1,335 karma · joined August 10, 2022
And it won't happen because it will be political suicide. So you can expect it to continue.
Anything is a vertical if you are willing to slop it up like this
>China destroyed oil import demand by an amount the UK imports annually in less than six months with rapid EV uptake
China has been working on EVs for like 15 years, we still have German manufacturers begging for exemptions on ICE phaseouts right now. At some point we just need to be honest and say that the Great (EV) Leap Forward won't happen and it will take like 10 years to get there.
I can bet that if in 2 years for some reason oil crashes to 30 USD we will have consumer protection orgs arguing for further extensions on ICE cars "to fight inflation" or something.
Oil and gas.
The big problem with satellite stuff in EU is that the quickest way to get it done is via France/Germany/Italy, but as you noted the guys pushing the hardest for it are gonna be the Baltics and Poland.
A greenfield satellite program is very hard to do.
1. 10-15 years ago it was expected you would have 1-2 glasses of wine at lunch as a front office guy / banker while talking shop. Now you will get a trip to HR unless meeting a client or in a place that still allows it. I imagine similar things in other areas. I still see construction workers drinking a can at 6:30pm however.
2. For good reason, "we were both drunk and X happened" doesn't work as an explanation anymore. Turns out that was a big a part of it.
The only real place people are still "expected" to drink is the army (cos there is nothing else to do) or meeting some boomer client. Younger people just do other drugs/stimulants.
It isn't irrelevant, because they have to make money to be built. The debt for these projects was already issued, so you have to pay the coupons. If Oracle doesn't pay the developer is gonna suffer on their end.
This is absolutely crazy. For comparison, below are the costs in Switzerland (and you can do all the things yourself by writing a letter signed by the authorized persons, so add whatever your time costs):
So any competent general has de-facto political legitimacy and is a de-facto threat to whatever government is in place. Most of the leaders in the region know this and as a result armies are staffed with insiders (which the article notes).
Saudi airforce is basically a jobs programme for elite families.
In Switzerland, every decent sports store now has a whole treadmill with some sort of gait analysis thing and a dedicated guy that is going to pick a shoe for you based on that + your running level.
Anecdotal evidence, but 80% of the time I see someone buying running shoes in Ochsner they end up using the treadmill and getting advice from the guy, and a lot of the time it they end up getting Hokas.
I never said that. The areas they control have about 70-80% of Yemen's population though.
IMO this is kind of bad framing because it suggests that they're the minority in Yemen, when in reality they basically are the government of 70-80% population of Yemen and absorbed 60+ percent of the Yemeni regular army.
They are basically at this point the de-facto Yemeni government
This is on paper one of the most "financially literate" cabinets ever (Bessent, Feinberg, Lutnick, Wright, Burgum, McMahon, etc.) but in practice most of the policies are degen gambling.
When you are socially conservative but economically left wing, you are going to spend your debates arguing with a right wing / center guy who has 60 "non-partisan" studies about why liberal economics are good.
When you are in the DSA, you evacuate the question by mentioning Gaza at will. DSA is basically an American version of the french LFI, and they are constantly able to stonewall or turn any debate by going to moral issues.
> And Treasury will delete any information it has already collected about U.S. business owners, the advisory said.
I mean this is literally an invitation to use "bagmen" with a US passport to hold interest / investments in the US. The part about deleting already collected data is also pretty crazy.
Immigration is a core tenet of the post-WW2 Western consensus and precedes any demographic scare in most Western countries by decades.
Simple example: I have 100 dollars, I go the 150/50 route.
Year one: I make 10 dollars on my main portfolio, I lose 8 dollars on the shortside (realised) and and make 9 dollars on the long side (unrealised).
Year two: I make 11 dollars on my main portfolio, I lose 9 dollars on the shortside(realised) and make 10 on the long side (unrealised).
Result: I invested 100 dollars and at the end of 2 years have 123 dollars. If I sell I have 17 dollars of tax loss carry over, so I pay taxes on 5 dollars worth of gains.
This is a gross simplification but that's the basic idea of it. AQR has an even more egregious product called Delphi Plus (that IMO is gonna eventually get IRS into their office) that can create losses that offset agains your ordinary income.
Where AQR innovates is in the following:
1. Suppose I am invested in my 401k into some sort of active etf. The past 10 years have been good, but I've noticed the performance is struggling lately. If I want to switch managers, I have to sell my stock and thus pay taxes on both the alpha (i.e manager skill) and the beta (i.e what the market did). But I don't want to pay the tax on the beta, I want to stay invested in the market swap my alpha.
2. The 2nd part is where it starts getting sketchy. From point 1 onward, we now want to separate our alpha and our beta. The first step is what everyone does: Leverage. Instead of owning a longly only mutual fund or active ETF, I now do the following: I buy a passive ETF (that behaves like the market) and then a long-short/beta neutral etf/strategy that will give me alpha. So for a 100 dollars invested, I now get 100 dollars of market exposure and then a varying amount of alpha exposure (it can range from 60 dollars in a conservative 130/30 or 100 dollars in a more aggressive 150/50). Key part: We solved the problem in point 1, I don't ever have to pay capital gains tax on my market until I genuinely want less exposure to the market.
3. Now comes the fun part: In a typical rising market, what would happen to our supposedly "market neutral" portfolio? On average, we would expect our longs to go up and our shorts to lose value. I could rebalance by selling some of my winners, but then I would be getting hit with the 35% short term capital gains tax which sucks. So what I do is something different: I don't do anything on the long side, I close out my short, open a new short and then carry forward my losses to the next year. With that, some time later, once I want to sell my long positions because they no longer have alpha, I can do it both using the 20% long term capital gains tax (ideally) and I will have accumulated tax losses from my shorts to further reduce exposure. And ideally I generate so many losses that I can offset a lot of my market portfolio gains.
Tl:dr It's basically pretty serious leverage and using constantly renewed short positions to keep delaying the realizations of capital gain taxes by creating tax losses. If you invest 100 dollars in a fund like this, the dream is that at the end of 10 years you have an 500 dollar portfolio with 300+ dollars of tax loss carry forward. The other fun part is when the initial 100 dollars comes from some sort of taxable event, like a sale business, and this strategy can actually cut taxes on that as well.
I would be very interested to know what he did with the management and performance fees (and how much they were) he gathered over the last 3 years. Just the perf fees from 2025 are probably enough to set him up for life. If he reinvested not so great.
Geneva already has a version of this. You have to stop outside work at 13h00 unless it's necessary, in which case you have to take 45min breaks for every 15 minutes of work. However the threshold isn't 27C but rather like 32C (from what I understand)
If you are UHNW every single bank, from private(Pictet etc) to universal, will bend over to have you. For US accounts it depends heavily on what you want to do with it. If it is just to keep your money and do investments by yourself 500k will be more than enough. It will be expensive in terms of trading fees/money transfer fees/ etc versus neobanks but that's the way it is.
The issues come if you want a wealth advisor. There are not that many wealth advisors with an SEC license (required to manage US clients) and most of them simply won't assume the risk unless they can have 1.5mio USD to manage, with something like 0.6% - 0.8% management fees p.a. Below 500k forget it because then you are categorised a private client according to FINMA and it is a pain in the ass compliance wise.
>If you are a resident, you can easily open a normal account in minutes
Depends which bank. Cantonal Bank have fun.
It's not a witch hunt, she just sucks at doing the same thing that everyone else does. It's fairly standard to go hard in the EU elections in order to buff up your party's treasury, but RN/FN was just comical in how openly they did it.
Francois Bayrou/MoDem had the exact same scheme but because he is much smarter than Le Pen so he never left behind a smoking gun whereas she openly said what she was doing in front of multiple people (and RN/FN had a huge loyalty problem at the time).