" And personally, I say good riddance to those perks if they do disappear; they've done more harm than good. They trapped some of our smartest people into optimizing Ad conversions and button color choices when the rest of our world needed more tech the entire time. "
I agree with you here.
Personally I wouldn't say that i would enjoy my time working at Big Tech if I don't really see a good impact of the work i am doing on the world no matter the perks they give me. I can like the perks for the first month but after that it will become boring and i would even start thinking about leaving if the environment is not dynamic enough.
" The irony, of course, is that if companies like Google do listen to these investors and continue to release smart people into the wild, Big Tech will be creating even more competition for itself. Bringing even more pressure onto itself. Someone will hire those smart people. And who knows, some may even start their own companies; it's never been easier than today. "
What you describe happened before, btw. When the Dotcom bubble burst in 2000/2001, tons of talent that was kept handcuffed (through equity more than perks at the time) suddenly became available to new startups, and that’s how Web 2.0 came out of the ashes of Web 1.0 ...
Hi Louie, I'm happy because today even non-technical people have the opportunity to build things that were out of their reach a couple of years ago. But at the same time, the Big Tech situation worries me a lot.
Luckily with the meme of the fix to line 255 you made me smile :)
e.g he’s saying an HVAC business that makes 400-500k a year you can buy for 1 million. A realestate business that makes 50k a year for you will cost you a million or more.
Thanks for continually writing high-quality newsletters, Louie. I need to make M&Ms a weekly priority again.
" And personally, I say good riddance to those perks if they do disappear; they've done more harm than good. They trapped some of our smartest people into optimizing Ad conversions and button color choices when the rest of our world needed more tech the entire time. "
I agree with you here.
Personally I wouldn't say that i would enjoy my time working at Big Tech if I don't really see a good impact of the work i am doing on the world no matter the perks they give me. I can like the perks for the first month but after that it will become boring and i would even start thinking about leaving if the environment is not dynamic enough.
" The irony, of course, is that if companies like Google do listen to these investors and continue to release smart people into the wild, Big Tech will be creating even more competition for itself. Bringing even more pressure onto itself. Someone will hire those smart people. And who knows, some may even start their own companies; it's never been easier than today. "
I LOVE this part😍
What you describe happened before, btw. When the Dotcom bubble burst in 2000/2001, tons of talent that was kept handcuffed (through equity more than perks at the time) suddenly became available to new startups, and that’s how Web 2.0 came out of the ashes of Web 1.0 ...
That’s a great point Paolo
Hi Louie, I'm happy because today even non-technical people have the opportunity to build things that were out of their reach a couple of years ago. But at the same time, the Big Tech situation worries me a lot.
Luckily with the meme of the fix to line 255 you made me smile :)
A big hug,
Ago
I appreciate the trends you help me keep an eye on Louie. Your insights and perspectives are always useful for me as a small business owner. Thanks
What does "real estate trades at 20x earnings" mean? Does he mean resale values?
Yes, buying cash flowing rental realestate.
e.g he’s saying an HVAC business that makes 400-500k a year you can buy for 1 million. A realestate business that makes 50k a year for you will cost you a million or more.
> Big Tech
They are now the fat cats of the world.
Losing jobs is no fun for any one, and I'm sorry for anyone losing jobs. But I am not unhappy that the Big Tech has to learn to be lean.
Is long term good for everyone.
> Bezos
Strong agree
In the past I think in terms of moving fast with 70% or whatever % information. How do you even evaluate how much is 70%? It's all BS self-assessment.
Frequent course correction is now my preferred term/metaphor for this
https://twitter.com/KimStacks/status/1564234919559274496
> the are you sleeping meme
LOL.. even worse when it's a product idea