Victim of Communism

  • 207 Posts
  • 9.84K Comments
Joined 3 years ago
cake
Cake day: June 14th, 2023

help-circle














  • Despite the popular fantasy, the rich and powerful are not stupid.

    Uh… famously untrue. Mental illness has plagued monarchs, pharaohs, and caesers for millennia. That’s long before you get to all the quirked up white boys and trad rad girl bosses currently running things.

    You don’t know more about a company or market from passively consuming headlines than the leadership of that company.

    Okay, but you can review their balance sheets and their primary lines of credit. Case in point, Sam Altman is heavily reliant on three big financial partners - Softbank, Oracle, and NVIDIA. Two of these are - themselves - hemorrhaging money thanks to large capital outlays that have failed to produce substantive returns.

    There are finance journalists who get out ahead of this and report their own analysis. And you can find that in a thousand different private journals, substacks, and podcasts. But you can also go do the grunt work yourself if you’re ambitious.

    OpenAI’s financials have been disclosed already (although the official SEC filing is still upcoming). So… just read them if you doubt what you’re reading in the news. But it’s not some kind of secret that the business is operating at a loss, with a fixation on debt-fueled growth. The argument is over future projected revenue, which isn’t something business leadership can be any more certain of than a passive media consumer.

    I definitely get the knee-jerk impulse to announce “business professionals know more about business than internet idiots”. Because, sure. True. But the idea that business professionals don’t routinely make bad decisions has some pretty historic well-established counterpoints.

    “The business people know more” line is akin to saying “This used car dealer must know more about the vehicles on his lot than I do, so I can trust him”.


  • you do not need special skills to apply for the job

    That’s definitely the textbook economic definition.

    But the colloquial definition is that you don’t need special skills to do the job. Employees are interchangeable outside some minimal qualifications (rudimentary intellect, marginal physicality, gender).

    And therefore you should be able to fully staff your organization paying the lowest prevailing wage rate, so long as some number of unemployed people exist. Anyone can be fired and replaced at any time with near-zero friction.