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Money is worth more today than in the future. We would all rather have $1,000 today than $1,000 in a year's time.
But how much more valuable is money now vs a year from now? Would you take $1000 now or $1100 a year from now?
Deciding what rate of return is acceptable to you is important for determining the rough degree of effort that will be required and what kinds of investments are worth pursuing. Someone trying to make 4%+ per year on their money has a much simpler task than someone trying to make 18%+.
Your answer will depend on what you are trying to achieve and what opportunities and knowledge you possess. Most prominent value investors want a minimum 10% return per year (often they are dealing with larger sums of money, which can make it harder to make higher returns).
This desired rate is what is used as the 'discount rate' when making a 'discounted cashflow' valuation of an asset.
My discount rate is 15%, as my goal is to make 15%+ per year in perpetuity.
You are fallible and the future is unpredictable. It is important to buy assets for significantly less than you think they are worth. The cheaper you buy something, the more margin you have for things to go worse than anticipated. This is called a 'Margin of Safety'. Paying a higher price for something inherently makes the investment more fragile and less profitable.
A crappy business can be a good investment if you get it cheap enough, and a wonderful business can be a terrible investment if you pay too much. (The dream is getting a wonderful business for cheap.)
Minor distractions, impulses, or shifts in attention repeatedly pull us away, forcing creativity to be spent again and again just to re-establish intentional direction.
How is using creativity to re-establish direction distinguished from self-coercing? I'm having trouble seeing the difference.
Some things wrong with flouride:
https://x.com/ChrisMasterjohn/status/1853076325067591812?s=20
This might be a difference in dialect. In New Zealand (and I assume other places, like maybe Australia, UK and Ireland) it is common to use ‘must not’ to mean:
a) ‘ Is forbidden to’ (the meaning you are familiar with),
or
b) ‘necessarily cannot’, usually in a deductive way.
Example: “His shoes aren’t here. I guess he must not be home then.”
This is much more natural to me than “His shoes aren’t here. I guess he cannot be home then.”
This might be a difference in dialect. In New Zealand (and I assume other places, like maybe Australia, UK and Ireland) it is common to use ‘must not’ to mean:
a) ‘ Is forbidden to’ (the meaning you are familiar with),
or
b) ‘necessarily cannot’, usually in a deductive way.
Example sentence: “His shoes aren’t here. I guess he must not be home then.”
This sentence is much more natural to me than “His shoes aren’t here. I guess he cannot be home then.”
This might be a difference in dialect. In New Zealand (and I assume other places, like maybe Australia, UK and Ireland) it is common to use ‘must not’ to mean:
a) ‘ Is forbidden to’ (the meaning you are familiar with),
and
b) ‘necessarily cannot’, often in a deductive way.
Example sentence: “His shoes aren’t here. I guess he must not be home then.”
This sentence is much more natural to me than “His shoes aren’t here. I guess he cannot be home then.”
In terms of climate, California might be the best place on the planet to live in. But the downside is that you live in California 😂
No. If living in the best place on Earth requires me to learn a new language I will happily do so. Thankfully I have an interest in languages so it wouldn’t be a problem for long.
California might be the best place on the planet to live in, in terms of climate, but the downside is that you live in California 😂
The current industrialisation of food is problematic, but these are parochial problems. There is nothing about industrialised food production that is fundamentally and irredeemably flawed. Problems are soluble!
I’ve found that if I stick to Whole Foods type places the quality of food is quite good, including some options that aren’t available in NZ.
But yes, the mainstream food options are crap, including the majority of restaurants.
Thankfully the US has reverse-osmosis water filtration options pretty much everywhere.
This might be a difference in dialect. I mean ‘mustn’t’ as in ‘must not’.
Example sentence: “His shoes aren’t here. I guess he must not be home then.” —> “I guess he mustn’t be home then.”
This sentence is much more natural than “His shoes aren’t here. I guess he cannot be home then.”
Maybe juries can be done away with. Not all levels of courts have juries, so they mustn’t be fundamental.
Maybe juries can be done away with. Not all levels of courts have them, so they mustn’t be fundamental.
My charitable interpretation:
“Less and less possible” is a loose way of saying something like “more and more difficult to achieve”, or “occurs less and less often in the multiverse”.
My charitable interpretation:
“Less and less possible” means something like “more and more difficult to achieve”, or “occurs less and less often in the multiverse”.
My charitable interpretation:
“Less and less possible” means something like “more and more difficult to achieve”, or “a smaller and smaller occurrence in the multiverse”.
“([T]hey say)” presumably means he is paraphrasing people who get it wrong.
Why does neo-Darwinism qualify as a strand, if it can be understood as a component of Popperian epistemology?
Economics is simply at the intersection of evolution and epistemology.
While a lot of what’s involved in understanding a language is inexplicit, it is not possible to come to understand a language without ever dealing with it explicitly.
This is part of what separates explanatory knowledge from other types of knowledge.
While a lot of what’s involved in understanding a language is inexplicit, it is not possible to come to understand a language without ever dealing with it explicitly.
This is what separates explanatory knowledge from other types of knowledge.