"Yep, ignore the fact that hedge funds very literally do automated satellite surveillance of WalMart shopping carts to estimate their earnings before the quarterlies come out. You, too, can watch CNBC and noodle your way to superior-to-market returns!"
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s/shopping carts/parking lots/ ; sometimes the brain-finger connection doesn't work nearly as well as I wish it would.
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(The part a few paragraphs after the bit I excerpted is one of the core, penetrating insights about the nature of markets and the economy that makes that newsletter the best thing in its field, incidentally. Come for the insight, stay for the comedy!)
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"What do I know that others don't about this investment? What's my evidence that others don't know it? What evidence do I have that it trumps what others know?" These questions s'times can be answered by amateurs, in specific instances, & can lead to good choices. Otherwise, yes
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I think: 1) Sometimes amateurs know a hell of a lot about a tiny bit of the market 2) I’m not one of them. believing #2 makes me marginally more confident in #1
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@patio11@matt_levine Interesting characterisation of Michael Lewis' Flash Boys being about speed… my take away from it was how many of the market players were facitilating HFT against the interests of their own clientsThanks. Twitter will use this to make your timeline better. UndoUndo
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I think "footballers'" rather than "dentists". The playing field should indeed be level.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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