I've spent some time researching covid mRNA vaccines of late, trying to parse a lot of the conflicting information we are receiving. My conclusions are as follows. Disclosure - I've been pro vaccine my entire life and never been part of the "anti vax" movement, nor am I atm.
Firstly - efficacy - the mRNA vaccines work. I'm convinced that if everyone in the world took them, the pandemic would very likely be end & covid would struggle to survive, including new variants given the very small level of DNA-level evolution (0.3%) in new variants.
For this reason, and given that everyone has an obvious interest in ending the pandemic, there is therefore very strong institutional support for getting everyone vaccinated as soon as possible.
However, I believe it is also true that the risks associated with mRNA vaccines has been unsold/suppressed, so as to not discourage people from taking them. My best assessment at this point is that about 1% of people that take the vaccine suffer non-trivial side effects.
Non-trivial includes everything from mild disabilities, up to (in rarer cases) serious and permanent disabilities and even death. This reflects the fact that the spike protein is - despite prior claims/expectations - migrating throughout the body and is "biologically active".
Now, covid-19 itself is also dangerous, and for older and more vulnerable populations, the risks of covid appear to outweigh the risks of the vaccine. However, as age scales down, the risk of serious illness from covid-19 declines *but vaccine risk appears relatively constant*.
Controversy has therefore started to emerge of late as we have started to vaccinate younger and younger people, which has collided with the higher-than-advertised risks of the mRNA vaccines, which is why dissenting voices have started to become louder.
The issue is complicated & fraught because (1) the evidence is increasingly suggesting that for younger persons, the risk of taking the vaccine outweighs the risk of covid; but (2) if everyone does not take the vaccine, covid-19 will never be eradicated.
So there is now a conflict between what might be in people's individual best interests, and what might be in societies' overall long term best interests. This is why doctors and qualified scientists are being censored because the powers that be do not want to thwart the latter.
All kinds of conspiratorial explanations have emerged to explain the coordinated suppression of evidence emerging about the risks of mRNA vaccines, particularly to children. The ethical people raising these concerns cannot conceive of how such a reaction would be possible.
... and so sometimes resort to conspiratorial explanations. They are all nonsense. The explanation lies in the fact that govts want to eradicate covid-19, and we have a long history of vaccines being safe and the anti-vax movement being a load of garbage.
However, mRNA vaccines *are* a novel approach to vaccination. Traditional vaccines inject an inactivated form of the virus into your body, whereas mRNA takes control of your cell's protein manufacturing apparatus and instructs your cells to manufacture novel proteins.
It is therefore wrong to automatically equate mRNA vaccine caution with traditional anti-vax movements. They are entirely different technologies. There is no question the mRNA vaccines are riskier and the data coming out on vaccine injury suggests the risks are non-trivial.
Importantly, China's Sinovac vaccine uses traditional methods of injecting an inactivated form of the virus. Efficacy is lower (about 50%), but serious side effects are almost zero and consistent with traditional vaccines, reflecting the use of traditional, time tested methods.
Sinovac is therefore a better choice for those of younger age where the risks of the vaccine may exceed the risks of covid - you get about a 50% reduction in covid risk but with little to no vaccine injury risk. However, systemically, it will not completely eradicate covid-19.
Personally, I am not yet vaccinated, but have decided to get the Sinovac vaccine, which I see as a better personal risk/reward. However, I do understand why authorities are pushing for mRNA vaccines and covid-19 elimination, and conflict between individual vs. collective interest
In addition, I would like to say that I think it ought to be a basic principle of ethical medicine that people (1) not be forced by govt to undergo any form of medical treatment; and (2) be given full and balanced information on the benefits & risks of any medical procedure.
While I can understand the "tragedy of the commons" arguments for information suppression, it is an ethical violation I find very difficult to stomach. I have never believed the ends justify the means and think there is a lot of danger in allowing govts to take this course.

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More from @LT3000Lyall

3 Jul
The left likes to describe the right as being "anti science". But what I have noticed is that in many/most cases, when they say "anti science", what they really mean is "anti authority". (thread).
It doesn't matter how decorated & qualified a scientist is; how well qualified they are to comment; and how compelling the substantive scientific arguments made are, if the conclusions go against the proclamations of a authoritative body, they will be deemed "anti science".
Where the left has a point is that in many cases, the consensus is right, and the fringe views of dissenting thinkers might be consistent with a less rigorous process; dubious incentives; or outright conspiracy mongering. However...
Read 10 tweets
26 May
I'm so tired of reading references to an oil "price war" between Russia and Saudi Arabia. There has never been any such price war. What there actually was was simply a disagreement amongst OPEC+ as to best strategy for dealing with global oversupply (continued).
Saudi Arabia believed OPEC+ should cut production to reduce global oversupply. Russia believed this would merely encourage more shale production and would thus be futile long term, and believed high-cost marginal US shale producers needed to bear the burden of supply adjustment.
This disagreement has been ongoing for several years, and continued early into the pandemic. However, after it became apparent how severe the near term demand impact would be from covid-19, Russia acknowledged a need for output reductions given the extraordinary circumstances.
Read 6 tweets
7 May
Afterpay & its cheerleaders love to highlight that BNPL increases merchant sales.

The reality is that whenever consumers increase their aggregate debt levels, whether by CC, BNPL, or other means, merchant sales increase. But consumers' leveraging up is not a sustainable boost. Image
If you give someone access to $500 in credit they didn't previously have, and they go and spend it, their spending will of course increase by $500 in the short term. However, they have to pay the $500 back, so it will reduce their future consumption. It simply pulls sales forward
The only other way in which it can boosts merchant sales is if they take market share off other merchants that don't offer APT. This cannibalistic benefit will only last as long as BNPL is not widely available. 100s of coys now offer BNPL services and that point won't take long.
Read 9 tweets
6 May
There are two aspects to investing: return and risk.

After a long bull market investors tend to forget about risk & focus only on return. This one a key reason why value investing tends to go out of favour, because value investing places a lot of emphasis on risk reduction.
An emphasis on a margin of safety, scrupulously avoiding overpayment, and being humble/realistic about the degree to which you can foresee the future, seems unduly conservative during boom times.
However, when the shit eventually hits the fan, which given enough time it always does, certain stocks & investors loaded up in them can see losses of 50-90%, and investors are reminded about the importance of risk. Value investing tends to then come back in vogue.
Read 8 tweets
6 May
Great research on NEA.

This is why for most companies, profits are important. Profits validate the narrative management is spinning - they prove the coy has a product customers are willing to pay for in a competitive marketplace, that is priced above the cost of provisioning it.
Anyone can grow a company by throwing money around and signing on customers at a loss, hoping to upsell them later. It's called buying market share. It's as old as capitalism. Only in rare situations is profitless growth a sign anything of genuine value is being created/exists.
If you're willing to lose more money than your competitors, you will grow/take share. But it's not a sustainable competitive advantage to have price < cost. It's a fake competitive advantage that leads to fake/false price signals in the marketplace.
Read 4 tweets
6 May
Afterpay traded sub $100 today, almost 40% off its highs. The APT gif brigade seems to have vanished.

Valuation still in loon down. While label solutions offered by merchants will crush margins long term. ADS is one company offering this functionality to merchants (long ADS).
"I'd like to pay with APT"

"Did you know our membership card can offer you the same BNPL terms, but you get free points you can redeem for 1% off your next purchase".

"Ok cool that works too".

BNPL is just rebranded POS consumer finance. Will be rapidly commoditized.
Merchants have every incentive to switch to offering white labeled solutions. They save on 4-7% merchant fee charged by APT; control the data collection on their customers; and share in the financing economics. They will still offer external BNPL but steer customers off it.
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