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i don't want to play games unless i've got an unfair advantage, unless i have a unique edge.
N
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Male
peter thiel talks about this in his phenomenal book, zero to one, that you want to have an unfair advantage. you want, if you're going to enter and start a business in this case-
X
5.272727
4.818182
5.454545
227
Male
...you want to have something that no one else has.
N
4.833333
3.5
5.166667
227
Male
but i have no unfair advantage there. at best-
N
4.777778
4.333333
4.555556
227
Male
...you know, put some money into an index fund and whatever the economy does as a whole, that's what my money will do. i bring nothing, no unfair advantage to the table, the-
H
5.4
4.4
5.2
227
Male
...whereas the stock market, or if i were to speculate on real estate-
X
4.4
4.6
4.8
227
Male
now, does this apply to everybody coming across the border? so if i went on a trip to mexico for any reason-
N
5
3.6
5
1270
Female
why should folks who are not americans enjoy constitutional rights of any sort, such as the fourth amendment and right to privacy when entering the country?
C
3.428571
3
4.142857
1270
Female
well, i'm just remembering, now-
N
4.8
4.2
4.8
1270
Female
...what went on in san bernandino california, nolan rappaport wrote in the hill just yesterday-
N
3.6
3.6
3.6
1270
Female
...does facebook actually screen private messages as opposed to public messages?
X
3.2
3.2
3.4
1269
Male
yeah, absolutely. so you mentioned earlier the electronic frontier foundation-
N
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4
3.4
1270
Female
i really appreciate you coming on the young voices podcast today to talk a little bit about this-
H
5.166667
5.333333
5.25
1270
Female
carl has written a series of posts on the niskanen center blog, discussing markups and mark-
N
4.4
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4
298
Male
...what is their marginal costs? and then compare that to their price so that they can see how much they were able to raise prices.
X
4
4.4
3.8
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Male
...growing as fast as we might think, this is one of cohen's explanations. maybe china has had an effect on our economy-
X
4.2
3.4
4
300
Male
...lots of little falls, but that right there will be disconcerting to people because our hopes on-
S
3.333333
3.666667
4
300
Male
yeah, yeah, it's interesting that you try to piece together not only why does this trend appear to be here, but you know-
U
4
4.2
4.4
298
Male
yeah. so that's one of them and also i'll talk a little bit about like what we might think in what markup itself is telling-
N
5.4
4.4
5.2
300
Male
so, you have that in the toll bridge scenario, cost of building this toll-
N
4.2
4.8
4.2
300
Male
...is that as long as that markup was paying for the cost of building the bridge, or essentially the financing cost of building the bridge-
N
3.6
4.4
3.6
300
Male
...and they do these types of activities and, in a sense-
N
4.2
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300
Male
...company's it needs and what it wants, once you understand that, then you can deploy-
N
3.2
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3.4
300
Male
...like more hamburger, you think about mcdonald's, when mcdonald's got started, the thing was like, can you kick out a lot of hamburgers as cheaply as-
X
4.454545
4.090909
4.090909
300
Male
yeah. yeah, you show a graph. so, one thing that struck me here is that i know from reading-
X
3.833333
4
3.666667
298
Male
...it's not if we think that this might be driven by big firms like walmart-
N
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298
Male
right. so, exactly, you would tend to go to, if you thought that there was monopoly power, that monopolies would be big firms, if you thought there was market power.
X
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4
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Male
and so this, who can just get you your stuff, your basic stuff.
N
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Male
so, economists think in the first level, in two ways-
N
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Male
...and so a monopolist jacks up its prices and makes a healthy profit. what sort of exists, you can think about it-
X
4.2
4.2
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Male
...what most people are familiar with, where if they raise their prices a little bit, they're not going to lose all their customers. they have some fans, they have some people who have brand loyalty to them, they're-
N
4.4
4.8
4.4
1270
Female
...can get in the game, then they have to spend whatever their brand-
N
4
4
3.8
300
Male
yeah, your explanation is the rise of these niche firms-
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Male
well, yeah, the first thing i would say is that my broadest take on this is that we should keep having this conversation to deepen it. so, i have-
H
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Male
...we know, and because it's related to efforts potentially to break up large digital companies, google, stuff like that-
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Male
a fundamental sort of shift between the 1940s and fifties into the 1960s, where for one ...
X
4.8
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Male
great design, not only in houses and cars, in ...
H
4.583333
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Male
rejected a little bit of that. another thing that i joke with tyler about is i think that lollipop was produced by a ...
H
4.333333
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Male
and you see, in the culture, this shift towards, in some people, anti-materialism, a very, sort of like a rejection of traditional norms, of traditional-
N
4
4
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Male
... that break exists on a whole range of tastes. now go into the example-
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Male
... and all of them were pretty much the same. well, that's not where the video game industry is going. it's going towards incredibly specialized experiences-
H
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5
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Male
... where people have spent an enormous amount of time, like-
N
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Male
... they put enormous effort into the graphics, the storyline. and so they're def-
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... ultra wave. and it's driving up rents in the city, it's driving demand for ethnic foods or different sort of experiences that you can-
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Male
they're essentially network goods, where the value in a particular game rises as it has more players.
N
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Male
the difference between having 1,000 active players and a million-
X
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4.2
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Male
... although, i guess in a massive multiplayer online game-
N
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4
4
298
Male
looks like deadweight loss, because there are people out there.... so if i have, okay, give a real-
N
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4.4
300
Male
then it's very, very hard to see how you have any deadweight loss-
N
4.692308
3.692308
4.384615
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Male
... there. somebody else can put in, probably, one, for not much more expensive, next to them. and they could have-
N
4
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Male
... the residents of georgetown will just let us build a few more restaurants-
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Male
yeah. so you would maybe agree with, no opinion, or no-
N
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Male
... these firms do have a little bit of slack, a little bit of capacity they're not using, you know-
N
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Male
or whatever, it's not necessarily bad. you know, we have to be just a little bit more careful about where it's coming from and what's producing it.
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5
4
5
300
Male
so we've kind of been talking in terms of partial equilibrium-
N
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3.2
1270
Female
the schumpeter argument, which is that, in an environment where there are monopolies, even in the short term-
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4
300
Male
... the competitor, then those resources are going to go out into the economy somewhere else.
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Male
pretty clever guy. but just my first reading is like, that effect is probably not that big, unless what you're thinking is that-
N
3.571429
3.857143
4.142857
300
Male
... that those folks will go out and create entirely new industries [inaudible 00:02:28].but i think there is actually some-
N
4.2
4.6
4.8
300
Male
better and better telecommunications. they wanted telecommunications to become the center of your life. and they did a lot to bring that about-
N
4.6
4.6
4.2
300
Male
mickey, in our last interview, we discussed part of your investment thesis, entitled, power of two-
N
4.4
4.4
4.4
625
Male
... some important foundational topics that are paramount for speculators in the natural resource space. and mickey-
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4.8
4
5
625
Male
... now part of the evaluation process, i want to ask you, do you use the database called cdr?
H
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4.166667
4.666667
625
Male
when it comes to projects, we often hear companies convey, they have a flagship project. can you define for us, what is a flagship project?
N
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Male
i think it's fundamental that every company have a flagship project or, in case of larger companies, several flagship projects.
N
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4.8
626
Male
now, what are some red flags that usually catch your eye on a flagship project?
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3.571429
4.142857
4
625
Male
well, i can do this and that, but you cannot change the geology and you cannot change the geography.
N
3.6
3.6
4.8
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Male
a lot of times, from the website-
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3
4
4
626
Male
... it would need the right geography-
N
2.8
4.4
3.4
626
Male
... you want to have an advanced project with the right metal, high-grade-
N
2.6
4.4
3.2
626
Male
... the right management, etc. there's a variety of factors.
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Male
i would encourage people, listeners, to go to my website and look at the-
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3
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3
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Male
... i can give you access to my company evaluation template.
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5.2
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Male
and with that being said, mickey, please share that website for us.
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Male
i don't care, but you have to give me a correct email address. and then you have access to all our content-
X
3.3
3.2
4.1
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Male
... with evidence that you are a subscriber-
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Male
this is will. how important is the net present value, known as npv?
N
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4
3.8
625
Male
how many grams are there in a kilogram? 1,000.
N
3.6
3.8
3.6
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Male
it's going to make me look more than once, as a rule of thumb, greater than one gram per ton for an open-pit scenario.
N
2.6
4.2
3.6
626
Male
all specialty metals are based in percent. what's a percent? well it's-
N
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Male
except the difficulties of mining and the problems that are not-
N
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Male
... or you can roll a perfect game, 300 in bowling, but perfect does not exist and perfectly certainly does not exist in the mining industry.
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3.2
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Male
i don't really know. you didn't ask me about my twitter feed. @mercenarygao is 63,000-
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Male
well, we certainly appreciate your time as well, mickey. and last, but not least-
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Male
i'm giving a talk in los angeles, in culver city at the peace house.
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Male
it's called fool's errand, time to end the war in afghanistan.
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4.2
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Male
so we're going to go through and i'm going to give you an opportunity to really deconstruct. it's, of course, who else? it's john bolton writing-
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Male
yes. yes, it is. and we have to remember that in addition to the fact that bolton contributes-
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309
Male
there was never a nuclear weapon program in iran. even if there were some research, it stopped in 2003 as the national-
C
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Male
... the program certified. and we know that at least since 2000-
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Male
... the international atomic energy agency has never found any evidence that indicates clearly that iran in-
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Male
... explicitly to make nuclear weapons and they were not punished or sanctioned or anything like that. i can name taiwan.
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Male
i can name south korea. i can name egypt. i can embrace brazil. i can name argentina. these are all countries that have-
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Male
... explicitly. we know that their program existed to for use-
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Male
... and they were never sanctioned or brought to the united nations security council.
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Male
they help or benefit what he considers-
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4
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Male
that's rrbi.co. rrbi.co for all your precious metals. also, nodev-
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Male
noops noit, it's a brand new book by hussein batakchani.
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Male
well, as you've been outlining here completely for everyone-
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Male
but not that they have invested on it and it produces heavy water and as i said, this is not something that a lot of countries can do. you don't export-
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Male