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The FTX situation is not the same, but it rhymes. The role of TerraUSD — the “debt” — is played here by FTX’s customer balances; the role of Luna — the backing token — is played by FTT and SRM. In both cases, confidence in the business collapsed, and it turned out that the debt was actually backed by nothing.
FTX’s Balance Sheet Was Bad
bloomberg.com
The downside of this information overload is a familiar one: with myriad possibilities accessible at the flick of a finger, it becomes harder to concentrate on a single album or on a single work. Gluttony takes hold, indigestion sets in. For that reason, I still prefer CDs or LPs: the experience is finite and complete, with silence on both ends. It’s akin to sinking into a pleasantly musty old hardback as opposed to scrolling through the babbling infinity of social media. Of course, the two experiences can coexist. On the assumption that only a physical object is likely to last, I bought the Ormandy recording and added it to my shelf.
Apple Again Fails to Save Classical Music
newyorker.com
If you are an ESG purist, you will say that there are no such things as “ESG principles.” There are ESG risk factors. The principle of Approach-2, ESG-purist investing is “make as much money as possible, by considering environmental, social and governance risk factors in your investment decisions.” The only things that ESG purist investors consider are “pecuniary factors,” and they weigh them based on their prudent assessments of their impact on risk and returns over appropriate investment horizons. It’s just that they think that climate transition risk is a big pecuniary factor.
AMC’s APEs Might Stick Around
bloomberg.com
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