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rchaud

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Burton Malkiel's "A Random Walk Down Wall Street" was published in 1973, well before significant changes to financial markets that affect its theoretical randomness.

1. 401Ks were introduced in 1978, making mainstream the concept of automatic payroll deductions that funded an investment account. Trillions more dollars moved into pension funds that might otherwise have been spent elsewhere.

2. Bloomberg Terminals went online in 1982, kicking off an ever-growing information assymetry between investment professionals and retail investors.

3. Electronic trading didn't take off until 1992 with Globex, the Chicago Mercantile Exchange's platform

4. High-frequency trading didn't take off until 2005 or so

5. Finally, the Nasdaq changed its rules in 2026 in a way that directly benefited new IPOs like SpaceX, triggering automated purchases from investment funds, propping up its price beyond what its business fundamentals might have justified.

All of these examples are Cold War era or before, when defense and aerospace was a much more collectivist venture with far less private sector involvement.

After the Cold War, McKinsey and big 4 consultancies are working in every part of government, ostensibly to make government as efficient as the private sector. The NSA's surveillance program wouldn't have seen the light of day had Booz Allen not had a contract with them.

95% of countries weren't formed by settling on somebody else's land and excluding the original inhabitants from citizenship for several hundred years. The American project is what it is because of millions of migrants who settled there for the perverse incentives of free land via the Homestead Act.

How can it be an elder dude fantasy when it was written by Matt Damon and Ben Affleck when they were in college? Robin Williams' character isn't pwning anyone. He's a therapist trying to get through to a patient who's completely walled up and trying to deflect by by analyzing the therapists' painting in his office to comment on his wife's passing.

When I think about elder dude fantasizing about pwning the rascal youth, I think of those self-written scenes of a boomer/early GenX actor asking for "black coffee", then delivering a diatribe to the Gen Z minimum wage worker who's contractually obligated to try to upsell them on the higher-priced and infuriatingly named mixed coffee beverages.

I think there will definitely be a point where code generators require a payment method to be registered before they can be used, and then generate code for paid products that it automatically subscribes you to.

WordPress and WooCommerce? Nah, here's how you set up a Squarespace Ecommerce site - if you hit publish, you'll be auto-subscribed to their $20/month plan.

There are only so many ad dollars to go around. ChatGPT getting traffic doesn't mean they can convince ad buyers that their dollar goes further than at established players like Google and Meta. AI search is a commodity at this point, even DuckDuckGo has it.

Reddit has been one of the world's top websites for over a decade, yet they are totally irrelevant in terms of ad product market share.

Apple soaked up all the good press about the PC-killer Macbook Neo's price point, waited until those articles seeded search results, influencer videos and AI queries, then jacked up the price by 17%.

Facebook hired a bunch of people from Google's search ads division to basically replicate their real-time bidding system.

Their innovation isn't in ads, it's in creating a sticky app experience that downranks posts with external URLs to keep people on their site, one that's now fine-tuned to retain the lowest-common denominator of technology user (boomers). Ironically, a segment that the OG Facebook avoided like the plague is now their bread and butter.

People who don't understand nor care about how the system works are the ones most likely to click on targeted ads, share sensationalist slop and comment positively on AI videos of of Hegseth fighting Godzilla.

And even then, for ad buyers, the ROI is a complete crapshoot because of how purchase attribution works on every ads platform. Every ad platform puts their marketing pixel on your site, and they all try to take credit for every sale made on it.

Iran is already under decades-long sanctions and have shown that their ability to wait out the US+Israel was massively underestimated.

After Vietnam and Afghanistan, has the US not learned that countries at war are willing to incur costs well beyond what the State Department thinks they should?

Why would any country trust the current US regime to follow through on its commitments? They weren't even able to maintain a ceasefire during the agreed-upon ceasefire period?

Beyond that, what would prevent the next administration from unilaterally decreeing this current agreement null and void as was done with the JCPOA? They certainly aren't going to want to bear the brunt of political unpopularity of paying out billions in war reparations.

It says right there in the article that he donates to military veterans' charities and animal rescue charities. I don't see him as a big arts benefactor considering that the main motive the ultra-rich have for making lavish donations to fancy museums is to get invited to the right parties, Met Gala and the like.

He seems like a private person doesn't flaunt his wealth and has mostly avoided inserting himself into public discourse, unlike many of his tech-rich peers.