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Corey Hoffstein 🏴‍☠️ Profile picture
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16 Jun, 4 tweets, 1 min read
Sitting in the discord of an altcoin that went from $4 to $60 over the last week, and $60 to $0.25 in the last day.
"yes we're under attack from bots. Remember to buy the dip"
Update: price now <$0.01
Devs:

"Sorry guys
possibly we need to hire someone to analyze what happened"

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More from @choffstein

Corey Hoffstein 🏴‍☠️ Profile picture
28 May
Okay, new 🏴‍☠️ Pirates of Finance episode out.

We’re talking about ZED Run.

Which, on the surface, is just digital horse racing. But there’s some interesting design elements that invite some fascinating quantitative analysis…

Read on 👇

In ZED Run, horses are assigned to different classes and can only compete in races of their class (or the class above).

When a horse wins a lot, it is bumped up a class. When a horse loses a lot, it gets bumped down a class.
Right now, this is based upon a point system. Winning a race gives you +4 points and coming in 12th gives you -4 points.
Read 8 tweets
Corey Hoffstein 🏴‍☠️ Profile picture
26 May
Lots of chatter in Q1 about turning momentum – and that most ETFs would miss it because they don’t continually rebalance.

If they had, they would’ve allocated far more to Financials (and more to Materials, Energy, Industrials, Staples, and Real Estate).

To adjust an equal-weight momentum ETF portfolio (MTUM + JMOM + FDMO + VFMO), we could’ve the ETF exposures by 20% and allocated to a mix of the sector ETFs to.

Doing so would’ve added ~250bp in the last few months.
That blue line is:

2.5% XLB
2.5% XLE
7.5% XLF
2.5% XLI
2.5% XLP
2.5% XLRE
20% MTUM
20% FDMO
20% JMOM
20% VFMO
Read 4 tweets
Corey Hoffstein 🏴‍☠️ Profile picture
1 May
1/ 🧵 I spent the last week looking into the BTC futures basis trade (on the unregulated exchanges).

I thought I'd share some thoughts as to my findings...

👇👇👇
(Did I do that right?)
2/ 📉 First, what is it?

On FTX, the June 25th BTC futures contract (BTC-0625) is trading for $60,168. The underlying index price is $57,895.

The trade is to put up 1 BTC as collateral and short the futures contract, waiting for the spread to converge at expiration.
3/ And the annualized return of this trade is surprisingly juicy. Approximately:

(60,168 / 57,895) ^ (365.25 / 55) - 1 ≈ 29%

So juicy, you have to ask: "wait, why aren't more people doing this?"
Read 23 tweets
Corey Hoffstein 🏴‍☠️ Profile picture
10 Apr
New 🏴‍☠️Pirates of Finance episode out!

@JasonMutiny and I talk collectibles and have a special guest on to talk about the world of Scotch.

If you enjoy, please like, subscribe, and leave us a comment!

And if you don’t, let us know that too!

@JasonMutiny Some highlights…

1. UHNW investors have more money in collectibles than gold/precious metals.

(Are they just coming up with an excuse to buy what they want?)
@JasonMutiny 2. “What is a collectible?”

Beauty is in the eye of the beholder.

But it’s a pretty big and diverse space.
Read 9 tweets
Corey Hoffstein 🏴‍☠️ Profile picture
1 Apr
These new Morningstar quantitative ratings are hot garbage.

I’m getting negative scores for managing 10 funds and having $0 invested in my own fund.

Neither of those are true.

The fact this was released tells me M* still doesn’t realize the influence it has on the industry.
And that’s despite the fact there are papers documenting that changes in Morningstar’s rating methodologies have literally changed the very structure of cross-sectional returns in the market.

That’s POWER.
“But Corey, your SAI says you don’t have any money in your fund!”

First, I am an owner/operator. Different situation. Second, maybe I have it in another vehicle.

But I don’t. I literally have it in the fund. It’s just that the SAI is updated ANNUALLY.
Read 11 tweets
Corey Hoffstein 🏴‍☠️ Profile picture
13 Mar
In our latest video, @JasonMutiny and I explore the reflation trade.

- What is it?
- Where does the evidence stand?
- What trades might you consider in your portfolio?

Stuffed with graphs from JPM, GS, Nomura, and SocGen.
@JasonMutiny A few graphs and charts you’ll see:

Consumers have a lot of savings and are feeling pretty wealthy right now...
@JasonMutiny Real goods spending has recovered, but services not so much.

So is the consumer WILLING to spend, they’re just not being allowed to?
Read 10 tweets

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