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slatestarcodex's profile
Scott Alexander
Scott Alexander
Scott Alexander
@slatestarcodex

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Scott Alexander

@slatestarcodex

I have a place where I say complicated things about philosophy and science. That place is my blog. This is where I make terrible puns.

slatestarcodex.com
Joined June 2013

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    1. Timothy B. Lee‏Verified account @binarybits 12 May 2017
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      This is correct. http://slatestarcodex.com/2017/05/11/silicon-valley-a-reality-check/ … It's also likely to get less traffic than peoples' Juicero hot takes.pic.twitter.com/2sVP1JcjW7

      1 reply 6 retweets 23 likes
    2. Scott Alexander‏ @slatestarcodex 12 May 2017
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      Replying to @mattyglesias @binarybits

      I don't think I said anything bad about Wall Street except that when they screw up it causes recessions.

      1 reply 1 retweet 3 likes
    3. Scott Alexander‏ @slatestarcodex 12 May 2017
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      Replying to @slatestarcodex @mattyglesias @binarybits

      I'm not an expert in econ but I'm not sure to what degree Wall Street creates values. The existence of some kind of loan-giving...

      1 reply 0 retweets 4 likes
    4. Scott Alexander‏ @slatestarcodex 12 May 2017
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      Replying to @slatestarcodex @mattyglesias @binarybits

      ...institution seems good, but I don't know how much hedge funds and weird derivatives add to that in a non-zero-sum way.

      1 reply 0 retweets 7 likes
    5. Scott Alexander‏ @slatestarcodex 12 May 2017
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      Replying to @slatestarcodex @mattyglesias @binarybits

      And I mean "don't know" literally - if some smart economist wants to tell me it's a lot, I'll consider believing them.

      1 reply 0 retweets 10 likes
    6. Peter Favaloro‏ @PeterFavaloro 12 May 2017
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      Replying to @slatestarcodex @mattyglesias @binarybits

      So the standard defense of hedge funds etc. involves a discussion of price signals as conveying useful info across parts of the economy. 1/

      1 reply 0 retweets 1 like
    7. Peter Favaloro‏ @PeterFavaloro 12 May 2017
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      Replying to @PeterFavaloro @slatestarcodex and

      For example, consider a fund trading oil derivatives. Say they notice something that's going to cause Brazil to consume more oil next year

      1 reply 0 retweets 0 likes
    8. Peter Favaloro‏ @PeterFavaloro 12 May 2017
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      Replying to @PeterFavaloro @slatestarcodex and

      The firm bids up oil price futures, causing oil companies to invest more in production and oil consumers to plan to reduce consumption. 3/

      2 replies 0 retweets 1 like
    9. Peter Favaloro‏ @PeterFavaloro 12 May 2017
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      Replying to @PeterFavaloro @slatestarcodex and

      That seems kinda useful. Theorists will tell you same applies to derivatives on currencies, interest rates, mortgage risk. At some point: 🤔

      1 reply 0 retweets 1 like
    10. Scott Alexander‏ @slatestarcodex 12 May 2017
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      Replying to @PeterFavaloro @mattyglesias @binarybits

      I agree that seems potentially useful, but is there any reason to think the right amount of resources are being allocated there?

      1 reply 0 retweets 1 like
      Scott Alexander‏ @slatestarcodex 12 May 2017
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      Replying to @slatestarcodex @PeterFavaloro and

      EG I've heard hedge funds don't outperform the market even though the people who run them make lots of money.

      2:59 PM - 12 May 2017
      • 3 Likes
      • Easton Smith Ovid 19 BC 🐮 Suprabhat Mondal
      3 replies 0 retweets 3 likes
        1. New conversation
        2. Scott Alexander‏ @slatestarcodex 12 May 2017
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          Replying to @slatestarcodex @PeterFavaloro and

          Also heard there are weird arbitrage opportunities via eg neutrino-based signals (see http://www.nature.com/news/physics-in-finance-trading-at-the-speed-of-light-1.16872 … ) You could get ...

          1 reply 0 retweets 1 like
        3. Scott Alexander‏ @slatestarcodex 12 May 2017
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          Replying to @slatestarcodex @PeterFavaloro and

          ...really rich off of this kind of thing, but it's unclear how doing that creates value. Is this the exception, or the rule?

          1 reply 0 retweets 0 likes
        4. 3 more replies
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        2. Salim Furth‏ @salimfurth 12 May 2017
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          Replying to @slatestarcodex @PeterFavaloro and

          This is sort of a silly argument. @slatestarcodex's point that Wall St can do a lot of damage when it messes up doesn't mean "Wall St Bad".

          1 reply 0 retweets 0 likes
        3. Peter Favaloro‏ @PeterFavaloro 12 May 2017
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          Replying to @salimfurth @slatestarcodex and

          I don't think it's an argument; we're just discussing what social value finance does and doesn't create. :-)

          1 reply 0 retweets 1 like
        4. 1 more reply
        1. New conversation
        2. Jake Baker‏ @bakerjake 12 May 2017
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          Replying to @slatestarcodex @PeterFavaloro and

          Two ways to make money on a hedge fund as the manager -- raise enough money to charge a ton of management fees or 1/

          1 reply 0 retweets 0 likes
        3. Jake Baker‏ @bakerjake 12 May 2017
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          Replying to @bakerjake @slatestarcodex and

          In any given year outperform in a way that triggers a share of success fees or carry (often 20% of profits above a threshold) 2/

          1 reply 0 retweets 0 likes
        4. 5 more replies

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