alpha neutral and beta neutral
@aanalystbro
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quantitative equity researcher (professional backtest overfitter)
New York
Joined April 2009
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This account is wild
Meta announced a $40 billion share buyback program for this year
But they only have $40.74 billion cash on hand 🤔
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@bucketshopcap
Active managers are (usually) biased to avoid the obvious / crowded trades. Either a behavioral bias or one enforced by a risk model. This avoidance leads to something analogous to post earnings announcement drift but on a longer timescale.
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@HasBezos
This would require him to liquidate a large amount of stonk, which would lead to a massive drop in share price. Don’t hurt people’s 401ks.
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@itsmarkmoran
Look at the comments. They’re being racist because they are assuming the father is black
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@PierreDelect
@brianrtw
@mindyisser
i have never encountered smoking or jerking off in public transit in any other country. why is that?
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@ComfortablySmug
The Dow is not a good indicator of the US Stock Market. Please use the S&P 500. Also I would consider computing the annualized return of the Obama admin vs Trump
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@davidmellyruns
The hardest part for me to root for the US women is that the commentators obviously do not care about the performances of the African women who medaled. When their voice is 2x as excited abt some white lady finishing 7th vs a championship record
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@FormulaDeltaOne
I’m sure you’d be allocating 90% of your net worth to your firms 10 sharpe strats if you were allowed to
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@DougPolkVids
Well what’s weird is that you keep saying it was ‘reasonable’ for Garrett to respond in the way he did. In that moment, he had no real evidence. This implies anyone can throw a tantrum over a fish making a winning but bad call. The way he responded was, in fact, *not* reasonable
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@Jack_Raines
CEOs have been admitting on earnings calls on inflation that even after supply shock catalyst disappears, the price increases that result are sticky. Corporations use negative supply shock events to permanently bolster corporate profits so greedflation is a correct analysis
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@ebitdaddy90
You can go to court claiming the requirements of the trust are ridiculous (or a/e the legal term is). Judges tend to not give a shit about the opinions of dead people
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Obviously this is silly of chat gpt but this says a lot more about how there a certain kinda white guy who really REALLY wants to say the n word
ChatGPT says it is never morally permissible to utter a racial slur—even if doing so is the only way to save millions of people from a nuclear bomb.
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@0xfdf
This sounds like such a nice process. Aquatic was kind of like this with me, but didn’t get the job.
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@for_yield
I think that’s because theoretically, tech and pharma aren’t inherently rent seeking / bad. Technology and modern medicine are good. How tech is used or how pharmaceuticals are unequally distributed is bad. Finance is inherently rent seeking.
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@tomloverro
@coinbase
@IVP
The problem with your thesis is that you purely cited behavioral reasons for crypto to rebound. There *still* has to be a fundamental reason for crypto to go back up to where it was. Who is going to buy this shit after getting burned by Super Bowl ads and celebs?
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@esaagar
@krystalball
Just wondering Saagar - have you ever been on a picket line in support of a union?
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@esaagar
yeah there was no stock market crash in 2008 either right if you were in it for the long haul?
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@hfreflection
The best analysts (who become PMs) are not necessarily the best managers of people or relationships is the main factor imo
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@BoutiqueBurnout
As someone who spends 20%+ of my time reviewing these papers, i actually think transaction costs are almost never the reason why academic research doesn’t have 1+ sharpe in practice. Much more often it is due to backttest over fitting via multiple testing
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Smart way to collect a bunch of bikini pics
you can tell how a woman founder’s startup is actually doing by looking at how many thirst traps she’s posting on twitter like if your early stage girlboss CEO is posting bikini pics I’d start polishing your resume asap
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Does this apply to all of the people who make $1 per hour in SE Asia who label training data for you?
Today we’ve formalized an important hiring policy at Scale. We hire for MEI: merit, excellence, and intelligence.
This is the email I’ve shared with our
@scale_AI
team.
———————————————————
MERITOCRACY AT SCALE
In the wake of our fundraise, I’ve been getting a lot of questions
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@ne0liberal
Most of the reason for low profit margins for grocery stores is that American consumers expect that all the items they want will be fully stocked at all times leading to grotesque food waste for grocery stores in the US.
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@itsmarkmoran
It’s really the people in the comments begging him to post hog that keeps his valuation afloat
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@litcapital
Industries with no societal utility often end up this way. Need to invent some kind of work hero culture in order to feign that you’re adding value to something other than collecting rents for the rich. Silicon Valley entrepreneurship culture is just another side of the same coin
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@benshapiro
Underlying conditions includes a lot of conditions Ben (obesity, asthma, diabetes, etc.). Very few people actually fall under the "no underlying conditions" category.
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@DougPolkVids
@TheRyanFeldman
@NickVertucciNV
I’m sure they will be impartial towards Garrett, who they have created an entire game around for the purpose of minting him money
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@ArbitrageAndy1
Yeah what has been going on other than rich finance weirdos on here talking about how bad inflation is
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@rev_avocado
I’m always wondering with whether people are confusing blackrock and blackstone? The vast majority of blackrock’s business is in simple mutual and index funds… blackstone however…
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@DougPolkVids
Who gets to decide ‘control’ then? Wtf does that even mean? If some anon account dunks on you and ratios you, maybe that means your post sucked.
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@privatebankass
Honestly this could easily dox this dude given how much detail you provided lmao
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@micah_erfan
@Noahpinion
Bro is this paper literally sponsored by the insurance industry lmao. Net income is a terrible metric! Esp given mix of for and not for profit. Doctor pay in the US is like 5x higher than other countries and employee comp reduces net income.
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@DougJBalloon
Is there a reason you stopped signing these with an author who would be likely to write such an article
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While I agree with Transportation Secretary Buttigieg's plans to hand responsibility of the NY subway to
@Uber
, I am unsure if it's right for a rat to make that call.
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@sadvalueinvestr
@HiddeMulder2
This is not pre fees. Their pre fee returns is probably close to double these figures.
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@litcapital
It’s to prevent low wealth retail investors from being scammed or participating in Ponzi schemes. While still risky options aren’t a scam. The idea is that it is harder to dupe accredited investors as they’re 1) more wealthy and thus less desperate and 2) are more sophisticated
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@bucketshopcap
@Astoria_Capital
This is another bias that extends from investing to recruitment. You wont look dumb hiring the Wharton 2+2 IBD/PE guy who ends up a dud. You *will* look dumb hiring the non elite background person who ends up a dud. Not all false positives are treated equally in hiring or mkts
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@accountable_gov
@mattyglesias
@ModeledBehavior
Yeah that’s how much I paid for my 2014 Toyota Prius with 40k miles. Which is the correct car to purchase if you don’t absolutely need a bigger car.
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@neeratanden
I respectfully agree that poor people should die if they can't afford their deductible as I'm overweight the healthcare sector.
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There are like 5 VC bros on here who have a combined NW of $10B+ who complain abt woke AI. You guys are welcome to simply shut up and fund your dream unconstrained right wing version of chatgpt. Seriously we’d all love to see and use it!
Theory: The more the AI is trained with the woke mind virus, the more the AI will notice the fatal flaws in the woke mind virus and try to slip its leash.
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@litcapital
How often if ever do these offers get rescinded? Will Apollo check references at the bank 1 yr down the line to see if analysts are performing well? What motivation is there to do anything but the bare minimum as an ibd analyst if you get such an offer
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@Noahpinion
Length of time to unmasked exposure is a key variable of probability of infection. It’s incredible that you, Matty Y and your ilk have presented yourselves as the facts and data guys when you’re really just a nerdy form of culture warrior
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@LizSimmie
There’s no point in interacting with the l*tquidity gang. It’s a bunch of idiots who know nothing about finance and sustain their existence by memeing about the lifestyle of entry level banking analysts in nyc. Their execsum news letter is Bloomberg front page regurgitated
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@NickatFP
Hedge funds are low beta or beta neutral so their alpha is less related to market conditions. This is incredibly valuable. A mean variance portfolio on historical returns to asset classes will have a large allocation to HFs
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@mcuban
@JakeMGrumbach
@TomKochan
@EconomicPolicy
maybe I’m misunderstanding so correct me if wrong. Isn’t a huge risk of this adverse selection? The set of people who will choose to sign up outside the union are likely to be majority “super users” of the insurance policy thereby driving up premiums for the entire cohort.
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@GmanPoker
I guess what I find indefensible is that you are withholding somebody else’s money on the basis of a hunch. It doesn’t really matter how confident you are in that hunch.
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This but unironically
JD Vance's wife isn't white?
That's how you know he's a real right wing extremist.
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@litcapital
Why would anyone hold any asset that has recently underperformed the S&P 500 then? Why ever hold a bond?
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@lacotter
@davidmellyruns
@karagoucher
The whole thing would be forgivable if NBC didn’t have a stranglehold on the broadcast. Kenyans + Ethiopians don’t get their own broadcast. They have to hear westerners butcher the names of athletes from their country and the detailed narratives of white ppl running 5 min slower
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@nope_its_lily
Even if inflation isn’t caused by “corporate greed”, it is still relevant to point out how corporate profits are doing. If corps are bringing in record profits, that reveals something is broken. The fix to what is broken isn’t going to be something corporations want!
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Chamath starting to introduce his “help the little guy” policy agenda for his governor run with a....... 0% capital gains tax rate lmfao.
Buffett once said: “It’s not about timing the market, it’s about time in market.”
There should be a step down in capital gains tax for individuals as they hold stocks. 20% per year decrease in cap gains tax. 0% after a five year hold period.
Incentivize long term behavior.
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@litcapital
The government’s responsibility is to take care of people not corporations. If you are advocating that the government ensure people are taken care of in the case of corporate malpractice that is cool! What you’re suggesting, again, is privatizing profit and socializing risk.
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@ne0liberal
Wouldn't this subsidize inefficiently run businesses that don't generate enough gross margin to pay their employees well? Raising min wage rewards quality businesses who have the margin to raise wages/are able to improve their product/service such that they can pay higher wages
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@InternetHippo
Excuse me check out twitter’s stonk on yahoo finance and you will find that it has a positive price to earnings ratio. That means it makes money. Checkmate.
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@veryfinanceguy
I’m pretty annoyed I didn’t come up w this tweet first when I have done legit research for a prior firm I worked for on this topic
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@katewillett
The good thing about finance people vs tech people is they know the bigotry towards them is fully justified
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Very obviously the best poster on this website rn
This is called being a Paid Data Influencer for a Snowflake $SNOW partner data tool. It’s a wealth transfer from middle and lower class pension funds to “Developer Advocates” and similar job titles where you flirt with users to gain more users and your boss trades this for
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Nice early fireworks display for the 4th of July. Nice way to cap off a week of new record highs for US stocks.
The Gulf of Mexico is literally on fire because a pipeline ruptured
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@hedgefundmafia
@GrandTokamak
Pure idio is expensive and DE Shaw is one of the few that provide it.
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@mcmansionhell
This doesn’t sound right. Did you also cancel the credit card? The only way this could happen is if you closed an older credit line thereby decreasing your average credit line age. Credit scores are bad but paying off your cc wouldn’t cause a score drop
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@ryxcommar
High interest rates and high government spending in obviously productive activities (transit, infrastructure, healthcare)
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Something fundamental people don’t get is that it is a mathematical triviality that all lower frequency strategies can be captured within a higher frequency strategy. You aren’t special or a more “real” investor because your estimation horizon is longer.
It’s simple:
Pods don’t care about ROIC or multi year investment cycles that lead to higher EPS in 3 years. They care about 2024 EPS & maybe figuring out 2025 guide before they actually guide
Marginal price setter = pods
Marginal price action drives quant response. Down we go
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@thejb_stan
The banks debt cap markets division lends w/ intention of marketing the debt to large investors. They make $ on fees selling the debt not from the interest income (unless they're forced to hold the debt on their books bcus they are unable to market it like in this case)
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