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Patrick McKenzie
@patio11
, 4 tweets, 1 min read Read on Twitter
Extremely good article about automated marketmaking in houses, a la @Opendoor : medium.com/@byrnehobart/t…

I think this model is extremely likely to win, based on an existence proof in a few markets with >1% share of home sales plus the experience of the equities market.
Liquidity is, fundamentally, a thing which people urgently want to buy, and specialized providers of it will absolutely ROFLstomp every other participant’s offers.
A thing few people appreciate about equities: there are *almost no trades* between “natural” investors via stock exchanges, retail or institutional. No two investors can agree on a price/quantity/time down to the second on virtually any stock.
Liquidity providers (market makers, HFTs, etc) can not only agree on a price with any buyer or seller, they can agree with it on every equity listed on a public exchange, not just every second but every arbitrarily small subunit of a second.
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Patrick McKenzie
@patio11
I am actually glad this product exists; secured cards are very useful for getting adults onto US credit infrastructure and they’ve largely disappeared as a marketed offering from banks with good distribution, so you previously had to call around to find a place that would do them
It was very literally my job at one point to get (mostly Japanese) professionals onto US financial rails, and you want to set someone up in such a way that they can pass a credit check to e.g. rent an apartment.
The other majority case for this is someone who is newly financially independent, which is common for e.g. people who have recently moved away from parental support, divorced, etc.
Read 6 tweets
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Patrick McKenzie
@patio11
Somebody is going to Dollar Shave Club term life insurance.
The underlying product is, basically, almost perfect. The distribution for it is terrible.

The winner won't be the company with the best underwriting or widest range of insurable health histories, it will be the one that has people play their commercials to their friends.
Substantially every state has a regulatory regime where we pretend that insurance is complicated and can only be understood by the guild of commissioned sales agents, and the guild pretends it gives good advice.
Read 6 tweets
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Patrick McKenzie
@patio11
Always tough to guess underwriting policies from outside the building but I think that increasingly good, integrated IT systems and faster decision loops is causing some banks to try to get cozier with some customers than previously.
One of the reasons the FICO/credit report system works is that banks want to know what your total exposure is and, historically, they wanted to avoid having it concentrated on them.

This limits damage from a strategic default in event of a "bust out" situation.
I just opened 3rd card with a particular US megabank which is very aggressively trying to grow credit portfolio, and they were happy to increase their aggregate exposure to me to $SILLY, where they were concerned about that a few years ago.
Read 5 tweets

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Dannielle Blumenthal PhD
@DrDannielle
1) It's Bible Study Coffee Time!
2) This week we are reading
Primary reading - Emor: Leviticus 21:1 - 24:23
Supplemental reading - Ezekiel 44:15-31

chabad.org/calendar/view/…
3) Baruch Dayan Emet.
In Memory of Isaac Kappy (1977-2019), who passed away this week.

Born: February 17, 1977 (29 Sh'vat 5737), Albuquerque, NM
Died: English date: May 14, 2019 (Iyar 9, 5779), Bellemont, AZ
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Hampton Stall
@HamptonStall
Daily Mail ran a story yesterday about a 'border militia' forcing the surrender of 300 asylum seekers at the US-Mexico border, that I wanted to provide a few comments on:
dailymail.co.uk/news/article-6…
I wrote on this militia, the "United Constitutional Patriots" on @MilitiaWatch. I'm drawing a couple bits from there, but adding as well (I think it's a good place to start for learning more about them regardless) : medium.com/militiawatch/m…
The DM article discusses the armed group stopping around 300 asylum-seekers, an action they have been increasingly engaged in for a few months now. Here are some shots from March included in my piece of this exact threatening act:
medium.com/militiawatch/m…
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Richard James
@RichJamesBits
I have reached a whole new level of #PISSEDOFF.

I didnt think such a #dark and #scary state, or level, could be reached. It may top 12-14-17's causation. It's. That. Bad. So, I've prepared a statement...

docs.google.com/document/d/1_J…

#PascoSheriff #HaveYouAllNoShame @CigarCityBeer
Dear @FBI,
I must implore you ask your colleauges in @FBITampa to help research this new level of #PISSEDOFFNESS. As locals, they may offer a special indepth knowledge of this new level I have reached. This is not fair & law enforcement must #investigate. No one deserves this.
This is my #apogee of #Pissedoffness.
If #motherfuckers & #tears werent a noticable level.
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If #EVIDENCE, PROOF, or 30k Bonds didnt #WOW YOU.
If posting mom with no shred of investigatable value wasnt enough...
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Erin Gallagher
@3r1nG
La campaña digital contra #BertaCáceres y @COPINH: Una red de cuentas falsas tuiteó una campaña de desprestigio contra Berta Cáceres y COPINH, tres meses antes de que Berta fue asesinada. medium.com/@erin_gallaghe… mi investigación de 2017, ahora disponible en español. #BertaVive
Las cuentas falsas que tuitearon contra COPINH y #BertaCáceres en 2015 fueron muy parecidos a los JOHbots típicos, que también he documentado. Un hilo:
La mayoría de las cuentas que tuitearon esta campaña de desprestigio se han desactivado o fueron suspendidas desde que publiqué mi investigación original en noviembre de 2017, pero guardé capturas de pantalla. medium.com/@erin_gallaghe… Quién manejo estas cuentas? #JusticiaParaBerta
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Celeste P.
@Celeste_pewter
Morning all: If you're looking for links to watch this morning's testimony, start here.

twitter.com/i/broadcasts/1…
An alternative link: judiciary.senate.gov/meetings/nomin…
Candidly: we're not off to a good start. Clear bias as Grassley opens by stating there wasn't a "whiff" of allegations when Kavanaugh was investigated by the FBI, and scolds Feinstein for not revealing the letter. In front of Dr. Ford.

Please call your Senators. (202) 224-3121.
Read 105 tweets
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Jay McKenzie
@JamesFourM
Since you brought it up...

You know what connects Paul Manafort and (founder of the Federalist) Ben Domenech? Fact-Based Communications (FBC Media).

FBC media did PR disguised as journalism paid for by the Malaysian government. Ben Domenech was a subcontractor for that work.
👇👇Joshua Trevino worked for the government of Malaysia alonside Fact-Based Communications or FBC Media.

Trevino's subcontractor Ben Domenech made $36,000 from the arrangement.

They called what they were doing journalism. It was really a PR campaign.
buzzfeed.com/rosiegray/cove…
In 2011, the same year FBC Media worked their PR campaign in Malaysia, "two FBC principals led the work with Manafort: the firm's founder, longtime journalist Alan Friedman, and former CNN business news producer Eckart Sager."

cc @CheriJacobus @emlas
politico.com/story/2018/06/…
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