10 President’s Day Reads

3 day weekend! No worries, we have some morning reads for you:

• Some of the Oldest Companies in the Tech Industry Are Hitting Multiyear Highs (Slate)
•  The NYTimes could be worth $19bn instead of $2bn (Monday Note)
• Japan’s Weak GDP Belies Progress in Deflation Battle (Bloomberg)
• Meanwhile, at the “Best House in a Bad Neighborhood”… (Reformed Broker)
• Meet The “AAPL Trading Guru” Who Blew Through 99% Of His AUM, Ending With Just $32,362.84 (ZeroHedge)
• Volatility-product hitmen (Statistical Ideas)
• These Japanese Companies Have Stayed in Business for Over 1,000 Years (The Atlantic)
• The Primary Tactics Used to Influence Others (Farnam Street)
• New Particles Found at Large Hadron Collider (Scientific American)
• Worst Drought in 1,000 Years Predicted for American West (National Geographic)

What are you reading?



Overnight Versus Intraday Expected Returns

Source: Alpha Architect

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  1. RW commented on Feb 16

    WRT the National Geographic’s headline megadrought prediction, today’s QOTD seems apropos:

    “The financial markets generally are unpredictable. So that one has to have different scenarios.. The idea that you can actually predict what’s going to happen contradicts my way of looking at the market.” -George Soros

    Ditto climate change: The probability of severe drought in western North America is rising significantly as global climate warms but it is neither certain nor, even if it occurs, will its exact contours be known in advance.

    We can however make reasonable judgements about most likely scenarios based on the last time global climate was (nearly) this warm: the Medieval Warm Period and the view is not very promising; e.g., the far west was deeply parched certainly (Colorado River 15% below current flows) but very large swaths of the mid-west, from the Rocky Mtns to Oklahoma, from Texas to Saskatchewan, turned into sand desert (drill deep enough just about anywhere in Kansas and you’ll hit an ossified dune).

    • gman commented on Feb 16

      Yes, Markets and climates are chaotic in the mathematical sense!

  2. VennData commented on Feb 16


    Climate Science is not analogous to financial markets. Science is science. Trends occur that no amount of human/computer arbitrage will wipe away. Investing is not science.


    Science is something that is disprovable.

    • cowboyinthejungle commented on Feb 17

      VD, stick to your political tirades. “Science is something that is disprovable” is just nonsensical.

      Science is an approach to understanding the world. You cannot disprove an approach. Further, science is limited by both the boundaries of our collective experience and the circuitry of the human brain. Science is NOT a monolith. Good science is well-designed in execution and conservative in data interpretation. Much of institutional science these days does not meet these criteria, and people who would defend science as an unassailable whole are, at best, misinformed.

    • VennData commented on Feb 16

      Man, I don’t want no doctors of a certain age from Duke touching me.

  3. catman commented on Feb 16

    Thanks BR. One of my kids has got that old time religion and uses #9 almost exclusively to deal with her kids. Farnham St. post gives me a chance to present a few choices without letting my snark run riot.

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