BC ECONOMY
Saved by @CodyyyGardner

A dark cloud has descended, cloaking everything in gray.

It isn’t just me.

One of my colleagues, Tony Alvarado (@TexasKidneyDoc), is one of the most upbeat and outgoing people I know.

Now he’s quiet.

His trademark smile is faint, and the light has faded in his eyes. 1/

 Tony texted me the other day.

The most I’ve heard from him in weeks.

“My dad died last night.
COVID.
Pretty fast.
2020. Hell. On. Earth.”

I responded as best I could. Told him I was there for him.

His father was a kind man.

He didn’t have to die.

Not like this. 2/
It’s Fall 2008, and I’m a resident in Internal Medicine.

I’m attending a forum where I’ve been invited to read from the journal I’ve kept since medical school.

These are my thoughts that have been slowly consuming me.

The documenting of a downward spiral. 3/
I’m growing increasingly aware of a numbness within me. Moments that would move me before, now they evoke nothing.

The crucible of residency is forging me into a cold and unfeeling alloy I never wanted to be.

I write about it, and read my words to others who also know. 4/
I’m a guitarist, and I compare the sensation to the gradual numbing of fingertips against sharp steel strings, as the skin thickens and calluses form.

I want to tear off the calluses so the pain remains fresh, and real.

I would rather bleed on the strings than forget them. 5/
After I finish sharing, the audience is free to speak.

One of the comments I still remember to this day is from Dr. Klemens Meyer, an attending nephrologist.

He rubs his chin pensively.

“Medicine is an art, like music.”

As he speaks, he seems to weigh each word carefully. 6/
“Perhaps it’s only when your fingertips grow callused that you can make the most beautiful music.”

I nod, understanding what he means.

We deaden some sensations only to protect ourselves.

To know something truly, to get to its core, you need both vulnerability and armor. 7/
It’s early 2021.

I received my COVID vaccine.

What felt like a turning point has already receded into memory.

Like a gasp of air before the plunge back under icy waters.

Psychologically I’m back to where I was as an intern.

Completely numb. 8/
When you tell people that care is being rationed, their eyebrows shoot up.

People still have no idea. How bad it is. How bad it’s getting. How bad it’s going to get.

No idea.

Care has been rationed for a long time now. It’s just going to get worse. 9/
We are often making decisions we rarely had to make before, regarding prioritizing limited resources.

Who gets what, and when.

It’s a crushing weight.

A constant burden.

The only thing that breaks through the numbness now and then is the anger. 10/
The quiet simmering fury that occasionally blazes into a full-blown rage.

I’m angry. All. The. Time.

For Tony. For his father. For all of us.

Blood on steel strings.

I can’t hear the music. 11/
Tony texted me again the other day.

“I’ve been struggling recently a lot with anger. This will make it worse. Here’s to hoping I can heal.”

Tony is a good man, like his father.

I hope he heals.

Calluses form.

So do scars.

Sometimes there’s no music.

Just the dying hours.

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1/ How to raise a real estate fund (and, ideally, avoid getting sued)

Have warned everyone it’s better to raise capital deal-by-deal, bc it’s easier to raise & bc it's better for the sponsor. Still, there’s interest in learning how to do a fund… so, here goes.

2/ Don’t think of doing this unless you have a record of successful deals, ideally mostly/all in the same asset class / strategy.

Remember: You will be asking LPs to invest in YOU; they need to feel like you know what you’re doing.

3/ Really helps to have a list of prospective LPs BEFORE you start your raise. The more high-quality leads you have, the more likely you are to succeed. (I built my list via my blog initially; now twitter leads predominate - see my bio.)

4/ Find an experienced attorney. Doesn’t need to be a huge, expensive firm, but you want someone who has done a lot of private offerings before. Don’t agree to a big fee yet… at first, you just want a few hrs of her time for advice.

5/ Find an experienced CPA. Ideally, your existing CPA has worked on a lot of private deals before. If not, get a new one. Prospective LPs need confidence that someone good is overseeing the bookkeeping and doing the tax prep.
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Ndegwa Power
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@ndegwapower
Thread: Why Kenya and other countries are introducing Digital Taxes? Why now?

Now,the current tax laws & international tax framework (which dates back to the 1920s) was designed at a time when businesses were largely brick-and-mortar (physical stores).Then, it was unimagineable for a biz to operate in another country without some form of physical presence

Thus, in most countries, for a business to be pay corporate tax it has to have some form of nexus there (e.g. Kenya). Either it's registered here, or it's managed from here or it has what we call a permanent establishment (also implies some form of physical presence)

Fast forward to today, there are numerous companies that are able to operate in multiple countries without having any physical presence in those countries. Consider social media platforms or streaming services, with a device, connection & subscription you can access their service

...and they don't have to have any physical office or employees etc in Kenya for them to deliver the service to you. I mentioned above that to be subject to corporate tax here, a company would have to have some form of nexus here in Kenya, these companies, don't.
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Why do we track institutional footprints? 🐘 (Thread)

Large institutions like mutual funds, hedge funds, banks, insurance companies, trusts, etc. amount for over 75% of all volume. These institutions move the market, not you and I.

It makes sense that if these guys are moving the markets, we would ideally want to buy the same stocks they are buying, but before they buy them? Right?

So, let’s get a clear understanding of how and why this is so important and what this might look like behind the scenes.

For starters, let’s discuss what we mean by a large institution. In this case, we are referring to the many funds, pensions, trusts, etc. that are responsible for managing tens, if not hundreds of billions of dollars.

Hence, they easily attract and can afford to retain the planet’s top talent, not to mention, their research budgets are enormous.

They have access to information and resources that the retail crowd simply does not, and if they did, it would likely be extremely unaffordable.
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Beatriz R\xedos
Beatriz Ríos
@BeaRios_
It's out! The @EU_Commission winter economic forecast for 2021 📊
🇪🇸 +5.6% GDP
🇫🇷 +5.5% GDP
🇭🇷 +5.6% GDP
🇸🇮 +4.7% GDP
🇲🇹 +4.5% GDP
🇵🇹 +4.1% GDP
🇸🇰 +4.0% GDP
🇭🇺 +4.0% GDP
🇧🇪 +3.9% GDP
🇷🇴 +3.8% GDP
💶 +3.8% GDP
🇪🇺 +3.7% GDP
🇬🇷 +3.5% GDP
🇱🇻 +3.5% GDP
🇮🇪 +3.4% GDP
🇮🇹 +3.2% GDP

🇩🇪 +3.2% GDP
🇨🇾 +3.2% GDP
🇱🇺 +3.2% GDP
🇨🇿 +3.2% GDP
🇵🇱 +3.1% GDP
🇩🇰 +2.9% GDP
🇫🇮 +2.8% GDP
🇧🇬 +2.7% GDP
🇸🇪 +2.7% GDP
🇪🇪 +2.6% GDP
🇱🇹 +2.2% GDP
🇦🇹 +2.0% GDP
🇳🇱 +1.8% GDP

Vs📈 2020:

🇪🇸 -11.0% GDP
🇬🇷 -10.0% GDP
🇲🇹 - 9.0% GDP
🇭🇷 - 8.9% GDP
🇮🇹 - 8.8% GDP
🇫🇷 - 8.3% GDP
🇵🇹 - 7.6% GDP
🇦🇹 - 7.4% GDP
💶 - 6.8% GDP
🇪🇺 - 6.3% GDP
🇧🇪 - 6.2% GDP
🇸🇮 - 6.2% GDP
🇸🇰 - 5.9% GDP
🇨🇾 - 5.8% GDP
🇨🇿 - 5.7% GDP
🇭🇺 - 5.3% GDP
🇩🇪 - 5.0% GDP
🇷🇴 - 5.0% GDP
🇧🇬 - 4.9% GDP

🇳🇱 - 4.1% GDP
🇱🇻 - 3.5% GDP
🇩🇰 - 3.5% GDP
🇱🇺 - 3.1% GDP
🇫🇮 - 3.1% GDP
🇮🇪 - 3.0% GDP
🇪🇪 - 2.9% GDP
🇸🇪 - 2.9% GDP
🇵🇱 - 2.8% GDP
🇱🇹 - 0.9% GDP

Commissioner @PaoloGentiloni says the forecast is based on the assumption that restrictive measures to contain the #coronavirus will be eased in the second quarter of 2021.
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Nick Hanauer
Nick Hanauer
@NickHanauer
Long rant: This @WSJ article bemoaning the decline of price theory is really worth highlighting. The economic theories and so called "laws of economics" that the WSJ consistently and religiously defends, are the source of their authority, power and privilege.


So called economic "theories" like "you get paid exactly what you are worth" and "markets are perfectly efficient" and "when wages rise, jobs fall" and "raising taxes on the rich kills jobs and growth" and "increasing justice decreases economic efficiency" and...

"Government intervention in markets always creates more harm than good" and "any regulation that constrains corporations kills growth and productivity", etc etc are effectively a protection racket for the rich. It is a set of internally consistent and mathematized conjectures...

That are all demonstrably nonsense. But getting people to accept these "theories" as laws of nature and immutable, timeless truths is the most effective way our current economic elites have found to maintain and enhance the status of the powerful and persuade the weak and poor...

to shut the fuck up and accept their lot in life. Now, FINALLY, some economists- are actually beginning to look at the real world evidence to determine whether these propositions actually describe anything real here on planet earth. Let me save you some time. The answer is NO.
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