Sublime

Edward Chancellor’s book Capital Returns helped

‘workmanlike’ players were selected instead of ‘stars’ and the appeal of the ‘David Beckham’ narrative (the instinctive belief that good-looking players are somehow better) was rejected.

In the old world, the rule was: Every industry makes money, and the market share leaders make the most money.

As a consequence, the provision of financial incentives can result in a negative impact on overall performance.’

Present bias

To date, it has been very difficult to conceptualize what value, exactly, has peacefully opted out of fiat and into bitcoin. Pricing only happens at the margin, and marginal fiat exchanged for bitcoin is just a bank liability that the bank relabels.

bet is a tax on bullshit, goes the saying originating with economist Alex Tabarrok.

The flipside of pricing power is buying power : to what extent can a buyer get the desired prices from his or her suppliers ? In