Depends entirely on fixed vs variable costs. Rollups (which are very common now) work mainly because most "mom and pop" businesses can easily be "unlocked" by pooling the treasury, HR, accounting, commercial banking, supplier negotiations etc.

1. If you assume that P.E is uncorrelated/has a low correlation to the stock market (subject of many years of diatribes), then you decrease volatility of your portfolio by adding it.

2. Because a pension fund has a lot of years until they need start to paying out, then it is natural for it to attempt to harvest the illiquidity risk premium.

3. The (edit: removed extra words) "high required rate of return problem" is really a defined benefit problem. A DC plan can (and probably should) just be in mostly straight indices unless it's so big it can negotiate a good fee with asset managers for other classes.

Given that most management companies follow the 3 to 1 net salary to rent ratio as the minimum, you need to be making 7.5k after 1st/2nd pillar contributions which is like 8.6 gross. So you basically need a 3rd quartile or thereabouts salary to live in what is basically a "starter" apartment.

But on the other hand your tax bill is like a third of what you would pay in Zurich.

This ignores/forgets the fact that Biden had the Ukraine crisis directly after Covid ending so he basically couldn't actually go all in on the conflict.

>It's hard to imagine any earlier US administration not backing Ukraine to the hilt

Earlier administrations were operating in a much better economic environment and had a much higher international standing. Don't forget that outside of Europe US standing was dropping already before Trump 2.

It's like this for most software, but as a salaryman it's better for you if you use the common software. If you have an interview you can now say "I know how to use the thing that most people use" instead of "Actually we had an inhouse system so if you hire me I need to be onboarded for 3 months".

I got hired to my 2nd job in large part because I knew how to use Broadridge Paladyne (back then it was pretty good if you got over the pretty bad UI/UX, by today's standards it's not great).

For the long term his emphasis on operators is probably better as naturally transitions into functional analysis, but you can get a lot of stuff done without ever touching them.

Poland received virtually all of the lands that were considered Prussia though.

I thought I was being pranked at first but then I learned that the exact same rule applies in certain "high establishments" in Geneva.

1) Making startups to explicitly target areas of government spending and thus disrupt government contractors and/or agencies is a very good play. Your target customer has infinite cash, likes long-term contracts and can be upsold.

2) That to facilitate 1) guys from VC had to take government roles and get behind a candidate explicitly.

Sacks as AI Czar, commissioning Palantir guys as officers, Rabois' husband as Undersecretary, A16Z literally writing primers on how to talk to government procurement, etc. The libertarian era is fully over, but Sacks(and the whole Thiel gang) should get the credit for being first movers in this shift.

They hear this from the sellside, from activists, from the guys managing their private market allocations etc.

Would require destroying European security architecture as it is now.

Victor Niederhoffer, The Education of a Speculator

It's also funny that Kushner says this because the RN program is literally the French version of Trump 2.0 economic agenda:

1. If we drop taxes we will grow above deficit = Bessent's "Run it hot".

2. There is billions of dollars of welfare fraud done by illegal = Trump's comments about Minessota/Somalians.

3. Reducing subsidies to public sector and removing "leftist" government agencies = DOGE.

4. Economic protectionism for French companies = Liberation day.

Saddam did.

Their missile program is a direct response to the section of the Iran-Iraq war where Saddam flew long range bombers for terror raids (hmm who does this remind me of?) and Iran had no answer beyond shelling border cities with 155m.