Mimicking the herd invites regression to the mean. You will never produce a superior investment record by buying what everybody else is buying. The decisions that look best in retrospect are often the ones that felt most uncomfortable at the time.
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You have a $50 billion company printing 5.5 billion in free cash flow. You can use a lot to finance debt, obviously, which is what's proposed here. Uh 400 million uh consumer accounts. So, lots of consumers have PayPal accounts, have Venmo accounts. Maybe they're not fully active, but they're ready to be engaged. It's a huge footprint and huge distribution mechanism. Uh, and they have bank info attached. That's difficult. You can't get that from many other consumer applications.
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Most of us know that stereotypes are wrong, but we may not fully appreciate how deeply those stereotypes shape our interactions with people every day. Psychologists have a term for this. They call it a mental map — an internal model of the world that guides how we navigate our relationships and institutions.
Hidden Brain
The thing that's really interesting about transformers is that the model architecture is essentially fixed. The operations that transformers do are the same whether you're running GPT-4 or any other large language model — it's always matrix multiplications and attention. And if you build a chip that only does those operations, you can make it much faster and much cheaper than a general-purpose GPU.
Invest Like the Best with Patrick O'Shaughnessy