uzbekistan's stock exchange trading volume hit nearly $2 billion in 2024, which is 7.5x more than the year before while most people in the country still dont know what a stock is.
financial market sequencing puts a question of whether you can build sophisticated capital markets before the population is financially literate enough to use them. it follows as: build the infrastructure, make it so frictionless that people stumble into investing before they even fully understand it, and then use that participation to generate the culture. in uzb, you've seen it in the example of digital payment methods in replacement of cash.
and it's working, at least on paper. in the first half of 2025, nearly $1B in transactions were carried out on the Tashkent Stock Exchange, which is 17 times more than the same period in 2024. simultaneously, Uzum raised $70M from Tencent and VR Capital, hitting a $1.5B valuation.
so public market is opening to retail and private market attracting institutional money. such two different investment worlds forming at the same time rarely ever happens in one country at one, which is quite impressive.
zooming out
this all can be pointed to Thaler's "nudge" theory which states that you can change behavior through environment design rather than education. the pattern here is that every emerging market that developed a real capital market did so through a triggering event that pulled in retail, be that South Korea's 1990s chaebol reforms, India's post-liberalization mutual fund boom, or China's 2007 retail investor surge.
@summernotes
financial market sequencing puts a question of whether you can build sophisticated capital markets before the population is financially literate enough to use them. it follows as: build the infrastructure, make it so frictionless that people stumble into investing before they even fully understand it, and then use that participation to generate the culture. in uzb, you've seen it in the example of digital payment methods in replacement of cash.
and it's working, at least on paper. in the first half of 2025, nearly $1B in transactions were carried out on the Tashkent Stock Exchange, which is 17 times more than the same period in 2024. simultaneously, Uzum raised $70M from Tencent and VR Capital, hitting a $1.5B valuation.
so public market is opening to retail and private market attracting institutional money. such two different investment worlds forming at the same time rarely ever happens in one country at one, which is quite impressive.
zooming out
this all can be pointed to Thaler's "nudge" theory which states that you can change behavior through environment design rather than education. the pattern here is that every emerging market that developed a real capital market did so through a triggering event that pulled in retail, be that South Korea's 1990s chaebol reforms, India's post-liberalization mutual fund boom, or China's 2007 retail investor surge.
@summernotes
Forwarded from Девичник 💍
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Я: я просто хочу, чтобы кто-то помог мне решить мои проблемы, я так больше не могу
Также я после того, как проревелась и вытерла слезы:
Также я после того, как проревелась и вытерла слезы:
💘14
i guess part of being uzbek is about hosting and attending different gatherings.
i used to get pretty exhausted during such events, helping around without having a chance to sit down for a bit. and having dozens of people at home itself is draining.
and doing things that don’t ask much of you mentally can be pretty tiring. i still feel that way sometimes.
but there is also actual warmth underneath all that hustle. seems like good memories also come from those chaotic, loud and slightly overwhelming days.
maybe that’s just what this kind of togetherness looks like.
@summernotes
i used to get pretty exhausted during such events, helping around without having a chance to sit down for a bit. and having dozens of people at home itself is draining.
and doing things that don’t ask much of you mentally can be pretty tiring. i still feel that way sometimes.
but there is also actual warmth underneath all that hustle. seems like good memories also come from those chaotic, loud and slightly overwhelming days.
maybe that’s just what this kind of togetherness looks like.
@summernotes
2
crazy
Claude being its closest rival is growing at a 640% YoY rate, much faster than ChatGPT's 62% over the same period.
there's a concept called the s-curve adoption race. the leader hits the flat top of its curve while the challenger is still on the steep slope. in platform economics, once you capture the mass market, growth compresses cuz the addressable pool just shrinks. Chatgpt owns the consumer market. Claude has dug in among developers and coders, building from a completely different foothold rather than attacking Chatgpt head-on.
think back to Netscape. it had over 90% browser market share at its peak. microsoft came in through a different angle, bundled ie with windows, and that was it.
and Anthropic just raised $65B at a roughly $1 trillion valuation. both companies are also heading toward ipo.
let's see where this goes.
@summernotes
Claude being its closest rival is growing at a 640% YoY rate, much faster than ChatGPT's 62% over the same period.
there's a concept called the s-curve adoption race. the leader hits the flat top of its curve while the challenger is still on the steep slope. in platform economics, once you capture the mass market, growth compresses cuz the addressable pool just shrinks. Chatgpt owns the consumer market. Claude has dug in among developers and coders, building from a completely different foothold rather than attacking Chatgpt head-on.
think back to Netscape. it had over 90% browser market share at its peak. microsoft came in through a different angle, bundled ie with windows, and that was it.
and Anthropic just raised $65B at a roughly $1 trillion valuation. both companies are also heading toward ipo.
let's see where this goes.
@summernotes
❤🔥13
"You need to make yourself a big target for luck, and the way to do that is to be curious. Try lots of things, meet lots of people, read lots of books, ask lots of questions."
- Paul Graham, How to Do Great Work
- Paul Graham, How to Do Great Work
💘13
Nodira - 101 Ways to Stay Sane
называется вышла на прогулку
basically a few weeks ago there was a guy who after seeing me in a cafe asked for my number and i left without giving.
he followed me.
i had my airpods in and walked for 5 mins without noticing him, until he appeared right in front of me, all sweaty. asked why would anyone walk so fast.
i hate running but i think i’m a good walker lol
he followed me.
i had my airpods in and walked for 5 mins without noticing him, until he appeared right in front of me, all sweaty. asked why would anyone walk so fast.
i hate running but i think i’m a good walker lol
😭13
получается SpaceX IPO is essentially a crypto playbook
they’re selling to the public approx 4% of the company at a $1.75 trillion valuation, raising $75 billion. and insiders owning all the rest unlock in tranches starting from the first post-ipo earnings report.
in crypto they call it low float/high fdv. the idea is, you sell a tiny slice at a massive valuation making the company look appealing, then insiders unlock and sell into the crowd that bought in.
Goldman Sachs number that the valuation rests on: xAI revenue going from $3.2b in 2025 to $322b by 2030. 100x in five years. EVEN when the unit lost $6.4b in 2025, shed all 10 co-founders, and now rents out its memphis data center to Anthropic because Grok underperformed.
nasdaq also rewrote its rules last month to let the largest IPOs enter the nasdaq 100 after just 15 trading days instead of waiting months, and dropped the 10% minimum float requirement. once spacex gets indexed, every nasdaq 100 index fund is a forced buyer at whatever price the market sets. there you go, the exit for early holders.
SpaceX is prolly the most impressive engineering operation alive. but the ipo is a financial product after all, and the financial product is structured to benefit insiders first.
P.S. funny enough, goldman, who says it's worth $1.75t, is also the one getting paid to sell it to you.
@summernotes
they’re selling to the public approx 4% of the company at a $1.75 trillion valuation, raising $75 billion. and insiders owning all the rest unlock in tranches starting from the first post-ipo earnings report.
in crypto they call it low float/high fdv. the idea is, you sell a tiny slice at a massive valuation making the company look appealing, then insiders unlock and sell into the crowd that bought in.
Goldman Sachs number that the valuation rests on: xAI revenue going from $3.2b in 2025 to $322b by 2030. 100x in five years. EVEN when the unit lost $6.4b in 2025, shed all 10 co-founders, and now rents out its memphis data center to Anthropic because Grok underperformed.
nasdaq also rewrote its rules last month to let the largest IPOs enter the nasdaq 100 after just 15 trading days instead of waiting months, and dropped the 10% minimum float requirement. once spacex gets indexed, every nasdaq 100 index fund is a forced buyer at whatever price the market sets. there you go, the exit for early holders.
SpaceX is prolly the most impressive engineering operation alive. but the ipo is a financial product after all, and the financial product is structured to benefit insiders first.
P.S. funny enough, goldman, who says it's worth $1.75t, is also the one getting paid to sell it to you.
@summernotes
💘5
cool thing about weekends is that you wake up early without alarms
when we were kids, my brother and i would get up really early on weekend mornings even though during weekdays it’d be terribly hard to wake us up.
speaking of kids.
yy was talking with mom and now thinking there was some real chance i’d be pursuing medicine right now.
basically, 4-5yo me would go around the garden tying back together the halves of earthworms my dad accidentally chopped while working. or if i saw a bee that lost its stinger, i’d shove a toothpick in hoping it’d live on.
once i did that and right after my surgery, grandfather stepped on my bee. i cried.
@summernotes
when we were kids, my brother and i would get up really early on weekend mornings even though during weekdays it’d be terribly hard to wake us up.
speaking of kids.
yy was talking with mom and now thinking there was some real chance i’d be pursuing medicine right now.
basically, 4-5yo me would go around the garden tying back together the halves of earthworms my dad accidentally chopped while working. or if i saw a bee that lost its stinger, i’d shove a toothpick in hoping it’d live on.
once i did that and right after my surgery, grandfather stepped on my bee. i cried.
@summernotes
💘11😭9