rmrfstar

51 ms·

481.
by rmrfstar 7y ago
Red flag 1: Failure to cite relevant literature. Red flag 2: Data vendor co-author. 1) There are equally credible claims that buyout funds are statistically indistinguishable from portfolios of highly leveraged small-caps + hold to maturity
482.
by rmrfstar 7y ago
I was really shocked to learn how common this is. Credentialism and lack of integrity are rampant throughout the economy. It's soul crushing to see it. An example that springs to mind is (I believe a YC alum) [1]. CEO is quoted as sa
483.
by rmrfstar 7y ago
It is really frustrating that they do not ship checksums for immutable sections of the UEFI image, as this would require almost no effort on their part [1]. Of course enterprise out of the extreme HAP universe doesn't care because it
484.
by rmrfstar 7y ago
It is impossible to usefully answer the question without having an objective in mind. If you want to become a research mathematician through self-study, then working through the qualifying exam syllabus for an established math program could
485.
by rmrfstar 7y ago
Your argument is basically: "market pricing reflects reality", which you clearly don't believe because you go by the handle "valuearb". Credit markets are appallingly inefficient at pricing risk. Lenders are aware o
486.
by rmrfstar 7y ago
In my experience there are two major factors at play. (1) No one gets fired for buying IBM. The prestige money pools like Ivy-league endowments invest in leveraged loans. If leveraged loans have a nice run and you haven't invested
487.
by rmrfstar 7y ago
Your belief does not reflect reality. 10% of households own 84% of equities owned by households [1]. This is actually a rosy estimate, because the denominator is "equities owned by households". Extremely wealthy households shiel
488.
by rmrfstar 7y ago
Yeah, I think that most LBO's should be taxed out of existence. The industry is a destructive and parasitic. https://www.youtube.com/watch?v=qs1DhA91fm0
489.
by rmrfstar 7y ago
You can make money robbing little old ladies on their way to the grocery store. Doesn't make it a socially useful activity or one that should be permitted in a civilized society.
490.
by rmrfstar 7y ago
I worked at a PE fund whose name you'd know. VC has a plausible claim to value creation. Buyout is a shell game. They are arsonists that we have allowed to torch our industrial economy to the ground. There are massive financial ince
491.
by rmrfstar 7y ago
> That's not an alternative to a bailout, its a common bailout method When and where has a government made a large equity investment in a company and recouped its investment plus a reasonable insurance premium? Here are some example
492.
by rmrfstar 7y ago
Cowen wrote a book called "Big business: A Love Letter to an American Anti-Hero". A lot of academics try to set themselves up on one side of a contentious debate to gain notoriety. Lucian Bebchuck is a good example. Its the equi
493.
by rmrfstar 7y ago
Another tale of microwaves and their rocky relationship with computers [1]. [1] https://www.theregister.co.uk/2019/01/11/on-call/
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by rmrfstar 7y ago
An economist might make the following argument. Financial systems are like banking systems. Banking systems have two equillibria: run / no run [1]. A bank run can destroy an otherwise healthy bank, and can be a self-fulfilling proph
495.
by rmrfstar 7y ago
This is awesome, thanks! Also, fwiw, the post didn't have the (2000) tag when I encountered the expired cert. Crypto isn't my strong suit, so my BS filter uses heuristic shortcuts. These shortcuts are often wrong.
496.
by rmrfstar 7y ago
This is a very deep and important question. Here's a predictive model for central banks. Their unstated objective is ensuring that control over resources does not change hands during a crisis. In practice that means that the relative
497.
by rmrfstar 7y ago
Come on. If you have the 6gram "crypto" on the page, please don't have an expired certificate. I just stop reading at that point.
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by rmrfstar 7y ago
Actually, this is not correct. Any proposal for market timing requires an observable x[t] that is correlated to R[t+d] for d>0. The returns may themselves lack any auto-correlation. If market returns are auto-correlated in some way, the
499.
by rmrfstar 7y ago
Again, I am very surprised that people would down-vote this. The post articulates the core idea behind Arrow-Debreu securities, and taking the question seriously could yield some very interesting discussion about prices. https:/&#x2F
500.
by rmrfstar 7y ago
Super confused that anyone would down-vote this. It is empirical reality [1]. [1] https://faculty.fuqua.duke.edu/~charvey/Teaching/BA453_2004/...
501.
by rmrfstar 7y ago
Nice! If comprehensive, the back-end employment data may be valuable to DIY quants. Consider selling it on Quandl or the like.
502.
by rmrfstar 7y ago
Found these amazing lecture notes [1]. Topic 3 and the review of Green's Theorem are the best I've seen anywhere. By a long shot. I read somewhere that Omar Bradley solved integrals to clear his mind during the darkest days of W
503.
by rmrfstar 7y ago
Math = good. Code = good. Example: given arrays A,B,C,D,E compute A B C D E. Most mathy people just multiply left-to-right, while a person with some CS grounding will use dynamic programming [1]. If you are working with Dask-sized arrays,
504.
by rmrfstar 7y ago
Professor Shih has been sounding the alarm for at least a decade [1],[2]. His has not been a popular narrative among the Cambridge intelligentsia, who skew pro-corporate and anti-producer. [1] (2010) "Innovation Killers: How Financial
505.
by rmrfstar 7y ago
In addition to saving money, they will also make the US more resilient by helping avoid a concentration of expertise and an infrastructure mono-culture. I suspect that ideas like this will become more popular as the US asks itself "wha
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by rmrfstar 7y ago
That sounds fun, but a very bad use of time. Linus' monolithic kernel won out over Tanenbaum's microkernel, because it just worked. In the 1990s that was important. Now we want it to work and not get totally pwned because we op
507.
by rmrfstar 7y ago
A piece is missing. RBS creditors were not "bailed-in" by having their debt converted to equity. Instead, they were offered guarantees (functionally, though not in name). RBS was a classic bail out. Creditors were fully protect
508.
by rmrfstar 7y ago
Half of me: Feynman! https://www.youtube.com/watch?v=EYPapE-3FRw Other half: it's a little tiring to be hyper rational and pedantic all the time.
509.
by rmrfstar 7y ago
I'm largely mirroring a comment I made below. Re-organization under Chapter 11 is so costly and disruptive that threatening it has been used to extract public bailouts [1]. This is one of the reasons that Dodd-Frank included a TLAC pr
510.
by rmrfstar 7y ago
Dodd-Frank included a thing called "TLAC", which is this. A lot of politics happened. In the US we have a "notice and comment" process on proposed regulations. You can see the politics play out in the comments on the F

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