You can use the rerere-train script in the git repo to populate rerere from existing merges. I use this when something in a merge has regressed a big feature branch and I need to bisect. I can train rerere then rebase on the 2nd to latest merge-base, all while still doing no extra work if there isn't a regression.
This is only sorta true, the total dilution from SBC is very small for most tech companies with some outliers (cough snap cough).
They may not purchase on exactly the vesting date but they certainly do offset the issued shares with buybacks. I think they can choose to reduce those buybacks without as much rigamarole as they'd need to issue new shares for funding, so they can effectively used that as a "back door" way to raise money. I think it might juice their P&L a little too, but I doubt that's why they do it.
The annual price-appreciation of a home is usually lower than the risk-free rate (and thus the HELOC rate). If you "pay yourself" rent and use that to pay the HELOC down then it can make sense I suppose.
It's just leverage and it depends on the returns you're getting on the loan. Renting is also a kind of leverage though so if you own a home outright it might make sense to lever up. If you want that kind of leverage while still having the position in the house then an I/O loan is probably the easiest way to do it.
If you have public REITs active nearby you can do this comparison for real: if you buy ~1 unit's value in shares of that landlord you will probably own about 1/<however many units they operate> of the company and receive someplace around the rent of that unit in dividends and capital gains.
The government subsidies for investing in the stock market are also pretty nuts, and the TCJA hosed owner-occupants by limiting the interest deduction, the gains exclusion, and raising the standard deduction.
If you invest you get to deduct any interest against investment gains (even better: you can just not pay any interest), you pay ZERO capital gains taxes on up to ~$80,000 of (real!) contributions each year (with no maximum excluded gains), you can defer $22,000 of (real!) income to literally whenever, AND you can take the standard deduction every year (including in retirement when you wouldn't have had any income to deduct had you paid off a house).
It seems like public (REIT) landlords haven't really been making an above market return. Admittedly they have constraints that private landlords don't, but they also own a metric shitload of rentals.
You are also not a charity and need to pay _yourself_ profits on the home you own yourself. Otherwise you're no different from a landlord offering below-market rent.
It is possible to find weird inversions where it never makes sense to buy - prices are too high and rents are too low. CA has these places, where property tax arbitrage by renters can be less than the new property tax would be if sold.
Eagh, the leverage really isn't that cheap, and you can think of renting as giving you cheap leverage too (it's just your borrowing the house instead of the money).
The leverage only matters in an appreciation market (which we’ve been spoiled with in the USA since boomertimes). If you distill the math on assumed zero appreciation (or zero “real” appreciation) it becomes not so terribly pretty.
It’s really a form of various hedges wrapped up with a bow, that for many people is desirable (and since we HAVE had appreciation it doesn’t “turn out bad” most of the time anyway).
Anyone who says “renting/buying” is the only way to go is missing something.
Renting also has hedges embedded, and every hedge can be a risk position.
In particular the interest rate options in foxed mortgages are pretty expensive and it only hedges the cost of a particular house not housing in general.
Housing cost is correlated with local incomes so in some ways it's doubling down. In particular recessions are deflationary in the immediate aftermath.
This article does not mention the opportunity cost of all the home equity you accumulate, which is frequently a big component of the overall cost of ownership.
The saying is "workers spend what they earn and capitalists earn what they spend".
Capitalists don't need worker demand to support their own consumption; spending out of profits directly supports profits overall.
It would be something of a consumption race to the bottom, however. They wouldn't be any better off vs if we supported adequate demand for everyone, but they might control a bigger slice of the (much) smaller pie.
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