dhh
DHH
"It's a sure thing unless you're the fool left holding the bag when the road comes to an end. And the road will end.", http://bit.ly/gb8pfl
obie
Obie
@dhh Why do you care? You do your thing well and mint money. What fools are doing with their money should be the least of your worries
@dhh Why do you care? You do your thing well and mint money. What fools are doing with their money should be the least of your worries
fowlduck
Nate Sutton
@obie maybe he cares about others? maybe if the bubble bursts, his business is affected? /cc @dhh
@obie maybe he cares about others? maybe if the bubble bursts, his business is affected? /cc @dhh
dhh
DHH
@obie @fowlduck Everyone hurts when bubbles inflate and burst. Whether they're in tech or housing. Shame on those who see, but don't tell.
@obie @fowlduck Everyone hurts when bubbles inflate and burst. Whether they're in tech or housing. Shame on those who see, but don't tell.
obie
Obie
@dhh Let's see you break out from your comfort zone at 37signals and create something new for some of those millions to flow into ;)
@dhh Let's see you break out from your comfort zone at 37signals and create something new for some of those millions to flow into ;)
dhh
DHH
@obie I'm content producing real, sustainable wealth through 37s for the next 20 yrs. I have zero interest in chase a ride on a VC dragon.
@obie I'm content producing real, sustainable wealth through 37s for the next 20 yrs. I have zero interest in chase a ride on a VC dragon.
obie
Obie
@dhh What I was getting at is that you might be better off starting something new instead of coasting at 37s and tweeting about bubbles
@dhh What I was getting at is that you might be better off starting something new instead of coasting at 37s and tweeting about bubbles
dhh
DHH
@obie How exactly am I, 37signals, or the market going to be better off if I quit a growing business to chase VC millions?!
@obie How exactly am I, 37signals, or the market going to be better off if I quit a growing business to chase VC millions?!
JohnBaku
JohnBaku
@obie Looking for attention? Looking to start a fight? What exactly have you done? That is what I thought... consulted... woopy!!! (@dhh)
@obie Looking for attention? Looking to start a fight? What exactly have you done? That is what I thought... consulted... woopy!!! (@dhh)
gilesgoatboy
Giles
@JohnBaku @dhh @jamesgolick sry yall I agree with @obie. @dhh is right abt VC, of *course*, but we kinda heard it 5 times already
@JohnBaku @dhh @jamesgolick sry yall I agree with @obie. @dhh is right abt VC, of *course*, but we kinda heard it 5 times already
jmreidy
Justin Reidy
@dhh IMO creating a business that sustains wealth and jobs without resorting to mindless growth is the greatest business challenge out there
@dhh IMO creating a business that sustains wealth and jobs without resorting to mindless growth is the greatest business challenge out there
dhh
DHH
@obie Are you serious? So nobody should care that suckers bought worthless inet stock in 2000 or CDOs in 2007? Destruction of wealth sucks.
@obie Are you serious? So nobody should care that suckers bought worthless inet stock in 2000 or CDOs in 2007? Destruction of wealth sucks.
obie
Obie
@dhh Sounds like you're railing against human nature with that one. Seems better to ride the cyclical waves and profit
@dhh Sounds like you're railing against human nature with that one. Seems better to ride the cyclical waves and profit
wiscoDude
Philip Crawford
@obie Economists like Hayek would say society is worse off when capital is deployed to activities that don't provide future returns. cc @dhh
@obie Economists like Hayek would say society is worse off when capital is deployed to activities that don't provide future returns. cc @dhh
dhh
DHH
@obie That's depressingly cynical. So the banks that rode the CDO/CDS engine for all it's worth were doing the right thing? Fuck the losses?
@obie That's depressingly cynical. So the banks that rode the CDO/CDS engine for all it's worth were doing the right thing? Fuck the losses?
cartab
Carlos Taborda
@dhh @obie Social is a bubble. But saying FB and Twitter are bubbles is saying Google, Ebay, Amazon are bubbles. Big difference.
@dhh @obie Social is a bubble. But saying FB and Twitter are bubbles is saying Google, Ebay, Amazon are bubbles. Big difference.
eachus
Lonny Eachus
@dhh Pardon the overuse of "really". But I was trying to describe perception versus the reality.
@dhh Pardon the overuse of "really". But I was trying to describe perception versus the reality.
dhh
DHH
@obie How about we focus our energy on sustainable businesses that actually produce real wealth? There are enough con men. Don't join them.
@obie How about we focus our energy on sustainable businesses that actually produce real wealth? There are enough con men. Don't join them.
obie
Obie
@dhh That's a strawman. I can work on sustainable biz (and have a track record doing so) regardless of what the market does. Bubble or not
@dhh That's a strawman. I can work on sustainable biz (and have a track record doing so) regardless of what the market does. Bubble or not
wiscoDude
Philip Crawford
@obie I think what @dhh is saying is society in total would be better off if more wealth was invested in viable, wealth producing assets.
@obie I think what @dhh is saying is society in total would be better off if more wealth was invested in viable, wealth producing assets.
robertvoliva
Robert Voliva
@wiscoDude What am I missing if this makes me wonder how anyone could come to a different conclusion?
@wiscoDude What am I missing if this makes me wonder how anyone could come to a different conclusion?
wiscoDude
Philip Crawford
@robertvoliva heh. It seems some people think "Oh, that's other people wasting their time/money." Not "Crap, we as a society just did."
@robertvoliva heh. It seems some people think "Oh, that's other people wasting their time/money." Not "Crap, we as a society just did."
dhh
DHH
@obie If you can work on a sustainable business, why would you ever consider joining the con game of flipping shit to the ignorant?
@obie If you can work on a sustainable business, why would you ever consider joining the con game of flipping shit to the ignorant?
brianlong
Brian Long
@dhh @obie I sense some violent agreement here. It sounds like you are saying the same thing in a very emphatic manner.
@dhh @obie I sense some violent agreement here. It sounds like you are saying the same thing in a very emphatic manner.
dhh
DHH
@brianlong Really? Obie argues that you should ride the bubbles and nay-sayers should shut up lest they cause them to implode. No agreement.
@brianlong Really? Obie argues that you should ride the bubbles and nay-sayers should shut up lest they cause them to implode. No agreement.
brianlong
Brian Long
@dhh @obie you have both tweeted about building sustainable businesses that last through market cycles. Sounds like agreement to me.
@dhh @obie you have both tweeted about building sustainable businesses that last through market cycles. Sounds like agreement to me.
prodconsultant
Are you productive?
@dhh shut up with your biz grandstanding. Some of us just want to get bought and get laid!
@dhh shut up with your biz grandstanding. Some of us just want to get bought and get laid!
bbhoss
bbhoss
@dhh @obie History seems desperate to repeat itself in this case. $50b valuations for companies that make intangible goods are crazy.
@dhh @obie History seems desperate to repeat itself in this case. $50b valuations for companies that make intangible goods are crazy.
wiscoDude
Philip Crawford
@dhh Totally agree, but I think mal-investment is a better phrase than wealth destruction. Mal-investments => Less future wealth. cc @obie
@dhh Totally agree, but I think mal-investment is a better phrase than wealth destruction. Mal-investments => Less future wealth. cc @obie
eachus
Lonny Eachus
@dhh I don't think "destruction of wealth" is really descriptive. The whole problem was that the wealth never really existed.
@dhh I don't think "destruction of wealth" is really descriptive. The whole problem was that the wealth never really existed.
ReinH
Rein Henrichs
@dhh @obie Historically speaking, the sooner a bubble is popped, the better for the economy. Imagine if Facebook were "too big to fail"...
@dhh @obie Historically speaking, the sooner a bubble is popped, the better for the economy. Imagine if Facebook were "too big to fail"...
eachus
Lonny Eachus
@ReinH "@dhh @obie Historically..." I agree, but again it's mostly due to hysteric over-valuation. That is the root cause of most bubbles.
@ReinH "@dhh @obie Historically..." I agree, but again it's mostly due to hysteric over-valuation. That is the root cause of most bubbles.
eachus
Lonny Eachus
@ReinH @dhh @obie Although re: the finance industry, one must question whether it was hysteria or more intentional.
@ReinH @dhh @obie Although re: the finance industry, one must question whether it was hysteria or more intentional.
ReinH
Rein Henrichs
@eachus It's not the finance industry per se. It's also the government's failed attempts at manipulating the economy/money supply.
@eachus It's not the finance industry per se. It's also the government's failed attempts at manipulating the economy/money supply.
eachus
Lonny Eachus
@ReinH True. I was lumping banks, mortgage houses, security brokers etc. all together. And gov. definitely has its share of blame.
@ReinH True. I was lumping banks, mortgage houses, security brokers etc. all together. And gov. definitely has its share of blame.
saghaulor
Stephen Aghaulor
@dhh I'm not sure what happened 2 the sentiment of 'hard work 4 good money'. It's like all these people want 2 drink get rich quick koolaid
@dhh I'm not sure what happened 2 the sentiment of 'hard work 4 good money'. It's like all these people want 2 drink get rich quick koolaid
ReinH
Rein Henrichs
@dhh Back to the Fortune piece, the author is using incomplete metrics to assess valuation. No wonder he's surprised by the large multiples.
@dhh Back to the Fortune piece, the author is using incomplete metrics to assess valuation. No wonder he's surprised by the large multiples.
raphinology
Raphael Bennett
@dhh I agree. It's coming. Think people will be surprised when it does? How does it impact the economy? Inflation etc..
@dhh I agree. It's coming. Think people will be surprised when it does? How does it impact the economy? Inflation etc..