Left foot. Right foot. Intelligent sounding quote goes here.
Joined May 2012
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breakeven retweeted
I don't post here as much as I used to, but I want to leave you with this fantastic analogy. This goes for trading or running a business or life in general. In my experience, this is true.
Just watch... #truth
breakeven retweeted
1/ The Binance hack is massive, but the actual market impact could be very different from the headline numbers.
With much of the stolen stablecoins already frozen, the bigger question is which altcoins the hacker can still dump.
I went through the hacker's wallet and compared the holdings against trading volume and market cap. 🧵
sounds straight out of liar's poker wall street, ivy grads that tried to throw chairs through the window when asked the impossible task to open the window in their job interview
😬
breakeven retweeted
Lord, give me coffee to change the things I can, and alcohol to accept those I cannot.
breakeven retweeted
When choosing a new habit many people seem to ask themselves, "What can I do on my best days?"
The trick is to ask, "What can I stick to even on my worst days?"
Start small. Master the art of showing up. Scale up when you have the time, energy, and interest.
breakeven retweeted
Stanley Druckenmiller renders an unfavorable opinion of Treasury Secretary Scott Bessent's use of buybacks to defend against higher yields in a market that is functioning normally.
"I have spent five decades trading on a simple premise: Markets aggregate information no committee possesses, and prices are how that information reaches decision makers. The long-term Treasury yield is the most important price in the world. It is also the only fiscal disciplinarian the U.S. has left."
"Every basis point of artificial yield suppression is a subsidy to procrastination."
"Return buybacks to their stated purpose: small, scheduled, off-the-run liquidity operations announced at quarterly refundings, never off-cycle responses to yield levels. Term out the debt honestly and pay the price the market sets."
"If the 30-year must trade at 5.5% to clear, that isn’t a crisis. It is an invoice. Then do the only thing that durably lowers long-term yields: address the primary deficit."
wsj.com/opinion/let-the-bond…
more of this please
(respect, community, family, kindness, education)
breakeven retweeted
The most interesting thing about writing as a human being is that, if you are very lucky, every once in a while you can wander your way so far out on a limb that you actually learn something new yourself from the change in perspective.
Robust v optimizing
pick your spot on the scale
Kris DELIVERS on the risk management lesson about 1000 year floods occurring every 18 months.
He fails to send a snappy punchline involving fat tails and crocodiles. sigh.
yall have to make due w trader wisdom and great writing
breakeven retweeted
This is Les Schwab. One of Charlie Munger's favorite founders. Les's autobiography was one of Charlie Munger's favorite books. If you read Les's book you'd love him too.
A few lines from his autobiography that gives you a sense of the man:
1. I did write this book 100% with my 40 year old typewriter. I didn’t have a ghost writer. I wanted it in my own words.
2. I hope to pass on some of my theories of business to our people. Should we fail to follow these policies toward customers and employees, I would prefer that my name be taken off the business.
3. I encourage you to share profits with your employees. I encourage you in every way possible to “Build People.”
4. If you make people under you successful, what happens to you? Aren’t you also then successful?
5. What nicer thing can you do with your life than to help young people build their lives into successful people? (Read that one again)
6. My school was just a railroad boxcar with a crooked window cut in one side of the boxcar. There were three of us in 8th grade. We all failed.
7. One of my biggest fears was that my father would come to school on Friday drunk. He was found dead in front of a moonshine joint.
8. I was proud; poor, but I had a lot of pride.
9. I was sometimes cocky; but this same cockiness helped me a lot in going through life. (Belief comes before ability)
10. I thought the tire business had a future. I had never fixed a flat tire in my life.
11. It was hard, knuckle busting, dirty work.
12. Never take advantage of a customer, never take advantage of an employee.
13. We share 50% of our profits with all the employees in the store. Each store operates as a separate entity and each store operates as a separate business.
14. It is hard to comprehend today why big companies treat their employees the way they do.
15. Greed destroys.
16. Some people in the office sometimes think they are more important than the stores. The office serves only one purpose, and that is to serve the stores. Some of our office people sometimes wonder about this. But I’ve warned them, don’t bitch to me because that is the way I want it. If you want to go out and start at the bottom changing tires and work into a manager job, then hop right to it. If it weren’t for those men in the stores working their butts off in all kinds of weather, missing meals, God awful hours, etc. you wouldn’t even have a job.
17. Life is hard for the man who thinks he can take a short cut.
18. You end up being a second father to hundreds of other men and women. Last night I attended a wedding of a young man from our office. This young man told me that two men had influenced his life, his father and me. That’s worth more than money.
19. We are different from most American corporations, as we think the most important people in the company are the people on the firing line; the ones who sell, do the service work and take care of the customer. Most American corporations have the fat salaries for the top people and treat the people at the end of the line as peons. I guess that is why, if you are on the ball, you can beat them on any type of fair competitive basis.
20. Whatever you do, you must do it with gusto, you must do it in volume. It is a case of repeat, repeat, repeat.
21. Let the people at the store level and your manager know you are behind them. They are the ones who make you successful, not the person in a nice office who has nothing to do today but to send out another damn directive. If it doesn't help the store, tear it up and tell the store to tell the office to go to hell.
22. Stay out of a store for 30 days and you've forgotten 50 percent of what you know.
23. I am 68 years old now. And I've run it in overdrive my whole life. I've always wanted to be the best tire dealer, not necessarily the largest tire dealer.
24. Every single one of our more than 250 managers and assistant managers started at the bottom changing tires. They have all earned their management jobs by working up.
25. A company starts, it grows, and as it grows, more and more of the decision making moves to the main office. And this is one hell of a big mistake. The decision making should always be made at the lowest possible level. Give your manager the authority to make his own daily decisions, under certain guidelines of course, but let him run his show.
26. If we rely on last year's results then this company will start down the hill. And once you start down, it is mighty hard to turn around. If we become complacent, brother it's all over with.
The book is hard to find. It's currently for sale on Amazon for $267. But you can learn from Les and his remarkable life and career— right now —by listening to episode 330.
breakeven retweeted
I just got back from an incredible few days at @TheTieIO Out East Summit on the beautiful North Fork of Long Island, which @LMAX was proud to sponsor.
Without exaggeration, it was the best conference I've ever attended.
It wasn't just the quality of the speakers or how flawlessly the event was run. It was the quality of the people in the room. Builders, founders, investors, institutions and infrastructure providers—all deeply knowledgeable, incredibly collaborative, and genuinely focused on solving meaningful problems and pushing this industry forward.
You leave an event like that with something even more valuable than optimism—you leave with conviction.
In many ways, the experience reinforced something I've believed for quite some time.
There has been a growing narrative that the future of digital assets somehow hinges on passage of the CLARITY Act. I think that view has become overstated.
Don't get me wrong—regulatory clarity would be a significant positive. It would remove uncertainty, provide institutions with a clearer framework and almost certainly accelerate the next wave of adoption.
But the long-term trajectory of digital assets does not depend on a single piece of legislation.
This industry has spent more than a decade innovating, building and expanding without comprehensive US regulatory clarity. More importantly, the underlying value proposition has never been stronger.
We're talking about financial infrastructure that is faster, cheaper, more transparent, more liquid, globally accessible and available 24 hours a day, seven days a week.
That's why I continue to believe regulatory clarity is a catalyst, not the foundation.
Whether it arrives through the CLARITY Act or another legislative path, the direction of travel appears increasingly clear. Regulation may accelerate adoption, but it is unlikely to determine the destination.
The market has also spent the past year flushing out excess and speculative froth. In my view, that reset has been healthy. Digital assets are increasingly demonstrating that they can stand on their own merits as a differentiated asset class while institutional infrastructure continues to mature.
Perhaps nowhere is that more evident than in the rapid growth of real-world asset tokenization. The migration of traditional financial assets on-chain is happening because the economics simply make sense.
After spending several days surrounded by many of the brightest minds in the industry, I have never been more encouraged about where this space is heading. If anything, the conversations I had only strengthened my long-term conviction that we're still in the early innings of a fundamental transformation in global finance.
A special thank you to @Joshua_Frank_ and the entire The Tie team for putting together such an exceptional event. In my view, they've set the benchmark for what an industry conference can be.
🤖 Made with AI
breakeven retweeted
S&P Global is paying attention to DeFi vaults.
Key takeaways from its latest primer:
• Vaults are becoming the on-chain equivalent of managed funds.
• They improve operational efficiency but introduce new risk considerations.
• While crypto-native today, they're poised to become *core infrastructure* for tokenized real-world assets and institutional capital.
breakeven retweeted
Any settlement should require his kids to spend many hours a day doom scrolling and posting his sites/apps
Meta says it's facing $1.4T in penalties in teen mental health case - a sum equal to tech giant's valuation trib.al/ErF1SrX
breakeven retweeted
For nearly 50 years the standard of care for joint sprains has included rest, ice, and ibuprofen not bc rigorous evidence showed that worked, but bc that made intuitive sense and seemed to help. Now there's good evidence those actually impede recovery.
Add it to a long list of medical reversals, whereby a practice that was once widely adopted is later shown to be ineffective or even harmful.
Promising theories, observational evidence, underpowered studies, and early experimentation can generate important hypotheses. But they do not eliminate the need for rigorous randomized trials, regardless of the financial or professional incentives to move faster.
Once ineffective or harmful care becomes embedded in standard practice, it is very difficult to overturn. There is a role for regulatory flexibility and clinical experimentation when patients have unmet medical needs. But neither eliminates the need for rigorous evidence to ensure that the medical system is actually helping patients.
breakeven retweeted
OUSD enters a $311B market where Tether (60%) and USDC (24%) hold ~84% of supply.
The three biggest single-issuer coins (USDT, USDC, PYUSD) stayed out. Nearly everyone else piled in, including Coinbase and BlackRock, USDC's own distributor and reserve manager.
Better tech never dented the Tether-Circle duopoly. Owning the rails might.
Can 140+ giants finally crack it?
