Incremental Returns #95
The best of what I read, listened to, and watched during the week
The Week that Meta Employees Became Training Data
Meta reportedly wants to record employees’ clicks and keystrokes to train AI agents. It’s Taylorism for knowledge work: turn judgment and autonomy into measurable workflow data, then optimize it—and potentially automate the job away.
Pro Poker Player Says New Tax Laws Forced Him Into Semi-Retirement
You always have to account for tax drag.
A 2026 tax change lets gamblers deduct only 90% of losses. For high-volume pros, that can mean owing tax even when breaking even or even losing money.
Constellation Software’s Influences: An Overview of High Performing Conglomerates
Mark Leonard built Constellation by studying “high performing conglomerates.” and their decentralized acquisition discipline, high switching-cost niches, and relentless focus on returns on capital.
Acquired: Ferrari
I always joke “is it a Ferrari?” when someone says they have a surprise for me and listening to deep dive into the history of Ferrari makes me dream of one even more.