Sublime

I've worked with 3 different private wealth managers over the past 5 years, including @GoldmanSachs. To date, I can say that: A. They have provided virtually no value in growing my net worth. They promise access to exclusive investment opportunities, but the investments aren't nearly as good or as exclusive as you'd think. Elliott Managemen... See more

3/ This is more complicated now as investments are increasingly expensed on the income statement vs capitalized on the balance sheet. Separating operating costs from investment expense is tricky but more relevant than ever. Then work to grasp the basic unit of economic analysis.

I've now been asked multiple times for my take on Elon's offer for Twitter. So fine, this is what I think about that. I will assume the takeover succeeds, and he takes Twitter private. (I have little knowledge/insight into how actual takeover battles work or play out) (long 🧵)

Buy your way in. Andrew paid $57k to have lunch with Bill Ackman and now he is the largest outside shareholder in Tiny. You can meet anyone. No one is as busy or hard to reach as you think and good company is always scarce. Just send an email or make a donation and be interesting

I've invested through three bear markets (2000-2001, pharmaceuticals 2002-2004 and 2008-2009). Lots of scars as my list of mistakes is long and distinguished. Sharing some lessons that may be helpful, even if not original. https://t.co/XuxdxbU1rO