One of the reasons I’m in indie consulting is I only have time to invest, not money. But the other reason is that it allows you to bridge invest (2) (abstract management theories, macro trends) and invest (1) (applying it to a specific company, going as deep as possible)
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Not all consultants do this. There are lazy equivalents to investors (2) who you can call consultants (2). Jump from client to client, never bothering to understand any business, shilling the same “process” workshop regardless of context. Lean, “design thinking”, holacracy
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Detest those types. They give the rest of us a bad name. There is no such thing as a context-independent business process or function. If you don’t care to learn about a business and adapt your offering, you’re lazily peddling fads the same way investors (2) lazily pump up stocks
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But back to economy after that bit of product placement. This whole point is why I’m not a socialist. I don’t think it matters much who “owns” the capital. Whether it is a workers coop or a fat-cat single rich person, the question is how hard they think.
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A single wealthy person might decide where to put a million dollars by spending 10 hours thinking about it. A collective of 100 people each with a 10k stake in a million might spend an hour each thinking about it, so 100 hours. 100 diverse hours or 10 single-mind hours?
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On paper that’s 10x the hours but most of it will go to solving the coordination problem. The collective will be smarter in some cases, he single mind will be smarter in others. The solution is a mix of concentrated and distributed capital pools driven by both kinds of smarts.
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I’m learning this the hard way with the
@yak_collective Some projects I’d take to that consulting collective hive-mind, others I’d do by myself. Very different challenges. Same with money. Distributed investing is very hard. This is why passive investment in everything works.1 reply 0 retweets 17 likesShow this thread -
Venkatesh Rao Retweeted
This tldrs the whole thread so far
https://twitter.com/jimyoull/status/1277286206997327872?s=21 … https://twitter.com/JimYoull/status/1277286206997327872 …Venkatesh Rao added,
This Tweet is unavailable.4 replies 1 retweet 24 likesShow this thread -
You can’t fix the problems of markets and capitalism by changing who gets to be stupid and uninterested in the details of where it goes. Smart money is simply money that is paying attention to what it is doing. No matter what the mechanism and who is investing, attention is key.
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Replying to @vgr
"System doesn't matter" seems like a weak conclusion if your only tools for encouraging Invest (1) and discouraging Invest (2) within the current system are hope and shaming (e.g. threads like this). Just wish the capitalism defense force would propose improvements instead.
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Venkatesh Rao Retweeted Venkatesh Rao
You didn’t read the whole thread. I’m not relying on shaming. There are mechanism ideas suggested by this line of thought. I’m just not competent to think them through. https://twitter.com/vgr/status/1277276286889586688?s=21 …https://twitter.com/vgr/status/1277276286889586688 …
Venkatesh Rao added,
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Replying to @vgr
Thanks for replying. I did read that, but you dismissed the first one yourself and the second one just sounds like
@HEXcrypto (which is a neat idea but doesn't encourage any deeper thinking).1 reply 0 retweets 0 likes -
And doesn't encourage better investment targeting either, in terms of pointing money towards stuff we'd all be better off building. I mean, am i wrong in interpreting your conclusion as "current system is fine, we just need better users"?
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End of conversation
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