Love to play with terrible ideas as thought experiments b/c people always write novels back to me about why I'm wrong. This is a superpower because it shows me the consensus view immediately and with minimal effort. Copywriting is magic.
It is fun to stretch but I also think the consensus view is wrong on this. See Swedish Match, for example, and Ivar Kreuger's "ponzi scheme." Many investors did well.
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I don't know the Kreuger story in enough detail to have an opinion. It is true that Ponzi is an overused term. Not every unsustainable growth business is a Ponzi scheme, let alone one that could be sustainable. TSLA not Ponzi although overvalued imo, unless u think of it as /1
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Elon's PE fund. But interesting that 2-3y ago when things got tough he went all in by gearing up financially as well as operationally. Is it Ponzi? No. Could it be fraudulent? Possible but no evidence now. If not, is he acting legally? Unless he breaches trust, prob yes. Is he /2
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