pcprincipal

Related story - my first job out of school was in investment banking. My desk worked on some esoteric securitization products (basically bonds backed by aircraft and shipping container leases) where all issuance had basically disappeared when I started, which was right after the 2008-9 crisis. These products generally were in the A/BBB area, and generally had traded like high yield bonds before the crisis. When I first started, we struggled to find investors and were generally seeing 6-8% yields on some small deals. By the time I left three years later, yields were getting down to the 4% area, issuance sizes had tripled and new paper was routinely 3-4x oversubscribed. I have some friends who still work there and tell me not only have yields kept coming down, but lower quality leases are being thrown into securitization pools. I 100% agree on all the comments here saying the big story is lower rates driving people into riskier investments. When the next crisis hits, people will talk about how negative rates forced people to reach for junk companies and questionable securitization paper.

> In September 2018, the Company completed its acquisition of all issued and outstanding shares of Astro Technology Inc. (“Astro”), a pre-revenue start-up company that provides artificial-intelligence (AI) enhanced communications solutions, for a total purchase price of $43.3 million in cash.

Anyone care to explain how a pre-revenue company can be valued at $43mm? I know the argument can be made Google paid much more for Deepmind, but Google's market cap is 51x more than Slack's on the secondary market right now.

Long time swimmer and runner here - the biggest difference between the two IMO is the focus on lung capacity for swimming.

A common swimming training set most competitive swimmers will be familiar with are "lung busters". You do a 200y free that's 50y breathing every 3 strokes, 50 every 5, 50 every 7, 25 every 9 and then a 25y butterfly without breathing. I had a coach who would have us do 6 of these on 2:45 (meaning about 15-30s of rest for strong distance swimmers). Everyone would be audibly gasping for air by the end of these.

In races, how often you breathe is a critical part of race strategy. In a 50y/m free you generally shouldn't breathe at all; in a 500+ race, there are big debates about whether to breathe every 2 or 3 strokes. Additionally, how much to kick is a key part of strategy since kicking's contribution to speed is not great compared to how much oxygen it depletes.

I really don't think running compares in terms of how stressful the sport is on the lungs. That said, running 400m sprints with small rest intervals is extremely hard on every part of the body and I found the muscle stress from running far greater than from swimming.

Another strategy to help ditch the phone - try for a few days rating each day on a scale from -2 to 2 and recording a few notable things about each day. I learned about this technique from Jim Collins, who shared it on a podcast with Tim Ferriss[1]. Collins says sorting the spreadsheet is especially useful because you can see patterns and learn what separates good days from bad days.

I bring this up in relation to this article because after three days of doing this (for those interested, [-1, 0, 0]), I concluded distractions are the biggest reason I didn't go [2, 2, 2]. My phone for me at least is the #1 cause of distractions - simply looking at it and seeing a notification can derail my train of thought. Setting it on Do Not Disturb and only checking a set number of times I'm thinking will be helpful.

One more thing here - knowing that I need to rate myself at the end of each day absolutely is in the back of my mind during the day, which I think is a positive.

[1] - https://tim.blog/2019/02/18/jim-collins/

The concept of owning demand is explored really well in this blog post[1]. A good excerpt:

> In short, if somebody successfully inserts themselves between you and your customer, they can exercise tremendous control over you, including taking a big chunk of your profits or outright killing you.

[1] https://florentcrivello.com/index.php/2018/10/22/own-the-dem...

Worth noting that Nassim Nicholas Taleb has some interesting explanations about why practitioners write better and more accurate books than journalists in "Skin in the Game". As you probably guessed from the title, practitioners have a lot to lose by writing a bad book about their practice because it impacts their livelihood. Journalists - while they do face some consequences for bad books - don't pay the same price, and are more likely appealing to a general audience when they write a non-fiction book.

"Free Will" by Sam Harris. A buddy told me to read this after we got in a long debate about free will at a bar. Basically, he told me I wasn't even grasping what free will is, and that the hour to read the book would totally change everything for me. Lo and behold, he was right and the next conversation we had about free will was much deeper and largely framed by the insights in this book. It convinced me that the real question isn't "Do we have free will?" but rather "What is free will?"

"The Beginning of Infinity" by David Deutsch. It's difficult to pinpoint this book as being about a thing or a set of things, but my best attempt is to say it's about attaining knowledge and the non-existent limits to human knowledge. I've never felt more inspired than when I finished reading this book and reflected on the infinite lengths humankind has to go on technological progress. Overall, it's an incredible argument for optimism about what is possible.

Top 3 for the year for me below. All of these are completable in 2 or so hours and non-fiction. For me at least, this is notable since so many non-fiction reads take 400 pages to make a point that could be summarized in 150:

- Free Will, Sam Harris - one of my buddies strongly recommended this book after debating me on the subject for an hour plus. While some of the question of free will is semantics, Harris deeply changed my position on to what extent we determine our own actions. When someone can present an argument to you for an hour and a half uninterrupted, it also makes a difference - perhaps the best way to influence someone is to recommend a book.

- It Doesn't Have to Be Crazy At Work, DHH and Jason Fried - made me rethink the tradeoff between working harder and working smarter. This book strongly debates how most companies structure PTO, the work week, meetings and so much more and offers opinionated alternatives. Basecamp is clearly thinking independently from first principles here, and I really admire that.

- The Way to Love, Anthony de Mello - meditations on freeing yourself from attachment and your own programming. This book pairs really well with Free Will (I read them around the same time) because both offer unique perspectives on why we are the way we are and why change is possible (Free Will actually optimistically concludes change is possible without us being in control of our actions).

Shameless plugs - I blog on my favorite reads of the month at theconsider.com , which also is available as a monthly e-mail (https://theconsider.com/subscribe/).