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“The reason why Nancy Pelosi's returns are so consistently good is Reg FD does not apply to people in Congress.” - Chamath Sacks: “ To put up the kind of returns that Nancy Pelosi has done over decades is nothing short of miraculous.” Jason: “It's generational.” Travis Kalanick: “She's...

78,630 次观看 • 4 个月前 •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

1,307,997 次观看 • 6 个月前

Barack Obama ruined American healthcare and here are the facts “At the heart of the shutdown debate is whether or not Congress should extend these expanded temporary Obamacare subsidies. Here are 6 reasons why they shouldn't be extended - The first is that they cost almost half a trillion dollars. And at a time when we have $2 trillion annual deficits, we can't afford to throw more fuel on our fiscal bonfire - The second reason is that they're largely welfare for the well off. These credits can be claimed by people earning up to $600,000 a year. About a third of the cost goes to people over 400% of the poverty line. So they're simply not well targeted to people in need - The third reason is the subsidies are largely captured by insurance companies. The subsidy themselves goes directly to insurance companies and then it's captured in the form of higher price inflation and larger profits by these large insurance companies. - Fourth reason is that they fuel rampant enrollment fraud. More than 6 million people are improperly enrolled and millions more don't use the coverage that they're enrolled in, signaling that there's more people enrolled in the program than there should be - Fifth reason is that patients don't value the coverage. They only are enrolled because the federal government is covering 100% of of the cost for many people. And if the government only covered 90% of the cost, they would choose to spend their own money on something they value more. - The last reason is these subsidies were initially temporary on purpose. They were a response to the pandemic and the pandemic is over. And these are the reasons Congress should let these subsidies expire. They are expensive, they're not well targeted, and they fuel rampant fraud in our healthcare system.”

Wall Street Apes

77,528 次观看 • 10 个月前