A short 🧵and some fun GIFs at the end… Bravo to @justinaknope for cracking the explanation for Universa’s… dare I say fake returns. I had discussed this on @ritholtz MIB podcast but now we have confirmation: According to its January letter, an investor with 98% in the S&P 500… twitter.com/i/web/status/1… 2/ So, their 114% annual return calc is almost completely because a 60/40 plan gets to sell 38 of the 40, put 2 in Universa and then buy 38 more SPX. Here are a few problems with the logic: 1. That’s true for every tail fund - there’s nothing about Universa’s strategy that makes… twitter.com/i/web/status/1…

I’m so proud of my friend @RichardHurowitz for giving new life to the righteous! I will be glad to send a copy of this amazing book to the first 18 people who retweet this review. Kindly DM me your address. wsj.com/articles/in-th… twitter.com/i/web/status/1… 18 is done! Now, wouldn’t it be awesome if my offer was a modern catfish of this: smh.com.au/sport/how-us-m…