underscored

@underscored

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The biggest moat a business can have is not technology, not patents, not brand — it's the accumulated trust of customers who would feel genuine loss if you disappeared. Trust is the only asset that appreciates purely through use and deteriorates purely through neglect.

Seth Klarman, Baupost Group Annual Letter (2010)
5d ago

Power is more the product of having the authority and trust to get lots of people to collaborate with you, rather than some galaxy brain scheming capability. Trump is not powerful because his brain, considered in isolation, is the most effective optimization engine on Earth. He is powerful because the government which hundreds of millions of people consider legitimate gives him a lot of power.

4w ago

The more exposed we are to an Internet of AI slop (AIS) and even the potential of career ladder disruption, the less happy young people are starting to be with regards to their trust and hope that AI will bring a better world.

1mo ago

The best investment is in yourself. But the second-best is almost always in a business that does something you understand, run by people you trust, at a price that makes sense.

1mo ago

When you start writing directly for readers, without intermediaries, that begins to happen naturally. Above all, I decide to treat the reader as a trusted friend—with the hope that you might extend the same courtesy to me.

1mo ago
whyisthisinteresting
The One-Time Pad Edition

What makes the one-time pad interesting isn't the math. It's that the limiting factor was always trust, logistics, and human error under pressure — the same things that compromise nearly every security system.

2mo ago

Because the US allowed sports bookmakers to gain entry by the back door, every market has been tainted by the same Wild West perception that's entirely of regulators' own creation. Insider trading is assumed to be rife. And, until or unless there are subpoenas dropping on doormats, any person who wants to believe the game isn't rigged against them is given no option but to believe in ghosts.

2mo ago

It had taken Sutskever years to be able to put his finger on Altman's pattern of behavior — how OpenAI's CEO would tell him one thing, then say another and act as if the difference was an accident. "Oh, I must have misspoken," Altman would say.

3mo ago

It had taken Sutskever years to be able to put his finger on Altman's pattern of behavior — how OpenAI's CEO would tell him one thing, then say another and act as if the difference was an accident.

3mo ago

Over years, Youngblood convinced a small, interconnected group of families in Austin, Texas, that their loved ones faced cartel violence, then cast himself as their defender, taking millions of dollars from them and uprooting their lives in startling ways.

3mo ago

Underscored — save the words that stop you in your tracks.

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