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Patrick Byrne @PatrickByrne
@joesanders33 You know, I tried to be a great communicator at overstock. I put huge effort into detailed shareholder letters. For years I often just took board letters, sanitize them were necessary, then sent them to shareholders. Everybody yawned. — PolitiTweet.org
Patrick Byrne @PatrickByrne
@Shaughnessy119 Ask me again in three days now — PolitiTweet.org
Patrick Byrne @PatrickByrne
That makes me really happy to hear — PolitiTweet.org
Patrick Byrne @PatrickByrne
RT @PatriotByrne: Who even notices this? He published his product roadmap, and then quarter by quarter just checks off exactly what he has… — PolitiTweet.org
Patrick Byrne @PatrickByrne
some = Saum — PolitiTweet.org
Patrick Byrne @PatrickByrne
@Russellried1 You ain’t seen nothing yet. — PolitiTweet.org
Patrick Byrne @PatrickByrne
@Russellried1 😊🙏🇺🇸 — PolitiTweet.org
Patrick Byrne @PatrickByrne
@joesanders33 Yes I do. — PolitiTweet.org
Patrick Byrne @PatrickByrne
Raven — PolitiTweet.org
Patrick Byrne @PatrickByrne
MESSAGE COMPLETE — PolitiTweet.org
Patrick Byrne @PatrickByrne
I am not spending time doing any of this again. I left two months ago, I don’t have the perfect facts in front of me anymore, and it could become endless dodging of snowballs. Just know that for the different agitprop you hear, there are answers like this, mutatis mutandis. — PolitiTweet.org
Patrick Byrne @PatrickByrne
All that sitehelix work got absorbed into/became the machine learning department, which (along with a strategy shift) is responsible for 2019 nectar$ improvement of ~ $75 million (memory only)? That + a reduction in retail expense = Retails bottom line improvement in 2019. — PolitiTweet.org
Patrick Byrne @PatrickByrne
Now I know that at some point I’m going to be sitting in some deposition and looking at real numbers and being precise. But from memory, that was the chain of thinking. — PolitiTweet.org
Patrick Byrne @PatrickByrne
But in general, think of it this way: we understood early that block chain capital markets were $1 trillion idea. So unlike Retail, where everything was about squeezing a penny until it shrieked, the metric by which we measured t0 was “speed”. We delivered. — PolitiTweet.org
Patrick Byrne @PatrickByrne
Now that was all from memory, and I do not have the precise facts and numbers in front of me. But most of these so-called “devastating criticisms” actually has an Explanation like that which I could rattle off but I am not going to do on Twitter. — PolitiTweet.org
Patrick Byrne @PatrickByrne
I have never been a fan of Ayn Rand. My basic world-vision is more Maoist: the generals should eat the same fish heads and rice as the privates. But watching Saum get criticized by Lilliputians is enough to make one Randian. — PolitiTweet.org
Patrick Byrne @PatrickByrne
Who even notices this? He published his product roadmap, and then quarter by quarter just checks off exactly what he has predicted. Rarely has anything slid. He is a Gulliver, surrounded by silly giggling Lilliputians who cannot even fathom what he is accomplishing. — PolitiTweet.org
Patrick Byrne @PatrickByrne
Besides being a great engineering leader, he is just one hell of an executive. Was absolutely ready to go be his own CEO. Instead of losing him, we kept him And got the guy who could turn t0 into a reality. — PolitiTweet.org
Patrick Byrne @PatrickByrne
Bill Gates said, “One great engineer is worth 1,000 good engineers.“ Saum is that great engineer. Probably had 10,000 come through our shop over 20 years. Saum is the best of them all. Look at the product roadmaps he has been reporting 1.5 Years, and his progress against all. — PolitiTweet.org
Patrick Byrne @PatrickByrne
So we got a great deal: bought sitehelix for what we expected one year’s payment would soon be, plus got a stack of new great engineers, plus got a CEO for t0 who could pull off a Manhattan Project there. Which he then did. — PolitiTweet.org
Patrick Byrne @PatrickByrne
This meant we would soon be paying his outside company $3-4 million/year. More success than we had bargained on. Also, I needed Saum to go to t0 to super-charge development. — PolitiTweet.org
Patrick Byrne @PatrickByrne
When it was ready, we plugged his system into our site. Soon it was generating $4 million/year in lift on just a fraction of the traffic in ONE page. It was a great success with AI. We calculated that rolling it across the site would generate 15-$20 million/year in lift. — PolitiTweet.org
Patrick Byrne @PatrickByrne
He ran that company as and outside project, on his own time, evenings and weekends for three years. Spent 1.5 million or so of his own money: everything he had made and saved at OSTK. — PolitiTweet.org
Patrick Byrne @PatrickByrne
A PhD in math who had once worked at the company but left five years earlier for a consulting job in Maryland; I have a fantastic Chinese engineer who had also once worked for us but then had left years earlier; A couple-few outside guys we never knew. — PolitiTweet.org
Patrick Byrne @PatrickByrne
Five or six years ago some was considering leaving the company and branching out on his own. He set up his own company, and hired four or five outsiders to work there to develop an interesting AI system. — PolitiTweet.org
Patrick Byrne @PatrickByrne
For example, if someone had a new recommendation algorithm, “people who bought this also bought that“, and it worked in A/B testing to generate $1 million:year improvement, that vendor received $200,000/year - $250,000/year. — PolitiTweet.org
Patrick Byrne @PatrickByrne
SiteHelix deal with Saum short answer ((from memory only): Our system in the company was when third parties showed up with some technological improvement for the site, to pay them 20% -25% of the lift it generated in nectar$ (gross profit minus marketing costs) — PolitiTweet.org
Patrick Byrne @PatrickByrne
@DXNCRA You don’t know what you’re talking about. Assume facts not in evidence. Again act as though false statements have already been proven so are both unnecessary to prove and Yet beyond dispute. Blocked. — PolitiTweet.org
Patrick Byrne @PatrickByrne
@SureReno @SirBitt Gabe, teach these folks a thing or two please. — PolitiTweet.org
Patrick Byrne @PatrickByrne
@lduarte0125 Then tell the journalists not to ask me about it. — PolitiTweet.org
