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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 24 Feb 2019
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      In “That’s cute from a product development perspective but how did your regulators sign off on it” news, a Japanese bank has just introduced a CD which you purchase before the season which pays 1% APR if an underdog wins, 0.50% if they take 2nd or 3rd, and 0.02% otherwise.

      4 replies 3 retweets 20 likes
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    2. Patrick McKenzie‏ @patio11 24 Feb 2019
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      I actually kind of love competing with sports betting and similar negative sum behaviors for banks, but I have to believe a lot of the serious people involved would not love that.

      2 replies 0 retweets 10 likes
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      Patrick McKenzie‏ @patio11 24 Feb 2019
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      I wonder whether the bank hedged their exotic exposure here with an insurance company? “Hey can you make odds on an underdog winning a sports season.” “Heavens no, sir, do you take us for bookies?” “Oh it’s not that we’d actually suffer a loss if they won.” “Oh in that case.”

      5:24 PM - 24 Feb 2019
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      3 replies 0 retweets 18 likes
        1. eschneider‏ @eschneider 24 Feb 2019
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          Replying to @patio11

          A well known furniture store in Boston used to do a "If the Red Sox win the series all purchases are free" sort of thing back before that started, you know happening and they had to pay out. Yes, they laid off the risk with a Lloyds of London type insurance policy.

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        1. Steve Canon‏ @stephentyrone 24 Feb 2019
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          Replying to @patio11

          There’s a furniture chain in New England where if the Red Sox sweep the world series, or pitch a no-hitter early in the season, etc, all furniture purchased in an interval the previous spring is free. Similar hedging questions.

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        1. Rich Folsom‏ @RichFolsom 25 Feb 2019
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          Replying to @patio11

          Sports teams take out insurance contracts hedging against the team losing, to protect e.g. revenues from hosting home fixtures. Insurance, not gambling, because pre-existing risk.

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