503 karma · joined April 12, 2024
Context matters a lot. It's different if we talk crap at home with our friends vs. broadcasting a message to 10M people.
How is $200/month ridiculous for groundbreaking technology?
Just eliminating redious things. It's nothing difficult for a human, but we would have to hire a ton of humans and couldn't compete against the big guys then.
I'm not offering an LLM wrapper SaaS for my clients. We are just using this internally.
explained here: https://www.investopedia.com/terms/p/putoption.asp
Also, if you look at congresspeople's gains, on average, they are not that great.
They can't all make profit in a bear market. But some will. All are still making profits on fees.
Literally, please ask ChatGPT this: "please explain to my friend why very rich people use several hedge funds that are underperforming SPY"
And, of course, all hedge funds would like to be profitable all the time, but that's not a reason why people invest in them.
Some people invest in hedge funds that only buy whiskey, tequila, and cigars.
And perhaps Google about hedge funds a bit to understand how they make money. Of course most are down now...
The whole point is not all hedge funds are supposed to outperform SPY, hence the name "hedge." They make money on fees.
For example, Grab/Uber rickshaw/tuk-tuk drivers in India may technically earn over $10 a day, but many of them remain homeless because the price of food and rent has risen, and they often support a lot of their family members who have no jobs.
They often sleep on their rickshaws and work more than 20 hours a day, seven days a week, relying on excessive amounts of caffeine and other substances to keep going.
Many of them sleep on their motorcycles or near them on the sidewalk.
We hedge our bets (hence the name hedge funds) so that in market downturns, we use the profits from these weird investments that hit the green without liquidating the typical stocks. We use that money to buy the dips on regular stocks, failing businesses, and cheap real estate. Then, the market rebounds, and we still have our SPX without taking losses. You only get richer once you hit approximately $20M net worth and understand this.
Institutional investors love recessions. At my trade desk firm in Chicago (CBOE) during Covid we were each making the firm like $300k/hour scalping retails with a 20% cut.
They have no morals with how they make money. No morals in politics. They are running a monopoly with a 30% cut.
How is that a "do no evil" company? Because you can install an app from Epic? Give me a break...
+ what about the gov? I have a lot of friends who emigrated from China and they are complaining a lot about freedoms, social welfare, and work life balance back home.