Founding team @Mashgin. Public market turned deep tech seed investor. Publish Buffett letters book: https://xitter.cf/t.co/J1ESA46POB, SpaceX book
San Francisco Bay Area
Joined March 2009
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Max Olson retweeted
And now you can preorder the NOMAD LETTERS (out December 1!): press.stripe.com/nomad-lette…
For years these letters have circulated (at first, unofficially) among investors, acquiring a devoted readership. We wanted to give them a permanent home in print.
Nick and his partner Qais Zakaria’s record is extraordinary. The letters are the account of how they got there, featuring everything from studying Amazon and Costco (Nomad’s defining investments)—to visiting cement plants in Zimbabwe, and beyond.
They’re candid about their mistakes and curious about the forces that shape investors’ behavior: incentives, psychology, and the wisdom (or foolishness!) of the crowd.
Since closing the fund, they’ve devoted their time to philanthropy, a journey Nick recounts in the lovely foreword he wrote for this edition.
I’m thrilled to continue adding to the investing corner of our catalogue, and I can’t think of a better work to follow Poor Charlie’s Almanack. ❣️
Max Olson retweeted
I’ve had a lot of people asking me about the botched execution of Christa Pike in Tennessee, as well as the upcoming execution by firing squad that’s supposed to be livestreamed. Having spent nearly 20 years on death row, my thoughts and feelings about these things are so vast that I sometimes struggle to find a place to begin. I became close friends with a man who had committed murder. He was like a brother to me. I once watched him break down crying, trembling as he told me he wished he was as evil as the world believed him to be, because then he wouldn’t have to care about what he’d done. Fifteen years later, he was still having nightmares about it. I know in my soul that he would never hurt another person again. But I’ve also watched a man being stabbed to death in prison. I cried for days afterward, and something inside me was changed forever. I learned that some people are capable of extraordinary transformation, while others remain capable of terrible violence even behind prison walls. There are no simple answers here. No slogans or political arguments that can adequately address the complexity of human beings, guilt, punishment, and suffering.
But there is one thing I want to say about the upcoming execution by firing squad. Don’t watch it. Whatever you believe about the death penalty, even if you think the person being executed deserves to die, don’t watch it. You cannot witness a human being being killed and simply walk away unchanged. What you see becomes part of you. It follows you into places you never expected it to reach. There are things I witnessed in prison that I would give anything to forget, things that still cast a shadow over my life decades later. There’s a difference between understanding that terrible things happen in the world and deliberately making yourself a spectator to them. I don’t have all the answers about justice, punishment, or forgiveness. But I do know that killing another human being should never become so ordinary that we turn it into something to watch from the comfort of our living rooms.
Max Olson retweeted
The bioethics circle jerks during the Human Genome Project, which were allocated 5% of the project's funding, were a total waste of time.
They had countless conferences and workshops imagining bad things that could happen like punitive health insurance rates based on genetic risk, none of which actually came to pass. Meanwhile all the real issues that arose from ubiquitous DNA data, like accidentally doxing your criminal relatives with your own 23andMe data, were never imagined.
It's a condemnation of the precautionary principle. Philosophers can make up all sorts of hypothetical scenarios in a vacuum but it's nothing like actually trying things and seeing all the weird second and third-order consequences that emerge and *then* dealing with the unwelcome ones.
I've been suspicious of the philosophers hired by Anthropic who specialize in AI ethics for similar reasons that I'm skeptical of those who went into "bioethics": they form a closed subculture that delights in clever arguments without regard to the human suffering that can result. | ‘Suicidal Compassion’: Meet the Anthropic Officials Who Think AI Might Be Justified in Going Rogue Against the Humans Enslaving It freebeacon.com/america/suici…
Max Olson retweeted
This week on Construction Physics: How SpaceX Streamlined the Raptor Engine construction-physics.com/p/h…
Max Olson retweeted
Congrats everyone on successfully politicizing the most important issue of our times. I'm sure saner heads will prevail and we will collectively choose the right course of action for sure now.
The frontier of artificial intelligence is advancing at an alarming speed. Over the weekend, industry leaders voiced support for an idea that the American people and many AI researchers in their own labs have been calling for: We must responsibly slow the pace of frontier AI development.
A slowdown is critical in order to ensure AI serves the public interest. Pacing AI development does not mean giving up on this technology’s potential to produce life-saving benefits in fields like medicine — some of which we are already seeing. Rather, it is about setting up sensible guardrails so that AI does not completely escape human control and endanger our safety and collective future.
This moment demands the leadership of the United States government. Congress must work at an urgent pace to pass new laws and establish a new federal entity to provide oversight and independent testing for this technology, to ensure accountability, and to protect our wellbeing.
We need cooperation at an international level as well. The United States must continue to lead the world in developing AI technology even as we seek to impose common-sense safety standards. This means that the president must do his job to protect America’s interests by pursuing a treaty with countries like China to stop dangerous uses of AI, limit the speed of its development, and adopt global standards for testing.
Max Olson retweeted
25 years ago today Welles Crowther gave his life helping others on 9/11. This is the best story @espn has ever done. Share it with your kids and any others who may not have been alive on 9/11 and don’t know what true bravery in the face of evil is.
Max Olson retweeted
Regret the tone of my post on data centers yesterday.
What I should have said:
There were reasonable concerns about data centers 18ish months ago: water, taxes, jobs, electricity prices, the environment and what they would do to small towns. Well-structured data center projects have largely addressed these concerns today and we should be celebrating this.
On balance, data centers are awesome for America in every way.
On water: U.S. data centers use a fraction of what golf courses use. A lot of the numbers from 18 months ago were off by over 1000x. Newer data centers use closed-loop systems or recycled water. Should be required by every town approving a data center project.
On taxes: looking only at sales-tax exemptions, as Ronan Farrow did, is the wrong way to evaluate this. Data centers pay significant property taxes. Loudoun County, which is the wealthiest county in America, now collects on the order of $1 billion a year from data centers. In Quincy, WA, data centers are more than half the property-tax roll. Over time, property taxes can go to zero while government spending increases in these towns.
On jobs: this has been unambiguously awesome for blue collar Americans. Demand for electricians, plumbers, welders, HVAC techs, and contractors has gone vertical, and it is not a one-time construction job. These buildings get upgraded and expanded over time. That is why the building trades are fighting for them, and why some unions are now treating opposition to data centers as a reason not to endorse politicians.
On power: the original fear was that households would pay for the incremental electricity demand in the form of higher prices. That is why the ratepayer-protection deals and the new large-load tariffs exist. The right structure is: the data center brings or pays for new generation and signs a contract long enough that existing customers are protected. Where that is happening, utilities are cutting or freezing residential rates and saying so on the record. Where it is not, people are right to object. Electricity prices are going down *today* in a number of large states because of data centers.
On the environment: data centers overwhelming use natural gas today, which is the cleanest power source outside of nuclear, solar and wind. And the companies that are building the data centers are committed to carbon neutrality such that an equivalent amount of solar will likely be built. Maybe more importantly, the data centers need batteries to function effectively and these batteries can also sell energy back into the grid (which recently prevented blackouts in Texas). Over time, data centers will run on solar plus batteries.
On the towns: Poverty in Quincy, WA fell from 29% to 6%. Data center taxes paid for a new high school, a hospital, a library, police and fire stations. This is happening in many left for dead former mill and farm towns that had no other bidder for the land.
Data centers are actually reindustrializing parts of America and creating the kind of working-class jobs both parties have spent decades claiming to support. That should not be a partisan issue. Data centers can and should be awesome for America and they increasingly, overwhelmingly are. Supporting the outsourcing of data centers to China will likely age just as well as support for the outsourcing of high quality, blue collar manufacturing jobs to China has aged.
When the facts change, I change my mind. I hope that reasonable people who had good faith reasons to oppose data centers at least consider updating their beliefs given the change in the facts over the last 18 months. This really matters for America.
I will say I also think the idea of making data centers beautiful is a good one that has yet to be implemented. Data centers should be just as beautiful as Grand Central Station. We can learn a lot from the railroad buildout. Neoclassical revival ftw.
Might write up open-weight AI tomorrow as this is equally essential to America.
Max Olson retweeted
This might be the most beautiful thing I've read in my life. What a privilege to be alive in 2026.
ordinaryabundance.com
Max Olson retweeted
The NASA logo is recognizable around the world because of the near-impossible feats we have accomplished and all we are still capable of achieving.
In some years past, we became comfortable moving at a different pace, one inconsistent with Mercury, Gemini, Apollo or Shuttle. We started outsourcing capabilities that should be essential to any organization built around technical, operational and engineering excellence.
For a period of time, we tried to make everyone happy. In most cases, that means no one is happy, because the headlines the interested public was waiting to read took far too long, cost way too much and, in many cases, were never realized at all.
The best and brightest across NASA show up to work each day looking to change the world, and that meant dusting off the playbook from decades past and getting after it.
We are rebuilding the workforce after a level of outsourced staffing that was indefensible. We are pausing and pivoting away from programs that were not on a path to success, freeing up billions of dollars in resources, and refocusing on the President’s national space policy and the objectives outlined through Ignition, including the missions no other agency, company or even nation is capable of achieving. And we are off to a good start.
This is how NASA made the history that inspired so many of us, and this is how we will do it again.
Max Olson retweeted
You think Walt Disney wouldn’t have ripped through prompts to make Fantasia?
Think of the hours of toiling away repeating the same pencil strokes saved.
The idea and forms imagined still come from the creator.
InterPositive and everyone making tools for the creative get it, democratizing the fine tools of the craft rather than wholesale keyboard machine generator.
Max Olson retweeted
The most interesting part of the red card saga isn't the ruling. It's how differently Americans and Europeans process the idea that they might have been wronged.
Europeans are fundamentally different from Americans in one particular way: they expect life to be aggravating and at times unfair. It's just a fact of moving through the world. I joke that in Europe, the customer is always wrong. You didn't read the fine print. The only pharmacy in town is closed every other Tuesday for three hours, and even if the times weren't posted, that's still your problem. Too bad if you want the bill, because the waiter's on his union-mandated half-hour smoke break, and you're just going to have to wait.
To quote the great Mark Knopfler: sometimes you're the windshield, sometimes you're the bug. There's something freeing in that. Things are less in your control, so there's less angst in managing your expectations.
In America, things couldn't be more different. We simply can't accept a wrong left unrighted.
The flight attendant sneezed handing you a drink on your one-hour flight? 15,000 frequent flyer miles. Didn't like your appetizer? A replacement is on the way, and the whole course comes off the bill. There's a reason our interstates are lined with trial lawyer billboards.
Europeans have turned complaining into a continental pastime with no expectation that the universe owes them a remedy for their grief. You gripe about the train being late, your friends nod solemnly and everyone goes back to their apéro. In America, we launch a full-blown investigation of the train system, sue the government (and its contractors) that allowed for the tardiness and hold a Congressional hearing on the state of national infrastructure.
So to an objective observer, the red card shouldn't have happened, and VAR was a travesty. To Americans, our star player shouldn't be unfairly banned from a match we couldn't afford to lose for a card he so obviously didn't deserve.
Who cares that FIFA used a little-used reversal to fix it. Who cares that other people are mad about it. We. Were. Wronged. It was unjust. It must be corrected. We would accept nothing less.
Europeans waxing poetic about the sanctity of the game are, of course, talking about a governing body whose last tournament host was decided via confirmed cash bribes — one that imposed dress codes on women, shrugged off widespread allegations of modern slavery and reconfigured the entire tournament calendar to suit the host country. Which is exactly the point. If you've made peace with all of that, at least enough to watch the tournament four years later, a probationary suspension isn't actually a scandal.
Maybe that's the real divide. Over millennia, Europeans have made peace with being the bug. Americans have never once considered it, and apparently, we're not about to start now.
Max Olson retweeted
It’s hard to believe but this is a picture of the United States reflecting pool before the revolution happened. The US was once a very westernized country
Max Olson retweeted
I bought Shift4 stock, the company I started 27 years ago, that serves predominantly hotels, restaurants, and stadiums, because it was trading at a multi-year low and permissible under my ethics agreement. I sold all SpaceX stock, any indirect equity exposure to it, and any other aerospace-related companies 18 months ago when I was first nominated for the job. A billion-dollar sacrifice I was happy to make to serve my country. I suspect I will be worth much less coming out of public service than going into it-- and that is completely fine!
Max Olson retweeted
Introducing the Fusion API, the smartest compound model in the market.
Fusion achieves Fable-level intelligence at half the price.
How it works 👇
Max Olson retweeted
Can we debunk this nonsense?
Elon Musk was awarded (note: not given) cost-per-result contracts to perform a service for the US government. The total of those for SpaceX specifically is ~$22B, which includes repaid loans, state tax incentives, etc.
The deal was simple: put stuff into LEO at or below a set cost. If SpaceX does it below the set cost, SpaceX keeps the difference. If it doesn’t, the company is responsible for the overrun.
End result? SpaceX & Elon lowered the cost of getting 1 kg into LEO by 95-97% vs what NASA was paying previously.
And for the record, every other company around at the time was offered the same opportunity to bid on the contract - Musk/SpaceX just took it.
The handout narrative implies the taxpayer is the patron and SpaceX the dependent. The cost data shows the opposite: before SpaceX, NASA paid Russia’s Soyuz $80-86M per seat; SpaceX delivered at ~$55 million. SpaceX saved the US taxpayer $300M-$465M each year on that alone (the US sends 12-15 astronauts to space each year)
On the lunar lander, NASA estimated SpaceX’s fixed-price bid saved $20B-$30B vs the Boeing-preferred cost-plus approach.
So: SpaceX saved the US taxpayer more than the total value of contracts it earned on a single project, PLUS provided the US government with the requested services (put stuff in LEO) at the best possible price.
