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they want to try to be able to claim fiscal responsibility without actually [crosstalk 00:03:01].
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welcome to a central libertarianism. selected readings from voluntarist.com. essential libertarianism is voluntaryism. let's reclaim-
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this has been a pax libertas-
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i always want to look for opportunities where the playing field is slanted.
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and it can be slanted in either direction.
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you want a level playing field society-
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i want to go to places where there is an unfair advantage or disadvantage. now let me start with advantage because that's the easier one.
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i don't want to play games unless i've got an unfair advantage, unless i have a unique edge.
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peter thiel talks about this in his phenomenal book, zero to one, that you want to have an unfair advantage. you want, if you're going to enter and start a business in this case-
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...you want to have something that no one else has.
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but i have no unfair advantage there. at best-
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...you know, put some money into an index fund and whatever the economy does as a whole, that's what my money will do. i bring nothing, no unfair advantage to the table, the-
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...whereas the stock market, or if i were to speculate on real estate-
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now, does this apply to everybody coming across the border? so if i went on a trip to mexico for any reason-
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why should folks who are not americans enjoy constitutional rights of any sort, such as the fourth amendment and right to privacy when entering the country?
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well, i'm just remembering, now-
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...what went on in san bernandino california, nolan rappaport wrote in the hill just yesterday-
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...does facebook actually screen private messages as opposed to public messages?
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yeah, absolutely. so you mentioned earlier the electronic frontier foundation-
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i really appreciate you coming on the young voices podcast today to talk a little bit about this-
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carl has written a series of posts on the niskanen center blog, discussing markups and mark-
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...what is their marginal costs? and then compare that to their price so that they can see how much they were able to raise prices.
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...growing as fast as we might think, this is one of cohen's explanations. maybe china has had an effect on our economy-
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...lots of little falls, but that right there will be disconcerting to people because our hopes on-
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yeah, yeah, it's interesting that you try to piece together not only why does this trend appear to be here, but you know-
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yeah. so that's one of them and also i'll talk a little bit about like what we might think in what markup itself is telling-
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so, you have that in the toll bridge scenario, cost of building this toll-
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...is that as long as that markup was paying for the cost of building the bridge, or essentially the financing cost of building the bridge-
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...and they do these types of activities and, in a sense-
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...company's it needs and what it wants, once you understand that, then you can deploy-
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...like more hamburger, you think about mcdonald's, when mcdonald's got started, the thing was like, can you kick out a lot of hamburgers as cheaply as-
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yeah. yeah, you show a graph. so, one thing that struck me here is that i know from reading-
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...it's not if we think that this might be driven by big firms like walmart-
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right. so, exactly, you would tend to go to, if you thought that there was monopoly power, that monopolies would be big firms, if you thought there was market power.
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and so this, who can just get you your stuff, your basic stuff.
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so, economists think in the first level, in two ways-
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...and so a monopolist jacks up its prices and makes a healthy profit. what sort of exists, you can think about it-
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...what most people are familiar with, where if they raise their prices a little bit, they're not going to lose all their customers. they have some fans, they have some people who have brand loyalty to them, they're-
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...can get in the game, then they have to spend whatever their brand-
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yeah, your explanation is the rise of these niche firms-
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well, yeah, the first thing i would say is that my broadest take on this is that we should keep having this conversation to deepen it. so, i have-
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...we know, and because it's related to efforts potentially to break up large digital companies, google, stuff like that-
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a fundamental sort of shift between the 1940s and fifties into the 1960s, where for one ...
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great design, not only in houses and cars, in ...
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rejected a little bit of that. another thing that i joke with tyler about is i think that lollipop was produced by a ...
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Train
and you see, in the culture, this shift towards, in some people, anti-materialism, a very, sort of like a rejection of traditional norms, of traditional-
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N
5.3
4.8
4.7
300
Male
Train
... that break exists on a whole range of tastes. now go into the example-
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H
4.75
5
5
300
Male
Train
... and all of them were pretty much the same. well, that's not where the video game industry is going. it's going towards incredibly specialized experiences-
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N
4
4.4
4.2
300
Male
Train
... where people have spent an enormous amount of time, like-
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N
5
4.6
4.6
300
Male
Train
... they put enormous effort into the graphics, the storyline. and so they're def-
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C
4.2
3.4
4.6
300
Male
Train
... ultra wave. and it's driving up rents in the city, it's driving demand for ethnic foods or different sort of experiences that you can-
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N
4.2
4.6
3.2
298
Male
Train
they're essentially network goods, where the value in a particular game rises as it has more players.
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X
5.2
4.2
5.2
298
Male
Train
the difference between having 1,000 active players and a million-
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N
4.6
4
4
298
Male
Train
... although, i guess in a massive multiplayer online game-
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N
4.4
3.6
4.4
300
Male
Train
looks like deadweight loss, because there are people out there.... so if i have, okay, give a real-
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N
4.692308
3.692308
4.384615
300
Male
Train
then it's very, very hard to see how you have any deadweight loss-
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N
4
4.2
4.4
300
Male
Train
... there. somebody else can put in, probably, one, for not much more expensive, next to them. and they could have-
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C
5.4
3.8
5.2
300
Male
Train
... the residents of georgetown will just let us build a few more restaurants-
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N
4.4
4.4
4.8
298
Male
Train
yeah. so you would maybe agree with, no opinion, or no-
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N
4.8
3.6
4.2
298
Male
Train
... these firms do have a little bit of slack, a little bit of capacity they're not using, you know-
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X
5
4
5
300
Male
Train
or whatever, it's not necessarily bad. you know, we have to be just a little bit more careful about where it's coming from and what's producing it.
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N
3.8
4.2
3.2
1,270
Female
Train
so we've kind of been talking in terms of partial equilibrium-
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N
4.4
4.2
4
300
Male
Train
the schumpeter argument, which is that, in an environment where there are monopolies, even in the short term-
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N
3.8
3.6
3.6
300
Male
Train
... the competitor, then those resources are going to go out into the economy somewhere else.
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N
3.571429
3.857143
4.142857
300
Male
Train
pretty clever guy. but just my first reading is like, that effect is probably not that big, unless what you're thinking is that-
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N
4.2
4.6
4.8
300
Male
Train
... that those folks will go out and create entirely new industries [inaudible 00:02:28].but i think there is actually some-
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N
4.6
4.6
4.2
300
Male
Train
better and better telecommunications. they wanted telecommunications to become the center of your life. and they did a lot to bring that about-
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N
4.4
4.4
4.4
625
Male
Train
mickey, in our last interview, we discussed part of your investment thesis, entitled, power of two-
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X
4.8
4
5
625
Male
Train
... some important foundational topics that are paramount for speculators in the natural resource space. and mickey-
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H
4.833333
4.166667
4.666667
625
Male
Train
... now part of the evaluation process, i want to ask you, do you use the database called cdr?
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N
4.2
4.4
4.8
625
Male
Train
when it comes to projects, we often hear companies convey, they have a flagship project. can you define for us, what is a flagship project?
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N
3.8
5
4.8
626
Male
Train
i think it's fundamental that every company have a flagship project or, in case of larger companies, several flagship projects.
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N
3.571429
4.142857
4
625
Male
Train
now, what are some red flags that usually catch your eye on a flagship project?
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N
3.6
3.6
4.8
626
Male
Train
well, i can do this and that, but you cannot change the geology and you cannot change the geography.
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X
3
4
4
626
Male
Train
a lot of times, from the website-
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N
2.8
4.4
3.4
626
Male
Train
... it would need the right geography-
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N
2.6
4.4
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626
Male
Train
... you want to have an advanced project with the right metal, high-grade-
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N
2.6
3.8
3.4
626
Male
Train
... the right management, etc. there's a variety of factors.
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N
3
4.4
3
626
Male
Train
i would encourage people, listeners, to go to my website and look at the-
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H
4.2
4
5.2
626
Male
Train
... i can give you access to my company evaluation template.
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X
4.6
5
4.4
625
Male
Train
and with that being said, mickey, please share that website for us.
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X
3.3
3.2
4.1
626
Male
Train
i don't care, but you have to give me a correct email address. and then you have access to all our content-
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N
3.6
3.8
4
626
Male
Train
... with evidence that you are a subscriber-
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N
3.4
4
3.8
625
Male
Train
this is will. how important is the net present value, known as npv?
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N
3.6
3.8
3.6
626
Male
Train
how many grams are there in a kilogram? 1,000.
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N
2.6
4.2
3.6
626
Male
Train
it's going to make me look more than once, as a rule of thumb, greater than one gram per ton for an open-pit scenario.
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N
3.4
3.2
4.8
626
Male
Train
all specialty metals are based in percent. what's a percent? well it's-
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N
3.4
3.2
4.6
626
Male
Train
except the difficulties of mining and the problems that are not-
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N
2.2
3.2
4.6
626
Male
Train
... or you can roll a perfect game, 300 in bowling, but perfect does not exist and perfectly certainly does not exist in the mining industry.
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N
4
3.8
4.6
626
Male
Train
i don't really know. you didn't ask me about my twitter feed. @mercenarygao is 63,000-
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H
3.2
5.4
3.4
625
Male
Train
well, we certainly appreciate your time as well, mickey. and last, but not least-
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N
5.4
4.8
5.4
308
Male
Train
i'm giving a talk in los angeles, in culver city at the peace house.
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N
4.4
4.2
4.2
308
Male
Train
it's called fool's errand, time to end the war in afghanistan.
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Train
so we're going to go through and i'm going to give you an opportunity to really deconstruct. it's, of course, who else? it's john bolton writing-
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Train
that's rrbi.co. rrbi.co for all your precious metals. also, nodev-
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N
4.8
4.8
5
308
Male
Train
noops noit, it's a brand new book by hussein batakchani.
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N
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308
Male
Train
well, as you've been outlining here completely for everyone-
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308
Male
Train
most people probably have not heard of them. although, most people listen-
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Train
yeah, no. i talked about it with [inaudible 00:04:12] and she assures me-
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2.4
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308
Male
Train
... we're going to have a war and then we're going to parachute these kooks in and it's going to be just great. is that what they really think or do they have anything else in mind?
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