¡Despacio! Pero vamos en Uruguay el sabado. Espero aprender algo.

* nos vamos... despacio!

(i think i was wrong both ways, going back to Google translate… i feel good about my babbel.com performance but i have a very long way to go, alas. i do hope to spend more time in Latin America though, so maybe even my mid-fifties mind can catch some of it.)

I think it's part of it! Stocks that trade largely as meme stocks, like Tesla, might not have thrived under tighter money. 1/

But also I think the degree to which winner-take-all network effects let the fastest, most reckless movers become permanent titans (along with the lack of antitrust activity to counter winner-take-all dynamics) also has a lot to do with it, and just wasn't forseen in 2011. /fin

one would like to think so. but for the past 14-year-ish "cycle", the stock market winners have been corporate governance scofflaws, Musk who ignores all stakeholders except himself, Zuckerberg, Bezos. Ubermenschen. 1/

There are exceptions. Apple's corporate governance has been more reasonable, I think, despite Cook's strong hold on the firm. 2/

But overall, investors have been rewarded rather than burned for pinning their fates to narcissists. In a failed attempt to overturn the adverse court decision that provoked all this, Tesla's shareholders explicitly endorsed Musk's absurdly huge compensation claim. It's Musk who brings the magic! 3/

(The Delaware judge said an ex post endorsement couldn't fix it, so he's twice thwarted and doubly furious.) 4/

Anyway, until investors experience the downside of submitting to tyrants who fancy themselves Caesars, they might not relent on sending money to miserably run and now even more miserably policed firm. 5/

I guess the good news is the past week or so may be the beginning of how they learn that lesson. /fin

what i think renders the productivity boost so ambiguous is the choice to take out at all rather than eat in. 1/

speaking from personal preferences, i eat in much less. post-COVID, i think of closely shared indoor public spaces like swimming in a sewer. but i get less value than when i merrily ate in public restaurants. it's a loss of total value even though an increase in measured productivity. 2/

(i desperately seek restaurants with outdoor seating. but why should they, if takeout is so much more efficient for them?) /fin