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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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    Patrick McKenzie‏ @patio11 6 Dec 2017
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    I keep rereading The Big Short periodically, to help retain my sanity. Smart money still makes dumb decisions, and defends them vociferously even when the handwriting is on the wall. ("Is he subtweeting Bitcoin?" That would be catty, hence this parenthetical note.)

    9:39 AM - 6 Dec 2017
    • 58 Retweets
    • 413 Likes
    • Adam Daha Nick Abouzeid Nerd curious abt psychology 🧠 Tom VanAntwerp wears a mask and you should too. Kristian Glass Cynthia Bell McGillis Wogan Morten Bonaventure Software
    14 replies 58 retweets 413 likes
      1. New conversation
      2. Harry Heymann‏ @harryh 6 Dec 2017
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        Replying to @patio11

        The Big Short + Margin Call + Too Big To Fail is an excellent weekend watching trifecta.

        2 replies 0 retweets 19 likes
      3. STOP THE KILLING (he/him)‏ @PlanetLandsman 6 Dec 2017
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        Replying to @harryh @patio11

        That is a brutally painful trifecta that is on it's way to happening again.

        0 replies 0 retweets 4 likes
      4. End of conversation
      1. New conversation
      2. Michael Hartl‏Verified account @mhartl 6 Dec 2017
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        Replying to @patio11

        Housing was a bubble because the market price outstripped the fundamental value (risk-adjusted discounted returns). But Bitcoin has no "fundamental value" in this sense, so the analogy with The Big Short doesn't apply.

        3 replies 0 retweets 3 likes
      3. Jake‏ @JakeOls 6 Dec 2017
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        Replying to @mhartl @patio11

        I get the point, but couldn’t it also be said CDO’s also had no intrinsic value either- as it was just perceived they did before defaults started rolling in?

        1 reply 0 retweets 1 like
      4. 1 more reply
      1. Ian Simon‏ @iansimon 6 Dec 2017
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        Replying to @patio11

        It's worth reading @KAErdmann's alternate take on the housing crisis, spread across his entire blog http://idiosyncraticwhisk.blogspot.com/  Summarized to some extent here: https://idiosyncraticwhisk.blogspot.com/2015/10/housing-series-part-65-reasoning-from.html … And here:http://economicsdetective.com/2017/07/housing-liquidity-closed-access-cities-kevin-erdmann/ …

        0 replies 0 retweets 4 likes
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      1. Patrick Foley‏ @PatrickFoley 7 Dec 2017
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        Replying to @patio11

        Let me know when you finally give in and buy bitcoin, so that i can finally sell (har har)

        0 replies 0 retweets 2 likes
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      1. jamesashchem‏ @jamesashchem 6 Dec 2017
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        Replying to @patio11

        Alan Greenspan made his "irrational exuberance" speech on December 5, 1996.

        0 replies 0 retweets 1 like
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      1. Dave Craige‏ @davecraige 6 Dec 2017
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        Replying to @patio11

        do you think BTC is currently too overvalued?

        0 replies 0 retweets 1 like
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      1. Barely3am‏ @Barely3am 6 Dec 2017
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        Replying to @patio11

        try reading /r/wallstreetbets ... keeps me chuckling. Stay short. Totally worth it.

        0 replies 0 retweets 1 like
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      1. New conversation
      2. kasey_junk‏ @kasey_junk 6 Dec 2017
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        Replying to @patio11

        I worked in both industries at the time of the books. The Big Short rings true but Flash Boys makes me question the author. Such a muddle.

        1 reply 0 retweets 1 like
      3. Harry Heymann‏ @harryh 6 Dec 2017
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        Replying to @kasey_junk @patio11

        I think Michael Lewis just got lazy for that one. Didn't talk to enough sources so he bought Brad's pitch.

        0 replies 0 retweets 0 likes
      4. End of conversation

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