Industrial machines are more powerful in their physical power than any human who has ever lived—cars have more power than human legs. AI chatbots are more powerful in their intellectual IQ than any human who has ever lived—even locally hosted LLMs are impressively good; I am running several LLMs completely locally on my Nvidia RTX 50 series GPU. If what separates humans from machines is no longer our muscles or our IQ—it must be something beyond these.
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[I own DoorDash stocks and I may change my opinion anytime. This is not investment advice and please do your own due diligence.]
DoorDash published its 2025 Q1 results earlier this month. Similar to the prior few quarters, DoorDash’s GOV exceeded almost all sell-side estimates and its AEBITDA landed within the range of its own guidance. The business continues to enjoy strong momentum, as reflected in its retention, order frequency, and market share. Thanks to the fundamentally human nature of “we have to eat” and “we like convenience,” DoorDash’s business so far has not been impacted by the ever-shifting macro environment.
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What is wisdom?
Is it about being smart? Being kind? Being compassionate? Being knowledgeable? Being prescient? Being divine?
Or, is wisdom about knowing when we don’t know? Or, maybe, is wisdom about when we don’t know, we can still have the right judgement and faith?
Who can be said to be wise? Hmmm… It appears a person cannot self-claim to be wise. “Being wise” appears to be a label given by the people who live around a wise person.
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We experience the world through feelings. Through individual life experiences, we generate feelings and we can later access these feelings. We capture our feelings by finding the most fitting words. Words form sentences, and sentences form thoughts. Some thoughts are more “respected” than others and we call them intelligence.
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[I own DoorDash stocks and I may change my opinion anytime. This is not investment advice and please do your own due diligence.]
DoorDash released its 2024 Q4 results last week. Total Orders grew by 19% YoY and Marketplace GOV grew by 21% YoY. Its reported GOV topped almost all sell-side estimates while its reported Adjusted EBITDA landed within its own guided range.
To optimize day-to-day life, one has to optimize locally. To pursue a higher goal, one has to optimize globally. Two distinct concepts.
When a person focuses on something important and long-term, there will be prioritization. There will be some give and take. Global Optimization will bring about some costs… and those costs can be “optimized away” via Local Optimization.
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[I own DoorDash stocks and I may change my opinion anytime. This is not investment advice and please do your own due diligence.]
DoorDash announced its 2024 Q3 financial results a few days ago. Total orders, GOV and revenue grew by 18%, 19%, and 25% on a year-on-year basis, respectively. The company’s top line growth was so strong that its reported GOV number was above almost all sell-side estimates (source: Refinitiv; all sell-side estimates in this article come from Refinitiv).
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In active investing, the word “edge” is often used. For about four years, I worked as an institutional allocator, meeting and studying investment managers, evaluating their strategies and capabilities. “What is your edge?” That is a popular question that allocators are trained to ask, and investment managers are trained to answer.
To this popular question, I have heard many popular answers:
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