Устойчивая ставка изъятий от Х. Бессембиндера

Недавно в подкаст Rational Reminder снова приходил Хендрик Бессембиндер, известный своими исследованиями о том, что лишь малая доля акций создает всю доходность индексов. В последнем выпуске речь шла о его новой статье про существующие проблемы в измерении результатов инвестирования и их решении — устойчивой доходности (sustainable return), включающей в себя влияние на результат денежных потоков. Для меня же особо интересным был момент, где он рассказал о стратегии изъятий на основе этой метрики.

🔒 Book 2 - Building Local-First Systems - Chap 5 - Why SaaS Became the Default

Software-as-a-Service did not become dominant because it was inherently better for users. It became the default because it aligned with the economic incentives of companies and the operational realities of the web. This chapter explores the forces that led to SaaS dominance and why those forces continue to shape modern software architecture.

🔒 Book 2 - Building Local-First Systems - Chap 4 - Data Ownership vs Data Access

Ownership is often confused with visibility. Many systems allow users to see and interact with their data, but stop short of granting true control over it. This chapter clarifies the distinction between owning data and merely accessing it, and explains why local-first systems must prioritize ownership at the structural level.

🔒 Book 2 - Building Local-First Systems - Chap 3 Authority vs Access

Modern software gives users access to data without granting authority over it. This distinction is subtle but foundational. This chapter explores how systems can feel usable and even empowering while still being controlled elsewhere — and why true local-first design requires shifting from access-based models to authority-based systems.

Why kill section 230?

the fundamental structural problem isn't whether we regulate Section 230 or not—it's that we've built an entire system where profit maximization is legally mandated, externalities are socialized (costs paid by the public), and accountability is designed to be impossible.

🔒 Book 2 - Building Local-First Systems - Chap 1 - What Is Local-First, Really?

Local-first is often reduced to “apps that work offline.” That definition is incomplete. Local-first is about authority — where the system of record lives, who controls it, and what persists when the network disappears. This chapter reframes local-first as a shift from access-based systems to authority-based systems.