Darren 🥚 Profile picture
Feb 3 23 tweets 8 min read
1/ Evidence for Community Cloth Face Masking to Limit the Spread of SARS‐​CoV‑2: A Critical Review (Liu, Prasad, Darrow)

"The clinical evidence of mask efficacy is of low quality. The best available clinical evidence has mostly failed to show efficacy."

cato.org/working-paper/… Image
2/ "Aerosol transmission has been demonstrated or is considered likely for SARS-CoV, Middle East Respiratory Syndrome (MERS), H1N1, & respiratory syncytial virus. A growing body of laboratory, animal, & clinical evidence suggests SARS-CoV-2 is also spread via this mechanism." ImageImage
3/ "Most studies evaluating as-worn efficacy compare the number of particles collected inside/outside a mannequin head’s mask. Under these conditions, cloth masks have highly variable filtration qualities.

"Surgical masks outperform cloth masks but still have variable results." Image
4/ "Only two randomized controlled trials have evaluated the efficacy of cloth masks against COVID-19.

"A Danish study found no stat. significant difference between a group receiving a recommendation to wear a surgical mask outside the home vs. control."

ImageImage
5/ "A high-quality, cluster-randomized study of 342,000 adults spread across 600 villages in rural Bangladesh found that surgical masks reduced symptomatic seroprevalence rates by 0.09% vs. controls but that cloth masks did not offer a statistically significant rate reduction." Image
6/ "The remainder of the available clinical evidence is primarily limited to non-randomized observational data, which are subject to confounding."
7/ "In addition to the two RCTs in the COVID-19 setting, at least 14 RCTs have assessed the relationship between mask-wearing and other respiratory infections.

"Four of the 5 RCTs examining mask-wearing in communal settings failed to find statistically significant results." Image
8/ "All 8 RCTs examining face masks in household settings failed to find stat. significant results in intention-to-treat analyses.

"Two RCTs looked at facemasks as source-control measures to prevent secondary infection in household settings. Neither reported protective effects." ImageImage
9/ "A household RCT in Australia attempted to determine the protective effect for the wearer and found no sig. differences in secondary ILI infection at the individual level.

"5 RCTs evaluated mask wearing by all household members on secondary infection rates, w/ mixed results."
10/ "RCT evidence of face mask efficacy in healthcare settings is limited.

"Although surgical masks are worn during surgery, multiple studies have reported that the use of surgical masks as source control in operating theaters has not proven to reduce surgical site infection." Image
11/ "At least ten studies compare the clinical efficacy of types of masks, but without a no-mask control group, most provide little insight.

"A recent review found that evidence that N95s protect healthcare workers from clinical respiratory infections at all is 'low quality.'
12/ "We identified 32 systematic reviews/meta-analyses evaluating community masking against respiratory viral transmission. Of 16 quantitative meta-analyses, 8 were critical or equivocal as to whether existing evidence was sufficient to support a public recommendation of masks. ImageImageImageImage
13/ "The remaining 8 supported a public mask intervention on the basis of existing evidence primarily due to the precautionary principle—i.e., based on the assumption that masks might help and are unlikely to harm—and on the basis of observational or other indirect evidence.
14/ "Of the 15 solely qualitative reviews identified by the authors, 7 concluded that evidence for community masking was weak. Seven cautiously concluded that mask benefits outweigh risks in various settings, often conceding that the evidence was only of low to moderate quality.
15/ "One unequivocally concluded that facemasks were beneficial.

"Despite their varying conclusions, these 15 qualitative reviews are largely redundant and chiefly evaluate evidence already discussed above.
16/ "The meta-analyses largely analyzed the same RCTs but used different methodologies and sometimes included different non-RCT observational studies. None considered the SARS-CoV-2 virus specifically, and most looked at surgical––not cloth––face mask use in community settings."
17/ "Although some evidence suggests masks may actually cause harm, such as breathing difficulties, psychological burdens, impaired communication, skin irritation or breakdown, and headaches, the most concerning potential harm to health is an increased rate of disease spread.
18/ "A number of studies have found higher point estimates of infection among mask wearers, some of which were statistically significant. ImageImage
19/ "The World Health Organization has noted the possibility that mask wearing could accelerate disease spread by providing a false sense of security that induces individuals to forego standard sanitary measures, although this concern is contested and the evidence is mixed."
20/ "Taken as a whole, the available mechanistic and clinical evidence leaves substantial uncertainty as to whether, to what extent, and under what circumstances community-wide use of cloth face masks helps to reduce infection rates of SARS-CoV-2.
21/ Regardless of images shown by the media, "droplet-based surrogates of efficacy have not been demonstrated to correlate with infection outcomes and therefore fail to show that masks reduce the spread of respiratory illness.
22/ "It is also not clear that mannequin studies adequately replicate real-world conditions even as to the surrogate of droplet transmission.

"Resources devoted to mask utilization & enforcement might be deployed to greater benefit via alternate interventions like vaccination."
23/ Media Slant is Contagious


Is Newspaper Coverage of Economic Events Politically Biased?


Polarizing impact of science literacy and numeracy


When face masks signal social identity

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More from @ReformedTrader

Feb 4
1/ A Wandering Mind is an Unhappy Mind (Killingsworth, Gilbert)

"A human mind is a wandering mind; a wandering mind is an unhappy mind. The ability to think about what is not presently happening is a cognitive achievement that comes at an emotional cost."
wjh-www.harvard.edu/~dtg/KILLINGSW… Image
2/ " “Stimulus-independent thought” or “mind wandering” appears to be the brain’s default mode and allows people to learn, reason, and plan.

"Unfortunately, collecting real-time reports as people go about their daily lives is cumbersome and expensive.
3/ "Such experience sampling has rarely been used to investigate the relationship between mind wandering and happiness and has always been limited to very small samples.

"We solved this problem by developing aWeb application for the iPhone that contacts people at random moments.
Read 13 tweets
Feb 4
1/ The Great Inflation, Factors, and Stock Returns (Stanhope)

"Equities as a whole may not welcome high rates of inflation, but certain stock selection factors have shown resilience in periods of rising prices."

canvas.osam.com/Commentary/Blo… Image
2/ "During the Great Inflation era (1965-1982), inflation annualized at 6.5%. While comparisons to our current situation are tempting, the structure of the global economy and monetary, fiscal, energy, and labor policies are dramatically different." ImageImage
3/ "Inflation is a ‘tax’ on revenues, not profits.

"High taxes in high-inflation regimes can push the effective tax rate above 100%, leading corporations to rack up expenses to reduce pre-tax profits.

"Current corporate tax rates should not exacerbate inflationary forces." Image
Read 7 tweets
Feb 4
1/ Modern Endowment Story: A Ubiquitous United States Equity Factor (Ennis)

"Endowments' overwhelming exposure to the U.S. equity market over the most recent 5–7 years raises important questions regarding risk tolerance and diversification."

papers.ssrn.com/sol3/papers.cf… Image
2/ Over the most recent six years, the NACUBO equal-weighted composite of large endowments has had a beta to the benchmark of 1.0 and R² of .998. This is a dazzlingly tight fit, considering that the independent variables are restricted to fully investable, broad market indexes." ImageImageImage
3/ "The U.S. equity market risk premium is embedded in the principal asset classes that endowments employ. (I make no attempt to adjust for the return smoothing characteristic of private markets. The correlations and betas would no doubt be greater if I had done so.)" Image
Read 9 tweets
Feb 3
1/ Putting a price tag on friends, relatives, and neighbours (Powdthavee)

"Using the British Household Panel Survey, I find that an increase in the level of social involvements is worth up to an extra £85,000 a year in terms of life satisfaction."

researchgate.net/publication/22… Image
2/ "While there is substantial evidence that people with strong social ties tend to report higher levels of happiness and satisfaction, this article will be one of the first to compare this impact to the impacts other occurrences in our lives." ImageImageImageImage
3/ "Think of a person who derives satisfaction from spending time with friends and also enjoys money. In principle, it is be possible to calculate exactly how the time spent with friends is worth in terms of income: a valuation for social relationships." Image
Read 21 tweets
Feb 2
1/ When Genius Failed: The Rise and Fall of Long-Term Capital Management (Roger Lowenstein)

"If there was one article of faith that John Meriwether had discovered at Salomon Brothers, it was to ride your losses until they turned into gains."

amazon.com/When-Genius-Fa… Image
2/ "He often bet that a spread—say, between a futures contract and the underlying bond, or between two bonds—would converge.

"Occasionally, other investors might get scared and withdraw, causing spreads to widen further and causing Meriwether to lose money, at least temporarily.
3/ "But if he had the capital to stay the course, he’d be rewarded in the long run, or so his experience seemed to prove. Eventually, spreads always came in; that was the lesson he had learned from the Eckstein affair, and it was a lesson he would count on, years later, at LTCM.
Read 32 tweets
Feb 2
1/ COVID-19 Vaccination in Children and University Students (Ioannidis)

"Given the extremely low rates of COVID-19 fatalities and of vaccine fatalities in children and adults under the age of 29, nonfatal outcomes matter a lot in decision-making."

onlinelibrary.wiley.com/doi/pdf/10.111… Image
2/ "773 U.S. college campuses as of August 24, 2021 have issued vaccination requirements for at least some students or employees, but details, target groups and stringency of rules vary remarkably.

"European universities generally encourage vaccination without mandating it."
3/ "Young people can be major drivers of active epidemic waves (in terms of their share in numbers of documented cases). However, opposite arguments also exist, e.g. that vaccinating the youngest age strata may shift infection to higher ages with higher case fatality." Image
Read 12 tweets

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