When it comes to investing, Lots of people take the curvy road. Lots of people are told to take the curvy road. Many have the curvy road taken for them. Which investing road will you take? https://t.co/LWX5zaYMjT

Here’s a hard truth about modern society. We don’t practice Capitalism anymore. Rather, for the last 40 years we’ve been conducting a horrific experiment called “neoliberalism”. And we’re near the terminal point in that experiment, a stage I’ve been calling metastatic market

If you’re spread across infinite universes, by all means, go full expected value. But if you’re stuck living **just** one life like the rest of us, maybe aim to not end up broke 90% of the time. Median matters, multiverse or not. I might disagree with its fatalistic conclusion

https://t.co/cEvsHIHA0Z

Stephen A Smith stuns the Bill Maher crowd into silence as he articulates how Democrats have no one left fighting for the American people: SAS: "The man was impeached twice, he was convicted on 34 felony counts. The American people still said 'He's closer to normal than what

The bull market continues and my book is officially the cheapest it's ever been. Get it here: https://t.co/axfLEbaBwW

Catch-24 You need a rational well-functioning mind to run for president If your mind is slipping, you should withdraw from the race You must have a rational well-functioning mind to realize you should withdraw from the race, therefore you should continue to run for president.

Do you understand Volatility Tax? Winning, optimizing, compounding: These are 3 main focuses for traders trying to optimize their way into super-performance but there is so much more going on under the hood. I invite you to study these 3 fantastic pieces of content on the

Moontower #227 (link to sub*tack in bio) The Worst Is Always In The Future refs: @paulg @FoundersPodcast @breakingthemark @investingidiocy @__paleologo

there’s an equity risk premium because if there wasn’t everyone would take a riskless rate which would then lower demand for equities, once again creating an equity risk premium

My only addition to @breakingthemark's superb list is aiming for a barbell strategy (equity funds + VC for me) Understand this 14-point decalogue and you'll be in the top 5% of investors

The charts in this piece do a great job showing how over-betting combined with time and repetition can lead to ruin.

"Lewis believes that SBF just got a little unlucky. But, in reality, SBF was always going to crash and burn, it was just a matter of time." New Post: Where Michael Lewis Went Wrong https://t.co/rEoJD5NoPz

I’m flattered. “ But I also think about a Twitter argument that Bankman-Fried had with Matt Hollerbach in 2020…”

It depends on how the ERP pays the “Premium”. I believe the book says it’s paid in arithmetic return. However the long term compound returns trend toward the the lower geometric return. If EM has higher volatility than DM (probably true), vol drag closes return gap long term.

Just Keep Buying has now sold over 100,000 copies worldwide. This was only possible because readers like you shared the word. So, from the bottom of my heart, thank you for reading. https://t.co/f6C2r8m0sV

"Conventional diversification analysis focuses on annualized standard deviation […], but long-term investors eventually care about compound terminal wealth. When we focus on terminal wealth, we find that many conventional wisdoms concerning diversification no longer hold."

Long-term investors measure growth rate, but eat compound wealth. We introduce the four determinants of portfolio’s terminal wealth difference to benchmark & probability of losing to benchmark. Compounding materializes the importance of diversification. https://t.co/FxaGhProd4

It's REALLY REALLY Good.

@Untiroalaire @breakingthemark

If I got @breakingthemark's post right, portfolio rebalancing (dark green line below the red arithmetic average) lessens the arithmetic-geometric mean inequality "gap" (aka volatility drag), thus making the geometric avg more ergodic.