Clifford Asness
@CliffordAsness
Followers
129,475
Following
1,202
Media
532
Statuses
20,078
Explore trending content on Musk Viewer
#บางกอกคณิกาep2
• 192957 Tweets
Caramelo
• 69943 Tweets
Guinea
• 63911 Tweets
VISA
• 43258 Tweets
#TimnasDay
• 37327 Tweets
Rodri
• 27439 Tweets
Witan
• 24568 Tweets
Foden
• 20383 Tweets
LALALI MV IS RIGHT HERE
• 20206 Tweets
FOURTH IG 3M 200K🧸
• 16795 Tweets
#THE夜会
• 16677 Tweets
ブレマイ
• 16010 Tweets
Peter Jackson
• 10123 Tweets
The Portland police would’ve stopped this but a few minutes earlier they got a report that a cafe served a plastic straw and they scrambled all units there.
This is Antifa. Here’s a group of masked thugs beating an elderly man in Portland with a crowbar and macing him.
4K
8K
16K
103
909
5K
Why can the north declare independent and not the other 6? What if they did? More war?
Why is there a Night’s Watch?
Where the heck is Arya going? How’d she convince anyone else to go with her? Columbus was trying to reach Asia and thought it closer. Had a reason and a theory.
184
514
5K
You cancelled nothing you just undemocratically (bray some more about democracy) assigned it to the taxpayers who didn’t borrow the money to buy votes from the ones who did. And you brag about this.
UPDATE: Our Administration just cancelled student debt for over 150,000 borrowers currently enrolled in the SAVE plan.
In total, our Administration has now approved nearly $138 billion in student debt cancellation for almost 3.9 million borrowers through various actions.
3K
2K
7K
82
293
2K
Yet again the moral hazard here is the depositors. When people are told they’re insured up to X and still deposit 10X and are then bailed out of that, who on earth ever will worry about it again and what does it mean at all to have a limit on deposit insurance?
Well I guess…
SVB doesn’t deserve a bailout and isn’t getting one. SVB’s stockholders, bond holders, and stock options are getting wiped out. The executives will spend years in litigation and may have stock sales clawed back. Anyone who thinks there’s a “moral hazard” isn’t paying attention.
98
78
836
128
210
2K
Blinken warns: “Israel risks becoming indistinguishable from Hamas if it doesn't protect Gaza civilians”
Indistinguishable. Really. Not “Israel should do more” (which is already empty without telling them how — subject to ending Hamas who use civilians as human shields and had a…
232
277
2K
If this kid, and only this kid, told me to abandon systematic value investing, I just might consider it.
30
169
1K
Kill me now.
AHHHH! I'm so excited to announce that I’m directing and executive producing a new series with
@hbo
, called INDUSTRY. It's all about the cutthroat world of international finance. Think Wolf of Wall Street meets Melrose Place!
#IndustryHBO
277
136
3K
58
123
1K
I don’t have to imagine it.
And it’s awesome.
@CliffordAsness
imagine being a "billionaire" yet spending your time moaning on twitter about how other people are not smart.
2
0
9
78
73
1K
How could you tell? Was it really unnecessarily nasty and hyper-partisan while also just being generally wrong?
OK, this is new. I just got my first phishing email purporting to come from ... me.
161
91
2K
56
87
1K
Let me translate for you guys:
“YELLEN: UNINSURED DEPOSITS ARE ONLY PROTECTED FOR TECH START UP BROS AND OTHER ELITES ON THE CORRECT SIDE NOT FOR DEPLORABLES OR JUST THE REGULAR OLD HOI POLLOI.”
* YELLEN: UNINSURED DEPOSITS ARE NOT PROTECTED WITHOUT SYSTEMIC RISK DETERMINATION
@reuters
119
98
502
88
259
1K
Price controls are now zero for 1,787,132 attempts since Diocletian.
Ireland launched a campaign against greedy landlords with rent control, 52% tax, no deductions, no evictions.
They succeeded & landlords left the market in droves
Now there are 716 homes available to rent in the entire country and 150 queued for this one bed yesterday.
#VanRe
611
3K
10K
33
197
1K
I don’t have a strong opinion here on what to do, glad it’s not my call. But, it seems the point is that there is a tradeoff between cases going up and the economy. Trade offs are something economists, even former ones, are supposed to understand, not ignore for partisan attacks.
Don't you hate liberals? They kept saying that red states that rushed to reopen would see a spike in Covid-19 cases. And as usual, they were ... completely right
639
3K
9K
100
134
1K
How to tell us
A) you’re long banks or related
B) you don’t really understand what a bailout is
All in way more than 240 characters because you paid for Twitter Blue.
Blocked as useless.
This was not a bailout. During the GFC, the gov’t injected taxpayer money in the form of preferred stock into banks. Bondholders were protected and shareholders were diluted to varying degrees. Taxpayer money was put at great risk. Many people who screwed up suffered minimal to…
3K
2K
13K
46
115
1K
I’m suspending my Twitter suspension at this crazy time, hopefully just for awhile, and hopefully just for this long tweet storm.
72
234
1K
Yes, it was definitely the villainous hedge funds who overstimulated the economy then were late to raise rates then raised them very quickly and then failed to regulate an obviously incompetent bank (and then bailed out its VC depositors). Go GG.
74
150
1K
This famous bubble pimp is also just very dumb isn't he?
This is worse than quoting the change in VIX in % term.
54
64
1K
66
75
1K
I may owe Mattie Chamberlain, CEO of the LME, an apology.
Rather than stealing, in an unprecedented manner, from his customers to save Xiang Guangda, he may have stolen from his customers to save JP Morgan.
A somewhat different massive lie and theft.
My heartfelt apologies.
41
146
1K
One-day isn’t a hunger strike. It’s not even a cleanse.
Dozens of of US government workers plan to go on one-day hunger strike for Gaza
1K
99
332
88
67
1K
RIP best friend of my whole family.
2020 is just a crap year.
144
5
1K
Why does Apple insist that I’m constantly typing the word “ducking”?
55
64
1K
When I was a kid my mom would tell me to stop playing video games and go outside.
Now I tell my son to stop watching YouTubes of others playing video games and play some himself.
A giant blow to the theory of secular stagnation.
27
83
1K
That crazy Putin with all the monetary and fiscal stimulus (including the last round that people like
@LHSummers
warned us would cause inflation) forced upon us. Is there nothing he can’t do?
100
202
1K
America spent the last half century embedding Marxist professors in our schools. Not a shock they are acting like Marxist professors. Sad but not a shock.
NOW: Columbia University faculty link arms and form a wall in front of the entrance to the ‘Gaza Solidarity Encampment’ as hundreds of students encircle the both lawns
Students remaining in the encampment were told they could face disciplinary action after 2PM
2K
9K
34K
83
130
1K
Oh, sure, I’ll answer. Quant models take many small positions, often thousands so we can be wrong about a lot and still right (and vice versa). Also, we run a lot against benchmarks and if we’re long and underweight (negative on the stock) it shows up we own it and idiots think…
What apparatus of modern rational finance did you use to justify buying 4M shares of $NYCB last quarter?
11
2
33
91
53
1K
And the cheaters win.
@LME_news
please note, I’m accusing you of reversing trades to save your favored cronies and robbing your non-crony customers.
Everyone who trades should know what you did.
You got lawyers, I’m ready.
Bring it slime balls
61
224
973
Nothing says I care about the working class like making sure they’re well credentialed with 500 hours of unaffordable training to wash hair.
33
187
976
I’ve avoided fighting with this insane person for a while, as while sometimes brilliant, he’s often very wrong and clearly both nuts and a world class terrible person. Didn’t need that in my life. But sometimes the insane people eventually get around to you.
1/n
AQR issued 2 flawed reports saying tail risk hedging doesn't work (in theory), options are "expensive"
Yet they did not reveal that
1) Their OWN risk premia strategies lost money.
2) Their other public crap underperforms the MKT.
Insult to clients & the REAL WORLD.
41
116
845
71
107
971
Seriously NYT? The ridiculous opinion pages aren’t enough for you?
50
93
960
“They don't mean to do harm—but the harm does not interest them. Or they do not see it, or they justify it. Because they are absorbed in the endless struggle to think well of themselves.”
T.S. Eliot
134
173
900
“Go back to school”
The Biden administration just announced a plan for 30 MILLION student loan borrowers to receive debt relief.
This would allow so many people with student debt to buy houses, start a family, go back to school, and so much more.
12K
1K
7K
95
44
910
I contributed early and significantly to Nikki and thought I had done my job. But if past contributions don’t qualify me for being “barred” from his RINO (yes they are the republicans in name only) cult I may have to contribute more now.
Though I can’t help thinking he’s…
🚨 Trump threatens donors for Nikki Haley. "Anybody that makes a contribution...will be permanently barred from the MAGA camp."
1K
974
3K
70
77
891
Am I a bad person because I hope Mike Tyson does serious damage to Jake Paul?
157
16
879
This is your bi-annual reminder that the BlackBerry hard keyboards we had in the late 1990s were ridiculously better than anything ever produced for the iPhone.
100
50
849
I never imagined I’d eat so much during the apocalypse.
39
69
827
The two year Treasury is currently down to 3.8% with CPI inflation stubbornly staying at 6% per annum.
I think this only makes a shred of sense if you think the GFC is around the corner again.
And the equity market has held up much better which really doesn’t fit a GFC…
262
100
827
Once again the “tax the wealthy” crowd talks about loopholes but instead just wants to raise rates on those actually already paying ~50% while ignoring all their own rhetoric because of the wealthy donors the rely on, but pretend to eschew.
29
141
784
I fail the CAPTCHA quiz so often that I am increasingly convinced I'm a robot.
34
55
793
Please allow me to translate:
“I don't condone violence and I don't like to see anyone hurt. But I kind of do for those I really don’t like. Still, I still don’t have the balls to actually say it so I cover it up with the same bad comedy that defines my caeeer.”
You’re welcome.
I don't condone violence and I don't like to see anyone hurt. But Andy Ngo is as much a journalist as I am a second baseman.
2K
38
343
24
90
738
No.
"There is no reason for a company to move into the market and buy anonymously thousands of its own shares for any reason other than to raise the price of its own shares," says
@ewarren
on stock buybacks:
214
53
229
49
29
770
Wow! The dictator, murderer, criminal, and avowed enemy of the USA is open to keeping his stolen gains.
This changes everything.
Republicans pretending to be tough guys in all things save where tough guys are needed are sickening.
Last night’s
@TuckerCarlson
's interview with Putin shows that Russia is open to a peace agreement, while it is DC warmongers who want to prolong the war.
That is why I’m voting to stop 60 BILLION MORE of our tax dollars to this conflict.
8K
3K
13K
49
111
788
What the world needs now is just one more celebrity endorsed artisanal Tequila.
37
23
742
No worries, as a value manager capital gains aren’t a big issue for me anymore.
27
23
744
These water carriers for Hamas intentionally buried the lede four tweets down.
“The Israeli military destroyed the university's main buildings in air strikes on Oct. 11, saying they were used by Hamas for training and to develop weapons.”
You NBC fakes pretend to be journalists…
Gaza’s universities embodied the ambitions of young Palestinians.
In weeks, the Israeli military destroyed them.
3K
4K
8K
49
127
746
By “doing nothing” these geniuses mean it’s dividend income.
It’s in their business section. Actually, they should use air quotes around business.
49
34
742
Where to start?
A) Inflation is a change in the price level. Inflation slowing but still positive doesn’t bring down prices it brings them up less quickly. Math is hard.
I now actually believe JoeB may be writing his own tweets as a C- donor kid intern would’ve caught this.
B)…
Let me be clear to any corporation that hasn’t brought their prices back down even as inflation has come down: It’s time to stop the price gouging.
Give American consumers a break.
19K
5K
26K
67
100
748
JPM made $100mm in 2019 when long during a short squeeze in nickel; and “Big Shot” too. But they avoid losses in 2022 when they’re on the wrong side by getting the exchange to undertake unprecedented cheating.
Is there a better example of rigged markets?
24
145
712
When asked about this Kim Kardashian replied "are you joking, what other investment exists where I can launder the volatility and legally pretend it's super stable when it actually moves around more than equities? And the fees I can charge!"
She gets it.
32
49
720
Nobody?
Really?
Mattie Chamberlain the LME’s liar in charge doesn’t want to debate?
How about you
@jpmorgan
, you want to send a champion for me to shred?
Or maybe the Big Shot oligarch wants to debate?
I’ll wait you collection of thieves and cowards.
“Many in the industry believe the exchange made the right call.”
Who? I ain’t anonymous you? Who thinks it was the right call? Who thinks the whole “waterfall” should escape unscathed as investors pay for their folly? How much did these ‘many in the industry’ cowards steal here?
7
34
311
29
108
705
Surprising that the NYT would publish this story.
Perhaps less surprising is that they waited until after the bill was passed.
21
122
712
If I ever need a combination bodyguard / Econ tutor I have found my man.
"If you care about your fucking country, read Ludwig von Mises and the six lessons of the Austrian economic school, motherfuckers."
-
@moicanoufc
774
5K
24K
31
44
728
Call me crazy but CNN’s tone seems a bit different these days.
37
50
662
Is anyone thinking about the Rubicon that has been crossed?
Do we all now have to, more than just this event, price in that if we are on the wrong side of a short-squeeze we have to pay up (as always), but if we are luckily on the right side we get it taken away (as here w LME)?
THE LME JUST DECIDING TO JUST UP AND CANCEL FOUR BILLION DOLLARS WORTH OF NICKEL TRADES LAST WEEK JUST TO SAVE THE ASS OF JP MORGAN, SOME LOCAL BROKERS AND A CHINESE NICKEL PRODUCER IS A MAJOR FUCKING SCANDAL.
A MARKETPLACE FAILURE THAT DWARFS ALL THE DEFI EXPLOITS COMBINED.
226
1K
7K
69
95
658
I do not think Trump should be banned from Twitter.
I do think he should be impeached with republican support.
I know this confuses some people.
66
34
674
.
@elonmusk
is exactly right here
I wrote similarly in the WSJ: “The multiple gross failures of the University of Pennsylvania and other schools after Oct. 7 weren’t tactical errors or failures of execution. They were an outgrowth of a much broader philosophy that views merit and…
The axiomatic error undermining much of Western Civilization is “weak makes right”.
If someone accepts, explicitly or implicitly, that the oppressed are always the good guys, then the natural conclusion is that the strong are the bad guys.
18K
31K
193K
25
91
679
My bet is he just saved a ton on car insurance by switching to GEICO.
21
51
654
So if you’re Liz Truss do you put “UK Prime Minister” on your resume or not?
83
44
658
Getting famous and rich for saying “bad shit happens sometimes” and then screaming “see” when it luckily does soon after, even though you’ve lost all the money many times, and then using that pulpit to slander and abuse people is gross. Just my opinion.
17
58
642
Got a fun and interesting email today I felt I had to respond to.
78
35
653
When exactly would be the time to discuss moral hazard?
This is not the time for moral hazard lectures or for lesson administering or for alarm about the political consequences of “bailouts”. 4/
1K
92
637
41
60
638
On my deathbed I think my one regret will be that I didn't send one more angry tweet finally getting someone else to admit they were wrong about something.
27
38
636
Alarm goes off at 530 am. I text my trainer “not today.” I sleep another hour. I awaken, drink coffee, and go into the office. Then I get mad about something.
I recommend it.
17
19
640
Terrorists come to your house and kill half your family, many after or during (yes during) rape, and credibly threaten to kill the rest in the future. In fact they proudly declare their intentions. When you try to bring them to justice they hide behind their own people (many of…
36
86
638
When I unsubscribe from an email and the company just unsubscribes me, doesn’t make me log in to an account I never made, doesn’t make me type in my email address they know very well, and doesn’t provide a confusing menu designed to trick, I often resubscribe out of appreciation.
13
22
617
Been killing our selves over value investing the last few years when all we needed was this...
Want to learn how to triple your income? It’s called forex trading.
#fintok
#fintwit
#forex
@tradingview
127
51
388
35
44
619
A) yeah, that’s not it
B) if it were, and it’s not, would it be news that corporations set prices to keep their stock prices high?
C) the implicit alternative seems to be that Sen Warren sets prices; yes that usually works great; somewhere Hayek is crying
This is just sad.
Wondering why your Thanksgiving groceries cost more this year? It’s because greedy corporations are charging Americans extra just to keep their stock prices high. This is outrageous.
15K
2K
7K
33
51
604
Is it wrong that I just witnessed a National **** show of epic proportions and part of me is thinking “ok, so what does this mean for value stocks?”
Oh, and by part of me, I mean all.
45
36
604
OK, one more time. Corporations will always try to maximize their profits. That is not news. It is the job of government, and yes it’s a hard one some times, not to create inflationary conditions. You are complaining about your branch’s failure and, as usual, their existence.
One of the reasons why prices are up? Corporations have figured out they can use inflation as cover to not only pass along their own increased costs to consumers, but also to price gouge to boost their profit margins. We need tougher rules to prevent price gouging.
3K
5K
23K
24
46
599
Three.
These two bullets collided in the battle of Gallipoli in 1915. The chances of this happening are 1 in a billion.
Name something more unlikely to happen
3K
2K
18K
29
23
603
Deny it as “strenuously” as you like it was obviously a bailout, and of the wealthy and connected.
You can argue it was a necessary bailout and you’d be wrong, but at least consistent and more honest. But you can’t argue it wasn’t one.
38
118
589
The combination of brighter headlights, SUVs, and me getting old, has made night driving like everyone is driving with their brights on. Just me?
91
9
590
Here’s some irony for you. Taleb wrote a perfectly good, if reasonably obvious, book “The Black Swan.” It’s obvious in the sense that nobody serious in finance thinks the world is “normally distributed” though that seems to be his repeated straw-man for years. But still, good…
@havethelastward
@CliffordAsness
Yes. Here’s another. All of the net gains are from 4 months in 2008. This is according to their own deck’s returns that someone shared and since deleted. There’s more. Or I’m wrong, but their silence speaks volumes.
7
0
61
72
34
586
That’s not irony. That’s an irrelevant coincidence seized on by a populist pandered to preach to his innumerate followers why we should abandon a (yes flawed) democracy to a megalomaniac revanchist dictator.
So Silicon Valley Bank had about $200 Billion on its balance sheet.
Ironically, $200 billion is also about how much we've sent to Ukraine.
🤔
2K
6K
28K
17
41
574
Continuing his streak of wrong about everything since saying “hey big things happen more often than in the normal distribution I pretend everyone else believes in” right before the GFC so lots of people were fooled by randomness into thinking he was a genius (see what I did…
Is this real?
The Biden Administration has just vetoed a resolution meaning to pause, after 29,000 deaths, what the International Court of Justice called a plausible case of genocide.
War criminals.
0
687
3K
63
26
576
No.
And you are not a world leader.
I just joined 380 world leaders in signing a joint statement calling for an immediate ceasefire in Gaza. Will you join the rallying cry to end violence in Gaza and add your name to my petition demanding the U.S. use all of its diplomatic resources to promote peace in the region?
598
57
182
27
31
580
"We are probably going into a recession so get me the most expensive (not just vs other stocks today but compared to that historical spread) highest beta most unprofitable junk you can find and sell all the real companies" said no one ever before the last few weeks.
34
41
563
Does giving out money to fight an inflation problem give anyone else The Weimars?
52
68
560
Actually the view distracts from the video games and the screen is way too small.
29
16
554
Nobody in all of economics, banking, and finance thinks this is a multiplicative relationship.
I guess the move from zero rates to positive was infinity.
Jeez.
Under Volcker, the increase in long Treasury yields was 1.6X, from 10% to 16%, compared to 7.4X, from 0.5% to 3.7% under Powell and team. Risk aversion is pummeling all assets except cash, but the Fed seems fixated on hiking rates another 100+ basis points to protect its legacy.
59
24
402
42
39
556
I am so proud of Citadel’s spokesman for this:
"Devin Nunes is the proverbial loser who tries to blame 'naked short selling' for his falling stock price. Nunes is exactly the type of person Donald Trump would have fired on 'The Apprentice.' If he worked for Citadel Securities,…
40
51
563
Love him or hate him he’s the world’s best troll. And second place isn’t particularly close.
Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.
Do you support this?
50K
22K
137K
17
12
545
Does anyone out there still say crypto is an inflation hedge or have they moved on to other stories while dismissing the staggering failure of this story as “you just don’t get it”? Asking for a friend.
110
34
557
Canceling trades between willing transactors well after the fact is NOT ok.
Suspending trading is one thing but
@LME_news
please explain why people should keep trading with you if you can ex post cancel their transactions for your own mystery reasons?
51
82
553
You know, if you told me there would be arms and insurrection in the congressional chamber, I would've guessed the stock market wouldn't be hitting a new high.
I blame Gene Fama for making me so naive.
32
52
555
If Katherine Maher didn’t exist she’d have to be invented as a dead on parody.
NPR’s CEO Katherine Maher on the truth:
“Our reverence for the truth might be a distraction that’s getting in the way of finding common ground and getting things done.”
Reposting this because the original poster deleted the video.
1K
2K
5K
65
51
545

From the faculty senate at U Penn:
October 19, 2023
Statement from the Faculty Senate Tri-Chairs
As Tri-Chairs of the University of Pennsylvania Faculty Senate, we write to affirm our commitment to freedom of thought, inquiry, and speech as foundational values of our…
63
68
531
Did we really just seamlessly transition from “low inflation/interest rates justify very high stock prices” fed model stuff to “high inflation/interest rates justify very high stock prices” stories?
Really? You can’t blink around here.
60
65
521
If your taxes have gone up (now or on a forward basis) because you lent money (as taxpayers) to those who voluntarily borrowed it, you have only 1 person to blame for stealing from you now by telling the borrowers ex post “you don’t have to pay the tax payers back for the money…
If your student debt has been reduced or eliminated, you have only 1 person to thank.
9K
4K
13K
48
41
523
Yes given a shrinking business it would definitely be better if they had not given back cash.
Blue check calls people morons while being backwards. Facebook lottery winner turned “love me I hate capitalism.”
What did investors do with the returned cash vs leaving in IBM?
For the morons who defend buybacks, consider this:
IBM bought back $140 billion of stock over last 20 years
IBM market cap is now $105 billion.
IBM just reported its lowest revenue since 1998.
How is this winning, again?
505
2K
8K
36
48
515
But, as a former economist, Paul, you know there was a pandemic plunge. Are you claiming if not for Biden we wouldn’t be recovering these jobs? If so why? Could be, we’re curious, what’s your evidence and argument beyond partisan shilling? Please show your work.
Another point I haven't seen made: more jobs added under Biden so far than in the first 37 months of the Trump administration — ie before the pandemic plunge
636
457
2K
35
36
515
I’m in the minority I think, but out of so much great work I think this is one of
@nntaleb
’s most subtle and important. Perfectly describes the social media veto given to a tiny minority. And subtly one of biggest threats to liberty.
17
119
499