wannabe capitalist. investment banking coverage MD

New York, NY
Joined February 2010
Is Bay Area sober culture a function of everyone being scared of accidentally violating the NDAs they’re under?
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You notice anything? Look at what separates the two groups. It isn't technology. It isn't complexity. It's one variable: how much the state is involved. At the top, sectors that are subsidized, regulated, shielded from competition, where the state funds demand and blocks supply. At the bottom, sectors where companies fight every single morning to serve you better and cheaper.
And inflation doesn’t melt everything at the same speed. Since 2000, a TV has become 98% cheaper. Childcare costs 159% more, a university degree 197% more. Wages rose 131%. Your TV got cheaper. Your kids didn’t. Chart 3: US price changes of selected goods and services vs. wages, 2000–2025
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"Capitalism is the force that drove down the price of almost everything it touched. The state is the force that blew up the price of almost everything it captured. And young people blame the first for the crimes of the second."
On my way to the office this morning, I passed a group of young people protesting, a Palestinian flag draped over their shoulders. And I asked myself a question I can't shake: why does this generation always fall into the same trap? No matter the history. No matter the context. Even the ones from wealthy families, who went to the best schools, who were dealt every good card. Always the same trap. I don't think it's stupidity. I think it's a mechanism. And a mechanism can be taken apart, piece by piece. A. The observation: everything the state touches becomes unaffordable. Look at economist Mark Perry's famous chart, the one people call "the chart of the century." It tracks US prices since 2000. At the top, what explodes: hospital services, college tuition, textbooks, childcare, housing. Increases of +100%, +150%, up to +250%, far above general inflation. At the bottom, what collapses: TVs, software, phones, toys, clothing. A TV today costs a fraction of what it did in 2000, for an infinitely better product. Look at what separates the two groups. It isn't technology. It isn't complexity. It's one variable: how much the state is involved. At the top, sectors that are subsidized, regulated, shielded from competition, where the state funds demand and blocks supply. At the bottom, sectors where companies fight every single morning to serve you better and cheaper. B. The mechanism: why it's systematic. When the state subsidizes demand without freeing supply, prices rise. Every time. Guaranteed student loans, and universities raise tuition. Housing aid plus blocked building permits, and rents skyrocket. Administered healthcare, and bureaucracy eats the budget before it ever reaches the patient. In France it's even more vicious, because the price doesn't disappear: it hides. You never see the hospital bill, you pay it through payroll contributions. You never see the cost of school, you pay it through taxes. Public spending at 57% of GDP, one of the heaviest tax burdens in the world, more than €3.4 trillion in debt. And the result? Overflowing ERs, falling PISA scores, young people who can't afford to live in the city where they work. The market didn't fail in these sectors. It was never allowed in. C. Suffering demands a culprit. A 22-year-old lives all of this in their bones. They can't find a place to live. Their degree either buries them in debt or opens no doors. The future feels blocked. That suffering is real, and I don't deny it for a second. But human beings can't stand suffering without a culprit. They need a face. A scapegoat. And this is where everything is decided: who taught them how to read the world? D. Whoever tells the story picks the villain. Schools are public. Universities are public. Culture runs on grants. Film goes through funding committees. Public broadcasting shapes the narratives. The people handing down the interpretive framework are, overwhelmingly, paid by the very system that creates the problem. Do you really think that system is going to name itself as the culprit? No. It names the capitalist. The boss. The landlord. "The rich." The multinational. The commercial West. Same role, same casting, every time. E. One lens, a thousand causes. And this brings me back to that flag. A generation taught to read every situation through a single lens, oppressor on one side, rich, Western, capitalist, oppressed on the other, will apply that lens everywhere. To housing. To climate. To conflicts on the other side of the world. The cause changes, the lens stays. That's why the trap is always the same: it's not the cause that draws them in, it's the way of thinking that was installed in them. F. The perfect inversion. Here's the irony. Capitalism is the force that drove down the price of almost everything it touched. The state is the force that blew up the price of almost everything it captured. And young people blame the first for the crimes of the second. It's like blaming the firefighter for the fire because you saw him at the scene. G. The ballot box confirms it. In the US, a few weeks out from the midterms, a large share of urban young voters is getting ready to vote Democrat for more state, more spending, more regulation. New York elected a self-described socialist mayor, carried by young voters, on promises of rent freezes and city-run grocery stores. Rent freezes, the policy that has made housing scarcer everywhere it's been tried. The cure that worsens the disease. In France, it's the same play in two acts. Part of the youth votes for the radical left, which promises more state. Another part votes for the center, which promises to "manage" the state well, and has dug the debt deeper than ever. Two different ballots, one shared assumption: the problem is the market, the solution is the state. H. The way out. These young people aren't stupid. They're right to be angry. They're just aiming at the wrong target. The day they understand that their rent, their tuition and their hospital are expensive precisely because the state runs them, their anger will change direction. They'll stop protesting against those who create. They'll start protesting against those who capture. That day, the greatest intellectual scam of our time will be over.
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This is a wild evolution of the idea of the west
J’ai entendu dire que la France était finie, qu’il était trop tard pour la sauver. Mais la France est toujours aussi belle, enviable même. Sa grandeur n’a pas disparu, elle ne demande qu’à renaître. Nous avons surmonté en un an un problème cent fois plus grave, sans avoir les moyens dont dispose la France. La France pourrait y arriver en une semaine.
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my politics are whatever this is
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Marc Andreessen on why cities ended up with $3 million homes, public housing, and no middle class "There's a French geographer who has the best analysis on this, a great book called Twilight of the Elites. If you replant the commanding heights of your economy on knowledge work, you're going to slam basically all economic growth into the cities" "The cities become a magnet for two kinds of people. The highly educated elite who can afford $3 million houses, and then public housing. Who's squeezed out is the entire middle class. If you're a cop or a firefighter and you work in Palo Alto, you can be commuting 3 hours both ways just to have a house and afford a family" "You look at the cities and there's lots of dogs, very few kids. You can't buy a house, you can't have a family. You've ejected the middle out of the cities into the countryside, but you've deindustrialized, so there's no new economic activity happening in the countryside"
Marc Andreessen reveals why housing, health care, and education keep getting more expensive while everything else gets cheaper "There's basically three components to the American dream. A house near great job opportunities, great health care for you and your family, and sending your kids to good schools" "If you disaggregate the economy over the last 25 years, everything that technology touches basically collapses in price. Television sets, computer games, anything with electronics in it. But if you chart housing, education, and health care, the prices of those things are skyrocketing" "The government restricts supply, zoning laws and university certifications. And then the government responds to the political pressure caused by the rising prices by subsidizing demand. And of course, if you subsidize demand and a fixed supply, you get skyrocketing prices"
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I love this website
I'm confident we can reach the frontier here too
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im sorry what
Introducing Muse Wonder, our new family of frontier models with state of the art performance for personal and professional agentic work.
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This shit is magic
With The Killers and Jake Clemons, Bruce delivers a blazing version of “Born to Run.” And it’s not even his show… At 73, this guy is an absolute madman. 🔥
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This made me emotional
Imagine drinking 9 pints at the pub with your lads, you put the Barbour on, walk through the misty fields and leaves covering the trails, you come home here to a steak and Guinness pie
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This is maybe the best thing this week. This year? Maybe.
The average WASP could not comprehend the average Catholic Italian-American household
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Crazy important line for the age of intelligence. “We are all that we have”
Hayley Williams: "If I could tell you anything: go to smaller shows than this, go to little shows at independent venues. Find your people, find your favorite music, and support that. We are all that we fucking have." 🎥: trufishgirly
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This is kinda what it’s all about? Make something people love. Celebrate the effort. Leave the place a little better. Good on you Tom, you motherfucker. We will forgive you for +44 and AVA (but The Adventure and Heart Stops Beating were bangers)
Pretty cool scene with Tom DeLonge tearing up as he watched and heard Petco Park sing “All The Small Things”. So awesome
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Le chonk Objectively hilarious
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.
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LETS FUCKING GOOOOOO
I started this podcast a year ago. It’s been the best year of my life. Thanks to everyone for watching and to every guest for the incredible conversations 🫡 In order by appearance: Daniel Ek Michael Dell Brad Jacobs Todd Graves Michael Ovitz James Dyson Patrick O’Shaughnessy John Mackey Tobi Lutke Jimmy Iovine Jason Fried Brian Armstrong Marc Andreessen Eric Jorgenson Tony Xu Evan Spiegel David Baszucki Adam Foroughi Dana White Strauss Zelnick Rick Rubin Ivanka Trump Gustav Söderström Ed Catmull Steve Stoute Scott Wu Jonathan Ross Eric Glyman Jeff Zalaznick DHH Micky Malka Lulu Meservey Travis Kalanick Sam Altman Torsten Reil Doug Leone Zach Dell Mati Staniszewski Luca Ferrari Peter Rahal Ronnie Fieg 41 down, many many thousands to go…
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The sad part is United has starlink on like 10-20% of flights. If you don’t have it, the base paid WiFi is awful. Delta WiFi is free and far better than the paid non-starlink United connection.
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This is so dumb Universities compete Winners take share This is an international business not a local monopoly
Replying to @Kevin_Rutois
Rather than donate to great schools like UM or FIU, he wants to bring an out-of-state college here. Of course he does. Garbage.
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Based
PETER THEIL COMES OUT AS A GEORGIST THIEL BELIEVES TAXING LAND IS KEY TO FIXING THE HOUSING MARKET AND BROADER US ECONOMY. 🔰🔰🔰🔰
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This is what great wealth used to be about Bravo
Today, Carnegie Mellon University and Ken Griffin, founder and CEO of Citadel and founder of Griffin Catalyst, announced a historic $3 billion gift to elevate Carnegie Mellon in Pittsburgh and launch Carnegie Mellon University Miami. #CMUMiami Learn more: cmu.edu/news/stories/archive…
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One of the absolute best ways to spend about an hour and a half. A joy.
Caleb and Stavros have incredible chemistry. Need them in a buddy comedy ASAP!! Also they each have the unique ability to be able to talk to any type of person while maintaining their personalities. Caleb & Stavros 2028
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