2/ "In winter (Jan–Mar) of 2020, COVID-19 explains 85% of the power sector reduction, the rest being attributed to exceptionally warm weather across much of the northern hemisphere.
"The total difference is the largest ever decline in emissions over the first half year."
3/ "The rebound is normal, especially in energy-intensive industries, in which industrial activities and infrastructure construction was suspended during lockdown. This could result in the shortage of industrial products and rebound of production after the lockdown is released."
4/ "The largest contributions to the global decrease in emissions in 2020 come from ground transportation and the power sector, with somewhat smaller decreases from the industry sector and the aviation sector. Further details of these sectoral changes are discussed below."
5/ "Some of the drop in China’s power sector emissions was due to warmer winter temperatures in 2020. The negligible differences in emissions during late January and early February of 2020 and 2019 are explained by the different dates of China’s Spring Festival."
6/ "Global heating demand in the first seven months of 2020 was down by -2.1% vs. 2019, owing to the abnormally warm northern-hemisphere winter condition. This estimate rests on the assumption that residential and commercial fuel consumption was driven mostly by temperature."
7/ "Our estimates of decreases in fossil and industry CO2 emissions are consistent with observed changes in NO₂ emissions, which are also mainly produced by fossil fuel combustion."
8/ "The absolute decreases in CO2 emissions are larger than any in history, including during the 2008–09 global crisis. An 8.8% relative reduction of emissions seems small when compared to the magnitude and extent of the disturbance of human activities that the COVID produced."
9/ "Long-term emissions decreases needed to achieve low targets must therefore be based on structural and transformational changes in energy production, de-carbonization of transportation, and improved building energy use efficiency rather than decreases of human activities."
1/ Moneyball: The Art of Winning an Unfair Game (Michael Lewis)
"Baseball was at the center of a story about the possibilities—and limits—of reason. It showed how an unscientific culture responds (or fails to respond) to the scientific method." (p. xiv)
2/ "A small group of undervalued professional players & executives, many of whom had been rejected as unfit for the big leagues, turned themselves into one of the most successful franchises.
"How did one of the poorest teams, the Oakland Athletics, win so many games?" (p. xi)
3/ "Hitting statistics were abundant & had, for James, the powers of language. They were, in his Teutonic coinage, 'imagenumbers.' Literary material. When you read them, they called to mind pictures. He wrote... 'To get 191 hits in a season demands (or seems to) a consistency...
3/ "Value, momentum & defensive/quality applied to US individual stocks has a t-stat of 10.8. Data mining would take nearly a trillion random trials to find this.
"Applying those factors (+carry) across markets and asset classes gets a t-stat of >14."
2/ "The model's four terms describe different life stages for an individual who marries during the sample period. The intercept reflects the average life satisfaction of individuals in the baseline period [all noncohabiting years that are at least one year before marriage]."
3/ " 'How satisfied are you with your life, all things considered?' Responses are ranked on a scale from 0 (completely dissatisfied) to 10 (completely satisfied).
"We center life satisfaction scores around the annual mean of each population subsample in the original population."
1/ Short-sightedness, rates moves and a potential boost for value (Hanauer, Baltussen, Blitz, Schneider)
…
* Value spread remains wide
* Relationship between value and rates is not structural
* Extrapolative growth forecasts drive the value premium
… robeco.com/en-int/insight…
2/ "The valuation gap between cheap and expensive stocks remains extremely wide. This signals the potential for attractive returns going forward."
3/ "We observe a robust negative relationship between value returns and changes in the value spread.
"The intercept of ≈10% can be interpreted as a cleaner estimate of the value premium, given that it is purged of the time-varying effects of multiple expansions & compressions."