Billions Use Free AI—What’s Their Real Value?
If using a service for free isn't consumer surplus, then what exactly is it? "2.5 to 3 billion people are interacting with free AI technology in some capacity as of 2026." Gemini
SpaceX's Ground Gateways Still Use Mechanical Parabolic Antennas
SpaceX uses phased-array antennas for user terminals, but gateway antennas use parabolic antennas that mechanically move (rotate/tilt) to follow satellites. New frequencies will be used to increase speed There are lots of tradeoffs because: physics. https://t.co/Wnmwzxdbq8 https://t.co/Cr7UyJA281
Choosing Principle Over
Someone just asked me why Snowball isn't on the approved books list for the Berkshire Annual Meeting. Schroeder: "I knew that it would be lonely, that I might lose friends over it, that I might never talk to him again."...
Promote Your Book or It Stays Invisible
To sell books you will need to engage with your communities of interest and try to create some word of mouth sales. "Writing a book without promoting it is like waving to someone in a dark room. You know what have...
Munger's Spirit Drives Record Book Sales at Berkshire Meeting
Charlie Munger won't be on stage at the Berkshire annual meeting, but his sprit will be in the bookstore. This is a big sales day for books sold at the event. https://t.co/fMkGH4rhCn
Thoma Bravo Set to Lose $5.1B on Medallia Handoff
Private equity firm Thoma Bravo is nearing an agreement to hand over software firm Medallia to its lenders. The move will wipe out $5.1 billion in equity for Thoma Bravo and its co-investors, who bought the customer service software company...
Second Stage Boosts Exhaust Velocity, Relighting Is Hard
As everyone knows, the second stage of a rocket launching a payload into space maximizes its exhaust velocity to ensure it has enough "push" to complete both steps of the transfer with limited fuel. Relighting engines in orbit isn't easy....
Amazon to Operate Globalstar Satellites, Launch Own System by 2027
Amazon told PCMag: “We expect the transaction to close in 2027, and at that point we plan to operate Globalstar’s existing satellite fleet, and their upcoming low Earth orbit satellites being manufactured by MDA Space, before deploying a next-generation DTD...
Higher-Frequency Ka-Band Boosts Bandwidth, Shrinks Antennas, Worsens Propagation
To understand the Amazon acquisition of Globalstar start with physics. The wavelength becomes shorter as you move from L-band up to Ka-band spectrum which provides more hertz for moving bits and enables smaller antennas, but higher frequency means worse propagation. https://t.co/YcG2qfwol2
Due Diligence Saved Us: Globalstar Went Bankrupt
I did due diligence on a potential Globalstar acquisition in ~ 1999-2000. We passed for a number of reasons. Globalstar filed for Chapter 11 bankruptcy protection on February 15, 2002. Adding a mobile component to the Leonbroadband system improves scale. https://t.co/GVvgIb0cD4
Amazon Leo to Deploy Ka‑Band mmWave by 2026
Amazon Leo plans to launch services commercially by mid-2026 according to Andy Jassy. The spectrum for user links is millimeter wave (Ka band). Shannon-Hartley Theorem: C = B \log_2(1 + S/N) Where: •C = channel capacity (bits per second) •B = bandwidth (Hz) •S/N =...
Melting Ice Halts Algae Rain, Drives Whales Offshore
Gray whales sift through seafloor sediment for tiny crustaceans called amphipods. When sea ice melts, algae on the underside falls to the seafloor, feeding the amphipods. Without enough ice, the "rain" of nutrients stops. Great whales are showing up in...
Board Liquidated Teledesic Despite $4/Share Payout, Shaping NGSO Regulation
Wrong. A decision was made by the board In 2002 to liquidate Teledesic even though there was enough capital to pay out shareholders almost $4 a share. Hundreds of millions paid. No bankruptcy. Teledesic's win at WRC created regulatory category...
Higher Prices Slash Doritos Sales Despite Intense Flavor
Price increases tank Doritos sales even though: "A single Dorito has more extreme nacho flavor than a peasant in the 1400s would get in his whole lifetime." https://t.co/cEFaC1yu9b
Writing Books Feels Like a Marathon You Keep Running
Woke up and found myself writing an outline for my 8th book. This was me sleep walking, except instead of walking I was writing a book proposal. Writing a book is like running a marathon. When I finish I say...
Blue Origin Advances New Glenn: Multiple Second Stages in Integration
"At least two New Glenn second stages (GS2) appear in final integration, complete with insulation blankets. Complete tank sections for at least four more stages await insulation, while bulkheads and barrel sections indicate yet another unit in the works." https://t.co/JPS90rT2WC...
Waha Gas Prices Plunge to Near -$10 per MMBtu
"Over the past week, spot prices at the Waha gas trading hub in the Permian Basin fell as low as -$9.75 per million British thermal units, with expectations that it could hit -$10." https://t.co/camxY0zKrz
AI Excels at Tasks, Still Fails at Jokes
“The models have improved tremendously, and if you give them an agentic task, they will just go for hours and move mountains for you. Then you ask for a joke and it has a stupid joke, a crappy joke from...
Redundancy Wins: Embrace Failures in Space Systems
Almost everything in space involves tradeoffs because: physics. “Failures happen no matter what you do. That means the software and systems you use has to cope. That means replicate everything. Two pieces of crap are better than one.” Rob...
COTS Electronics Survive
Operators can use commercial off the shelf [COTS] electronics in satellites, with a mission life of 3-7 years. A radiation-hardened part can last 15 years. Many modern satellites use radiation tolerant parts. SpaceX, Planet Labs and Kuiper/LEO all...
ITU Lacks Power; National Regulators Face Crowded LEO Orbit
The ITU is a UN treaty organization which has zero power to create or enforce rules. Regulators from specific countries (eg FCC) are tasked with enforcement. The treaties never contemplated tens of thousands of satellites in a small number of...
Safety Margins, Not Altitude, Limit Low‑Earth Satellite Density
The barrier to how many satellites can be in a particular low Earth orbit is effectively the distance required to provide a "margin of safety" to avoid collisions. Filing with the ITU before others allows the system to claim a...
Legacy Satellite Makers Idolized Tradition, Ignored Cost Savings
Old school GEO satellites were assembled in a facility that housed the product in a "high bay" as if it was a giant religious icon. PhDs in bunny suits assembled the satellite piece by piece. The legacy manufacturers didn't believe...
Thighs Win, but the Sandwich Bread Disappoints
Doesn't everyone make their fried chicken sandwich this way? "chicken thigh brined in buttermilk, MSG and five-spice powder before being fried twice and dunked in chili oil laced with duck fat." That bread is a poor choice. Of course, chicken thighs...
True Ambition Means Launching Thousands of Space Data Centers
If you don't plan to launch tens of thousands of data centers in space are you even trying? https://t.co/8d1zTwMr7A
Munger: Consultants Always Recommend Hiring More Consultants
Charlie Munger: "I've never seen a management consultant's report in my long life that didn't end with, 'What this situation really needs is more consulting'" https://t.co/YuqTi625ix https://t.co/rtAm7slFIF
Bridge Rebuild Costs Double, Fees Inflate Budget
The cost to replace the Interstate Bridge between Washington and Oregon increased ~ 140% from a 2022 estimate of $6 billion to a new "target" of $14.4 billion. How much of this cost is not related to actual construction and is...
Fertilizer Supply Chain Fragile, Hinged on Hormuz Gas
The fertilizer supply chain is what Nassim Taleb calls "fragile." Optimized for low cost natural gas, the fragility source is the Straight of Hormuz. https://t.co/Ly2rsT6s4P
Enterprise AI Yields Higher LTV, Beware Subsidy‑Driven CAC
Customer lifetime value for enterprise AI customers is higher than for consumer customers. COGS of providing subsidized service is part of customer acquisition cost (CAC). Distribution can be brute forced by heavily subsiding service (ie CAC). Stranded CAC...
Jensen Huang Predicts $1 Trillion GPU Orders by 2027
Jensen Huang forecasts $1 trillion in orders for Blackwell and Vera Rubin through ’27. The technical term for this is "a lot." https://t.co/0mqhlqtnzA
AI Dismantles Old Moats, Builds New Competitive Barriers
Charlie Munger: "It’s probably a natural part of the modern economic system that the old moats stop working." 2020 Daily Journal AGM AI eliminating or reducing the effectiveness of some moats is inevitable. New moats being created in an AI...
Cold-Smoked Salmon: Five-Day Process Delivers Heavenly Flavor
What does my cold smoked salmon look and taste like? Looks great and tastes like heaven. Five day process. https://t.co/9oiQzidEzx
Learning Co‑Investing Secrets by Watching Benchmark’s Five Partners
In 1999-2000 Craig McCaw asked me to spend a lot of time working in the Benchmark offices on Sand Hill Road to find areas where co-investment was possible. I never learned so much, as Yogi Berra famously said, "just by...
Berkshire's Capital Allocation: Focus, Integrity, and Discipline
Berkshire’s capital allocation principles and strategy: Invest in businesses that we thoroughly understand, with durable advantages and long-term economic prospects; Partner with high integrity leaders who understand their customers and act like owners; Avoid businesses that undermine the fabric of society or...