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Warren Buffett and Charlie Munger on why they won't hire a quant, even though Jim Simons proved it works: A questioner points out that Jim Simons' Medallion Fund returned 39% net of fees for three decades, then asks whether Berkshire would consider hiring a quant lieutenant to work alongside...

35,601 просмотров • 2 месяцев назад •via X (Twitter)

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In a recent interview with Press Box PR, Raphaël Colantonio, the founder of Arcane Studios, shared his experience of working with Valve on the cancelled Half-Life 2 expansion called "Return to Ravenholm": “It took us a decade to move on from the pain of the Ravenholm project because we were incredibly excited about doing that game and we put in a lot of creative energy into it and eventually when the decision was made to cut it, we did not understand it as it happened. We were young and we were just refusing to see the reality of the situation and the reality was much simpler than the way it looked to us. It all came down to the economics behind Half Life 2 and how the DLCs were selling. They had a business ratio between how much they could spend and how they could make it to be worth it to them because it takes the attention of the entire structure on their side. They had tried to create something internally and then they had tried with an external team already in America but it did not work out because they were too expensive so they worked with us because they liked our work and we worked with them during that time. They thought, you know, why not try these guys? We seemed pretty effective and eventually, like the two other attempts that they had looked at, we went somewhere with it, and it was cool. What we had was really, really cool. But it still needed more time, and too much time to finish. Beyond it being cool there was a business call at some point where it was decided that it didn’t really make sense. It was very painful for us but it made sense, we grew up and got a little bit more mature about it.”

‎Gabe Follower

149,900 просмотров • 1 день назад

In his continuing “Pool Monologues,” Trump hits a record ELEVEN AND A HALF MINUTES sitting with the NATO Secretary. I cannot emphasize enough… Try and read it. I dare you. 1/3 “The pool? Yes. It's in great shape. No. Ready? Thugs. They just told me a little while ago. Six have been arrested and like six or seven are under arrest. They have pictures and everything else. They went to the bottom and it's not a paint job. It's very expensive. It's not rubber but it's like rubber. And they went down with probably a box cutter or a very sharp razor of some kind of a knife. They cut and then they started ripping it up. You know why? Because there's sick people. And then the side of the pool, right at the water level, they took razors and they started cutting this very expensive stuff. It's incredible stuff. It's beautiful. And it's still beautiful. We have one area where they cut it. It's still holding. It's not leaking. But they hurt it so probably maybe after July 4th or maybe before. I don't know. Well, let a little water out because it's at the edge. They'll cut it. They'll replace it and it'll be as good as new. But these people should go to jail for a long time. You know, there's a statue that I saw when I had my first here that if you do anything to hurt statues or monuments, fountains in Washington, D.C. or federal fountain, it's actually federal all over the country. But you go to jail for 10 years and there's no shortcuts. In other words, it's not five years for good behavior. It's a very tough statue. And so tough that it really hasn't been used very much over the years. But I used it when they had a problem in Washington where they were trying to hurt the sickos, would try to hurt things, and I announced it. As soon as I announced it, read it, announced it. And I said, 10 years for anybody, everybody dropped what they had, including ropes. They had ropes. They were tying ropes around Thomas Jefferson's head, Andrew Jackson right up there, that a rope around his head on that incredible statue. I said, as soon as I invoked it, everybody left, that's still in play. They could go to jail for 10 years. They better be careful. They have a gash on that beautiful pool. It's a reflecting point. This is a very expensive material. Then on top of it, we did a much bigger job than we said we were going to do because we did all the outer areas. We did a beautiful job. It's like a piece of glass. And for some reason, this disturbed the radical left lunatics. You know, the guy that one of the guys, he's a member or a big pair to act blue. He's a big Hillary supporter. He's a big supporter of Sleepy Joe Biden. No, this is a very political thing. But as I understand it, six are under arrest. This was pure vandalism. It's an amazing thing that we did. Don't forget, it hasn't worked properly since it was built because it always leaked in 1922. So it was built in 1922. So that's 100 years more ago. It's never worked properly. I always said, had great potential. And I said in my first term, I'm going to do something. So Biden and Obama, between the two of them, spent over $100 million. It was a disaster. Obama, because of the environment, took the water from the Potomac, and it was horrible. It was bad. I don't want to have to tell you what happened, but it was really bad. You can read about it. Biden, he didn't have any idea what the hell they were doing because he didn't know what anything was happening. But they spent over $100 million. We spent 14 or 15 in a lot less than that because a lot of these people worked for the Parks Department anyway. So they're going to work. So I would say a lot less. And we put a great surface on it. This is a world-class surface. It looked beautiful. But they came in and they cut it. And then they grabbed it and they pulled it up. That's why it's all ripped. And who would even think of it? They're sick people. So I think they're in big trouble. But here's the bottom line.”

Jim Stewartson, Decelerationist 🇨🇦🇺🇦🇺🇸

212,919 просмотров • 2 месяцев назад

Charlie Munger on the deepest dangers in finance: Munger is asked what he considers the worst behaviors in business today. He doesn't hesitate. He goes straight to the financial crisis: "The behavior of the mortgage and banking industry in the delusional prosperity that preceded the great real estate bust was seen practically everywhere. And I think that the people who got into a lot of the trouble richly deserved it… If God were just, there would have been more penalties." For Munger, it was a moral failure. He draws a stark comparison: "We all would consider it totally illicit and awful to adulterate the baby food to make more money to an extent where the babies died. And they were doing pretty much the same thing with their basic product. They were adulterating it so badly that it threatened the whole welfare of the republic. This was deeply evil." When asked if that behavior persists today, Munger acknowledges progress but pivots to a bigger concern that most investors aren't paying enough attention to: Unchecked money printing. "Nobody knows how much of this money printing we can do. And of course, we have politicians who, and are both parties, who like to believe that it doesn't matter how much you do. We can ignore the whole subject and just print money is convenient." His warning is grounded in history: "That's the way the Roman Empire behaved and it was ruined. That's the way the Weimar Republic was ruined. There is a point where it's dangerous." But the most valuable insight for investors is how Munger personally responds to dangers like this. He doesn't try to time them. He doesn't try to profit from getting close to the edge. He simply stays away: "My attitude when something is big and dangerous is to stay a long way away from it. Other people want to come as close as possible without going in. That's too tricky for me." He illustrates the point with a story: "If there's a big whirlpool in the river, I stay a long way away from it. There were a bunch of canoeists once that tried to run the Aaron Rapids. I think they were from Scandinavia. And the fact that the whirlpools were so big made them very eager to tackle this huge challenge. Death rate was 100%. I regard that as a normal result."

Black Edge

17,449 просмотров • 3 месяцев назад

One of the most astonishing attempts at projecting grandiose delusions I’ve ever seen—“so [Obama] tried to bribe them to make a deal… 1.7 billion in cash was put on a Boeing…” Trump bribed Iran with $324 billion. And got nothing for it. “And the main thing is that Iran will not have a nuclear weapon. They fully agreed to that with strong policing powers, and they won't have nuclear weapons, which is what I was all about, because they probably would have used it if they had it. So we had two big moments when they terminated the JCPOA, that was the Obama deal, the Barrack Hussein Obama deal, and when I terminated that, it was very important because it was a road to a nuclear weapon. It was a horrible deal for the United States. It was a deal where billions of dollars was given to Iran. It was a deal where 1.7 billion in cash was put on a Boeing 7, well, not a 7, 7, 57, I guess, right? But it was put on a big, beautiful Boeing 757. They needed a Boeing 747 to be honest with you, because it was a lot of cash. 1.7 billion was taken out of the banks and given to Iran, and on top of that, tens of billions of dollars was made. So they tried to bribe them to make a deal that didn't work. It never works. And that we lived on a great job, and hopefully it's going to be a good relationship, and we're going to get along. And if we don't, we go back to where we started, but I don't know if it's going to be necessary. The Iran deal that we made is going to bring a lot of success to the world, because the oil was really plugged up there for a while. They would call me on occasion, "See, come on, please. Let's go." The oil prices. But the oil is coming way down.”

Jim Stewartson, Decelerationist 🇨🇦🇺🇦🇺🇸

31,475 просмотров • 2 месяцев назад

WATCH: Very newsy exchange at the White House Tuesday afternoon between President Trump and CBS’s Ed O'Keefe about Iran, revealing the U.S. was gifted “a present” from whatever remains of the new/old Iranian regime that is “oil and gas related”.... President Trump: “Do you have another question? You haven’t been here in a while.” O’Keefe: “Well, on Iran, can you give us any more sense of who exactly in Iran it is, either Witkoff or Kushner you’re speaking with?” Trump: “Yeah. We had — I hate to say this in front of these young people — they’re not children. I spoke to most of them. They sound like adults to me. Even though they are sort of children, right? They’ll always be your children. But I hate to say it, but we killed all their leadership. And then they met to choose new leaders, and we killed all of them. And now, we have a new group and we can easily do that. But let’s see how they turn out. It’s — we have, really, regime change. You know, this is a change in the regime because the leaders are all very different than the ones that we started off with that created all those problems. So this was — I think we can say, Jason, this is regime change, right?” O’Keefe: “What makes you trust them?” Trump: “I don’t trust anybody. I don’t trust you. I mean, that’s only because I know you, but if I didn’t know you, I’d probably have more trust. But I don’t trust anyone.” O’Keefe: “Why bother talking to them?” Trump: “Why do you — why do you say that? Why do you say what makes you — do you think I trust them? I don’t trust them.” O’Keefe: “Then why bother talking to them?” Trump: “Because they’re going to make a deal. They’re going to make a deal. They did something yesterday that was amazing. Actually. They gave us a present. And the president arrived today and it was a very big present worth a tremendous amount of money. And I’m not going to tell you what that present is, but it was a very significant prize. And they gave it to us, and they said they were going to give it, so that meant one thing to me. We’re dealing with the right people —” O’Keefe: “Was it nuclear related.” Trump: “No, it wasn’t nuclear related. It was oil and gas related. And it was a very nice thing they did. But what it showed me is that we’re dealing with the right people because, you know, you don’t know because the leadership was killed, all gone. Khamenei, all gone. As the expression goes, the past Supreme Leader and then the new Supreme Leader was racked up at a minimum, racked up pretty good, and everyone else was gone. And then many of the people in the third tier are gone. But we’re dealing with a group of people that I think turn out and the — the present, the gift they made to us was very significant. And they said they were going to do it and it happened. And they’re the only ones that could have done it.”

Curtis Houck

108,556 просмотров • 5 месяцев назад

Warren Buffett and Charlie Munger on why you should build culture from scratch rather than try to change it: An audience member explains that he's just joined a new organisation, and for him to succeed there, the culture needs to change. He asks Buffett and Munger how to change the culture of an existing organisation, and how to build a strong, unique culture if you're starting fresh. Buffett doesn't hesitate on which is easier: "Well I think it's a lot easier to build a new organization around the culture than it is to change the culture of an existing organization and it is really tough." He uses Berkshire itself as the example. The culture there is now so deeply embedded that it has become self-protecting: "It's so ingrained in all our managers, our owners, everything about the place is designed in effect to reinforce a culture and for anybody to come in and try and change it very much, I think the culture would basically reject it." But Buffett is candid that Berkshire's strong culture wasn't built quickly, or against resistance. He had something most people don't: a blank slate and decades to work with. "That was the luxury of time I've had with Berkshire; it goes back to 1965 and there really wasn't much of anything there except some textile mills, so I didn't have to fight anything." Rather than forcing change, he added companies that fit and let belief accumulate over time: "As we added companies they became complimentary and they bought into something that they felt good about, but it took decades." Then comes the admission that gives the whole answer its weight. Buffett has tried to change an existing culture, and graded himself honestly on the result: "At Salomon, I attempted to change culture in some respects and I would not grade myself A+ in terms of the result." Munger is even blunter, and funnier, about the difficulty. He's quietly flattered the questioner believes they can pull off what he never could: "Well I'm quite flattered that a man would say that he's in a new place where he can't succeed unless he changes the culture and he wants us to tell him how to change the culture. In your position, my failure rate has been 100%."

Black Edge

31,560 просмотров • 2 месяцев назад

You know, the only reason they created that IG account was… For us. It was never about fame or money. It was their way of reaching out when everything around them was falling apart. A place where they tried to share small moments of happiness, excitement, love, and peace with us, even when they barely had any left for themselves. They made it because they were worried. Because they knew we were worried. Because they didn’t want the people who cared about them to sit there wondering if they were okay. And honestly, it was during that time that we saw them in a way we never had before. Real, unfiltered, not dressed up by a company, not edited, not scripted. Just them. That little page carried so much, didn’t it? They taught us so many things without ever needing to put on a show. Through every live and every small update, they showed us what real courage looks like, what honesty feels like, and how powerful someone can be even when everything around them is pushing back. But it was also a place that held their fear, their stress, their sleepless nights, and the weight of knowing the whole world was watching and anything they said could be twisted in an instant. It was a happy place. But never an easy one. We went through so much during that period. From the excitement of seeing them as NJZ to the shock of their injunction being enforced. So many times we thought we saw the light at the end of the tunnel, only for it to turn out to be a fire blocking the path. From excitement to anger, hope to hopelessness, joy to despair, ADHD to depression… everything, all at once. Calling it a roller coaster is an understatement. A lot changed after that. Too much, maybe. But some things never do. And after everything, it doesn’t really matter what comes next anymore. As long as they get to be truly happy, truly safe, and truly loved as human beings who deserved that from the very beginning, that’s enough for us. As long as it’s still Minji, Hanni, Danielle, Haerin, Hyein. That’s all that matters in the end. 🍀 #NewJeans #Jeanzforfree #NJZ #MhDHH_Friends

𝙡𝙤𝙗𝙨𝙩𝙚𝙧🦞

70,876 просмотров • 9 месяцев назад

What started as a standard White House announcement quickly turned into one of the most revealing Oval Office moments of the year. Trump was there to declare that Washington, D.C. will host the 2027 NFL Draft. But when reporters started firing off questions, the real fireworks began. First up: immigration. A reporter asked Trump about a new program offering undocumented immigrants $1,000 to self-deport. His answer was blunt—and surprisingly layered. “Yeah, we have millions of people that have come into this country illegally through an administration that didn't know what they were doing. They didn't have a clue. And now we find out officially they didn't, because the president was incompetent. But I could have told you that before.” He explained the idea behind the plan: offer people money to leave—and if they take the offer and prove to be hard-working, they might be allowed back in the right way. “But what we thought we'd do is to self-deport where we're going to pay each one a certain amount of money, and we're going to get him a beautiful flight back to where they came from. And they have a period of time.” “And if they make it, we're going to work with them so that maybe someday, with a little work, they can come back in if they're good people, if they're the kind of people that we want in our company, industrious people that could love our country. And if they're not, they won't. But it will give them a path to becoming, you know, to coming back into the country.” He made it clear that there would be no second chances for those who ignore the opportunity. “So we're going to have, self-deportation, where they deport themselves out of our country, and we'll work with them, and we're going to try. And if if we think they're good, they have, you know, the people we want in our country, they're going to come back into our country. We'll give them a little easier route. But if they don't work and if we take them out after the date, then, they're never coming back.”

Vigilant Fox 🦊

351,051 просмотров • 1 год назад

🚨 BREAKING: Florida Governor Ron DeSantis just called out Republicans in Congress and says they need to match President Trump's sense of urgency. DeSantis also calls for term limits. "I see the president doing things that are really, really transformative, but I don't see the same energy from Congress." "So much of the modern Congress is just performative. It's just political theater. It's not substantive. They're not engaged in the business of accomplishment. It's all about putting on a show to be able to get returned to office and stay there for as long as possible." It's one of the reasons why I think we need term limits for members of Congress. You turn on cable news and you got these guys jabbing. It's like, what have you done? Okay?" "I know you like to to jab. I know you like to talk. What have you actually done? You've been in now for - President Trump's only been in for 60, a little bit more than that. Congress was in almost, you know, two weeks, three weeks before that. So since January 3, what have they done?" "How many weeks have they had off for fundraising and all this other stuff, and why aren't they really attuned to what needs to be done to deliver support for the president's agenda?" "But just as importantly, solidifying these changes, so that it is actually in law. And don't say it can't be done. Biden, they only had 50 senators when he came in. They had a very narrow majority in the house. Did that stop them from doing all this stuff?" "They did a lot of bad legislation, but they did it. They got it done. You look in the 90s, when Clinton was president, they passed very tough immigration laws back then. It's popular. And so I don't even see an effort really to push this forward." "The thing is is when you have a new president come in, you have a certain period of time where you have a lot of momentum. Right? Just political physics, naturally, the momentum for the first hundred days is gonna be greater than the momentum two years later. That's just the way politics works. And what I just see is - I don't see them really working to seize the moment, and to understand that this is different, that we actually have a chance to to really make serious changes."

Eric Daugherty

1,174,506 просмотров • 1 год назад