Fountain: Podcasts & Music

Love & Hard Money • I Do What I Want • Listen on Fountain

LOVE & HARD MONEY — Episode 18: I Do What I Want - Why freedom of money matters more than freedom of speechThe Episode in One LineA man in Saska...

Want to start a business? Home mobility and tools for boomers to age in place are gunna be hot for a long time. Build them, install them. You’re welcome. 😇

🚨 Love & Hard Money - Episode 18 🚨 I tell my kids everyday when I’m driving them to school that “I do what I want”. It’s kind of a family joke. “Dad does what he wants”. They’re too young to connect the dots that what I mean is I am choosing them, every day. “I Do What I Want” matters more than “I Say What I Want”. Free speech is subordinate to free money. Without permissionless money, free speech is just talk….its revocable. Worse, its ignorable. Money enables action. I am able to do what I want because I have chosen a sovereign life. I work hard for myself, putting my own capital at risk. I save what I earn in Bitcoin and I strive to live below my means. Let’s go!

Fountain: Podcasts & Music

Love & Hard Money • I Do What I Want • Listen on Fountain

LOVE & HARD MONEY — Episode 18: I Do What I Want - Why freedom of money matters more than freedom of speechThe Episode in One LineA man in Saska...

As we move towards a Bitcoin standard, ownership will slowly, probably asymptotically, move from debt-based to equity-based. I hope I live to see that.

This is a 2,700 DWT IMO II Bureau Veritas Class Chemical Tanker built in Turkey in 2009. This is a typical/healthy first entry point ship for a new shipping man. Let’s break that down: -DWT means Dead Weight Tonnage. It refers to the capacity of the ship to haul cargo, fuel, crew, provisions, etc. 2,700DWT is on the smaller side. Probably used mostly for coastal runs vs open ocean which typically ranges between 5,000 - 40,000DWT. -IMO II Chemical Tankers are specialized liquid bulk tankers for moving commodities like glycerin, solvents and castor oil (and lots of other stuff). In the context of tankers, the IMO classification (I, II, III) refers to the IBC Code (International Bulk Chemical Code), which the International Maritime Organization developed. It ranks how hazardous the cargo is and therefore what kind of vessel construction is required: ∙ IMO I — most hazardous chemicals, heaviest construction requirements, double hull, specific tank locations ∙ IMO II — moderately hazardous, still stringent — this is the sweet spot for versatility ∙ IMO III — least hazardous chemicals, simpler construction, often just coated mild steel tanks This ship likely has multiple compartments for hauling different cargos at the same time. It might be stainless steel or epoxy lined. Stainless is a premium option. -The vessel needs to be “in class” with a classification society (this one is Bureau Veritas) — that’s the continuous inspection regime that lenders and charterers require. A ship out of class is essentially worthless commercially. -Ships built in Turkey are considered good but maybe not quite as good as those from Japan or Korean shipyards. 17 years old is still within its useful life but starting to show age and would require excellent due diligence to make sure there are no issues. A ship like this one would probably cost about $3.5-5.5 million and could be partially financed, requiring a buyer to bring $1.2-2.0 million cash to close. The owner would also need cash reserves of another $1-2 million for things like maintenance and crew costs ($300-800k in crew expenses per year is a reasonable estimate for a ship this size with 6-8 crew). Generally a ship owner would use a ship management company to provide a crew and arrange bookings etc. the job of the shipping man is to buy well and manage opex to keep the ship profitable. (For the record, I’m not in shipping and couldn’t dream of affording to be, but I love to learn about stuff like this.)

Taught myself to cut stair stringers today. Not perfect but pretty ok for a first go.