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To summarize the financial impact, $6 million in credit losses from Black Thursday erased $10 million in earnings accumulated over 3 years. The $4 million in additional losses could have been avoided if Maker held more treasury reserves in stable assets like DAI, as they could have used these funds to cover insolvent loans without needing to sell M... See more

The original version of Discover Weekly was supposed to include only songs that users had never listened to before. But in its first internal test at Spotify, a bug in the algorithm let through songs that users had already heard. “Everyone reported it as a bug, and we fixed it so that every single song was totally new,” Ogle told me.But after Ogle’... See more

“Here is an all-too-brief summary of Buffett’s approach: He looks for what he calls “franchise” companies with strong consumer brands, easily understandable businesses, robust financial health, and near-monopolies in their markets, like H & R Block, Gillette, and the Washington Post Co. Buffett likes to snap up a stock when a scandal, big loss,... See more

Reporting on not just Substack, but Patreon, Cameo, Twitch, and OnlyFans, I find myself struck more by the similarities than the distinctions between the entertainers, artists, digital professionals, influencers, and journalists who populate these platforms. Though we like to consider ourselves distinct by dent of our craft’s supposedly elevated ca... See more