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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 May 12
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      Patrick McKenzie Retweeted Byrne Hobart

      This is a very counterintuitive way of looking at the world. Speaking generally rather than specifically: one generally wants a budget for fraud (or similar negative things) and to spend that budget prudently, not drive to zero. Socially non-desirable to say in as many words.https://twitter.com/ByrneHobart/status/1260264924967768064 …

      Patrick McKenzie added,

      Byrne Hobart @ByrneHobart
      If anything, we should tell banks there’s a *minimum* quota for fraud. If you don’t lend at least 1% of your emergency stimulus funds to crooks, you dragged your feet. https://twitter.com/TDucklo/status/1260182200466706434 …
      9 replies 29 retweets 186 likes
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    2. Patrick McKenzie‏ @patio11 May 12
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      “We have below the optimum amount of fraud; which margins are we underperforming at” is a very real conversation to have. Some organizations have incredible social difficulties acknowledging tradeoffs exist and find themselves in unhappy space on N dimensional graph as a result.

      4 replies 6 retweets 71 likes
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    3. Patrick McKenzie‏ @patio11 May 12
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      I remember a conversation with a lawyer I had when I was six and didn’t really understand for many many years later. I thought I was a smart kid because I knew his job was winning “cases”, so I asked whether he won all his cases.

      1 reply 2 retweets 33 likes
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    4. Patrick McKenzie‏ @patio11 May 12
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      Approximately: Ah, good question. I would be a very bad lawyer if I won all my cases. The majority of disputes are settled out of court. Resolving with a lawsuit that goes all the way to trial is an option in the toolbox for generating better outcomes for clients.

      4 replies 3 retweets 56 likes
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    5. Patrick McKenzie‏ @patio11 May 12
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      If I won literally every time, that would mean that I was likely being insufficient aggressive at choosing litigation over settlement on some cases which were a) winnable and b) where counterparty’s final offer was substantially worse to client than what they’d get if they won.

      2 replies 3 retweets 47 likes
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    6. Patrick McKenzie‏ @patio11 May 12
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      So no Patrick, I don’t win every case. I cannot say “I do not try to win every case I bring” because of professional ethics, but I can tell you that law is strategic and pursuing a strategy of always winning would be pursuing a poor strategy.

      8 replies 4 retweets 71 likes
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    7. philip brown‏ @philipbrown May 12
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      Replying to @patio11

      Also true for bluffing in poker, if you don’t get caught sometimes, you aren’t bluffing enough!

      1 reply 0 retweets 4 likes
      Patrick McKenzie‏ @patio11 May 12
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      Replying to @philipbrown

      Poker as a lens for life/business/etc and for sharpening ability to think through this sort of tradeoffs is one reason I keep paying tuition to independent consultants twice or so annually ;)

      11:15 AM - 12 May 2020
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      • Karl Cuppazucchini Edouard Harris RJ Hallsted Visakan Veerasamy purpleposeidon britney was right philip brown
      1 reply 0 retweets 8 likes
        1.  🇺🇸Elliot Temple 🤔‏ @curi42 May 12
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          Replying to @patio11 @philipbrown

          FYI you'd learn much more poker by watching e.g. jcarver than playing poker yourself. There are pros who make videos of educational commentary about how to play/analyze poker well. https://www.twitch.tv/runitup/videos  https://www.youtube.com/user/JCarverPoker/videos … .

          0 replies 1 retweet 2 likes
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