• 2 Posts
  • 302 Comments
Joined 10 months ago
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Cake day: August 23rd, 2025

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  • “EA and Rationalist policy organizations are scaling in DC”

    Just a reminder that the rationalists already own two event spaces in the Bay Area and the Effective Altruists briefly owned one in England and one in the Czech Republic as well as an institute at Oxford University. Both of their existing spaces are losing money and had to beg for it last winter.

    “This project needs a champion, but it’s a thing someone can simply choose to do” sounds very different when it means “you can actually try slacklining with the cool strangers in the park” and when it means “someone could lend us another $20 million for 20 years on easy terms.” And seeing the lesson of FTX as “don’t look weird” not “effective altruists are fraudsters and hypocrites” is a take.






  • Who’s going to buy this profit-free stock selling for 100 times earnings?

    I think its worse than a P/E ratio of 100. It is 100 times revenue. Earnings in this context mean profits, so a company which is losing money has no P/E ratio. The argument is that if $100 of stock corresponds to $10 of profit last year (P/E 10), that is probably a better buy than if $100 of stock corresponds to $5 of profit last year (P/E 20).

    And yes, this looks to me like a crypto rugpull crossed with all the tricks which keep Tether prices and Tesla shares floating in midair.




  • At minute 8 of “SpaceX IPO: Nice Try Though” Patrick Boyle mentions some circular finance: some of the banks which lent SpaceX $29 billion in March will be guaranteeing the IPO by promising to buy some shares to stabilize the price. Later he also points out that the banks financing the IPO have to buy Grok services and may be its main paying customers. Musk has done this sort of thing before eg. using Tesla (shareholder-owned) money to buy SolarCity which he partially owned. I knew a serial fraudster who moved to Texas for its business-friendly laws and courts.

    He liked the piss-tinged blog post by Cape Fear Advisors and estimates that the Muskrat wants to raise $50-75 billion in the IPO.

    It took Kaiser Bill to break the economic power of London and Paris, but the Muskrat thinks he can speedrun that game for the New York City map.