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macrocephalopod's profile
macrocephalopod
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@macrocephalopod

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macrocephalopod

@macrocephalopod

Paul Allen, Vice President M&A, Pierce & Pierce (Sie/Hir) | Vegan | Silence is Violence | Women’s Rights Are Human Rights | ACAB (Assigned Cephalopod At Birth)

Joined December 2020

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    1. Michael‏ @profplum99 6 Feb 2021

      Michael Retweeted

      Would argue it’s not about derivatives, but rather the assumptions about frictions. EMH requires nearly perfect liquidity (~infinite elasticity). Any violations eventually lead to NOPEville. https://twitter.com/nope_its_lily/status/1358084230895439873 …

      Michael added,

      This Tweet is unavailable.
      4 replies 6 retweets 63 likes
    2. Lily.wav‏ @nope_its_lily 6 Feb 2021
      Replying to @profplum99

      Wouldn't that be satisfied by the condition of finite liquidity?

      1 reply 0 retweets 3 likes
    3. Michael‏ @profplum99 6 Feb 2021
      Replying to @nope_its_lily

      Yes, just restating emphasis

      1 reply 0 retweets 5 likes
    4. Lily.wav‏ @nope_its_lily 6 Feb 2021
      Replying to @profplum99

      This is an econ paper in the making unless a French quant beat me to it

      2 replies 0 retweets 15 likes
    5. Mark Gutman‏ @MarkGutman9 6 Feb 2021
      Replying to @nope_its_lily @profplum99

      Why do you say that EMH require infinite liquidity? Assets can reprice even if no trades occur.

      1 reply 0 retweets 5 likes
    6. Michael‏ @profplum99 6 Feb 2021
      Replying to @MarkGutman9 @nope_its_lily

      EMH requires “An efficient market is characterized by a perfect, complete, costless, and instant transmission of information.”

      2 replies 0 retweets 6 likes
    7. Mark Gutman‏ @MarkGutman9 6 Feb 2021
      Replying to @profplum99 @nope_its_lily

      Yes - the key question is the lack of friction in access/transmission of information, not so much about liquidity. For example, a $1mm house is worth zero if it burns down because it's obvious that it's no longer there. No trades have happened in the interim.

      2 replies 0 retweets 3 likes
    8. Lily.wav‏ @nope_its_lily 6 Feb 2021
      Replying to @MarkGutman9 @profplum99

      I think that might be more of a semantic point though. Imagine the house was put in a black box where you couldn't see it until you tried to sell it.

      3 replies 0 retweets 4 likes
    9. Lily.wav‏ @nope_its_lily 6 Feb 2021
      Replying to @nope_its_lily @MarkGutman9 @profplum99

      Information about the true worth not withstanding, the smallest unit of time you can really say the valuation of something changes is when a transaction occurs IMO

      2 replies 0 retweets 1 like
    10. macrocephalopod‏ @macrocephalopod 6 Feb 2021
      Replying to @nope_its_lily @MarkGutman9 @profplum99

      This is obviously not true. Quotes provide information about value, not just trades (real world example — a futures exchange will demand margin from you based on the contract settlement price, which they can determine *even if no trades occur*)

      2 replies 0 retweets 4 likes
      macrocephalopod‏ @macrocephalopod 6 Feb 2021
      Replying to @macrocephalopod @nope_its_lily and

      As @MarkGutman9 says the key assumption of EMH is frictionless transmission of information, not frictionless trading. You can have an efficient market (in the sense of EMH) in the presence of transaction costs and market impact.

      2:32 PM - 6 Feb 2021
      • 1 Like
      • Mark Gutman
      0 replies 0 retweets 1 like

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