2025-12-30


Worthy

  • Quite long, but worth the time: The Enshittifinancial Crisis

    The value of a “stock” is not based on whether the business is healthy, or its future certain, but on its potential price to grow, and analysts have, thanks to an incredible bull run of tech stocks going on over a decade, been able to say “I bet software will be big” for most of the time, going on CNBC or Bloomberg and blandly repeating whatever it is that a tech CEO just said, all without any worries about “responsibility” or “the truth.” This is because big tech stocks — and many other big stocks, if I’m honest — have made their lives easy as long as they don’t ask questions. Number always seems to be going up for software companies, and all you need to do is provide a vociferous defense of the “next big thing,” and come up with a smart-sounding model that justifies eternal growth. This is entirely disconnected from the products themselves, which don’t matter as long as Number Go Up. If net income is high and the company estimates it will continue to grow, then the company can do whatever the fuck it want with the product it sells or the things that it buys.

    the real problem is that analysts do not…well…analyze, not, at least, if it goes against the market consensus. That’s why Goldman Sachs and JP Morgan and Futurum and Gartner and Forrester and McKinsey and Morgan Stanley all said that the metaverse was inevitable — because they do not actually care about the underlying business itself, just its ability to grow on paper.

    In reality, we’re in an era of naked, blatant, shameless stock manipulation, both privately and publicly, because a “stock” no longer refers to a unit of ownership in a company so much as it is a chip at a casino where the house constantly changes the rules. Perhaps you’re able to occasionally catch the house showing its hand, and perhaps the house meant for you to see it.

    Analysts do not appear to have noticed a lack of revenue from an apparent deal for 40% of the world’s RAM! Oh well! Pobody’s nerfect!

    • It would be nice if he's wrong; but I think he's right. The clumsy vector processors they're wrapping so much money into aren't going to be used for very much at all. Perhaps we can hope that the casino aspects of the financial world will take the damage and leave the socially positive aspects of public ownership of solid companies intact.

Epstein

  • My Flights Are in the Epstein Files - by Julie k Brown

    I didn’t expect to see was an American Airlines flight record from 2019 with my full name on them, including my maiden name, which I don’t use professionally. It’s an unusual name, so it’s clear it’s me. The document appears to be details of an itinerary for a series of flights I booked in July just before the SDNY and FBI arrested Epstein.


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