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Peter Thiel, bane of Silicon Valley



California News Times

NOT.Or man Aspiring to live forever, Peter Thiel has already worked hard in 53 years, tired of mere mortals and above all frustrated. Venture capitalists, techno-utopians and the tragedy of the liberal left are a myriad of contradictions.

As a young liberal, he co-founded PayPal, a payment platform that wanted to undermine the global monetary system. Instead, it gave him the money to ride better in Silicon Valley, where he looks down. Although he has ridiculed social media, he was the first outside investor in Facebook, the tech giant that remains on the board. As a hedge fund manager, he bet on the US economic collapse before the 2007-09 financial crisis, but quickly called the market down. He was one of the most prominent financiers who focused on Donald Trump’s candidacy for the 2016 presidential election. Yet his efforts to bring radically thoughtful cronies into the Trump administration failed.

Max Chafkin, who trolls this contradiction in his new book, The Contrarian, writes fluently. But he can’t find an explanation that connects the threads. In his most philanthropic position, he praises Thiel as the creator of immense wealth through the tech companies he has supported (in addition to PayPal and Facebook, sharing economy giants such as Airbnb and Lyft. And many other technology platforms). Much to his pity, he portrays his subject as a tax-dodging “nihilist,” and his right-wing idealism is primarily aimed at increasing his wealth and power.

Yet strangely enough, business writer Chafkin only mentions the most intriguing business stories diagonally. Between the lines emerges an image of an irregular illusionist without strange work. Thiel applies the radicalism that influenced PayPal to cryptocurrencies and decentralized payment platforms. The “Make America Great Again” tactics that drew him to Mr. Trump have led to investments in military, surveillance and space technology, helping to double his net worth over the past year. Its desire to reclaim Silicon Valley from software-loving pacifists and its roots in the Cold War military-industrial complex is bearing fruit and spreading beyond California.

In short, his unique libertarian brand seems to have a new lease of life. On the other hand, he wants to free individuals from government obligations by allowing them to create their own currency. Along with others, he sells technology to powerful security installations so that he can protect them from potential enemies. Just exhale a mix of Silicon Valley hippies and yuppies on a yoga mat.

This isn’t the first time that a man, whom Chafkin described as socially awkward, has built a movement of like-minded people eager to shake up the tech industry. The PayPal mafia, which helped it form around the turn of the century, continues to thrive. Besides him, his most famous member is Elon Musk, whose rocket company SpaceX is backed by the founders’ fund of venture capital firm Tyr ().CV) Hard. The final value is $ 74 billion, and on September 18, the very first civilian crew returned from orbit. He is a pioneer of the revitalized aerospace industry in the United States.

Others have been stuck with Thiel for decades and share his obsession with security. Palantir, a $ 52 billion data analytics company, is used by the U.S. military, immigration offices, and many police stations. Co-founded by Thiel in 2003, it is run by an old friend, Alexander Karp, who once served on the board. economistHead quarter). In preparation for an initial public offering last year, Carp told potential investors the company was born in Silicon Valley but shared some of its value. “Our software is used to target terrorists and keep soldiers safe… we chose the side,” he said.

Anduril, a defense startup also backed by Mr Thiel, manufactures unmanned drones for military surveillance. Marc Andreessen by Andreessen Horowitz, CV The company, which is also the director of Facebook, writes about the emergence of a new generation of Silicon Valley-style defense companies. “There are people in our industry who find serving such institutions and missions controversial. We don’t, ”he wrote in 2019, Thiel to Anduril. Announcement of a joint investment with the Founders Fund of. It was ultimately valued at around $ 4.6 billion.

Even without Mr. Trump, Mr. Thiel continues to mix business and politics. This year, he worked with Narya, a venture capital firm run by JD Vance, the creator of Hillbilly Elegy, to invest in Rumble, a popular right-wing video platform. He backs Mr. Vance in the Ohio Republican primary. Blake Masters, co-author of Mr. Thiel’s 2014 bestseller Zero to One, wants to represent Republicans in the Arizona Senate race. NOT. New Yorker “The Rise of the Thielists” speculates that he could provide Republicans with a post-Trump ideology.


If so, it will likely involve the ongoing looting of big tech companies, especially Google, which Tiel has long accused of being monopolized. The new ideology is anti-China, a country Thiel describes as using artificial intelligence (AI) Centralize economic management. “Yes AI Communists and cryptocurrencies are liberals, ”he wrote last year. It will look good on cryptocurrencies and blockchain. He is a great supporter of plans to reveal its cryptocurrency unit, Bullish, in a $ 9 billion reverse merger with a specialist acquisition company.

All of this has led to technological investments in new territories beyond Silicon Valley, some of which threaten many observers. This does not worry Mr. Thiel. Palantír takes its name from the “showy stone” most often used by Sauron, the ruler of JRR Tolkien’s evil empire, in The Lord of the Rings. Obviously, former opponent Tiel doesn’t look at Mordor as harshly as most Tolkien fans. As he once said to a friend, “I want to be seen as bad rather than incompetent. ■■

This article was published in the Print Business section under the title “The Midas of Mordor”.

Peter Thiel, Bane of Silicon Valley Source link Peter Thiel, Bane of Silicon Valley

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India surpasses 1 billion vaccines after stuttering start to campaign



California News Times

India received its 1 billionth vaccine against Covid on Thursday. It is a milestone that Prime Minister Narendra Modi’s government hopes will help put aside the tragic memories of this year’s devastating second wave.

About 22% of Indians are fully vaccinated and 53% have been vaccinated at least once. Highly exposed Infected with a virus, infection and disease have spread.

“History of the Indian script” Modi Tweeter.. “We are witnessing the victory of Indian science, business and the collective spirit of 1.3 billion Indians.”

India reports an average of around 15,400 newly confirmed infections per day, starting with around 400,000 in early May. Wave 2 Overflowing with hospitals, many people could not get medical attention.

Fear that India will be affected Third wave Since March 2020, many primary school children have been banned and are gradually returning to class.

“It’s a great achievement,” said Brian Wahl, epidemiologist at the Johns Hopkins Bloomberg School of Public Health, based in New Delhi. “Given the current high levels of exposure and vaccination, the possibility of a third wave, equal to or greater than the second wave, is minimal in my mind.”

Members of the ruling Bharatiya Janata party called India’s vaccine rollout a tribute to Modi’s leadership, which has surpassed all other democracies in the world. Under fire at the start of the year for its management of the pandemic.

Shashi Tharoor, top leader of the opposition parliamentary party, called the step “a matter of pride for all Indians” but said the government’s mistakes could not be ruled out.

“After serious mismanagement of the second wave of Covid and the failure of the vaccination order that could have prevented it, the government has now partially redeemed itself,” he said. Tweeter.. “He is responsible for the previous failures. “

The vaccine rollout in India, despite being home to the Serum Institute of India, one of the world’s leading jab makers, began to stagnate in January, hampered by public reluctance and limited supply. However, as highly infectious delta mutants have spread, the demand for vaccination has increased.

In response to public anger, the government restricted vaccine exports and left behind a Covax program backed by the World Health Organization, which ordered the Serum Institute to provide vaccines to other countries in development. It is a larch.

“It was a necessary decision,” said Lina Mengany, head of the access campaign for Doctors Without Borders in South Asia. “There was a delta wave.”

But the ban damaged India’s reputation as a reliable supplier It sparked discussions about the need to diversify supply chains to reduce risk. “India’s role as a pharmacy in developing countries has long-term implications,” says Mengany.

Kobi Shield, Serum Institute The Oxford / AstraZeneca version of the vaccine accounts for approximately 88 percent of all vaccines administered in India. Covacin, a single vaccine not approved by the WHO, accounts for 11 percent of the total. A small number of Russian Sputnik vaccines were also administered. Vaccination in India is highly dependent on individuals and private employers, Jab ..

India has not started vaccinating people under the age of 18 who make up 40% of the population. The moving average of daily 7-day immunizations on October 18 fell from 8.2 million 10 days ago, demand has also declined, and many Indians are receiving the second vaccine needed for full protection. I’m afraid I can’t do it.

“When the waves hit people were eager to get the vaccine, and now that the waves have receded people have just resumed their lives and forgot that they also had to take a second dose. “Menghaney said.

India has reported 34 million Covid infections and more than 450,000 Covid-related deaths since the start of the pandemic. However, independent epidemiologists say the actual spread of the virus and the actual number of deaths far exceed official statistics.

India Surpasses 1 Billion Vaccines After Start of Stuttering Campaign Source Link India Surpasses 1 Billion Vaccines After Start of Stuttering Campaign

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Pros and cons of playing casino slots



California News Times

The online gambling market currently offers hundreds of online casinos where you can find countless slot machine games. This means that you will have the opportunity to choose from some of the best suppliers in the world. Therefore, playing slots online should have many advantages. But are there also downsides? We’re going to go over the pros and cons of playing slots online, so read on for more details.

Regulated market

If you know where to look, you’ll have no problem finding a perfectly regulated market to play some of the best casino slots. Once you start researching the best online gaming platforms, you will find that top search results present the best options. This is because these sites have undergone all the necessary checks, thus ranking high and creating a regulated and secure online gambling environment.

To make sure you’re on the right track, you can check the site’s seal of approval yourself. Just search for the name of the regulatory jurisdiction, like United Kingdom Gambling Commission, Malta Gaming Authority, Gibraltar, Curaçao, etc.

Easy to learn

Even if you’ve never had the chance to play casino games before, slots shouldn’t be a problem. These games are incredibly easy to learn, which means you don’t need any prior knowledge to start playing.

Plus, they’re purely luck-based, so you won’t have to rely on strategy to win. All you have to do is spin the reels and hope for the best.

So, once you get familiar with ICE36 Slots, you will notice how easy these games are to master. But remember to be smart with your options and not to put all of your eggs in one basket.


Slot machines are a group of casino games that do not require high investments, making them suitable for all budgets. Players can make deposits as low as a few dollars or up to a few thousand – it all depends on their budget.

With this in mind, slot machines also offer a wide range of stakes. High players can make high bets, while newcomers can even place 10 cents. This is a great advantage for both regular and occasional casino players. For example, starting with smaller bets allows players to get into the game before investing a lot of money. The range of the game leaves enough room for the player to place further bets or try out new casino games, which creates an entertaining gaming environment.

Bonuses and rewards

It’s no surprise that most online casinos regularly offer bonuses and rewards to new and existing users. It’s an effective way to attract players and retain regulars, which you won’t find in land-based casinos. You can read more about it here.

Welcome bonuses are the most common form of casino bonus, especially for unregistered users. By signing up, most players receive a strong incentive to keep playing. The majority of these bonuses are related to slot machine games as they are the most popular category in online casinos. So, if you are determined to take advantage of any promotion, slots are a great place to start.

Pro tip: Always read the terms and conditions before accepting a bonus. Most wagering requirements state that slots count 100% to meet rolling requirements, but it won’t hurt to see for yourself.

Quick to play

While playing slots doesn’t have many drawbacks, we have to stress how quickly slot machine spins usually end. As a result, most players won’t spend hours spinning the reels on their favorite slot machine – these games are usually over within minutes. Therefore, if playing for hours is more your thing, slot machines are not the right choice for you.

Lack of personal interaction

While some players can make friends by playing slots online, it will not be the same as playing poker online. It might not be a big factor for everyone, but it’s worth mentioning as some gamers might seek out this social factor with online gaming. Keep this in mind once you start your online gambling adventure.

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Strong profits outweigh a slower economy



California News Times

This article is an on-site version of the Unhedged newsletter. subscribe here Send the newsletter directly to your inbox on weekdays

Welcome to the house. The Bitcoin ETF review on Wednesday made me terribly disappointed with the relatively low level of online abuse. Are crypto fans sweeter in old age? Or are they just rich and over the top now? In any case, Unhedged is now working on more important subjects: the economy and stocks. Please send me the email:

Earnings call songs, actions dance

There are things happening now:

  • Inflation expectations are really starting to shift. If you’re willing to believe what the bond market is telling us, inflation is in place. The expected 10-year breakeven inflation rate (i.e. the nominal yield on 10-year bonds minus the yield of inflation-protected peers) is 2.6%, the highest in eight years . The five-year breakeven point is 2.8%, the highest in 16 years.

  • Oil is above $ 80 and is putting more pressure on it. Traditionally, when oil went bankrupt, the stock market didn’t like it (see 1970, 2000, 2008, 2018).

  • Growth in the United States continues to slow. This is my measure to a favorite chart and the Atlanta Federation’s GDP estimate for the quarter. Look at the changes in estimates (data-driven, non-discretionary) since September. In short: disease.

  • Federal Reserve Beige Book Wednesday’s comment reads this (a boring word that I italicized):

Economic activity increased in Medium to medium Rate based on majority of Federal Reserve Bank districts. But some neighborhoods Growth slows down This period is limited by supply chain disruptions, labor shortages and uncertainty surrounding the delta variant of Covid-19. .. ..

Growth in non-manufacturing activities Mild to moderate In most districts. The loan request was typically reported as: Flat to moderate this period. .. ..

Most districts reported Significant price increase, Supported by the growing demand for raw materials and raw materials. The increase in input costs was widespread Industry-wide due to product shortages due to supply chain bottlenecks. Price pressure Increased transport and labor constraints Not just the shortage of products.

  • Meanwhile, in China, another great world power, gross domestic product rose 0.2% between the second and third quarters (data via Bloomberg).

Well, none of this is the end time. Many of these could be delta / supply bottleneck variant phenomena that will pass next year. Of course, that’s what most people think, and they have a good reason to think about it. But the simple fact is that inflation has recently increased in the United States and around the world, slowing growth. This is what is happening now, and whatever we think or expect is what will happen next.

But what does the American stock market say? He says none of this matters. The dip has been purchased. The S&P 500 has returned to record levels and the Nasdaq is approaching that record.

Plus, it might make sense. When you buy stocks, you are not buying the global economy. You buy the income from the business. Plus, judging by the small number of sample third quarter earnings reports we’ve seen so far, corporate profitability has been strong.

The largest reporting US business is a bank. Their results were a little too dependent on investment banks for my liking, but I wonder what would happen to the credit card industry if everyone kept paying their balances wisely, but they talk about spending. I was encouraging.

Credit and debit card spending rose 21% at Bank of America, JP Morgan’s by 26%, and Citigroup’s by 20%. Whatever else is going on in the global economy, do American consumers feel as though they are blushing (why do so many other consumers think they can?) Quit their jobs)?

Nestlé is the perfect example of a more profitable business. It’s a bit odd to mention in this context as it’s not an American company, but the results are still very informative. It is essentially sold everywhere, we have employees everywhere, and we source our raw materials from everywhere. And the third quarter results were surprisingly good. In the first nine months of this year, we refined our sales forecast for the full year, reporting a 6% increase in global sales (and roughly the same in North America ). With a 2% price increase in the third quarter, the operating profit outlook remains the same as in recent years, despite higher input and transport costs.

Nestlé is arguably the most managed consumer products company in the world. We are ruthless about changing our product portfolio, so we are only focused on growth, earning good returns and protecting prices. This is a graph of operating income and the ratio of free cash to sales since 1994. It surprises me:

Therefore, not all companies can manage like Nestlé during this period. But it shows what a globally competitive business can do. And Nestlé was not alone. For example, Procter & Gamble reported that organic sales growth was a bit modest, but it was also able to increase prices.

Of course, there are still many profit seasons, and we can hear opinions from more than the big banks and consumer goods companies around the world. However, worrying cuts to pre-earnings forecasts are particularly rare. Among large companies, Nike Struggle The decline in sales prospects due to the Asian supply chain has so far looked outrageous.

SMEs that do not have the strength of Nestlé may find it even more difficult to deal with supply bottlenecks, especially some retailers (I think). One of the most interesting trends to note is that there is a divergence in results between large and small companies. And because of its great reputation, declining businesses can expect the market to hit them hard.

But large companies that can avoid supply chain disruptions and have pricing power can get through these tough economic times if they don’t last long. And given that there are no attractive options for investors, this in turn may be enough to support US stock prices at the current sky-high levels.

A good read

There is a lot of speculation about how the end of a central bank’s bond purchase may be a nuisance, but the central bank is subtly trying to deal with it. Well, the first major developed country to try it seems to be the UK. This summary My colleague Tommy Stubbington’s rather nervous situation is worth reading if you haven’t heard of it.

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Strong profits outweigh a slower economy Source link Strong incomes outweigh a slower economy

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