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Darren 🥚 🐣 🕊️ Profile picture
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23 Oct, 4 tweets, 1 min read
Money gives you freedom, which can then be allocated toward one or more goals:
* not have a job any more
* simplify your business / align it with your values
* help others
* accept negative expected returns (big house, nice car)

(The fourth one may be more stuffy than it seems!)

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More from @ReformedTrader

Darren 🥚 🐣 🕊️ Profile picture
21 Oct
1/ Who Gets In and Why: A Year Inside College Admissions (Selingo)

"Applying has become a quest for the 'right' schools at any cost, though others offer top-notch educations w/ high acceptance rates.

"Success is about how, not just where, you go." (p.5)

amazon.com/Who-Gets-Why-C… Image
2/ "College admissions is not about you; it’s about the college. It’s not about being “worthy” per se; it’s more about fitting into a college’s agenda, whatever that might be.

In a given year, that might mean more full payers, humanities majors, and students from the Dakotas.
3/ "Sometimes the goals are narrower: a pitcher for the baseball team, a goalie for the soccer team, or an oboist for the orchestra. Many colleges give special consideration to applicants w/ deep, lasting connections to the school (e.g., children of alumni & employees)." (p. 9)
Read 122 tweets
Darren 🥚 🐣 🕊️ Profile picture
19 Oct
1/ Investor Demand for Leverage: Evidence from Equity Closed-End Funds (Dam, Davies, Moon)

"We document a strong negative relation between equity CEF fund leverage and associated discounts, indicating that investors pay a relative premium for leverage."

papers.ssrn.com/sol3/papers.cf…
2/ "Each year, we segment funds into two categories: pure equity and mixed-allocation funds. These categories are primarily based on Bloomberg classifications. We manually classify the funds that Bloomberg does not cover. The vast majority of our funds are purely equity-focused."
3/ "To prevent survivorship bias, we do not require funds to have the data from Bloomberg.

"When we use a binary indicator for whether a fund is levered, we set it to zero for funds not covered by Bloomberg. This is conservative (biasing in the direction of finding no result)."
Read 23 tweets
Darren 🥚 🐣 🕊️ Profile picture
18 Oct
1/ Market Maturity and Mispricing (Jacobs)

"In contrast to the widely held belief, mispricing associated with the 11 L/S anomalies underlying our composite ranking measure appears to be at least as prevalent in developed markets as in emerging markets."

papers.ssrn.com/sol3/papers.cf…
2/ Caveats: "Emerging markets appear to be comparatively under-researched. This likely has led to a better understanding of which factors truly have predictive power in more mature markets, and the Stambaugh, Yu, and Yuan mispricing score could be partly based on such variables."
3/ "Ranks are standardized to be uniformly distributed over the interval (0,1] in each country-month. A stock's composite rank is computed as the arithmetic average of its anomaly ranks.

"I rely on yearly (not quarterly) accounting data due to limited data availability."
Read 12 tweets
Darren 🥚 🐣 🕊️ Profile picture
18 Oct
1/ The Cancer Code (Jason Fung)

"The most important aspect of cancer progression is the growth pathways of the body, which are also the nutrient-sensing pathways. While there is more to discover, this new paradigm represents a huge leap forward." (p.311)

amazon.com/Cancer-Code-Re… Image
2/ "In medical research, opinions that dissent from the specified narrative are not welcome.

"John Maynard Keynes is quoted as having said, “The difficulty lies not so much in developing new ideas as in escaping from old ones.” " (p. 3)
3/ "From 1990 to 2002, 68% of the FDA approvals were for cancer drugs that did not necessarily improve life expectancy.

"The most common reason for approval is called the “partial tumor response rate:” the drugs were shown to shrink the primary tumor in volume by over 50%.
Read 32 tweets
Darren 🥚 🐣 🕊️ Profile picture
16 Oct
1/ Near-real-time monitoring of global CO2 emissions reveals the effects of the COVID-19 pandemic (Liu et al.)

"Global CO₂ emissions decreased by 8.8% in the first half of 2020 vs. the same period in 2019. The timing corresponds to lockdown measures."

nature.com/articles/s4146…
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."
Read 10 tweets
Darren 🥚 🐣 🕊️ Profile picture
15 Oct
1/ If Money Doesn't Make You Happy Then You Probably Aren't Spending It Right (Dunn, Gilbert)

"Drawing on empirical research, we propose eight principles designed to help consumers get more happiness for their money."

scholar.harvard.edu/files/danielgi…
2/ "The income-happiness correlation is positive but modest; this should puzzle us.

"Money allows people to live healthier lives, buffer against worry and harm, have leisure time with friends and family, and control their daily activities—all of which are sources of happiness.
3/ "Money is an opportunity for happiness, but people routinely squander it the things they think will make them happy often don’t.

"A sizeable literature shows that affective forecasts are often wrong. People’s mental simulations of future events are almost always imperfect.
Read 28 tweets

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