The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 836 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Raw materials make up just 2% of a traditional rocket's price
“It turned out that the materials cost of a rocket was around two percent of the typical price, which is a crazy ratio for a large mechanical product.”
SpaceX chose stainless steel for Starship because it can weld outdoors
“This can lead to specific design decisions like using stainless steel for Starship, which is cheap, easy to weld and can be welded in a tent, by the way, instead of carbon fiber, which is expensive and requires giant autoclaves.”
Andrej Karpathy notes Elon Musk spends 50% of his time with engineers
“Andre Carpathie who worked for Elon at Tesla notes that Elon spends about 50% of his time talking directly to engineers, not to VP summarizing engineering work.”
Federer won 80% of career matches despite winning only 54% of points
“In the 1526 single matches I played in my career, I won almost 80% of those matches. Now I have a question for you. What percentage of points do you think I won in those matches? Only 54%. In other words, even top ranked tennis players Win barely more than hal…”
Federer's equity stake in Swiss shoe brand On reached $300M at IPO
“When ON goes public, Federer's stake in the company was worth about three hundred million dollars.”
Senra: Dietrich Mateschitz took $500M-$800M annual dividends with $20B-$30B net worth
“Over the last few years, he was taking anywhere from five hundred million to eight hundred million a year in annual dividends, and he had a net worth somewhere between 20 and thirty billion dollars.”
Red Bull allowed ingredient rumors unchecked and hosted a dedicated rumor page
“The company let the gossip travel unchecked, and even set up a page devoted to the rumors on its website.”
Dietrich Mateschitz paid for Red Bull's early advertising via agency sweat equity
“And so he actually paid for this initial work with labor. He had no money. So he actually helps out in the agency as a freelance employee just to pay for that marketing advertising that the advertising agency that his friend started is doing on behalf of Red B…”
Senra: Red Bull's primary bottling partnership was sealed purely on a handshake in 1987
“His main bottler relationship was sealed with a handshake. The bottler is this family business that has been around for over a hundred years. He meets with the lead, the head of that, that company, right? It's in German. I'm not even gonna try to pronounce it.…”
Red Bull paid zero dividends for its first 15 years
“To not go into debt, there were no dividend payouts of Red Bull until 1999. So you're talking for the first, what, 15 years of the company, he essentially just lived off of his own salary as the As the managing director of the corporation, and that all the pro…”
Rockefeller used the Leading Refiners Association to access competitors' financial data
“In fact, the information he gets from this association helps him become a monopoly. And so Rockefeller's actually chosen to be the head of the association. That's really important because then he gets to know every single business. He has to see their books. H…”
Rockefeller cut refined oil prices below cost to break competitors
“He would cut the price of refined to below costs, knowing that every sale is now competitor had to drop the price to meet only hasten their demise. He would keep the prices low until he broke the competitors that didn't want to consolidate or sell.”
Ellison Abandoned Client-Server to Focus Entirely on Internet Computing
“Ellison's decision to the horror of many colleagues and customers to abandon all further development of client server based applications and concentrate Oracle's entire engineering effort on building for the new computing architecture of the internet.”
Early Oracle Sales Relied on Destructive End-of-Quarter Discounting
“One of the oldest and worst habits of the Oracle sales organization was the use of aggressive discounting to get existing customers to buy software before they actually needed it.”
Renaming Network Computing to Internet Computing Caused Oracle Sales to Surge
“Network computing architecture got absolutely no traction in the marketplace. So we announced a successor called internet computing architecture and sales took off. The big difference between the two, the name.”
Early Oracle Won Deals Across Major US Intelligence Agencies
“We had won several deals, the CIA, Navy intelligence, air force intelligence, and the NSA.”
Jensen Huang assigns a directly reporting 'pilot in command' to every project
“Under the mission is the boss philosophy, Jensen would start every new project by designating a leader, which he calls a pilot in command. That pilot in command will report directly to Jensen. We always have a pilot in command for every project. Whenever Jense…”
Jensen Huang organizes Nvidia by function rather than separate business units
“Jensen organized his employees into groups centralized by function. So like sales, engineering, operations, and so on. They were treated as a general pool of talent and not divided by business units or divisions. We take the people that we have, and we're able…”
Nvidia's stock fell 80% during its massive initial investment in CUDA
“The company invested so much in converting its GPUs for CUDA compatibility that its gross margin fell from 45 to 35%. At the same time it's increasing its spending on CUDA, the global financial crisis destroyed consumer demand And Nvidia's stock fell by more t…”
Peterffy built a partial differential equation to price options using computers
“Peterfi had used his computer to invent a partial differential equation that priced options based on variables, such as the underlying assets price, volatility, and the options time to expiration.”
Peterffy hacked a Quotron wire with an oscilloscope for real-time market data
“He essentially hacked the system, cutting the wire and attaching the oscilloscope.”
Thomas Peterffy invented the first handheld trading computer in 1983
“In 1983, 27 years before Steve Jobs unveiled the iPad. Peterfi invented the first handheld trading computer.”
The CBOE banned analytical devices on trading floors in response to Peterffy
“They actually passed a rule that analytical devices may not be used on the trading floors, Peterfi said.”
Atari founder Nolan Bushnell declined 30% of Apple for $50k
“Nolan Bushnow, the founder of Atari, recounts in his book and a bunch of other interviews I've seen with him. Biggest regret in his life, he was offered 30% of Apple, I think for like 50,000 or a 100,000, it was something like that. And he said, no”
Rival F1 teams rejected Bernie Ecclestone's $100k offer for 10% TV rights
“Bernie said that he paid a million dollars to get the TV rights for F one. There's 10 teams. I will sell each of you 10% for a 100,000 dollars. And one of the team owners is actually interviewed in the documentary. And he says us nine idiots all said no.”
Bernie Ecclestone was Britain's highest-paid executive in 1993, earning $44M
“He was the highest paid executive in Britain. In 1993, his combined salary from the two companies he used for selling television and sponsorship rights amounted to forty-four million dollars.”
Dietrich Mateschitz bought Ford's Jaguar F1 team for one pound
“So he buys The Ford Jaguar F-one team, which I guess was in bad straights because he gets it for one pound sterling, renames it Red Bull Racing.”
Oakley Stock Fell 37% After Luxottica's Sunglass Hut Dropped Its Products
“Sunglass Hut stopped selling Oakley's. Sunglass Hut accounted for a quarter of Oakley's business and its share price fell by 37%.”
Essilor Controls Nearly Half of the Global Prescription Lens Market
“Essilor controls almost half of the world's prescription lens business and has acquired more than 250 other companies in the past 20 years.”
Mark Zuckerberg Spent $3.5 Billion for a 3% Stake in EssilorLuxottica
“Mark Zuckerberg, just spent three and a half billion dollars buying a three percent stake in Essilor Luxottica.”
Leonardo Del Vecchio Turned a €6,000 Stake Into €25 Billion
“In 1961, Delvecchio invest 500,000 lira for 33% of the company. So that's about 6000 euros today. So he puts in 6000 euros for 33% of this company. 60 years later. His shares will be worth twenty five billion euros from 6000 euros to twenty five billion in 60 …”
Del Vecchio Bought a US Distributor for $11M on $14M Revenue
“He buys 50% of his largest American distributor for eleven million dollars at a time when his entire company is just doing a fourteen million in revenue.”
Michelin Built Thousands of Free Road Signs to Increase Tire Wear
“They built road signs across France. The job of the government was done by a private company. They built all these road signs, thousands of them for free. Why? Because better signs meant longer trips, more driving, more wear on those, on the tires and therefor…”
Ferrero purchased one-third of the global hazelnut crop by the mid-2010s
“By the mid 2010 Ferrero is purchasing roughly one third of the entire world's hazelnut crop and had even become the world's largest hazelnut supplier itself.”
Michele Ferrero recreated 600-meter altitude hill air conditions inside his office
“He felt that the air that he was breathing was so conducive to thinking that he hired architects to recreate the characteristics of those walking paths. In his office, they exactly replicated the characteristics of the air in the hills at about 600 meters in a…”
Ferrero operated Italy's largest private delivery fleet, second only to the army
“And at the very beginning, you know, in the 19 forties, he has 41 vans. You fast forward, 20 years later, he's got thousands of them. And by this time Ferrero had the largest private fleet in Italy, second only to the Italian army, all completely controlled by…”
Akio Morita rejected a 100,000-unit Bulova order to protect Sony's brand
“In this case, Akio just turned down an order for a 100,000 units, which was worth several times the total cap capital of his company.”
Norio Ohga started as a paid product critic before becoming Sony president
“Nurio, who starts out as a paid critic is now the president of Sony.”
Dell's annual revenue grew from $6 million to $25 billion.
“Dell's revenue during our first 16 years. Okay, so it's going to start in 1984 at six million. It's going to end in 1999 at 25 Billion.”
Compaq operated at 36% cost of revenue compared to Dell's 18%.
“Compact had no price advantage. Their operating costs were 36% of revenue as contrasted with our lean and mean, 18%.”
Dell's equity value increased over 625% in the eight years post-buyout.
“The value of our equity in the eight years since the announcement of the go private increased by over 625% and our enterprise value increased to over a hundred billion dollars.”
Citadel lost 50% of its equity in just 16 weeks during 2008
“In 2008, that tuition bill bill almost became getting expelled from school because we lost half our equity in 16 weeks in a firm. That had never had a double digit drawdown in 20 years.”
Citadel receives approximately 100,000 job applications in a single year
“Citadel founded 35 years ago. Citadel Securities founded 23 years ago. And yet, you know, third, 23 and 35 years into his business, we have a 100,000 applicants for positions this year.”
Todd Graves Built Raising Cane's Without Ever Raising Institutional Equity
“He never raised outside equity after this, And some of the boilermakers, like Wild Bill, one of the few, like, angel investors that would put in money to raising canes, and then he also said that he raised money from his bookie.”
Raising Cane's AUV ranks second in QSRs behind Chick-fil-A at $6.5M
“The average raising canes does about 6.5 million a year in sales. That puts him in an average store basis in his industry. He's in second behind Chick-fil-A for QSRs.”
Raising Cane's Times Square location generated $22M in year one
“They opened up one in times square and that one did twenty two million its first year.”
Berkshire Missed Google Despite Seeing GEICO's $10 Ad Clicks Work
“We were paying 10 dollars a click for something that had a marginal cost to Google of exactly zero. And we saw that the ads were working for us. We could see at Geico how well Google advertising worked, and we just sat there sucking our thumbs.”