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Another reminder that glitter doesn't always lead to gold. FTX and its oh-so-scruffy whiz kid have tanked, and they're bringing a lot of risk-takers down with them. But some of us can't help but wonder if they were even tricked by actual glitter. If they had been paying attention to Rich Goldberg—host of our Cryptonite podcast—they might've seen it coming. If they tune in today, they might at least learn a lesson or two.
And while we're on the subject of misguided expectations, we've invited back Charles McElwee of RealClearPennsylvania. He's here to explain the demographic entanglements that make PA a hard state to call and the mistakes the GOP made that've made us blue these days.
And Elon Musk sure has a way of keeping us talking about his new tweet factory. Happy Thanksgiving! See you all in two weeks.
James Lileks
Peter Robinson
Rob Long
Charles McElwee
Rich Goldberg
Discussion (83)
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Apparently Jeff Bezos wasn't really all that prescient. Amazon has lots of "brick and mortar."
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Empathy can be a good thing, but it's still stupid to think "Oh, you had a debilitating stroke and now have trouble speaking or understanding speech? No problem, go ahead and be our Senator!"
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No Rob, Trump firing the occasional advisor etc, is nothing like what Musk-like house-cleaning would be: largely emptying out the DOJ, and the FBI, and...
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Maybe just “a meditation” on firing people is in order.
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Peter wonders, “What was it that Sam Bankman-Fried did or had or figured out that enabled him to become one of the leading figures in this new industry?”
Perhaps it was growing up in your neighborhood. It appears his parents have been Stanford professors for many years. Why not interview them for some insights that can be shared with your listeners?
Later, Mr Goldberg laments “missing the Amazon train.” I have had similar regrets, and although the company has enriched its founder and early investors, like Twitter it never manages to make much profit. Lately its shares are down by 50% from their pandemic boom highs and it still has a price earnings ratio of almost 90.
It’s shocking to compare Amazon’s and Apple’s June 2022 quarterly income figures:
. . . . . . Amazon Apple
Revenue 121.2B 83.0B
Gross Profit 54.8B 35.9B
Operating Profit 3.3B 23.1B
Net Profit - 2.0B +19.4B
One of these companies is not delivering!
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