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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. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Patrick McKenzie‏ @patio11 Mar 23
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      Buying a stock in the public markets is not a lifelong commitment. You can get off the bus at any moment when you don’t like the ride, generally very cheaply. The people on the bus at any moment are, by and large, the folks in society who most wanted to be there.

      5 replies 8 retweets 109 likes
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    2. Patrick McKenzie‏ @patio11 Mar 23
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      A stock buyback says “Are you sure you still want to be here? We like where this bus is going. Plausibly you don’t. Want out?” People leaving the bus increases the returns, and the risk, to those who said “Oh no, give up this seat for that money? Hard pass.”

      6 replies 0 retweets 37 likes
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      Patrick McKenzie‏ @patio11 Mar 23
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      This has a sort of homespun aww shucks feel to it, but it is descriptively accurate and aimed at the homespun aww shucks notion that you’d really want to buy stocks for nice consistent dividends, like a bond with a little bit of upside, but not too much, not enough to ever sell.

      12:27 PM - 23 Mar 2020
      • 16 Likes
      • Vikram Bath1 Severin Ibarluzea Paul Zuradzki Watson Ladd paul shinn Marc Cenedella Eli Courtwright Daniel Molling compiledwrong
      1 reply 0 retweets 16 likes
        1. New conversation
        2. Patrick McKenzie‏ @patio11 Mar 23
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          Speaking of aww shucks logic: yes, moving cash reserves off the balance sheet to shareholders does magnify exposure of remaining shareholders to the business’ future prospects, including in bad times. That was a major point of the exercise.

          3 replies 4 retweets 39 likes
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        3. Patrick McKenzie‏ @patio11 Mar 23
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          If you don’t want increased exposure to FooCorp, when FooCorp says “Anybody want out?”, you say yes. Or you use any of the other zillion opportunities in public equities.

          1 reply 0 retweets 17 likes
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        4. Patrick McKenzie‏ @patio11 Mar 23
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          “But what if you’re too inattentive or unsophisticated to make that decision?” Then does the financial industry have a product for you! It has very many, actually, but the one you actually want is an index fund. The equity exposure you want with no decision making necessary.

          4 replies 4 retweets 54 likes
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        5. End of conversation

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