been reduced to market power is that you've all learned that index in the context of measuring concentration of firms for markups. But the original index was created to measure concentration of tradingpartners compared to another sovereign and therefore power imbalances in trade.
It's called anti-coercion policy or economic security policy. Is do I want to be for example very dependent on a foreign country? Do I have to tell my firms that they cannot import all of the materials from one dis from one source?All of that policy is what we're going to focus on. Okay, that's going to be the game. Okay, so let's get started.
that the firms of Silicon Valley employ a lot of people I think where there's a disagreement is they believe that somehow this agglomeration of technology firms and tech employment will somehow persist even if the billionaires leave, and I don't think that's the case.Let's just put this in context, Josh.
That was the all-time high, and if you look over time, there's an up and down in the hype cycle. Firms , and this isto
in Germany. So also in this case, I do think that we're seeing new developments, where online platforms and tech firms can play a big role in countering that, and in tackling some of the content that is actually trying to hijack hobbies sometimesradicalizes people who might not even be politically interested or ideologically tainted.
is not and don't State the obvious now we work you know you know there are firms like KPMG and Deo that are audit firms right you could think of us and the work that I do the work that we doat story walas uh is we audit stories and we audit presentations and you'll be
Any of you? So I lost a very large number of quarters in "Pong" machines when I was in graduate school in Santa Cruz years ago. firms up and down University Avenue.
The most dramatic are subsidiaries I call corporate orphans, those that were owned serially by leveraged buyout operators, private equity firms , or bankruptcy trustees.The experience can make managers ache for a permanent home.
There's a lot of, perfectly, there's a whole industry of I wouldn't say bottom feeding firms but that's essentially what they do. Organizations are quite happy to stay small and be flexible and just picking up little contracts and make a lot of money. But nota lot of medium or long term satisfaction in that because you're not really changing anything. Any other questions, folks? Any comments or observations?
than they pay to their subordinates. So, to give you an example, one of my favorite stories, some of us will remember the dark days of late 2008, early 2009, even in Silicon Valley, firms were laying off people; everybody but John Larry I knew was laying off, even Google had layoffs. My wife, Ceil of the Northern California Girl Scouts, even she had to layoff staff members. So, it was a pretty sad sort of time. So, I, I wrote an article during this time on being a good boss in a bad economy that was in Harvard Business Review. So, being
of the world. The rest of the world has for the firms that don't get bullied the profits for the firms that get bullied because in equilibrium they're going to accept the contract is the value of the outside option or is the value of the inside option minus the transfers since the constraints will always bind is really the value of the outside option and then
Most are coming from sort of larger firms , but we have a component of coming from more entrepreneurial firms , medium-sized firms . And again, what we're seeing across the board, is that folks are finding LEAD meets them where they are in their LEAD journey.
And I have reproduced here some slides from some quotes from some surveys that the top executives, top consulting firms have done that kind of verify that. And the numbers are astounding.
And that means that we are always in these situations in which-- just like by one incredibly stupid example law firms have an amazing advantage to come up with a better model for billing their clients.
said oh okay now we understand we will build the machine now this is not to criticize the established firms each firm is doing what it thinks in its economic best interest the point is what is missing in the trumpeterian argument is that the
your data more than you might think colleagues and I have done research on this and firms for example that own a bottleneck in a system profit most when everything else in that system is free so for example the bike manufacturer the mountain bike manufacturer he wants
With VC, there seems to be more staying power. VC firms are more adept at repeating their performance. Now that's one option.
persuasive than us, or even if they don't, how-- and a lot of political speech takes place in online platforms-- how on Earth are we Tech firms essentially have two choices-- not mutually inconsistent.
Tech firms outsourced labor to temp agencies, subcontracted sweatshops and overseas factories eventually.
Law firms have been focused on this for a number of years.
Certain firms , you come in, you're marked.
law firms , Asian-Americans now have decent representation, even arguably, for some ethnic groups, over-representation at the entry level.
integrated firms . Because everyone doesn't need to know each other to build value, because we've got a technology that establishes trust.
It firms up so beautifully.
Elite firms like McKinsey & Co. are now introducing meditation as a key practice for associate partners and partners.
made firms like Leman and bear and Merill
I want to highlight is when you look at the wealth of the hedgeimon, it has one more component, right? It has the profits of its domestic firms , the factor payments of the domestic economy and the transfers he gets from the rest of the world. The rest of the world has for the firms that don't get bullied the profits for
These individuals have really driven the economy of California, and I think even the proponents of the wealth tax have respect for the fact that the firms of Silicon Valley employ a lot of people I think where there's a disagreement is they believe that somehow this agglomeration of technology firms and tech employment will somehow persist even if the billionaires leave, and I don't think that's the case.
Maybe big firms are bigger and they're exercising more market power.
These are firms that pool money from investors to kind of buy, restructure, and sell companies within a short-term period of a few years for a profit.
Private equity firms have no interest in long, slow, hard work.
The PE firms spend so much time courting businesses, and oftentimes the business owners decide who to sell to.
And private equity firms are very often the highest bidder because they have more strategies to be able to make money than other kinds of owners do.
because other firms wanna hire me.
great investment firms giving advice in America. The engine room who worked for them, the guys doing the analysis, doing
viral marketing firms or whatever.
workaround for tech firms . They have to demonstrate that they have policies in place to minimize harms to minors.
social media firms like Meta. The founder of a digital rights group called Internet Freedom Foundation is concerned
Most architectural firms are led by one or two people, and usually everything goes to them.
kind of interesting thing what it looks like is basically that you take a continuous blood glucose measuring device which firms Supply there you see it on the left and then an insulin pump which firms Supply you see it there on the right and you connect the two with a uh sort
of us in tech firms have seen.
And lots of successful firms like Google have succeeded in large part because they make things easy.
And the law firms that I worked at were all 100 years old.
And the law firms that I worked at were all 100 years old.
There were no taxi firms to take me away.
big law firms , there's a whole segment of large companies that bring in large numbers of people with the expectation
But Silicon Valley tech firms understand the value of social infrastructure.
But those are different firms , and they may actually be in competition with each other.
So they can borrow a lot of money. Banks like loaning to firms that make money. And so the idea is that the LBO will have a lot more debt than a similar publicly-traded company like those in the Russell 2000.
persuasive than us, or even if they don't, how-- and a lot of political speech takes place in online platforms-- how on Earth are we I think tech firms are increasingly becoming answerable to the unhappiness or the perceived unhappiness of their consumers about the way that things are working.