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Liveblogging the Berkshire Hathaway Annual Meeting: II

Economics, Idle Speculation, Internet Culture, Politics

Yesterday, we watched the first half of the Q&A at the annual Berkshire Hathaway meeting. We ‘live’ blogged the first quarter of yesterday. Today, here’s the second quarter:

Q10: Negative rates, and how they affect Berkshire:
Charlie:
1/4 to -1/4 is not very different. Both are ‘painful’ interest rates for investing $60 billion

Charlie Munger looks like a sea turtle.

Charlie seems to drink a lot of Coke, don’t know if Warren does, but that could just because Warren is the one talking most of the time.

Q11: BNSF Decline in commodity prices, and how that might change how much freight is shipped
“We don’t mark up and down our wholly-owned businesses based on motions in the stock market.”

Q12:Harry Potter(?!?) question? (The question asker compared the situation to Hogwarts, etc…)
How should children look at stocks when time horizons for ‘investing’ so short, and IPOs are making so much money?

(On IPOs)
‘If they want to do mathematically unsound things and one of them gets lucky and they put the one that’s lucky on television…’
Think of stocks as a business you own…
Charlie:
‘American business will do fine’
‘But not the average client of a stockbroker.’
‘The stockbroker will do fine’

Q13: NV lobbying against solar (rooftops) where the utility was forced to pay the increased rate to the homeowner instead of the government?
‘Who pays the subsidy’ is the issue… (‘A political question’)
‘If society is the one benefiting, then society should pick up the tab.’

Q14: Low oil prices influence BRK more now (because of various effects on various subsidiaries)?
Warren:
‘We don’t think we can predict the price of commodities.’
Charlie:
‘I’m even more ignorant than you are.’

Q15: Would philanthropic establishment of new universities help with the cost of tuition, possibly by supply/demand?
Charlie:
‘If you expect financial efficiency in american higher education, you’re howling at the wind’
‘Glory of civilization’ (universities)
‘Monopoly and bureaucracy’ (description of universities)

We (USA) spend a lot of money on higher education. Being cheap is not our issue.
Charlie:
‘I’ve made all the enemies I can afford.’

Q16: On effects of Donald Trump on Berkshire
‘That won’t be the main problem’
Charlie:
‘I’m afraid to get into this area.’
Warren:
‘Business in this country has done extremely well for 200 years.’
Returns on tangible equity have not suffered while those on fixed income have suffered.
GDP/capita has gone up in real terms
‘System works very well in terms of output per capita, as far as distribution (inequality), there are often more issues.’
‘Charlie, give something pessimistic to balance me out.’
Charlie:
‘I don’t think the future is necessarily going to be as good as the past, but it doesn’t need to be.’
‘You’re making free choices that you couldn’t 20 years ago.’

Q17: Norfolk Southern/CP failed merger fallout?
BNSF: Certain tests needed to be passed before a large railroad merger would happen (good for public interest, good for shareholders, etc…). That merger may have been good for the shareholders, but did not meet the overall criteria. Next round of mergers will occur when population makes transportation more scarce.

Q18: How do you feel about investment banks not being able to make as much money?
After 2008-9, regulations to increase capital requirements, particularly on larger banks….
‘You can change the math of banking and profitability of banking by changing capital requirements.’
100% capital requirement means not very profitable, 1% capital requirements causes huge problems
Investment banking not a thing we invest in.
Charlie:
‘Generally, we fear the genre more than we love it.’

Q19: Activist investor targeting if BRK trades at a discount to intrinsic value?
Defend by size, and by having money to buy shares at less than intrinsic value.
‘The numbers involved would be staggering.’
Mid-America does better by not being split up.
1973-1974 very good companies selling at a steep discount to what they’re worth… (When stocks at a discount, money is hard to come by)
Charlie:
We don’t worry about this and others do, they can get attacked by hostile takeovers/etc, and we can’t
‘…and you want a strong ally, how many people would you pick in preference to BRK?’

Q20: Leasing?
Train cars… Bank has lower cost of funds than we do
‘A trillion dollars, at 10 basis points’
Aircraft leasing not interesting…
‘We’re well located now, but I don’t think we have new opportunities.’

Q21: Which competitor would you take out and why
Charlie:
‘I don’t think we have to answer this one.’
‘Widening the moat’ is the goal.
‘Not trying to target competitors, just trying to do the best everywhere.’
Warren:
‘Spoken like an anti-trust lawyer’

Q22: Sequoia, and Valeant position
The guy we trusted and recommended passed away in 2005.
The manager involved is no longer in charge.
‘If you have a manager, and doesn’t have integrity, make sure they’re dumb and lazy.’
‘Pattern recognition is very important in evaluation of humans and business.’
‘Frequently come to a bad end, but frequently looks good in the short term.’
Charlie:
‘Valeant of course was a sewer.’ (And they deserved what they got.)

Just before lunch, they put up the interim results of a wager between Buffet and a money management firm.

Hedge Funds vs. S&P 500 Index Fund results
Hedge Funds vs. S&P 500 Index Fund results

Protege Partners Wager Results (longbets.org)
Hedge funds of funds vs. S&P500 index funds
‘That might sound like a terrible result for the hedge funds, but it’s not a terrible result for the hedge fund managers.’
‘180 million dollars a year, merely for breathing.’ (If Berkshire compensated 2&20.)
‘They can’t believe that they can’t hire someone to make them more money than average.’
‘Consultants can’t change too much year to year, because it looks like they don’t know what they’re doing.’
‘Charlie, do you have anything to add to my sermon?’
‘A tiny group of people.’ (Who can manage money consistently better)
‘Far far far more money made on Wall Street by sales abilities than investment abilities.’

Liveblogging the Berkshire Hathaway Annual Meeting

Economics, Internet Culture, Politics

I’ve been following Berkshire Hathaway’s Warren Buffet’s annual ‘Letters to Shareholders‘ for a number of years now. Amongst other things, he avoided the 1999-2001 tech bubble, and predicted the crash of 2007-08. We were lucky enough to go see him in ‘person’ at the Berkshire Hathaway annual meeting last year. This year, we decided to watch his Q&A on livestream (through Yahoo! Finance). Below are some of my thoughts as the meeting progressed. The format is various people (analysts, journalists, and audience member, in that order) ask questions in rotation until time runs out. This goes from about 9:30 until 3:30 Central, with Warren Buffet and Charlie Munger (his longtime business partner) holding court.

********************************************************************

So again, we see the two (very) old friends up on the screen.

Warren Buffet and Charlie Munger, Berkshire Hathaway Q&A 2016
Warren Buffet and Charlie Munger, Berkshire Hathaway Q&A 2016

Q1: Going from low capital high earnings businesses to high capital moderate earnings businesses (regulated like rail and utilities).

The question asked why Berkshire moved from purchasing companies with low capital requirements and high income to purchasing companies with high capital requirements and moderate income.

The fundamental answer has to do with the size of opportunities available vs. the size of the conglomerate as a whole. (You can read all about it in the shareholder letters.)

Pithy remarks on the subject:

“Increasing capital acts as an anchor on earnings.”

This one I think was a Charlie-ism:
“When our circumstances changed, we changed our minds.”

Q2: Precision Cast, and the huge multiple premium paid
Under Berkshire, Helped make their main asset (the CEO) & made him more productive to the company.
Running a public company distracting vs. being under Berkshire.

“Buy a business that an idiot could manage, because eventually an idiot will have to.”

Q3: What would you do differently?
Warren said he’s ‘doing exactly what [they] like to do with the people [they] love’.

“It’s more fun to do things as a partnership.”

And a Charlie-ism:
“[Learning slowly] is a blessing too. At 92, I still have a lot of ignorance to work on.”

Q4: Munich and Swiss Re divestment
Business is less attractive for the next 10 years, because of low interest rates.

“Supply has gone up but demand has not gone up.”
“Reinsurance is easy to establish a disguised operation in a friendly tax jurisdiction. Couple that with low returns on float…”

Q5: Geico getting ‘whooped’ by Progressive Direct. Why?
Buffet: Diversion to number of car deaths/100M. From 1930 15/100M to 1/100M recently. (40,000)
‘Last year, for the first time, there was more driving, and more distracted driving’
‘Made a bet many years ago on the Geico model over the Progressive model.’
Charlie:
‘I don’t think we have to worry about a competitor having a good quarter.’

Q6: Direct sales -> Search, Push to Pull marketing…
Need to always think about the powerful trend (Amazon) when we make decisions.
‘Doesn’t worry us with Precision Cast.’
‘We were slow on the Internet.’ ‘Mobile and whatever.’
Internet still has much to change…
‘Thought of ourselves as having capital to allocate’, so makes it easier to pivot industries.
‘Amazon has a real advantage, 100s of millions of happy customers.’
Charlie
‘We failed so thoroughly at retail when we were young…[laughter]’ (so not likely to try retail again, and has helped guard them against that particular type of hubris)

Q7: Negative health effects of Coke products, why do you keep dodging the question?
[they dodged the question again]
184k deaths per year…’Declined to invest in cigarettes, why should be proud to own Coke?’
‘I’m about 1/4 coca cola. I’m not sure which quarter, I don’t know if we want to pursue that question.’
‘1.9 billion 8 oz servings per day.’ (Since 1886)
Dodged the question. ‘You have the choice of consuming more than you use.’ Talked about how Coca Cola is not the sole problem.

‘[small town with a constant population] Every time a girl had a baby, a guy had to leave town.’
‘If you want to change your longevity, you should have a sex change.’

Charlie:
‘We ought to almost have a law (I’m sounding like Donald Trump), that you have to say the benefits along with the detriments.’

Q8: Coal vs. renewables
Is your goal to get to 100% renewables?
‘We cannot make changes that are not approved by the Public Utility Commissions.’
‘Iowa’s been marvelous at encouraging renewables.’
In Iowa, we can offer lower rates because of it.
(2.3c/kWh federal tax credit)
‘Benefits of reducing carbon emissions are worldwide…’
‘A benefit that accrues to the world.’
Pay a lot of tax, so worth it to make a lot of investments
Iowa has gotten server farms because of cheaper electricity (from wind)
Vs. more expensive public Nebraska power…

Charlie:
‘If the whole rest of the world were behaving as we do, it would be a better world.’
‘I want to conserve the hydrocarbons’, for chemical feedstock…’I’m in their camp, for different reasons.’

Q9: Derivatives:
How do you value the banks you own?
‘If you asked me to describe the derivative position of the BoA…’
‘The great danger in derivatives is discontuinities’
WWI closed the stock market for many months
1987 almost did, but went on the next day
If marked to market and collateralized, most of the problems are okay…
Large quantities and collateral requirements are the most dangerous…
Kuwait went to a six-month stock settlement process, and caused all kinds of problems because of lack of certainty of ownership.
‘If you took the 50 largest banks, we wouldn’t look at [investing in] 45 of them.’
Charlie:
‘We’re in the awkward position of making 20B from those derivatives.’
‘We would have preferred if those derivatives had been illegal to buy. It would have been better for the country.’

One comment Buffet made which received less attention than it should have is about the issue with having an effective oligarchy amongst auditing firms. The specific issue was that the same person from an auditing firm could be rating or valuating the same derivative from both sides of the deal, and they could easily be rating or valuating it differently…

********************************************************

Those were the first 9 questions (out of a usual 60-ish). Stay tuned for more, comments below!

Interpretive Dance vs. Non-Verbal Communication

Idle Speculation, Puns, Thoughts on Thoughts, Words!

Over lunch today, we were talking, and the question came up as to exactly where the boundary was between interpretive dance and non-verbal communication.

Interpretive Dance is described as seeking to “to translate human emotions, conditions, situations or fantasies into movement and dramatic expression”.

Whereas Non-Verbal Communication is seeking “communication through sending and receiving wordless clues”.

So, what is the difference? Is Interpretive dance more intentional? Is it more specific? When an actor or performer is acting at their best, is their non-verbal communication any less intentional?

Perhaps these are just two sides of the same coin, like Rap and Spoken Word.

Baba’s Cabbage Rolls

Cooking, Nostalgia

'Traditional Ukranian Cookery' cookbook

When I was about one year old, my family briefly moved to Ottawa. This turned out to be lucky, as it meant that my Baba wrote down all her recipes for my mom to take with her. This is my favourite, her amazing Cabbage Rolls, in her words:

Cabbage Rolls

Baba's famous Cabbage Rolls, page one
Baba’s famous Cabbage Rolls, page one

”
Parboil about 1 cup of rice and 3 cups or so of boiling water so you wouldn’t have any water to drain. Let it go dry but not burn. You have to guess.

I cook some onions chopped and celery if I have it and minced[1] meat any kind pork or beef or chopped ham anything you have around. Mix it with rice and season with salt , pepper, and sage & mace if you have it.

Scald leaves of Cabbage, but don’t boil; they will tear. Take a spoonful of rice and roll it tight. Put with end down.
”

Baba's famous Cabbage Rolls, page two
Baba’s famous Cabbage Rolls, page two

”
If you cook on top of stove, use a wire piece you have on bottom of pot[2] then lay your Cabbage rolls on top. Put some tomato juice mixed with little water and pour over Cabbage rolls . Don’t fill the pot too full, about a little over a half or near 3/4 full. You can use cans of tomato sauce diluted with water or dilute ketchup with water. Cook on low heat. After they start cooking, you can cover with chili sauce or spicy relish if you like them spicy. In roasting pan you don’t need the wire.

It takes about an hour or longer in pot, and a little [sic][3] in Roasting pan, or try one, taste it, if it’s cooked, it saves heat cooking on top of stove[4].
”

Before transcribing this, I didn’t know what ‘Parboiling‘ was. Cool.

(All punctuation mine.)

[1]Having eaten these cabbage rolls many years ago, I OCR[5]’d these words to ‘you need’, as the meat makes a large part of the flavour (I remember hot dog bits being especially tasty). Looking at it again, I’m pretty sure it says ‘minced’ instead. Either works, as long as the meat is in small pieces. 😀

[2]I’m assuming this means some sort of pot insert, but I’ll have to test to find out.

[3]Here, I’m assuming it should read ‘a little longer’, but I’ll have to try cooking them to find out.

[4]I think this either means it saves heat to cook the Cabbage Rolls on top of the stove instead of in the oven, or (more likely) it means that once they’re cooked, you can just keep them warm on top of the stove, which saves heat.

[5]With my eyes.

Technology and the Evolution of Diplomacy

Idle Speculation, Organizing Systems, Politics

How has diplomacy[1] evolved through the eons? We postulate that humans have changed, but do you think that a Roman senator would feel that out of place in the U.S. Senate? That the job of an ambassador has really changed in the last three thousand years?

It feels like the largest difference has been in the speed of communication. It used to be that the phrase ‘I have to go consult with my government. This may take some days.’ meant travel time. Now it means ‘We need to get used to this idea’ exclusively.

Advances in dentistry and water fluoridation probably mean that people are less cranky because their teeth hurt, advances in chemistry mean that we no longer sprinkle lead on our food. Advances in travel and communications mean that larger empires are more governable and longer-range diplomacy and trade are more viable.

But have any of these really fundamentally changed diplomacy? It remains, as they say ‘the art of letting someone else have your way‘[2]. Even the techniques of ‘Getting to Yes‘ must have been known in some form to the ancients.

Perhaps the spread of democracy[3] has had the greatest effect. If you look at human history (especially the relatively recent colonialism), those nations or organizations which were the most stable and had the greatest longevity tended to become the most powerful (provided they had the desire and resources/room to expand). But once you control for that, once countries reach that higher stability plateau, they end up competing with each other in very familiar ways.

But most probably, the spread of nuclear weapons has actually had the greatest effect. Great powers have warred with each other since time immemorial. The relative power of offensive and defensive technology has waxed and waned throughout history, but Mutually Assured Destruction was never present absent a larger third party.

Maybe we’ll use this opportunity to talk a little bit more, and understand each other a little bit better.

[1]Diplomacy has remained largely unchanged, except for the use of plastic game pieces in some editions.

[2]Attributed to Daniel Varè an Italian diplomat and author from the early 20th century.

[3]Many would argue for ‘Representative Democracy‘, ‘Constitutional Monarchy‘, or ‘Republic‘. These are all valid positions, and this discussion is out of scope.

DS9: The Power of Adversaries, Season 4

Analysis, Internet Culture, Nostalgia, Space!

Continuing our adversaries series, we’re looking at DS9 season four. We’ve seen a number of different patterns season to season, with season one being ‘Q and Prime Directive’, season two being ‘Cardassians and Introspection’, and season three being ‘Dominion, Time/Planar travel, and Introspection’.

Let’s see what’s out there…

S4:

High: 7 (3 Dominion)
Equal: 4 (Klingons, Klingons, mirror, and Jem’Hadar)
Low: 3
Self: 11

The standout this season was internal conflict, whether it’s Bashir vs. O’Brien, or Worf vs. his brother, season four was a study in character stories and internal dilemmas. The writers continued to use the Dominion for the plurality of the high-powered adversary plots, while eschewing almost entirely low-powered external adversaries.

Almost like the calm before the storm, the self introspection before the galaxy erupts into war.

1 (Klingons)
2 (frozen in time)
-1 (Bashir vs. O’Brien)
-1 (Kira vs. Dukat vs. Dukat)
-1 (Dax vs. Dax)
2 (Time Travel)
2 (Two Jem’Hadar ships and a gas giant)
-1 (Worf vs. Kor vs. Worf vs. Kor)
2 (Holodeck)
-1 (Earth and fear)
-1 (Earth and fear, part II)
-1 (Odo & Kira)
2 (freighter vs. Klingon ship)
-1 (Worf & Kurn)
-1 (Quark and the union)
0 (Bajoran politics)
1 (Klingon courtroom drama)
-1 (O’Brien suffers)
1 (Defiant vs. Mirror)
0 (alien & Lwaxana’s lover)
-1 (Sisko)
1 (crew + Jem’Hadar vs. Jem’Hadar)
2 (Dominion disease)
0 (one Ferengi)
2 (The Great Link)

DS9: The Power of Adversaries, Season 3

Analysis, Internet Culture, Space!

Continuing our adversaries series, we’re continuing with DS9. Today we’ll see if season three follows in the footsteps of season one, season two, or something else entirely.

As usual, moderate to severe spoilers below.

S3:

High: 8 (3 Dominion)
Equal: 6
Low: 3
Self: 9

Note that all of the times that the Dominion appeared during season three, they were presented in an overpowering way, with even one changeling being equal in power to the Defiant’s crew.

Season three is a different mix again from seasons one and two. Season one focused on high- and low-powered (‘Q and Prime Directive’) adversaries. Season two focused on self and equal (mostly Cardassian) adversaries.

Season three goes back to a more TNG-like mix, in fact almost the exact same mix as TNG seasons six and seven, with the focus on High/Equal/Self instead of High/Low/Self.

This seems to be because DS9 meets with the other major powers much more often than the TNG crew, possibly because TNG is more exploratory, and DS9 is more interested in politics.

It’ll be interesting to see how the remaining seasons compare, especially once the Dominion War starts in earnest.

(0 is less powerful, 1 is about the same, 2 is more powerful, -1 is self)

2 (Defiant vs. The Dominion)
2 (The Dominion)
1 (Klingons)
-1 (Dax)
1 (Cardssians)
0 (one Jem’Hadar)
2 (DS9)
-1 (Dax)
1 (Cardassians)
-1 (Lwaxana)
2 (Time stream)
2 (Time stream)
-1 (Bashir)
-1 (Odo)
2 (Prophecy)
0 (Nagus)
1 (Romulans)
-1 (Bashir)
2 (Mirror)
1 (Tain)
2 (Dominion)
-1 (Sisko & Jake)
-1 (Quark & Family)
0 (Bajorans)
-1 (Jadzia)
1 (One Changeling!)

DS9: The Power of Adversaries, Season 2

Analysis, Internet Culture, Nostalgia, Space!

Continuing our adversaries series, we’re continuing with DS9. Today we’ll see if the trend which separated DS9 from TNG continues in season 2.

As usual, moderate to severe spoilers below.

S2:

High: 3
Equal: 8 (mostly Cardassians)
Low: 6
Self: 9

Season two is a marked departure from ‘Q and Prime Directive’ mix from season one. A plurality of episodes are dealing with the Cardassians, usually in an equal[1] adversary role. We also see an overall plurality of ‘Self’ episodes, as the writers now have enough space[2] to start exploring the characters in some more depth.

Perhaps most interestingly, there are only three stories with extremely powerful adversaries, and two of those are because a small number of crewmembers are up against an entire colony or civilization (The other is the Dominion, but that’ll be a story for a later season).

On a slightly different note, S suggested the following scenario, as an exercise for the reader:

“Riker and Dukat are on Earth, during the early 21st century. They are trying to order a Blizzard at Dairy Queen, but the teenager behind the counter tells them no. Who is the adversary, and what is their power level?”

(0 is less powerful, 1 is about the same, 2 is more powerful, -1 is self)

1 (Cardassians)
1 (Cardassians, and the Bajoran ‘Circle’ has “more firearms than a Galaxy-class starship.”
1 (same as previous two, three-parter)
1 (same number of people as the crew, even though the plot was contrived)
1 (Cardassian politics)
-1 (Bashir, Melora, and low-gravity Ability)
1 (Ferengi negotiating story)
-1 (Odo flashes back and meets Kira, Dukat, and Quark)
-1 (Sisko meets someone…or does he?)
-1 (Resettling gamma quadrant refugees away from Bajor)
0 (con-artist, and ‘luck’)
-1 (Odo and his ‘father’)
2 (less powerful civilization, but trapped and left for dead)
-1 (O’Brien)
0 (colonists/trap)
-1 (character stories, hologram generator)
0 (prime directive story)
1 (Cardassian ship)
0 (40 guards, they have a ship)
0 (Maquis)
0 (Maquis, part II)
-1 (Garak)
2 (mirror universe)
-1 (Bajoran politics)
1 (Cardassia)
2 (3 Jem Hadar ships outmatch one Galaxy-class)

[1]There is considerable analysis suggesting that the Federation/Cardassian war was vary one-sided, at least in space. In the context of this analysis though, starting a new war with Cardassia would create far more problems than it would solve, and therefore the Cardassians get an ‘equal’ ranking.

[2]Ha!

Differently-Named Atoms: I

Uncategorized

1: Most people know it by its colloquial name, ‘Hydrogen‘, but in more formal settings, it is known as ‘Hyllodrogen’. These more formal settings are usually at ISM[1] meetings, where Hyllodrogen wears its classier allotrope, H3+.

2: Similarly, most people are not aware that ‘Helium‘ actually has atoms of multiple genders. The two most common are called ‘Helium’ and ‘Shelium’.

3: ‘Lithium‘ is more properly known as ‘Lilithium'[2], due to its properties of reacting with whichever molecules it wishes, ignoring the restrictions of others. It is postulated that this aggressiveness is what causes its therapeutic effects.

4: ‘Beryllium‘, or ‘Beeryllium’ was made up long ago on a drunken dare, but then was surprisingly discovered to actually exist.

5: ‘Boron‘ and ‘Boroff’ are two sides of the same non-interesting coin. Specifically, not interesting to stars in the main sequence, as they have to wait for cosmic rays to make it.

6: The name ‘Carbon‘ comes from the Latin ‘Carrusbon‘, meaning ‘what is left behind when you burn a vehicle’.

7: ‘Nitrogen‘ was originally dubbed ‘NitroGennifer’, after Daniel Rutherford’s stage name. It is said that his bonding flexibility is only exceeded by that of his namesake.

8: ‘Oxygen‘ was a favourite of the ‘Oxygentry‘, the name for the select group of chemists who did work on the Phlogiston and acids since ancient times.

9: ‘Fluorine‘ is the past participle of ‘Flyrine’, which explains its intense reactivity and corrosiveness.

10: As we reach the foot of the second row of the periodic table, it is only fitting that we mention ‘Neon‘, or ‘Kneeon’, so named because of the bend in early versions of the periodic table, before the discovery of noble gases.

[1]Interstellar Medium.

[2]Lilith(NSFW)

Dada Science

Idle Speculation, Internet Culture, Puns, Thoughts on Thoughts, Words!

So, I was talking to G earlier today, after our coaching session, and I was struck by the misheard word: ‘Dada Science’.

I was immediately struck. *Of course!* That’s *exactly* what I try to do!

It’s all about Between. The space between meaning, the difference between art.

But what exactly is Dada? Or Dadaism? As Dadaist Jean Arp is reputed to have said, ‘To be a Dadaist means to be against Dada. Dada equals anti-Dada.’

The following really speaks to me about Dada:

“

Cubism and the development of collage, combined with Wassily Kandinsky’s theoretical writings and abstraction, detached the movement from the constraints of reality and convention. The influence of French poets and the writings of German Expressionists liberated Dada from the tight correlation between words and meaning.

”

But what is ‘Dada Science’? Namespace being what it is, there are already two others with a claim to the phrase.

For me, it’s all about helping people get to that space between meaning, where their minds are just a little more open to the possibilities. I quite enjoy being put in that state. Terry Pratchett might have likened it to ‘Thlabber‘, ” a recognised scientific term used by wizards to describe the precise instant during any magical transformation where, after a period of feeling elongated, stretched, altered, or reduced to a single point in the space-time continuum, things have just returned to normal and the subject is feeling the first hints of relief and disorientation.”

Perhaps the space is not created by the stretching, but by the reaction and recovery to the stretching.