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Dan Loeb started Third Point with $3 million. it's now $24 billion. when asked which books shaped how he invests, he named four, each one representing a different phase of his evolution as an investor: phase 1. event-driven deep value: "You Can Be a Stock Market Genius" by Joel...

58,194 просмотров • 16 дней назад •via X (Twitter)

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JUST IN: Chamath Palihapitiya makes a big claim that Warren Buffett’s insane pre 2000 returns may have benefited from access to information asymmetry not available to the public Here's what he had to say: "In 2000, we introduced the law called Reg FD. And what was the point of Reg FD? It was basically that if you're a CFO, you cannot talk to an individual stock manager and tell him something that you then don't tell everybody else. Essentially inside information. That used to be not illegal. I won't say that it was legal. I would just say that used to be not illegal. You call your CFO buddy, he says, "hey, how you doing?" He goes, man, "Quarter was a blockbuster." You would go and buy the stock. And starting in the 2000s, it became illegal. And there used to be these networks of information arbitrage that took advantage of this. Now, this is an example of Warren Buffett's returns, pre and post Reg FD. Now, what do you see? His returns were double the market returns when this kind of information sharing was legal. And the minute that it became illegal and you had to basically act on the same edge as everybody else, his returns went to the market return. He generated zero alpha. In fact, he probably on the margins lost a little bit. So this is the single best investor in the world. This is what happens when you have information symmetry. So it's just meant to explain that markets when there's asymmetry. Billions and billions of dollars will be made in asymmetry. The prediction markets today, unless they are regulated out of existence or shut down, will look like the stock market pre-Reg FD."

Triple Net Investor

1,307,071 просмотров • 4 месяцев назад

On Friday, Bill Maher asked me if what happened with Biden at the disastrous debate with Trump was the same story as the Emperor's New Clothes. Me: The story of the Emperor's New Clothes is a story about common knowledge, because when the kid blurted it out, he actually wasn't telling anyone anything they didn't already know. They could see the Emperor was naked. But he still changed their knowledge, because by blurting it out with an earshot of the others, now everyone knew that everyone else knew that everyone else knew that everyone else knew. And what that allowed them to do is change their relationship with the Emperor, from obsequious deference to ridicule and scorn. And the thing about common knowledge in the social realm is that it's what props up our social relationships. And so when something is blurted out, then it can change everything. It changes the nature of your relationship with someone. Maher: And we do have sort of a modern version of the Emperor parable, which is Joe Biden. I mean, he was the Emperor who everyone wouldn't say had lost his marbles. I mean, is that not really the same story? Me: It is the same story, because opinion polls showed that after that disastrous debate with Trump, the number of people who thought that he was cognitively impaired didn't go up by that much. It went up by a few percentage points. But before, a majority of people thought that he was cognitively impaired. The difference is, when it's on TV, where you're watching it, you know that the rest of the country is watching it, you know the rest of the country knows the rest of the country, it's no longer private. It's common. And that's when he was challenged. That was the end. Bill Maher Real Time with Bill Maher

Steven Pinker

272,948 просмотров • 9 месяцев назад