Fred Stein on The AI rich get richer - 'Thanks David, When I lived in Petaluma California, they had a Carnegie library. Imagine how remote (40 miles for San Francisco, also a small city) this agricultural / lumber town was back in those days.'
on The AI rich get richer - 'Chuck Feeney would be a great model. Basically invented duty-free airport shops. Made billions, then largely anonymously gave away all except two million. By design, his foundation self-extinguished before his death. “Since you can’t take it with you—why not give it all away, have control of where it goes, and see the results with your own eyes? It’s a lot more fun than when you’re dead.” —Chuck Feeney'
on Saturday Apple video: Out of the box (2006) - 'I’m with you guys remembering my Apple II with two external floppy drives… where did time go?'
on Apple closed at $273.81 for Christmas. Look who's underwater now - 'Pierre Ferragu is still employed by New Street as of today, Dec. 27, and has a current $270 price target in AAPL. Sent to Phil so he can add. www newstreetresearch com /company/apple/'
on The AI rich get richer - 'Gregg, I might quibble with some details, but not with the elimination of all personal exemptions. I’ve said forever (I’m that old!) that everyone should pay the same tax on the same earnings. IF you choose to have a kid – or 10 – or a house or other that’s subject to federal tax breaks now, that’s up to you. I have no obligation to pay for it. There are a lot of issues when you try to do social engineering via taxes. I do agree with Roger that taxes on unrealized gains gets problematic. Needs a lot of tinkering with inheritance rules etc.'
on The AI rich get richer - 'Gregg, appraising unrealized gains would be problematic. Yes, it happens when one passes and asset values are stepped up, but will there be refunds when asset values drop?'
on The AI rich get richer - 'There is already a huge class of people who earned their money the old-fashioned way – they inherited it.'
on The AI rich get richer - 'Now the topic has shifted to my favorite subject. I believe the first $400,000 income per year (regardless of type) should have no tax. ALL earnings above $400,000 should be taxed at 50%, gains in this segment should be taxed even if not realized. Importantly, all personal tax deductions should be eliminated. Those making less than $400,00 wouldn’t need them because aren’t paying any tax. Those making more than $400,000 will have to alter their life style a bit. Far fewer McMansions and cruise line sized yachts, private jets etc.'
on Saturday Apple video: Out of the box (2006) - 'As another New Year approaches, I share your wonder, Robert. A classic Apple video, PED! Thanks for the trip down memory lane! Happy Holidays! Sacto Joe'
on Saturday Apple video: Out of the box (2006) - 'Wow. This was made 20 years ago! Why doesn’t it seem it’s been quite so long ago?'
on The AI rich get richer - 'This class of ultra rich seem to have a different attitude than those of the Gilded Era. Now some of those were ‘greedy misers’, many used their wealth to fund institutions we all benefit from today (either directly, or through the contributions of their heirs.) See https://www.carnegie.org/about/our-history/gospelofwealth/ Carnegie believed in giving wealth away during one’s lifetime, and this essay includes one of his most famous quotes, “The man who dies thus rich dies disgraced.” I will note that Eric Schmidt and Bill Gates have visible philanthropic efforts. And we know about efforts from Laurene Powell Jobs and MacKenzie Scott (formerly Bezos). (I’d be afraid of what kind of “charity” Elon Musk would fund, “The Institute for Selective Repopulation”?)'
on The AI rich get richer - 'It is interesting to ponder both how enormously privileged it must feel to be in the lowest part of the top 1% in the US, while also realizing that this is a trivial amount of purchasing power (and other power) compared to those in the top 0.1%, which is itself trivial compared to those in the top 0.01%, etc. Paul Krugman, who has been correct in many (not all) of his observations, once said that the net-worth curve in the U.S. is “fractal” in this way. The wealth of Musk, Bezos, Buffet, Gates, Thiel, et al is simply staggering. How many superyachts does one family need? How many mansions in how many countries? How many end-of-world bunkers? How many politicians? I like to think that if our little group who follow PED’s blog were somehow able to trade places with the wealthiest few, we would move forward as follows: Rather than entitled and megalomaniacal, we would feel fortunate and grateful for the things this country has given to us. We would want to lift others up. We would want to pay at least the same portion of our wealth in taxes as do our personal assistants. We would build up institutions that promote well-informed debate. We would protect and improve democratic self-government. We would encourage and generously fund basic scientific research. We would want all humans to have a real chance in life to get the good things we have gotten. We would insist on robust adherence to the rule of law. We would revile corruption. And we would join the side of those wanting to put down the bullies of the world. Doesn’t seem to me that that’s what we now have in our country. If I may generalize unfairly, it sometimes seems that our billionaire class is on a path that is roughly the opposite of the one I have laid out. Still, being a hopeful quasi-humanist at heart, I believe that each of us is capable of not only of making big mistakes in life, but also of acknowledging them, correcting course, and working hard to fix what we broke. My one public-facing wish for the New Year is that America’s billionaires begin to see the need for them to redeem themselves before it is too late for them and for us.'
on Switching to B/W on her Apple iPhone made her appreciate the 'color and beauty of real life' - 'Okay, so I used greyscale all day and thought it went great, as I felt like I noticed the physical world a bit more as I was out and about. However, once nightfall arrived, I preferred having color again, as it was easier on the eyes, which were starting to feel the strain from looking at a black-and-white screen in a dark setting.'
on Apple regains the global smartwatch lead, but Huawei is set to overtake - 'You “put emphasis on something”, but ideally, you “emphasize something”. Strunk and White (“The Elements of Style”) is somewhere next to the Ark in the last scene of Raiders of the Lost Ark. And don’t get me started on “a peek of something”. It’s like fingernails on a chalkboard to me.'
on Premarket: Apple was red, turned green - 'What a tease. AAPL was green all day then went red just before the close. Only about 16M shares traded. Should heat up next week before the last trading day of the year.'
