They do track the index. The leeway to deviate is not intended to make bets on individual equities, but to - for example - match index returns with fewer execution costs.

For example an index fund that tracks a global equity index may not find it practical to own shares in every listed company globally, but absolutely will be judged on its tracking error vs the benchmark index.

That’s interesting. Being in the market now does shine a light on the difference in the businesses and says “we are here too!”…

I think you’re spot on. If you think they know what they are doing, then why are they selling shares now instead of issuing debt? They must either be maxed out on debt issuance or believe the cost of equity (future equity returns) are low.

I think this perspective benefits from experience, the ability to step outside one’s self, see that the world is complicated, then focus on the thing you enjoy.

As much as I agree with you now, I also accept that younger me wouldn’t have!

Very well said.

For a given transaction after the fact that’s true.

But consider 5 people wanting to buy Richards 1 car.

I think that’s actually what they meant… although I agree w you.

The confidence and trust accumulated by the users is paramount. I think that’s what we are talking about here.

That does not define a program, that sounds more like it defines a "product" which a product can be free.

The post you’re referring to doesn’t even include “89%” or “idle”. I’m not sure I understand the point you’re making then rebutting.

The original post of 11% is referring to leaked numbers about _MFU_, which has erroneously been re-reported as fraction of GPUs being used at all. The parent post is trying to correct this misconception.

I see. Thanks

So in summary… it’s fun when you do it but “weird” when others do the same.

This is life. We discover things for ourselves, on our own time.

Are you American? What does that mean to you?

I’m not American but I don’t think that’s relevant here.

My processes are going faster.

My company is able to prototype and develop faster, no doubt. Obviously need to use the tools effectively and have the right people. This is true for any business.