1/ Global Assessment of the Impact of Masking on COVID-19: A Country Level Comparative and Retrospective Analyses Using the Richards Model (Mamun, Vejerano)

"Laboratory and modeling studies did not translate to a measurable difference in the real world."

europepmc.org/article/ppr/pp…
2/ "We are unaware of studies assessing masks’ effectiveness using real cases from multiple countries.

"The filtration efficiency of ordinary surgical (~12%) or cloth-based masks (~10%) is inferior to high-efficiency masks (≥95%). Aerosol leakage is also higher due to poor fit.
3/ "The Richards model can reasonably estimate the time when a phase shift occurs during an outbreak (turning point, ti), the infection rate (r), the exponential nature of the epidemic (α).

"It applies best for a curve consisting of a single high peak and a turning point."
4/ "Figure 2 is the map of the weekly infection rate. Countries like Faroe and Falkland Islands have yielded higher rates (1.71 and 2.24, respectively). We attribute this to an earlier turning point and a lower infection load compared to densely populated areas."
5/ "For North America, infection rates are higher for countries with a mask mandate than without masks."

NOTE: Here and in the figures that follow, it's possible that there are confounding variables involved.
6/ "Figure 4 is the map of the curve steepness in different countries. In North America, both mean and median α were higher for without mask-wearing countries. Comparison of α between countries with and without a mask mandate is depicted in the box plot in Figure 5."
7/ "Comparison of turning points between countries with and without a mask mandate across different regions is depicted in the box plot in Figure 7."
8/ "The sharp rise of COVID-19 infection cases amidst various public health interventions has led many countries to declare a national mandate on public masking. The conflicting result in the scientific literature and media outlets confound widespread adoption of masking."
9/ "But people wear masks imperfectly and inconsistently.

"The growth and dynamics of a pandemic are inextricably complex due to numerous variables, rendering prediction challenging.
10/ "We found no significant differences with r, a, and ti (Figures 3, 5, 7) between countries that did/did not mandate mask-wearing.

"A simple correlation analysis suggests that an early mask mandate did not result in a shorter turning point of country-specific COVID-19 cases."
11/ "The success in Bangladesh, Hong Kong, and Singapore cannot be generalized, potentially due to cultural, behavioral, and other factors that are difficult to identify.
12/ Caveats:

"Unawareness of airborne transmission may have driven the rise in cases despite masking mandates.

"Our analysis cannot disentangle the impact of other NPIs. It should also be interpreted within the context that data were acquired during the pandemic's early phase."
13/ "In general, laboratory and modeling studies on masks’ effectiveness did not translate to a measurable difference in the real world due to behavioral and other factors. Early masking mandates did not result in a shorter turning points of country-specific COVID-19 cases."
14/ Effectiveness of three versus six feet of physical distancing among primary and secondary students and staff


First Literature Review: Lockdowns Only Had a Small Effect on COVID-19


Lockdown Cost/Benefits
15/ Comments:

The results are compatible with masks working but mask _mandates_ not working.

This distinction has intuitive and empirical support. For example, Herby finds that mandated restrictions add little or no benefit voluntary changes in behavior:
16/ It's also possible that mandates are positively correlated with subsequent case growth.

Experts and policymakers don't have a great predictive track record (see below), but it would still be useful to see what effect, if any, this might have had.
17/ Bendavid et al. distinguish between less-restrictive and more-restrictive mandates. They find some potential benefit to less-restrictive measures (though controlled experiments need to be done to be sure) and no benefit to more-restrictive measures.

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More from @ReformedTrader

8 Nov
1/ How do you maximize compound returns?

A. Don't use too much risk.
B. Don't rely on bounce-backs.
C. Appropriate risk depends on expected Sharpe ratios.
D. Diversification increases Sharpes.
E. Hedge the (relevant) tails.

"Rule #1: Never lose money."
2/ A. Too much risk turns a positive average return into a negative compound return.

A stock that's up 100% one year & down 50% the next has an average return of 25%/year but compound growth (CAGR) of 0%.
$1000 * (1 + 1) = $2000; $2000 * (1 - 0.5) = $1000
3/ With 2:1 leverage, the account goes to zero.
$1000 * (1 + 1*2) = $3000; $3000 * (1 - 0.5*2) = $0

With half leverage, CAGR is 6.1%: positive again but not near the stock's average return of 25%.
$1000 * (1 + 1*0.5) = $1500; $1500 * (1 - 0.5*0.5) = $1125
Read 31 tweets
3 Nov
New SSRN papers: November 2021
(I haven't read these, but the abstracts look interesting.)

Redefining quality investing
papers.ssrn.com/sol3/papers.cf…

Inflation‐hedging properties of indirect real estate investments in Germany
emerald.com/insight/conten…

October:
Accounting for Cryptocurrency Value
papers.ssrn.com/sol3/papers.cf…

When Early Adopters Learn From the Followers: The Cryptocurrency Return Predictability of GBTC Discount and Premium
papers.ssrn.com/sol3/papers.cf…

Policy Opacity
papers.ssrn.com/sol3/papers.cf…
Synthetic Options and Implied Volatility for the Corporate Bond Market
papers.ssrn.com/sol3/papers.cf…

Governance by Persuasion: Hedge Fund Activism and the Market for Corporate Influence
papers.ssrn.com/sol3/papers.cf…
Read 5 tweets
30 Oct
1/ Does Living in California Make People Happy? A Focusing Illusion in Judgments of Life Satisfaction (Schkade, Kahneman)

"Self-reported overall life satisfaction was the same in both regions, though participants expected Californians to be happier."

web.mit.edu/curhan/www/doc…
2/ "When attention is drawn to the possibility of a change in any significant aspect of life, the perceived effect of this change on well-being is likely to be exaggerated.

"Paraplegics & lottery winners have many experiences that do not relate directly to their special status.
3/ "Once the situation in which they find themselves is no longer novel, people in these circumstances often (perhaps mostly) think of other things.

"College students were asked two questions: "How happy are you?" and "How many dates did you have last month?"
Read 14 tweets
28 Oct
1/ Did I Miss the Value Turn? (Arnott, Kalesnik, Wu)

"Value stocks remain priced at very attractive valuations across most regional markets—discounts in the bottom half of the cheapest decile. We may wait decades for another opportunity of this scale."

researchaffiliates.com/publications/a… Image
2/ "Value posted the worst drawdown in its history over the years 2017–2020.

"Value’s pre-pandemic drawdown in developed markets was slightly shorter than in the U.S. but was even deeper at 19%. In emerging markets, value continued to work until late 2018." Image
3/ "From Jan 2007 to Sept 2020 in the U.S., relative valuation moved from the most expensive quartile to the cheapest percentile; this explains more than 100% of value’s underperformance.

"Net of this downward revaluation, value would have beat growth by a respectable margin." Image
Read 17 tweets
25 Oct
1/ Fortune's Formula (William Poundstone)

"Even unlikely events must eventually come to pass. Therefore, anyone who accepts small risks of losing everything eventually _will_ lose everything. The compound return rate is acutely sensitive to fat tails."

amazon.com/Fortunes-Formu… Image
2/ "Looked at another way, a coin toss is physics. An event is random only when no one cares to predict it.

"Thorp discovered that he was able to guess approximately where the roulette ball would land: The wheel was slightly tilted. This made the ball favor the downhill side."
3/ "Money management is the tricky & all-important issue of how to extract the greatest profit from a favorable opportunity. You can be the world’s greatest poker player, but if you can’t manage your money, you’ll end up broke. Sadly, almost everyone goes broke in the long run."
Read 122 tweets
23 Oct
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!)
Read 4 tweets

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