual deep tech. They are solving deeply technical problems in order to give humanity fundamentally new capabilities. They’re often the ones pushing the exponential curves. A company developing a new type of semiconductor, new materials, or more efficient solar cells might fit into this category.

Tech... See more

I feel a bit like a broken record because at least anecdotally it seems people have been asking me for a while if the bull market is over. My crude, high-level view on this is that unless we are heading into a recession or a rate-hiking cycle the answer is probably no.

The rally in gold essentially sucked all marginal liquidity out of the system that would have flowed into BTC and SaaS. There was not enough liquidity to support all these assets, so the riskiest got hit. C'est la vie.