My financial advisor might have recommended that expensive fund to me because it was a good idea, even though he also received kickbacks from the fund for doing so. The point of being a trustworthy index is to avoid the perception of conflicted interest.
Because hardware depreciates quickly, datacenter rentals are a competitive business with much lower profit margins than the IPO prospectus requires (even if there is a temporary bottleneck now) and there's no real moat.
SpaceX's S-1 says they're going to make more than $320bn by 2030 at a 74% expected profit margin. That implies they're going to succeed at selling high-value AI services, not compute, which is a competive business with typical profit margins at or below 30%.
A company can have poor fundamentals compared to its stock price, and also have an enormous P/E multiple if it has committed investors. We've seen this with multiple meme stocks and Tesla. I have no doubt SpaceX will fly high for a while and people will make a lot of money, but I don't think the company is going to make $320bn/year in AI services (with 74% profit) by 2030 as the S-1 suggests. At some point the market price will coincide with real earnings.
You're assuming it requires specialized military gear, as opposed to consumer gear with a flashed firmware. I believe GPS L1 C/A subframe 4 is on the ordinary L1 C/A civil signal, which means commercial receivers can receive it. They just can't (ordinarily) decrypt it. But a few KB of extra code would change that. A pretty broad set of Android phones can receive this data, without even needing to reflash the GPS firmware: you can decrypt on the application processor, since this field is readable.
> You're assuming it requires specialized military gear, as opposed to consumer gear with a flashed firmware.
The author studied this supposition [code intended for mil gear] for some time and learned this.
On 26 May 2011, all 31 active GPS satellites switched to the
0xAA placeholder within just a few hours.
This rapid daily change perfectly matches the operational
rollout of the U.S. Over-the-Air Distribution (OTAD) network.
That doesn't really answer the question of whether it could be used to deliver "numbers station" type messages. Encrypted key material and enciphered messages should be indistinguishable. There are 18 bytes of high-entropy ciphertext that could be used for both purposes.
Benchmarks are governed (to some extent) by natural selection. If the S&P criteria prove obsolete, then it will be replaced by other indices that use your proposed criteria. Everything's going to be just fine.
Thanks for entirely missing the point. My argument is for benchmark purity, and to not exclude significant parts of the market from the benchmark to accommodate the whims of passive investors.
The benchmark has much more use than just a list of stocks passive investors should blindly follow.
Yes, it's the same principle that gets you financial advisors who push you into high-fee fund choices that earn them kickbacks. Completely understandable from the PoV of these parties' self-interest, yet entirely contrary to your own self-interest as a customer and investor.
This is a beta feature where Claude code draws the interface on the terminal’s alternate screen buffer like vim or htop. I believe it’s not the default because there are some potential compatibility issues deepening on your terminal setup. I’ve found it to be a nice improvement. It also fixed the issue where copy-pasting selected text from the terminal creates unwanted line breaks.
Claude Code is essentially a terminal emulator that runs on mature OSes with excellent support for this type of application. Why are they having difficulty implementing it?
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