just got the weekly status report from the team

The lesson if you're ever selling to a strategic: - The earnout is the price. The headline is the press release. Poppi's sellers were promised $300m on targets and will see almost none of it. - Targets the buyer controls aren't targets. If they set the marketing budget, they set whether you hit them. - Take more cash up front, even at a lower total. A smaller number you receive beats a bigger one you don't. - Ask what happened to the last three brands they bought. The answer is public. Most founders negotiate the valuation, but negotiating the structure is more important.

i have been using muse wonder full to up my shitpost game in this case, i had muse wonder full run overnight. it cut the original video scene-by-scene, recreated each one, acted as a director in evaluating each take for every scene against a set of aesthetic criteria i gave it, and continued assembling scenes until it created this masterpiece. i went to bed, sent the command, and came back with *chef's kiss* shitpost material

HomeView (wall-mounted) in action.

A friend recently shared Elliott is worried about activism in today’s market - it’s not seeing the market response it saw in years past. In addition to smaller announcement bumps, it sees thinner support from other shareholders, which creates “value trap” risk. Trying to adapt.

It's been just over a year since we started Meta Superintelligence Labs. Muse Spark was our first family of models, and now Muse Wonder is a much larger and more advanced class of models that brings us to the frontier. We're releasing two models today. Muse Wonder for fast frontier performance and Muse Wonder Full for the full version of the model.

The Month I Ran My Hedge Fund from the Local Chase Bank After Enron went bankrupt in 2001, I decided to start a hedge fund. Until then, I’d spent my entire career at a large company, trading off its balance sheet. I knew how to trade, but knew little about the logistics of launching and running a fund. Plus I had no peers in Houston who could help guide me through the process. I found out-of-town legal help. My clearing broker was a NY investment bank, Smith Barney. I knew I needed two bank accounts: one for the business to pay rent, salaries, etc and one for the investor money that supported the trades. I figured, incorrectly it turned out, that I could stay local for the latter. I figured I needed a national, sophisticated bank so I went to my closest Chase branch and asked to open a business account. They were very accommodating and asked some basic questions. Suffice it to say, they were as new to hedge fund finances as I was. But they were happy to have the new accounts, especially since one would be funded with a 6-figure deposit and the other would eventually be funded with millions. In the spring of 2002, I opened the first account. I used it to pay for normal business expenses: rent, office equipment, legal fees, etc. All was fine. In August, I called my external investors and told them to send their funds to join my personal investment in the fund to the second Chase account, the limited partnership account. They did. Chase confirmed they received the funds and had no problem. Quick aside, energy trades in 2002 could be done on an exchange or over-the-counter directly with a counterparty. Most trades could be executed on exchange and be relatively capital efficient but some instruments only traded directly with counterparties. Today, exchanges clear almost any nat gas product one would want to trade but it was less so back then. I had friends at another trading house, Sempra, who fast-tracked a credit arrangement for me to trade OTC there. I would have to post cash as margin to support my trades given I was not a so-called “credit-worthy counterparty,” but it was fine. I wasn’t planning on taking large net positions given my small capital base, though sometimes I might be long on the exchanges and short to Sempra, or vice versa. I would need to post initial margin and maintenance margin both at my clearing broker and with any direct counterparty to account for the daily price swings at both places. This meant I would have to move money between my prime broker, where I kept my exchange trades, and Sempra, several times a week. The second week of August I started trading. The first thing I needed to do was send more than half of the LP account funds to my prime broker, where most of my trades would be. The neighborhood Chase branch executed this wire with no problem. Trading at first was small. The second week I did my first trade with Sempra. I had to post margin with them. Chase executed that wire with no problem. By the third week my trades were picking up. I ended up long with Sempra and short on the exchanges. When the market went up, I had a surplus at Sempra and would ask them to send me those funds, as the credit agreement allowed to me to do. I needed that money to cover the offsetting exchange losses. Very quickly I was moving hundreds of thousands through my local Chase branch several times a week. Red flags quickly went off at the bank. Suffice it to say, I had not prepared them for this level of activity. The following week the market fell. I needed to send money to Sempra hundreds of thousands of dollars. I told my prime broker to send some of my account surplus there to Chase, and asked Chase to send some of that to Sempra. That’s when my 4 week old hedge fund was hit by an almost fatal blow. Chase accepted the wire from Smith Barney, but I found out the next day that they did not send the wire out. Sempra was calling to ask where the margin money was. I didn’t know. I called Chase and they told me there was a hold on it but it would go out later that day. I checked in the late afternoon. It had not gone out. I was at the bank went it opened the next morning. I explained how I needed this wire to go out. The account had been frozen, they said, until they got a green light from their compliance department. They didn’t properly “know your customer” and froze my account until they could understand what was going on. This level of activity out of a new account of this size was not something this branch had ever seen before. Nor did they understand an energy hedge fund with over-the-counter trades. I was furious they had not explained this the previous day and asked them to just send out this one wire and then we’d sort it out. I’d move to another bank asap. They declined. I pleaded, just send this one. It wasn’t working. I panicked. I had failed to meet my Sempra margin call. They could close my trades. I called Sempra from the bank, explained the issue, and convinced them to give me a 24-hour grace period. But if I didn’t meet my cash call by the next business day, they would close my trades. Then I would be imbalanced on the market with my just my short trades on the exchange. With a sharp market move in the wrong direction, my little hedge fund would have been toast within a month of opening. Throughout this, normal bank customers were flowing in/out of the bank. I told them I wasn’t leaving the bank branch until they sent the wire. It was my money. I started to raise my voice and cause a scene, the best I could. I hoped they would send the wire just to get me to quit disrupting their normal flow of customers. I’m normally a quiet guy but my business, and maybe career, depended on convincing the branch manager to send this wire out. After two hours and a lot of calls with higher-ups, they consented, but they said they had to send a team to my office the next day to inspect my “business.” The office space I had was nothing to fancy, to say the least. The building was fine, an 11-story class A. The office, a sublease, was 3 rooms. Open the door and you were immediately on the “trading floor”, which was one row of desks where the 5 of us sat. It had a small kitchen and a tiny conference room to the side. There were a lot of computers but of course no receptionist, no art, no waiting area, just a handful of 20 or 30 something year olds in shorts (August in Houston) with a football nearby. Chase sent 3 bankers in suits. It was… awkward. I led them to the conference room and tried to explain what we did and why the funds had the velocity they did. They quickly told me that they were not equipped to handle my account and I needed to find another bank by the end of the week. I asked them to facilitate the wires for another couple days until I could, which they agreed to. I called Smith Barney, my broker in NY, and explained the situation. They immediately understood and helped me open a bank account there. In retrospect, I should have had my investment account there from the beginning. I’d already had my business account at the local Chase and figured they were my bank. I had not properly distinguished between local Chase and JPMorgan Chase. I didn’t know any better. As I later learned more about banking regs and KYC rules, I realized the local branch acted exactly as to be expected given the circumstance. It was my fault. Luckily, it got straightened out and I can laugh about it now. I still think about how naive I had been every time I drive by the bank branch.

Bro how do I have a 4.65 on uber all I do is sit there

Native customer service in Instinct Nobody likes talking to customer service. Instinct should handle those tasks for you. With Instinct Concierge, we enabled Instinct to make calls on your behalf. Now, we’re taking this a step further. When your Instinct connects with participating businesses on @SierraPlatform and @DecagonAI, the agents will be able to work together to solve your problem with speed, reliability, and safety without making a phone call. I’m excited to announce that Instinct will be partnering with Sierra and Decagon to bring customer service experiences directly to your personal agent. Customer service tasks like: - Troubleshooting your home wifi issues - Finding out when a delayed package will arrive - Figuring out why your bill is higher than last month - Getting clarity on a confusing return or cancellation policy

Meet Mistral Large 4, aka Le Chonk. • 1T parameters, natively multimodal. 49B active. It is the best open weights model from US or Europe on aggregated benchmarks. • State-of-the-art on critical workloads, including cyber defense, manufacturing and finance and it surpasses closed frontier models on visual grounding. • Forged in Europe end-to-end and is deployable from Europe via our own Mistral Cloud infrastructure. • Available to all via API today. Working with cybersecurity partners privately. Open weights release end of October.

True Food Kitchen has filed Chapter 11. The company plans to close 12 locations, leaving it with 34. It plans to initiate a sale process. The company was created in 2008 by restaurateur Sam Fox and Dr. Andrew Weil, with Oprah and Howard Schultz among its early backers. The concept’s mission was to serve healthier food. The company has $42 million in debt and blamed a host of factors for the filing, including management turnover, frequent changes in expansion strategy, shifts in brand strategy that often strayed beyond its core mission, a few weak locations and naturally the pandemic.

Instinct in group chats Starting today, early access users can add Instinct to group chats. A new Instinct joins and works for the whole group. Making plans with friends usually turns into a frustrating back-and-forth over times and places. With Instinct in the group, you can explore options together, agree on a plan and get it done, all in one thread. Your friends don't even need Instinct to join in. A few things it’s good at: - Planning a weekend trip with friends, including dates and arrival times - Coordinating logistics with a roommate - Getting tickets as soon as they go on sale, then splitting the cost and sending one to everyone - Running a fantasy league, keeping standings, settling rules disputes, and reminding everyone to set their lineups - Sorting out carpool schedules - works out who’s driving each day from everyone’s schedules - Organizing Thanksgiving, keeping track of who’s bringing what and ordering the shopping list Group chats are new territory for Instinct, and we put a lot of care into getting the permissions right. Here’s how it works: - Your personal Instinct asks before connecting with the group’s Instinct. You choose which groups to trust and can remove trust at any time. - The group’s Instinct has no direct access to your personal accounts. Your Instinct checks your permissions before sharing information or taking action. - If someone new joins the group, all pending replies from your Instinct are held until you grant it permission to share with the expanded group. Group chats are available to all of our early access users, and will be rolling out to everyone soon. To join early access for this release, ask your Instinct to put you on the list. Great work with @GajanNagaraj @anuda_w and @saagarwashere

you may ask, why open-source this? first of all, building gadgets is fun. second, we want to unleash builders to explore all sorts of new and crazy ideas. we believe muse presents a special moment to imagine new kinds of gadgets, and we are excited to see what y'all build!

It’s just one benchmark, but OpenAI continues to lead by a solid margin in model number.

Man who runs firm that is investor in ‘struggling second tier competition’ - forgets his firm just led round in ‘struggling second tier competition’ - literally couldn’t make this stuff up.