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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    Patrick McKenzie‏ @patio11 13 May 2019

    Matt Levine on investing-as-gambling and how society should do something productive with it rather than experiencing a deadweight loss for random number generation. https://www.bloomberg.com/opinion/articles/2019-05-13/uber-misses-the-enchanted-forest …pic.twitter.com/z4buaD8r7g

    7:57 PM - 13 May 2019
    • 37 Retweets
    • 237 Likes
    • James Sinka Moa joao Vincent Weisser Eigil Rischel💎(26879/50000 words) Ilan Godik Blake Ellison Ben 𒃲𒌋𒅗𒆪𒁉🐜🐻
    10 replies 37 retweets 237 likes
      1. New conversation
      2. Patrick McKenzie‏ @patio11 13 May 2019

        I suppose one could make an argument that startup crowdfunding might be a potential option here; put a limit on how much folks can lose, give them a team they can root for, and keep the ecosystem *relatively* free of outright predation.

        5 replies 2 retweets 34 likes
        Show this thread
      3. Patrick McKenzie‏ @patio11 13 May 2019

        I have a generalized belief not widely shared among my friends that one is much more likely to create value with a large number of relatively small investments in firms than a small number of largest investments in Prestigious Projects (TM).

        5 replies 2 retweets 44 likes
        Show this thread
      4. End of conversation
      1. Ankesh Anand‏ @ankesh_anand 13 May 2019
        Replying to @patio11

        Are these bets supposed to work like prediction markets, or would have equity in entities pursuing the research (the OpenAI model)?

        0 replies 0 retweets 0 likes
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      1. New conversation
      2. Colin Percival‏ @cperciva 13 May 2019
        Replying to @patio11

        There's a conflict here between "people like to gamble" and "society has an interest in people not losing their retirement savings". Hence accredited investor rules.

        2 replies 0 retweets 3 likes
      3. Colin Percival‏ @cperciva 13 May 2019
        Replying to @cperciva @patio11

        I wonder however if you could work around accredited investor rules by saying "people can gamble $5k on startups provided they lock another $95k into broad market ETFs" and tell the SEC "look, 95% of their money isn't being gambled; it's safe enough for retail investors".

        0 replies 0 retweets 3 likes
      4. End of conversation
      1. veoex‏ @veoex 13 May 2019
        Replying to @patio11

        Dude there is no reasonable solution to this non-problem.

        0 replies 0 retweets 0 likes
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      1. New conversation
      2. Patrick McKenzie‏ @patio11 13 May 2019

        "Is it a deadweight loss?" *shrug* It's probably a subsidy to options market makers, since substantially every retail options trade crosses the spread, which is higher for most options than for most equities, without being motivated by market-superior knowledge regarding price.

        1 reply 0 retweets 11 likes
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      3. Patrick McKenzie‏ @patio11 13 May 2019

        I guess if you were an options market maker you could say something to the effect of "Liquidity in the options markets is societally beneficial because cheap hedging is a nice thing to have. We can offer that, in part, because some participants send us free money daily."

        1 reply 0 retweets 13 likes
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      4. End of conversation
      1. Lee Wen Jie‏ @TheWenJie 13 May 2019
        Replying to @patio11

        Huge insatiable demand there to be channeled for the right cause. Microlending in EM regions perhaps. People like to take -ve NPV risk for hopes of an outsized return.

        0 replies 0 retweets 0 likes
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      1. Lee Wen Jie‏ @TheWenJie 13 May 2019
        Replying to @patio11

        There is a demand for gambling and there is a demand for putting money on gamblers.

        0 replies 0 retweets 0 likes
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