Intrinsic Value and Getting Punched in the Face
The Puzzle of Value Creation and DestructionIn physics, the law of conservation of energy states that energy can neither be created nor destroyedβonly transformed or transferred. However, this law doesn't map neatly onto the emergent world of markets where the creation and destruction of value is the norm. Every day we witness how value appears and disappears in the market. For instance, new technological breakthroughs generate billions in new wealth, while Ponzi schemes seem to conjure ...
Intrinsic Value and Getting Punched in the Face
The Puzzle of Value Creation and DestructionIn physics, the law of conservation of energy states that energy can neither be created nor destroyedβonly transformed or transferred. However, this law doesn't map neatly onto the emergent world of markets where the creation and destruction of value is the norm. Every day we witness how value appears and disappears in the market. For instance, new technological breakthroughs generate billions in new wealth, while Ponzi schemes seem to conjure ...
Be Weird: The Commodity of Intelligence and the Rising Currency of Weirdness in the AI Era
In this unfolding era of artificial intelligence, we find ourselves facing an intriguing paradox. Our understanding of intelligence, once revered as a unique and defining trait of humanity, is morphing into something else entirely β a commodity. A product that is reproduced, packaged, and updated at scale by large language models (LLMs) like GPT-4. Its evolution tracks behind the constantly shifting cultural landscape, offering a rearview mirror reflection of human ingenuity, rather than the ...
Be Weird: The Commodity of Intelligence and the Rising Currency of Weirdness in the AI Era
In this unfolding era of artificial intelligence, we find ourselves facing an intriguing paradox. Our understanding of intelligence, once revered as a unique and defining trait of humanity, is morphing into something else entirely β a commodity. A product that is reproduced, packaged, and updated at scale by large language models (LLMs) like GPT-4. Its evolution tracks behind the constantly shifting cultural landscape, offering a rearview mirror reflection of human ingenuity, rather than the ...
Strange PoopsβI Mean Loops: Market Reflexivity and the Paradox of K-Level Thinking
Inspired by George Soros's concept of reflexivity, the cognitive theories of Douglas Hofstadter, and the investment principles of Howard Marks, I present to you a fresh perspective on thinking: K-Level Thinking. We delve into a convoluted world of strange loops, feedback mechanisms, and financial markets that resist simplifications and defy expectations.Strange LoopsOur journey begins with a curious idea from Douglas Hofstadter. A "strange loop," he posits, is a phenomenon in a hierarchi...
Strange PoopsβI Mean Loops: Market Reflexivity and the Paradox of K-Level Thinking
Inspired by George Soros's concept of reflexivity, the cognitive theories of Douglas Hofstadter, and the investment principles of Howard Marks, I present to you a fresh perspective on thinking: K-Level Thinking. We delve into a convoluted world of strange loops, feedback mechanisms, and financial markets that resist simplifications and defy expectations.Strange LoopsOur journey begins with a curious idea from Douglas Hofstadter. A "strange loop," he posits, is a phenomenon in a hierarchi...
Everybody Poops.
We need less hero worship in this world. Remember always: everybody poops.
Everybody Poops.
We need less hero worship in this world. Remember always: everybody poops.
