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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Patrick McKenzie‏ @patio11 6 Jan 2019
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      Patrick McKenzie Retweeted Lisa Abramowicz

      Would have put all of the money on this result; it’s the most well-studied question in the world. You’d need titanic confidence to guess anything other than “Active-managed funds perform, on average, as well as the relevant market minus their management fee and taxes.”https://twitter.com/lisaabramowicz1/status/1082099207396306946 …

      Patrick McKenzie added,

      Lisa AbramowiczVerified account @lisaabramowicz1
      The most expensive actively-managed equity mutual funds are often some of the worst performing. https://www.wsj.com/articles/double-whammy-high-fee-mutual-funds-do-worse-11546630477 …
      1 reply 5 retweets 48 likes
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      Patrick McKenzie‏ @patio11 6 Jan 2019
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      I think “This is the most well-studied question in the world” is probably fighting words but I don’t think I’m exaggerating here: we have a constant tournament of tens of thousands of geniuses who take prizes denominated in billions of dollars if they constructively disprove this

      7:27 PM - 6 Jan 2019
      • 1 Retweet
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      • will wearing Nate Meyvis Keith Horwood Sven Slootweg Quien es mas Groucho Brandon Johnson Saku Panditharatne Baud'Dib
      4 replies 1 retweet 52 likes
        1. Sven Slootweg‏ @joepie91 6 Jan 2019
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          Replying to @patio11

          It's the original "built-in bug bounty".

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        1. Anthony Lloyd‏ @AnthonyLloyd123 7 Jan 2019
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          Replying to @patio11

          It's because it's a zero sum game. Just for fun good managers don't continue to be good over time. Stocks ~= Managers. Might as well go with an index unless you are a really good manager picker.

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        1. Craig Buchek‏ @CraigBuchek 7 Jan 2019
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          Replying to @patio11

          But sadly even the losers in the tournament are still taking home millions of dollars. So unless investors get a lot smarter, things won't change much.

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        1. Dave Branson Smith‏ @PlaysWithFood 7 Jan 2019
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          Replying to @patio11

          And take X% of billions even if they don’t disprove (where X is significant)! This is why we have so much data on the question. It also means they don’t have the same incentive to disprove as game with a penalizing negative outcome would. So the result is almost a self-fulfilling

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