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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 14 Jan 2018
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      An unpopular opinion: a mortgage backed security and the various derivatives built on top of the same are perfectly reasonable products; the only problems in 2008 were (massive) underappreciation/underpricing of credit risk.

      15 replies 10 retweets 130 likes
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    2. Patrick McKenzie‏ @patio11 14 Jan 2018
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      This belief causes me to be a little irked when people compare the cryptocurrency ecosystem to the 2008 financial crisis. How many homes did $PICK_A_COIN build?

      4 replies 3 retweets 27 likes
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      Patrick McKenzie‏ @patio11 14 Jan 2018
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      A related belief: financial engineering is a serious engineering discipline, contributes substantially to consumer welfare at all economic levels, and therefore should not be employed as a slur, particularly by engineers.

      11:00 PM - 14 Jan 2018
      • 5 Retweets
      • 77 Likes
      • cmp Buffering... Matthew Michihara unfortuNate (dad)jokes 🧙‍♂️ cstone Nestor G Pestelos Jr Saku Panditharatne Mike Marvin “Polymath but really Just Generalist” Liao
      7 replies 5 retweets 77 likes
        1. Patrick McKenzie‏ @patio11 14 Jan 2018
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          As long as I’m on the topic: the finance industry employs hundreds of thousands of technologists and, while engineers generally deride their level of competence, a single US investment bank ships more software for harder problems than probably every e.g. YC company combined.

          4 replies 17 retweets 106 likes
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        2. Clark H‏ @Clarksterh 15 Jan 2018
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          Replying to @patio11 @stucchio

          An awful lot of financial engineering is about creating the opposite of transparency or about things 10 layers divorced from real assets. Both of these are definitely bad.

          1 reply 0 retweets 1 like
        3. stucchio‏ @stucchio 15 Jan 2018
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          Replying to @Clarksterh @patio11

          MBS are directly related to repayment flows from mortgages. Modulo details, a AAA MBS tranch is "you get the first 70% of money repaid by this pool of borrowers". The B tranch is next 15%. Etc.

          1 reply 0 retweets 1 like
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        2. Taha Meli Arvas‏Verified account @TahaMArvas 14 Jan 2018
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          Replying to @patio11

          As a financial engineer and a “hard-science” engineer (biomedical engineering), I can tell you “real” engineers disparage fin eng because they don’t understand it, not because they view it as necessarily negative.

          1 reply 0 retweets 0 likes
        3. Taha Meli Arvas‏Verified account @TahaMArvas 14 Jan 2018
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          Replying to @TahaMArvas @patio11

          “Yeah, so Maiden Lane bought all the junk MBS type assets.” “Where did maiden lane get the money?” “From the Fed.” “Who owns maiden lane?” “The Fed.” “Where do the profits go?” “The Treasury” “What if they lose money?” “They can’t lose money.”pic.twitter.com/nFeB5HhMoV

          0 replies 0 retweets 2 likes
        4. End of conversation
        1. Colin Curtin‏ @perplexes 14 Jan 2018
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          Replying to @patio11

          And runs on CSV over FTP, literally the most reliable way I have seen two computers synchronize. HTTP (and RPC ilk) is hundreds of failure modes.

          0 replies 0 retweets 0 likes
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        1. Marsh Ray‏ @marshray 14 Jan 2018
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          Replying to @patio11

          When they build crap on rotten foundations (falsified paperwork) and unsound practices (cyclic dependencies via CDSs) we get to point and laugh.

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        1. wehavenocoins‏ @wehavenocoins 15 Jan 2018
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          Replying to @patio11

          Empirically this is debatable given the time frame. Futures and options, sure. Since then the evidence suggests not really. Finance has a function, right? Facilitate the real economy. Much of activity now goes towards speculative bets on the financialization of existing assets.

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        2. ダークソール‏ @DarkSoul4242 15 Jan 2018
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          Replying to @patio11

          You know, of late I feel both disciplines are more alike than one would think : infra admins do risk hedging by distributing it across several backends (simplest example is RAID), with several levels of contigency and disaster recovery plans.

          1 reply 0 retweets 0 likes
        3. ダークソール‏ @DarkSoul4242 15 Jan 2018
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          Replying to @DarkSoul4242 @patio11

          I had this thought when translating a visual novel game that dealt with ABS and other financial products with risk tiers/insurance, and it dawned on me that we infra engineers do pretty much the same thing.

          0 replies 0 retweets 0 likes
        4. End of conversation

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