Good morning from London

A friend who grew up in ex-yugoslavia: "My parents always told me to never bring money to a bank; you only borrow from them". #SVB became greedy when everyone gave them money but noone wanted their loans.

So two handful of people decided what's best for global financial stability and for Switzerland as a country. On a weekend. You can be the most democratic place in the world, but in a crisis it's Hey, fuck governance! #CreditSuisse

It's only a holiday if you forget what day of the week it is

"Develop a USP based on what makes your brand uniquely valuable to your customers."

I think I just found my new seed investment. Abundant market, user satisfaction guaranteed, 100% AI compatible.

The Döner sandwich, aspirin, Christmas trees, gummy bears, toothpaste 😁

Matt Mullenweg wanting someone to have skin in the game is definitely the best reason to not want fully autonomous transportation

Being busy signals high social status in the US. Being busy means you have money - because why else would you be busy? Being busy signals low social status in Italy. Being busy means you have no money - because why else would you work?

There is this belief about Singapore that "Yes, their government is effective, but only because it's a tiny island," but plenty of the things they do well are scale-independent. An example below.

90% of current generations of under-30 Europeans were conceived on an IKEA piece of furniture.

The US is stuck in a repeating cycle of presidents undoing each other. The EU is stuck in a repeating cycle of politicians not doing anything at all.

The „anti-war president“ is making sure the US maintains dropping 46 bombs per day on average (has been like this for ~20 years). Why should the world see the US as a force of peace?

Extraordinary language from the Singapore Minister of Defense, when Singapore had always been very U.S.-friendly: "[The US's] image has changed from liberator to great disruptor to a landlord seeking rent." Src: mindef.gov.sg/news-and-event…

The US business model abroad is security in return for dollar usage, buying US debt and US weapons. If the US is unwilling (Ukraine) or unable (Taiwan) to continue power projection, it also won‘t get its hegemonic dividends.

The EU's exports to the US are about 4.5% of their GDP. China's are about 3%. US exports to the world are 11% of their GDP. The world will build more supply chains without the US.

"The bicycle will outlive the car" Nassim Nicholas Taleb Old tech will likely stay. New tech will likely get displaced with new tech.

Investments in the US won't come soon even if Trump reversed all his tariffs tomorrow. The mere fact that he could, at any given day, pull sth similarly erratic in the next 4 years is too much risk for any prudent investor. (And chances are high he will)

There is no "predicting" the impact of the tariffs. What Trump set in motion will have severe second-order effects in all directions.

In general, tariffs to protect your own companies make them less efficient and less competitive. Tariffs that your exporters are subject to in foreign markets make your companies more efficient and competitive.