Category Archives: Newsletter

Deliberate 32 – The perils of prepping

With the Autumn rapidly taking its hold, many parts of the western world are now undergoing a second (or a third) wave of the COVID pandemic.

That second wave, apart from being MUCH more brutal and taking lives or more people – has caused less anxiety and has excited the preppers a tiny bit less. We have been through this, hence it’s not the “big one”.

As far as apocalyptic scenarios go, we are living it. We have been hit with a global threat, affecting not only health, but economies, and our way of life as well. According to my very scientific Google search, 1.31 million have died and 54 million people got infected, with many survivors reporting dangerous side effects.

And yet… We seem to be brushing this off to our detriment. Life feels a little bit more normal than in April, despite the hospitals being just plain full and even basic medical necessities rare commodities.

September 11 attacks on the World Trade Center have claimed the lives of 2977 people, but for COVID, with 500 times greater death toll and an immediate threat of infection, the emotional response around the world does not seem to match.

We are not built to prepare for the mundane.

If we were reasonable people (not that I am implying we are), we would prepare for the most likely scenarios – falling from a wonky chair while reaching the top shelf, a fire caused by that phone battery behind the couch, car accidents created by driving and texting.

But the fact that these scenarios are happening (because they are highly probable) is getting us habituated. Because we hear about it all the time, we are less likely to treat them seriously. When is the last time you checked the expiry date of a fire extinguisher in your car?

Our imagination is captivated by rare and extreme events, and prepper culture is focused on the Zombie Apocalypse AKA Mad Max scenario.

Doomsday prepping for Less Crazy Folk

In today’s issue, I highly recommend reading “Disaster Planning for Less Crazy Folk” by Michał. It offers a very balanced and practical approach to preparing:

Perhaps throwing out old junk, reorganizing the contents of kitchen cabinets, adding earthquake latches, or fixing a broken lock would be a better use of your time than ordering space-age prepper gadgets from Amazon.

He also advises against going deep into the amazon prepper rabbit hole:

Here’s my advice: keep the bulk of your savings in cash, stocks, and other assets you can easily liquidate or put to use today; even if you genuinely worry about the apocalypse, plan to spend no more than 2-4% of your money on essential prepper supplies.

If you need more convincing about validity of his advice, this post was last updated early 2018. Does this sound familiar in 2020?

When it comes to transmittable diseases, your best bet is avoiding exposure: if there’s something really nasty making rounds in your community, stay home – or at the very least, avoid public transport and other crowds. With that in mind, N95 masks ($2 a piece) probably provide adequate protection against most airborne diseases. The other major transmission vector is hand contact, so don’t touch other people, avoid public-use surfaces, wear gloves, and resist the instinct to touch your face without first washing or disinfecting your hands. We subconsciously touch our faces a lot more frequently than we suspect.

Here is what I put on my todo list:

  • Keep wearing that damn mask
  • Get fire extinguishers for my apartment, my mom’s place, and my car. Install smoke detectors.
  • Fill up my car. There is a downside to having your tank full and ready,
  • Stockpile flashlights, basic over the counter medicine, and water (5 gallons per family member)
  • Wear a damn helmet (which I never do) while biking (which I do often).
  • Download a copy of Simple English Wikipedia for offline use (250 MB, choose “pages-meta-current”)

The perils of prepping

I am sure there are many quotes about being prepared and the superiority of prevention over treatment. But all the good-hearted advice is usually missing one key point:

It’s just so damn tedious.

Fire extinguishers will need checkups (I opted for one with 20-year shelf life), batteries will leak (which can even spoil your electronics stash), mice will get into your flour stockpile. Prepping makes you accumulate more stuff. Stuff needs it’s own prepping. You want to have a life, so you opt-out of the prepper treadmill. It has worked out so far, hasn’t it?

On the other end of the spectrum, you have career preppers, who have optimized their lives around being prepared. But for them, the covid epidemic is a little disappointing, because they braced for the exciting future – Zombie Apocalypse and the total collapse of the market. They seem to even be hoping a little bit for the end-of-the-world, so they can feel validated.

Being a practical prepper requires you to do a bare minimum of mundane, common sense things you already know you should be doing.

All the details are there in Michał’s article.

As far as the tediousness goes, put your car oil checkups, fire alarm battery replacements, medicine, and fire extinguisher expiry dates, and all the rest of this mundane stuff on your calendar. And set a reminder.

Deliberate 31 – Infectious diseases and investment basics

In case you are searching frantically in your email spam folder for my previous emails from the last 5 weeks – don’t worry! Nothing is wrong with your inbox, I have indeed skipped them 😱.

My wife and I have been battling COVID infection, hidden away in our cabin to make sure we don’t spread the disease to our neighbors. We are perfectly healthy now – I have even returned to my workout regimen, but the whole ordeal was not fun.

I wouldn’t normally keep you updated about my health, but watch out. We took great care to not contract the virus and despite being in very good shape – the symptoms were not that mild. I know, that you probably have heard enough coverage of both COVID and US Elections to last you for decades, so I’ll keep my takeaways brief:

  • I had very little fever and consider measuring temperature in public places a joke,
  • Loss of taste and smell was complete for both my wife and I,
  • The rest of the sympthoms were flu-like, but I was exhausted for 2 weeks,
  • The “brain fog” took longer to subside, resulting with you lacking the comforting embrace of my newsletter
  • I took 10 000 IU of Vitamin D for a week and I think it helped. This is not considered a safe dose, please don’t change your mind on my word alone, but read up
  • This is all serious. Stay safe, wear a mask.

Investment Basics

Like any normal person struck with an infectious disease, I started reviewing my investments. I considered my strategy pretty solid, but I discovered that due to a law quirk, the tax rate on the dywidends from S&P500 ETF that I own may be 30% instead of 0.

The most infuriating aspect of it all is that this is one of 7 ETFs we have available on the Warsaw Stock Exchange, it took me 3 days of research and I still don’t have an answer!

I consider financial literacy a topic much more important than the crap (putting it mildly) we learn about past battles at school. After oh-god-how-many years of public education, I have to dig and scramble to understand the foundational pieces of how this capitalist country works.

I decided to start collecting the missing “Deliberate Lessons From Dad” so I can pass them on to my future children. If I can start them investing in ETFs by the age of 5, they will be unstoppable!

On to the lessons!

Here is my best advice about investing

  • Choose Index Funds or ETFs with low fees that are automatically managed. Low fees will accelerate your returns and automatic management will remove human error out of the loop. Right now the best funds are SP500 from Black Rock or Vanguard. Holding an index will give you returns as the economy grows. No worse and no better.
  • Compliment with Government Bonds and Gold (Physical)
  • Dollar-Cost Average your entire portfolio
  • Put your Dividend – Yielding stock in your tax-protected retirement accounts. That way, the compound interest from the dividend will be tax-free, and it will compound faster.
  • Rebalance often and mercilessly. If you have a target of 60% stocks in your account – if their price falls, you will buy more to adjust your wallet %. When they rise again, you will sell some and convert to bonds. With rebalancing, the market roller coaster works in your favor!

Read the in-depth tutorial on Piszek.com

Surprising consequences of the Internet

Mars is a Free Planet

Starlink Terms of Service are already prepared to claim “Mars a free planet, that recognizes no authority from an Earth-Based government”.

Lucky Martians.

Zoom fatigue, Manatees, and Twitter AI

For the last week, I have been on Zoom non-stop for 4 hours a day.

Since everybody on my team works in a different country, it’s hard for us to hang out under the 2020 world order. Usually, we’d fly to some exotic location to eat on the company dime work hard, but that is not possible. So we elected to meet over Zoom during a Remote Meetup.

It was quite a ride, but I have to tell you – Zoom Fatigue is real. I was exhausted. Meetup, however, was a stellar success. I promise to share a playbook so you can have a peek on how professionals (just joking, there are no adults here) do it or even repeat our mistakes.

For now, I’m gonna try to limit my screen time. Here is a picture of Manatees eating sweet potatoes – their favorite autumn snack:

Image

A few years ago I got to meet the “Cows of the Sea” (this is how Manatee translates to Polish) during my travels in Florida. Oh, I miss real meetups.

Three surprising consequences of the Internet

  • Last week, a “game” on Twitter exemplified the biases of Artificial Intelligence models in a hilarious way.
    When you post a really tall image on Twitter, the “Artificial Intelligence” (really a machine learning model, but I’m simplifying) tries to crop an image to space it has available. It tries to detect the “most valuable” place in the pic. Somebody had an idea to put 2 images at the ends of a very long “empty” canvas, to see which one would it choose, thus uncovering the bias.
    Predictably, white men were picked more often than any other group, with some… quirks.
    Search for “Testing Something” on Twitter, to see for yourself.

  • Build Personal Moats
    A lot of successful businesses have “moats” – a barrier that is hard to cross by a competitor. In the article, Eric Torenberg advises finding a “personal” moat – a unique quality that will differentiate you from other people. You don’t have to be “super good” at it – it’s better to aim at a unique intersection than will bring you joy. I dug up a question from there that I stored in my Question’s vault:
    “If you were magically given 10,000 hours to be amazing at something, what would it be?”
  • The Attack of the Civilization-State
    This fantastic article about the cultural expansion of China made me realize, that we have a different concept of a “state” in the west. And we – of course – use that framework to judge all the other countries in the world. But it’s not the only yardstick around.
    It is remarkable, when one thinks about it, that every controversial issue being decided in a successful democracy such as India should be subject to a final determination of its legitimacy by Western political and intellectual authorities. No one seems to take seriously the possibility that an editorial in The Hindu could settle the issue, but the leading newspapers in New York, Washington or London gladly take up the task. Cultural assimilation meant political dependence.

The concavity of fun and the Buddhas

During our pre-pandemic travels, my wife and I visited the King’s Palace in Thailand. The palace complex is of course on the UNESCO world heritage list and THE tourist attraction in Bangkok. It’s positively rococo.

But I came to realize, that the abundance of riches, gold and things to marvel at quickly fizzles out. After 100 golden buddhas you don’t really care how many more are there. You get it. There’s a lot.

At the same time – the cost of seeing these “Tier 1” tourist attractions tends to grow exponentially:

  • The queues are longer
  • The security more annoying
  • The crowds – unbearable.

Because these are “the most famous” things in the world, EVERYBODY goes there. In the meantime, there are “Tier 2” points of interest, where the crowds are less annoying, the queues less painful, but the “awesomeness” only slightly lesser.

My working theory is that the awesomeness curve is concave but the annoyance curve is convex. At many of these “most famous places” they cross – like in Paris:

Strasbourg is a very beautiful city, with much smaller crowds and costs of going there, but delivers more than 50% of the Awesomeness that Paris does. My travel advice is: go to “Tier 2” cities.

Violetta has a fantastic explainer on Convexity .

Three surprising effects of the Internet

  1. In one of the previous emails, I wrote about GPT-3 – a new kid on the block of Artificial Intelligence. Pieter Levels has turned it into a startup idea generator. He has been pretty vocal in the past about ideas being cheap and execution constituting the real challenge. Now he’s selling machine-generated ideas 🤣. Some of them are much better than those I’ve heard during startup events:
    • A company that’s building software for restaurants that helps them manage their menus, guest lists, and food orders.
    • A startup that helps students and other young professionals find other people their age who want to live together
    • The startup is building a digital platform to enable farmers to monitor and manage the health of their crops.
  2. Human Genome has been here for about six million years. MS Excel only slightly shorter, but it has already won. Scientists have to rename some of the Human genes because MS Excel tends to automatically convert them to dates.
    It’s easy to point jokes and demand fixes on the Microsoft side, but the software update cycles in Academia tend to take a while. Scientists have control over the naming of genes, but not over the university purchasing department.
  3. I highly recommend visiting the home page of the Yale Art School: https://www.art.yale.edu/

Question to ponder

Why don’t you do the things you know you should be doing?

Mental atlas and corporate promises

Continuing the thread of focusing my curiosity, I am experimenting with different approaches to filter my “inputs”.

My primary responsibility, of course, is to deliver YOU the best and more interesting insights about the social and economic consequences of the Internet and thriving in the global consciousness. But that’s only a subset of my reading habits and I want an easy way to filter OUT the articles and books that I’m not interested in so that I can devote more attention to those that will matter to me (and you).

As I mentioned a few weeks ago, Richard Feynman had his 12 favorite problems and Patrick Collison has a question list.

Mental Atlas

Anne-Laure LeCunff has a mental atlas, further extending the metaphor of notes database as a “mental maps”. Atlas is – after all THE book of maps.

While it may be possible to go through life without ever paying attention to these patterns across various mental and cognitive maps, being aware of the inherent interconnectedness of our thoughts will help guide your daily and long-term decision-making process.

In order to compile my own version, I:

  • Browsed the books I tend to pick and noted common topics,
  • Had a look at my blog to see where my attention gravitates,
  • Of course, scoured my notes for insights

Here is what I ended up with. This is and will continue to be, work in progress.

What should you do when a bird hits your window?

I had to figure that out on Saturday. A poor yellowhammer has crashlanded on my balcony and stopped moving. Quick Googling led me to put her in a cardboard box, safe from the hungry eyes of my dog.

Apparently, you should close the box. After a few hours, when the bird is flapping inside the box – it means it recovered. If the bird won’t regain energy, you should contact wildlife rehabbers – more insights in here.

My little friend escaped her box after 2 hours – I hope the incident is now only a distant memory. Glass skyscrapers are death traps for unexpecting birds, but I was surprised to learn that my balcony is part of the problem.

3 Surprising Effects of the Internet

  • Beware of Corporate Promises covers a fascinating natural experiment in company ethics.
    Less than a year ago, nearly 200 CEOs signed a solemn pledge, issued by the Business Roundtable, to stop caring primarily about their shareholders and to serve the needs of their workers, communities, and country too. After the pandemic hit, signers were almost 20 percent more prone to announce layoffs or furloughs Behavioral psychologists have observed an effect they call “moral self-licensing”: If people are allowed to make a token gesture of moral behavior—or simply imagine they’ve done something good—they then feel freer to do something morally dubious, because they’ve reassured themselves that they’re on the side of the angels.
  • Decomplication: How to Find Simple Solutions to “Hard” Problems by Nat Eliason touches one of my favorite topics – how basics are at the same time undervalued and overcomplicated.
    The core solutions to many problems, maybe most problems, are extremely simple. In one paragraph each, you can explain how to lose weight, how to gain muscle, how to save money, how to be productive, how to sleep better, how to grow a website, and just about any other popular problem. (…) We’ve been sold complexity our entire lives, and that’s made us undervalue the simple. As a result of the “monetization through complexity” problem, we no longer trust that simple solutions could be valid.
  • There is a kind of rock that can grow, move, and even multiply. Trovants produce bulbous “growths” from minerals in the rainwater – at a rate of 5cm every 1000 years. Since they accumulate new material on the inside – their shapes approach that of the Michelin man.

Roam Research Alfred workflow

If you are a Roam user – have a look at my Alfred workflow that lets you search your notes blazingly fast, use Roam as a snippet manager and a bookmark DB.

Watch out for assigned identities

Remote Work is quite different from sitting in an office: It’s not just changing your work chair for the couch at home. With Remote Work, there is no assigned seating at all.

  • Nobody walks you to your desk
  • Nobody tells you how to live
  • Nobody tells you who you are

The transition from Office to Remote is a tricky one. You will have to answer many questions for yourself:

  • How do I get coffee?
    • Obviously, it’s Aeropress
  • What is the best desk?
    • IKEA Bekant
  • How do I structure my day? Do I keep 9-to-5?
  • When do I exercise if not on the way to work?
  • Do I see my kids more often?

When you don’t answer these questions for yourself – you will get pulled into a new identity, where you don’t have to think. Watch out, the gravity of ‘popular‘ identities is strong!

Paul Millerd is an expert on the Future of Work – and more importantly – advocates for more “life” in the work-life balance.
My new piece about Remote Worker identities is in issue 105 of his splendid “Boundless” newsletter

Three Surprising Effects of the Internet

  • Success Addicts Choose Being Special Over Being Happy underscores our obsession with being special and how people sacrifice their happiness for a feeling of superiority. The piece highly resonates with my feelings about Social Media.
    Many scholars, such as the psychologist Barbara Killinger, have shown that people willingly sacrifice their own well-being through overwork to keep getting hits of success. I know a thing or two about this: As I once found myself confessing to a close friend, “I would prefer to be special than happy.”
    “the physician Robert Goldman famously found that more than half of aspiring athletes would be willing to take a drug that would kill them in five years in exchange for winning every competition they entered today, “from the Olympic decathlon to the Mr. Universe.”
  • Where did this tower come from?
    Microsoft Flight Simulator 2020 is a duct tape marvel. Microsoft wizards grabbed freely-available map data from the Internet and generated realistic vistas you can fly over in your aircraft.
    What they didn’t count on are human errors resulting in some funny glitches explored in this thread.
  • We live in a post-scarcity world of ideas.
    So much so, that it’s a bigger problem to manage brilliant insights than to stumble upon them. I use Evernote and Roam as my note-taking tools, Twitter and Pocket for consuming articles, and Kindle for books. To manage this deluge of apps, I previously used a hodge-podge of custom scripts, but now I’ve switched to Readwise.
    Readwise syncs all these apps (and much more) and helps with recollection implementing spaced repetition. The team behind the app is coming up with creative integrations that I never knew I needed.

A thing I learned this week:

I just finished my week-long Windsurfing lesson – I’ll definitely repeat that. During my ‘commute’ I was listening to David Perell’s podcast with technologist Balaji S. Srinivasan – they chatted a lot about learning by doing, future of media, genomics and a roster of other topics. It occurred to me, that practicing sports is more like applied engineering than watching sports:

  • Building stuff = Practicing
  • Theorizing = Watching

Nassim Taleb calls the transition from theory into practice the “Platonic Fold”. But I’d go even further: doing stuff in the real-world and mastering these feedback loops is more different from theory than the branches of the theory are from each other.

The theory of windsurfing was lost on me, but I quickly levelled up while falling from my board.

Education, the Umbrella Academy, and Wealth Creation

„Artur, your opinions always seem a bit extreme” – my friend, when we were discussing the public education last week. Education is one of my hot topics, and you can expect a related essay from me soon.

I enjoy people having strong opinions, people experimenting with their way of thinking, and trying out something new. That appreciation of experimentation extends to culture. I consider all four Avengers movies to be quite average, but Thor Ragnarok (trailer) is one of the best ones out there. Rise of Skywalker is disappointing, but The Mandalorian is excellent.
Popular franchises suffer from the curse of their own popularity. They have to appeal to everyone and thus cater to the lowest common denominator.

Less-popular offshoots, like Mandalorian, Guardians of the Galaxy, or The Umbrella Academy, are not scrutinized as strongly by studio executives. Not every plotline has to be sanitized, and not every single thing has to be optimized to death.

That leaves room for creativity, exploration, and pure fun. Education could be the same way if we stopped trying to extract production value out of the kids.

3 Interesting effects of the Internet

[Deliberate Internet] – Comet, overprotecting the digital content, and meritocracy

The comet expedition

My wife (whose handle everywhere is Made In Cosmos) is predictably very interested in seeing the Neowise comet before it leaves the sky. The comet will be visible over the next few days and disappear for another 6000 years of its solitary journey.

On a comet-hunting mission, we have couped up in our summer house and have been hunting for comet sights. Yesterday, the sky was perfect and we were trying to aim our telescope and powerful binocular into that elusive tail of a comet. To no avail.

Sometime after I was getting frustrated  – I looked upward and saw a beautiful, clear sky with the Milky Way spread before our eyes – a sight much better than a thousand comets.

What is it that an event like a comet or a deadline gets us all excited and motivated, but we neglect to enjoy what we already have? Humans are such suckers for scarcity.

The Neowise shot by Tony Hallas. Here is another good one.

Overprotecting the digital content

The creators I help to sell put much effort into their work, and they deserve to be paid. They worry about not having a sales copy compelling enough, or their customers copying and sharing the creations, cutting them out of their rightful compensation. They turn to the protection mechanism – password-protected PDFs or locked-down video players to ensure that it doesn’t happen.

Yesterday, I published an article with 10 reasons why that kind of overprotection is hurting your sales, annoys your customer, and is hurting the relationship with them.

3 Surprising Things on the Internet

  • Did you know there is a special shortcut to display a random Wikipedia article? By going to https://en.wikipedia.org/wiki/Special:Random, you will be taken on a random journey, but be forewarned – Wikipedia has MANY articles about random villages and 7th-grade celebrities. Me being me, I immediately thought, „Wait, what if I built a WikiRoulette with this?„. It turns out somebody already thought of that! Check out http://wikiroulette.co/. Today I learned about Forest Nightshade, Fencing at the 1956 Olympics, and the “List of places in Aberdeenshire”, wherever that is.
  • A belief in meritocracy is not only false: it’s bad for you [Princeton Press] enumerates the reasons why the world is not meritocratic, and the „meritocracy fallacy” is an easy excuse for the lucky. The online world revels the idea of meritocracy. Everything is democratized (setting free publishing and commerce is something I contribute to), everyone can participate and, anyone can start something new – they only need a laptop and grit. However, like in any human industry, connections, and lucky breaks people have gotten in the past matter a great deal. The world is getting meritocratic (with initiatives like Starlink and Remote work), but we are not there yet.
  • Mario takes a flight in the days of the Coronavirus is an artistic rendition of what would Super Mario first level look like, if the pandemic hit „World 1-1″

GPT-3, Artificial Intelligence, and what are they up to?

Hey!

The summer has crept up on us during the pandemic, and I hope you get a chance to disconnect and enjoy nature while socially distancing.
Yesterday, I managed to do a little Wakeboarding and I so love this sport! It’s like riding a snowboard under a lift on a lake. You get to ride and you get wet a lot ?.

In this week’s newsletter, I am going to dive deep into this thing called GPT-3.

What’s the deal with GPT-3?

In July of 2020, Open AI foundation has opened private, beta API access to their newest machine learning model: GPT-3. It’s a text prediction tool that is trained on pretty much the entirety of the Internet. You give it a sample and it suggests the text to complete that sample.

„Specifically, we train GPT-3, an autoregressive language model with 175 billion parameters, 10x more than any previous non-sparse language model.”

A quote that sounds impressive, but tells you nothing.

Since this model has an unparalleled scale, it delivers very extremely good results. My Twitter feed became full of people praising its performance and prophesizing the end of human labor. But as Forbes points out, it has its limitations.

A “Private Beta” means, that a select group of individuals got access and started playing with it:

Q: is my job in danger?

Quite possibly. If your job consists of following the same pattern in a highly specialized task, it is in danger for a while now. Legal, banking, uncreative writing (such as producing listicles for clicks), and copy-paste-coding are going to be hit pretty hard in the coming years. 

As I wrote in „How to protect your job from automation”, the more „fuzzy” your job definition is, the more it needs a human in the loop. The safest careers are going to be the ones that don’t follow a path. Those that sound unsafe when you describe them to your grandparents.

If you want to not only survive, but also thrive – think of GPT-3 (and it’s unstoppable successors) as collaborators. They can be your sounding board, they can do the tedious research and get the obvious ideas out of the way, so you can focus on that deep, human insight. That elusive spark that makes humans different.

If such a thing exists.

General Artificial Intelligence

The pop-culture take on Artificial Intelligence assumes it will take the form of what is called a „General Intelligence” – it will be conscious and good at anything.

It will be like a  (benevolent/evil) human with infinite cognitive power and do with us as it pleases.

I do not believe the General Artificial Intelligence is possible in machines because I do not believe the General Intelligence is possible in humans.

Humans are collections of algorithms interacting with each other, much like machines are. 

The „General Intelligence” concept started from Charles Spearman’s research on what he called „G Factor” in the 20s. Charles Spearman was an army captain-turned-psychologist and was searching for an inherent quality that will predict the success of the recruits. The idea was to fast-track the careers of more capable army men.

To this day, the definition of Intelligence is the result of an IQ test. General Intelligence „domain” is still restricted to a narrow set of tasks because using this raw cognitive horsepower in the real world requires specialized algorithms and mental models.

Humans are not special snowflakes, and the type of intelligence that can rival them is already here. It just needs more training. The biggest threat is the same as it is in humans – who will do that training? What agenda will the „parents” of this General Intelligence have? What scars will they impart on it? How will it cope?

Open AI

Open AI is even more interesting story than the GPT-3. Founded by Elon Musk (no introduction needed), Sam Altman (previously president of Y-Combinator, the most successful startup incubator in existence), and other experts with a mission to “ensure that artificial general intelligence benefits all of humanity”. I highly recommend reading more in their charter doc.

„Our primary fiduciary duty is to humanity.”

OpenAI but no investment banker ever.

In a fascinating 2015 interview, Sam Altman pitched to the investors that he had no monetization plans. Instead, his vision was to ask the AI to give the founders investing advice once it’s capable enough. But the returns would be capped at only 100x because it could “maybe capture the light cone of all future value in the universe, and that’s for sure not okay for one group of investors to have.”