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    <title>Pinboard (Aetles)</title>
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    <description>recent bookmarks from Aetles</description>
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	<rdf:li rdf:resource="https://decorrespondent.nl/541/why-we-should-give-free-money-to-everyone/31639050894-e44e2c00"/>
	<rdf:li rdf:resource="http://blog.priceonomics.com/post/47636506327/the-tyranny-of-the-taxi-medallions"/>
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	<rdf:li rdf:resource="http://www.newyorker.com/online/blogs/culture/2013/01/did-michael-jacksons-thriller-really-sell-a-hundred-million-copies.html"/>
	<rdf:li rdf:resource="http://www.newyorker.com/online/blogs/comment/2012/12/austerity-economics-doesnt-work.html"/>
	<rdf:li rdf:resource="http://www.reddit.com/r/finance/comments/utf5u/where_has_all_the_money_in_the_world_gone/"/>
	<rdf:li rdf:resource="http://thesocietypages.org/socimages/2012/01/24/income-inequality-is-bad-for-society/"/>
	<rdf:li rdf:resource="http://www.forbes.com/sites/stevedenning/2011/11/28/maximizing-shareholder-value-the-dumbest-idea-in-the-world/"/>
	<rdf:li rdf:resource="http://www.lrb.co.uk/2011/05/19/donald-mackenzie/how-to-make-money-in-microseconds"/>
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  </channel><item rdf:about="https://blog.asmartbear.com/small-acquisitions.html">
    <title>Why large companies acquire small companies – @ASmartBear - WP Engine</title>
    <dc:date>2017-03-22T21:13:09+00:00</dc:date>
    <link>https://blog.asmartbear.com/small-acquisitions.html</link>
    <dc:creator>Aetles</dc:creator><description><![CDATA[Large companies don’t acquire small companies for their financials.

Revenue multiples, profit multiples, premium over the previous financing — these are metrics used by sellers to help determine a minimum acceptable price. That’s the price that “pays for” enough foreseeable upside that it’s not worth rolling the dice against future troubles or the unlikelihood of an exit.

Large acquirers don’t care about small-company financials because mathematically those won’t affect the growth or value of the acquirer.  A company with $100m/yr in revenue growing 30% annually won’t go through the effort, risk, and distraction of buying a company with $1m/yr in revenue growing 100% annually, because that’s only a piddly 1% or maybe as much as 2% of additional growth.

Rather, buyer behavior is rooted in their strategy — a combination of product thesis, their theory of their market’s evolution, how they need to position for customers and against competitors, their long-term brand development, geographic expansion plans, and so on.

From this foundation, they’re constantly asking: “How can we execute our existing strategy, better?”]]></description>
<dc:subject>economics business startup</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:Aetles/b:2780b425319f/</dc:identifier>
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<item rdf:about="http://www.wsj.com/articles/the-middle-class-squeeze-1443194736">
    <title>The Middle-Class Squeeze - WSJ</title>
    <dc:date>2015-09-28T12:50:42+00:00</dc:date>
    <link>http://www.wsj.com/articles/the-middle-class-squeeze-1443194736</link>
    <dc:creator>Aetles</dc:creator><description><![CDATA[If Western countries want to disprove the dire forecasts of Karl Marx, we must think creatively about how to make the middle class more prosperous and secure]]></description>
<dc:subject>economics usa world society politics</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:Aetles/b:c356eb024976/</dc:identifier>
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<item rdf:about="http://knote.com/2014/11/10/why-germans-work-fewer-hours-but-produce-more-a-study-in-culture/">
    <title>Why Germans Work Fewer Hours But Produce More: A Study In Culture | Knote</title>
    <dc:date>2014-11-16T09:52:10+00:00</dc:date>
    <link>http://knote.com/2014/11/10/why-germans-work-fewer-hours-but-produce-more-a-study-in-culture/</link>
    <dc:creator>Aetles</dc:creator><description><![CDATA[When many Americans think of Germany, images of WWII soldiers and Hitler often come to mind. But what many people don’t realize is that Germany is the industrial powerhouse of Europe, and is a leading manufacturer of goods for export to developing Asian nations. We don’t hear about the superiority of German engineering in Volkswagen commercials for nothing!

The economic engine of the EU, Germany single-handedly saved the Eurozone from collapse in 2012. At the same time, German workers enjoy unparalleled worker protections and shorter working hours than most of their global counterparts. How can a country that works an average of 35 hours per week (with an average 24 paid vacation days to boot) maintain such a high level of productivity?]]></description>
<dc:subject>work economics productivity germany</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:Aetles/b:fe46b95f6292/</dc:identifier>
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</item>
<item rdf:about="https://al3x.net/2014/06/17/dear-marc-andreessen.html">
    <title>Alex Payne — Dear Marc Andreessen</title>
    <dc:date>2014-06-18T19:45:41+00:00</dc:date>
    <link>https://al3x.net/2014/06/17/dear-marc-andreessen.html</link>
    <dc:creator>Aetles</dc:creator><description><![CDATA[Dear Marc Andreessen

Hi, Marc.

I grew up using your work. Thanks to one of my parents being employed by a university, I got to use Mosaic to browse the early Web way before most people had even heard of it. My first software development internship was a summer spent using beta versions of Netscape technologies – what was then “LiveScript” and “dynamic HTML” – to sketch new interface elements for a protean web collaboration app. I rooted for Netscape when Microsoft came barging in to the browser market. When you started A16Z a few years ago I was excited to see what you’d invest in.

You’ve got a big audience of admirers. I’ve counted myself amongst them, but lately you’ve made it a challenge. I just can’t square with the way of looking at our industry, political economy, and the future laid out in your latest post.

You seem to think everyone’s worried about robots. But what everyone’s worried about is you, Marc. Not just you, but people like you. Robots aren’t at the levers of financial and political influence today, but folks like you sure are. People are scared of so much wealth and control being in so few hands. Consequently, wherever you and other gatekeepers of capital direct your attention – towards robots, 3D printers, biotech, whatever – you’re going to detect a fearful response as people scramble to determine the impact of your decisions and whims.

The debate is, as ever, really about power. So let’s set robots aside, and with them your black and white dichotomy of pro-growth, pro-tech heroes versus regressive Luddites. In our country, most people have positive sentiments about science and technology while simultaneously being concerned about unemployment. I don’t know who your anti-robot villain is, but it’s not regular folks.]]></description>
<dc:subject>economics robots</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:Aetles/b:effe793f1016/</dc:identifier>
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</item>
<item rdf:about="http://website.alinearestaurant.com/site/2014/06/tickets-for-restaurants/">
    <title>Tickets for Restaurants | Alinea</title>
    <dc:date>2014-06-09T14:38:38+00:00</dc:date>
    <link>http://website.alinearestaurant.com/site/2014/06/tickets-for-restaurants/</link>
    <dc:creator>Aetles</dc:creator><description><![CDATA[It’s been interesting to field the recent influx of emails and calls from the press, app developers, established software companies, and a handful of VCs.  Ticketing for restaurants – and more generally variable and/or dynamic pricing – is something that we’ve been wrestling with for years.
And the press articles have been frustrating to read, simply because they never include real data and they miss the differences between ‘tickets’, ‘reservations’, and ‘pay-for-access apps’… all of which are very different and have different implications for restaurants and customers alike.
This is my attempt to outline exactly what we’ve done with restaurant tickets, why it’s interesting, and the results of the experiment… along with real data from our restaurants.  People tend to treat business data as something that shouldn’t be shared, but I don’t really see the harm in openly examining the data.  So the numbers provided are the real numbers from Alinea, Next and the Aviary.
First, some background and psychology.]]></description>
<dc:subject>business economics food restaurants</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:Aetles/b:62c0cd5bbf66/</dc:identifier>
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</item>
<item rdf:about="https://decorrespondent.nl/541/why-we-should-give-free-money-to-everyone/31639050894-e44e2c00">
    <title>Why we should give free money to everyone</title>
    <dc:date>2014-01-08T08:25:52+00:00</dc:date>
    <link>https://decorrespondent.nl/541/why-we-should-give-free-money-to-everyone/31639050894-e44e2c00</link>
    <dc:creator>Aetles</dc:creator><description><![CDATA[We tend to think that simply giving people money makes them lazy. Yet a wealth of scientific research proves the contrary: free money helps. It is time for a radical reform of the welfare state.]]></description>
<dc:subject>economics labor welfare humanity</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:Aetles/b:b548c4d4ba85/</dc:identifier>
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</item>
<item rdf:about="http://blog.priceonomics.com/post/47636506327/the-tyranny-of-the-taxi-medallions">
    <title>The Tyranny of the Taxi Medallions</title>
    <dc:date>2013-04-12T14:28:36+00:00</dc:date>
    <link>http://blog.priceonomics.com/post/47636506327/the-tyranny-of-the-taxi-medallions</link>
    <dc:creator>Aetles</dc:creator><description><![CDATA[Medallions require that drivers get permission from someone else to drive a cab. This power asymmetry gives the medallion-holders a lot of leverage over drivers and it appears that they abuse it.

And Here Comes Disruption Like a Frigging Train

A number of mobile phone apps, however, are replacing taxi dispatch services and allowing anyone with a car to become a taxi driver without needing access to a medallion. Increasingly, if you want to become a taxi driver, all you need is a car and an app that tells you where to pick up passengers. 

In the last half decade, two trends conspired to end the taxi medallion regime. ]]></description>
<dc:subject>economics business usa taxis</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:Aetles/b:c12b204d46c5/</dc:identifier>
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</item>
<item rdf:about="https://medium.com/the-ingredients-2/221d449929ef">
    <title>What Coke Contains — Food for Thought — Medium</title>
    <dc:date>2013-03-04T11:45:10+00:00</dc:date>
    <link>https://medium.com/the-ingredients-2/221d449929ef</link>
    <dc:creator>Aetles</dc:creator><description><![CDATA[The Vons grocery store two miles from my home in Los Angeles, California sells 12 cans of Coca-Cola for $6.59 — 54 cents each. The tool chain that created this simple product is incomprehensibly complex.]]></description>
<dc:subject>economics food usa softdrinks soda</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:Aetles/b:de95fe0455c5/</dc:identifier>
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</item>
<item rdf:about="http://www.newyorker.com/online/blogs/culture/2013/01/did-michael-jacksons-thriller-really-sell-a-hundred-million-copies.html">
    <title>Did Michael Jackson's Thriller Really Sell a Hundred Million Copies? : The New Yorker</title>
    <dc:date>2013-01-05T21:48:40+00:00</dc:date>
    <link>http://www.newyorker.com/online/blogs/culture/2013/01/did-michael-jacksons-thriller-really-sell-a-hundred-million-copies.html</link>
    <dc:creator>Aetles</dc:creator><description><![CDATA[Did Jackson sell a billion records, or even seven hundred and fifty million? Sure, “Thriller” sold a lot of copies, but Jackson recorded infrequently, and his later albums sold nowhere near what “Thriller” did. We know from SoundScan figures that Jackson was selling, on average, roughly a million albums a year in the nineteen-nineties and the aughts in the U.S.—and that includes greatest-hits albums, like the four-million-selling “Number Ones.” That’s not nothing, but it’s not the sort of thing that adds up to a billion records over time.

Vieira’s data collection encompasses sales of albums, singles, videos, ringtones, and digital downloads, all the way back to Jackson’s time with the Jackson 5. He found that, around the time Jackson died, Jackson had sold about four hundred million records, give or take. Since Jackson’s death, he’s moved some forty million albums and fifty million song downloads, plus a lot of DVDs and ringtones for a total, more or less, of roughly five hundred and fifteen million sold. That’s about the same as the five hundred million-plus credited to the Beatles but less than any of the cumulative totals of the individual Beatles, Ringo included. (Paul McCartney, Vieira says, has total sales of some six hundred and seventy million.)

I am always happy to exchange e-mails with Vieira, so I asked him what, based on his research, the other best-selling albums worldwide were. Here’s his list:]]></description>
<dc:subject>music musicindustry economics records artists lists bestselling thriller</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:Aetles/b:fcfc5df176dd/</dc:identifier>
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	<rdf:li rdf:resource="https://pinboard.in/u:Aetles/t:musicindustry"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Aetles/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Aetles/t:records"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Aetles/t:artists"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Aetles/t:lists"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Aetles/t:bestselling"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Aetles/t:thriller"/>
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</item>
<item rdf:about="http://www.newyorker.com/online/blogs/comment/2012/12/austerity-economics-doesnt-work.html">
    <title>It's Official: Austerity Economics Doesn't Work : The New Yorker</title>
    <dc:date>2012-12-09T09:54:16+00:00</dc:date>
    <link>http://www.newyorker.com/online/blogs/comment/2012/12/austerity-economics-doesnt-work.html</link>
    <dc:creator>Aetles</dc:creator><description><![CDATA[With all the theatrics going on in Washington, you might well have missed the most important political and economic news of the week: an official confirmation from the United Kingdom that austerity policies don’t work.

In making his annual Autumn Statement to the House of Commons on Wednesday, George Osborne, the Chancellor of the Exchequer, was forced to admit that his government has failed to meet a series of targets it set for itself back in June of 2010, when it slashed the budgets of various government departments by up to thirty per cent. Back then, Osborne said that his austerity policies would cut his country’s budget deficit to zero within four years, enable Britain to begin relieving itself of its public debt, and generate healthy economic growth. None of these things have happened. Britain’s deficit remains stubbornly high, its people have been suffering through a double-dip recession, and many observers now expect the country to lose its “AAA” credit rating.

One of the frustrations of economics is that it is hard to carry out scientific experiments and prove things beyond reasonable doubt. But not in this case. Thanks to Osborne’s stubborn refusal to change course—“Turning back would be a disaster,” he told Parliament—what has been happening in Britain amounts to a “natural experiment” to test the efficacy of austerity economics.]]></description>
<dc:subject>economics politics usa britain uk greatbritan</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:Aetles/b:7f106c9ef786/</dc:identifier>
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	<rdf:li rdf:resource="https://pinboard.in/u:Aetles/t:politics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Aetles/t:usa"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Aetles/t:britain"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Aetles/t:uk"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Aetles/t:greatbritan"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.reddit.com/r/finance/comments/utf5u/where_has_all_the_money_in_the_world_gone/">
    <title>Where has all the money in the world gone? : finance</title>
    <dc:date>2012-06-24T14:43:02+00:00</dc:date>
    <link>http://www.reddit.com/r/finance/comments/utf5u/where_has_all_the_money_in_the_world_gone/</link>
    <dc:creator>Aetles</dc:creator><description><![CDATA[Honest question.
Where is all the money? I hear nothing but bad news about financial crisis all over the world, and it seems that there is a shortage of cash - like it is some sort of natural resource.
People haven't stopped buying stuff. They still need food, clothing, medicine, shelter. Taxes are still collected. Fines are still levied.
So where is all the money? I mean, labor has been produced to make things and wages paid to the laborers. The things are purchased by other laborers, who were paid for producing goods or services, etc. It's a closed loop, right?
Can someone explain it like I'm five or something?]]></description>
<dc:subject>economics money</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:Aetles/b:50aaa56ba7b7/</dc:identifier>
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	<rdf:li rdf:resource="https://pinboard.in/u:Aetles/t:money"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://thesocietypages.org/socimages/2012/01/24/income-inequality-is-bad-for-society/">
    <title>Income Inequality is Bad for Society. Really Bad. » Sociological Images</title>
    <dc:date>2012-01-24T23:22:03+00:00</dc:date>
    <link>http://thesocietypages.org/socimages/2012/01/24/income-inequality-is-bad-for-society/</link>
    <dc:creator>Aetles</dc:creator><description><![CDATA[The mysterious SocProf, who writes The Global Sociology Blog, offered a nice review of Richard Wilkinson and Kate Pickett‘s book, The Spirit Level: Why More Equal Societies Almost Always Do Better.  Wilkinson and Pickett offer transnational research showing how, exactly, income inequality is related to bad outcomes on average.  In other words, as SocProf puts it, ”…egalitarianism is not a bleeding heart’s wet dream but rather the only rational course of action in terms of public policy.”  The 11 graphs, available at the Equality Trust website, speak for themselves.

]]></description>
<dc:subject>economics graphs politics</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:Aetles/b:868d2ff7da5e/</dc:identifier>
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	<rdf:li rdf:resource="https://pinboard.in/u:Aetles/t:graphs"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Aetles/t:politics"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.forbes.com/sites/stevedenning/2011/11/28/maximizing-shareholder-value-the-dumbest-idea-in-the-world/">
    <title>The Dumbest Idea In The World: Maximizing Shareholder Value - Forbes</title>
    <dc:date>2011-12-29T07:10:21+00:00</dc:date>
    <link>http://www.forbes.com/sites/stevedenning/2011/11/28/maximizing-shareholder-value-the-dumbest-idea-in-the-world/</link>
    <dc:creator>Aetles</dc:creator><description><![CDATA[In today’s paradoxical world of maximizing shareholder value, which Jack Welch himself has called “the dumbest idea in the world”, the situation is the reverse. CEOs and their top managers have massive incentives to focus most of their attentions on the expectations market, rather than the real job of running the company producing real products and services.]]></description>
<dc:subject>business economics</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:Aetles/b:4c44b6cb8e7f/</dc:identifier>
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<item rdf:about="http://www.lrb.co.uk/2011/05/19/donald-mackenzie/how-to-make-money-in-microseconds">
    <title>LRB · Donald MacKenzie · How to Make Money in Microseconds</title>
    <dc:date>2011-05-15T21:40:25+00:00</dc:date>
    <link>http://www.lrb.co.uk/2011/05/19/donald-mackenzie/how-to-make-money-in-microseconds</link>
    <dc:creator>Aetles</dc:creator><description><![CDATA[What goes on in stock markets appears quite different when viewed on different timescales. Look at a whole day’s trading, and market participants can usually tell you a plausible story about how the arrival of news has changed traders’ perceptions of the prospects for a company or the entire economy and pushed share prices up or down. Look at trading activity on a scale of milliseconds, however, and things seem quite different.

When two American financial economists, Joel Hasbrouck and Gideon Saar, did this a couple of years ago, they found strange periodicities and spasms. The most striking periodicity involves large peaks of activity separated by almost exactly 1000 milliseconds: they occur 10-30 milliseconds after the ‘tick’ of each second. The spasms, in contrast, seem to be governed not directly by clock time but by an event: the execution of a buy or sell order, the cancellation of an order, or the arrival of a new order. Average activity levels in the first millisecond after such an event are around 300 times higher than normal. There are lengthy periods – lengthy, that’s to say, on a scale measured in milliseconds – in which little or nothing happens, punctuated by spasms of thousands of orders for a corporation’s shares and cancellations of orders. These spasms seem to begin abruptly, last a minute or two, then end just as abruptly.]]></description>
<dc:subject>stocks markets economics trading shares highfrequencytrading</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:Aetles/b:6103a083acb6/</dc:identifier>
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	<rdf:li rdf:resource="https://pinboard.in/u:Aetles/t:shares"/>
	<rdf:li rdf:resource="https://pinboard.in/u:Aetles/t:highfrequencytrading"/>
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