@JonathanTurley suggests the founders would not react so quickly against a president who led an insurrection. Washington led an army of 13,000 people against a small group of farmers who wouldn't pay their taxes on whiskey.

One founder actually did lead an insurrection. His name was Aaron Burr. He was arrested and charged with treason. He walked on technical reasons and was already out of office so impeachment was not the right option, but he ended up in exile for years afterward.

(Beautifully, while in exile Burr lived in a house on Craven Street in London.) Turley also says that Trump's incitement to insurrection was protected speech. This is beyond ludicrous and shows a lack of understanding of the law that would get him kicked out of any law school.

As Justice Oliver Wendell Holmes laid out in his famous ruling on this matter in Schenck v. United States in 1919 in which he said there was no right to falsely shout fire in a crowded theater...

"The question in every case is whether the words used are used in such circumstances and are of such a nature as to create a clear and present danger that they will bring about the substantive evils that Congress has a right to prevent."

How you know you've made it:

You get to stop doing business with assholes.

No asshole clients.

No asshole partners.

No asshole investors.

In the early days, when you're hungry, you have to do what you have to do.

Bend over backwards for customers.

Deal with disrespectful partners.

Take investments from folks who don't have the same vision as you do and bend the terms to their liking.

As you build enough experience and wealth this slowly shifts.

And you can start firing the bad customers.

Breaking up with the bad partners.

And buying out the bad investors.

This is different than F U money.

F U money is the next phase...

It happens a few million later when you become one of the assholes.

Tip:

Get F U money but don't become an asshole.

This transformation happens through leverage.

When we start, we have none. Others have it all.

You have no negotiation power because they have everything YOU need and YOU are a commodity.

An extensive yet super simple thread to understand the role of @RBI and how it uses 'Repo Rate' and 'Reverse Repo Rate' 👇🧵

You may bookmark this for further use.

#economy #RBI #financialliteracy

1. Let us first understand the role of Reserve Bank of India in managing the Indian economy.
There are two major elements of the Indian economy.

👉The Businesses:
They are the producers of the goods and services. Any business would be happy if it is growing and the prices of the goods and services sold are ever rising. They would be more interested in ‘Economic growth’.

👉 The Households: These are the people who are consumers and they spend the money to buy the goods and services which are sold by the businesses. Any consumer would be happy if the prices of the goods and services are low. Hence, they would be interested in ‘Less Inflation’.

2. As the prices of goods and services rise, there will be economic growth in nominal sense but then there will also be inflation which is perceived as a problem in developing countries like India.

1/ Still lots of questions about #RaastBySBP and how it's different from current online transfer mechanisms. People keep insisting it's the same as current digital payment switches, but it's NOT in a huge way! Read on and share so there is clarity...

2/ #RaastbySBP is not an app or a consumer product of any sort. It is the backend infrastructure or plumbing that is connected to EVERYONE (Banks, Fintechs, EMIs, etc) that allows for service providers to build consumer or business service on top of it.

3/ @StateBank_Pak in collaboration w @KarandaazPK is implementing the first few of those services (called use cases) by using RAAST platform to connect government departments to individuals it needs to make payments to. Bulk CDC payments of dividends to shareholders is the first.

4/ Bulk BISP payments to women will follow and then more use cases will be built by private sector to enable P2P payments, Business to Consumer payments and Consumer to Business payments. That capability built into Raast will enable what was previously not possible.

5/ Let me explain by example. Raast allows payments like the following:
From: Khurram@UBL
To: Fee@Aitchison
Amount: Rs 40,000
Roll Number: 12345
Bill Number: 67890
Date/Time: Monday, 14 Jan, 2021

I am just dumbing it down, the actual APIs will be different & allow more context.

The Review: GW 21 - A thread

Hi everyone, welcome to the latest edition of “The Review” where I reflect on the happenings of GW 21 with a look ahead to GW 22:

#FPL #FPLCommunity @OfficialFPL

(Data taken from @FFScout and @FFH_HQ with consent)

I’d like to share that the Fantasy5 had another winner and have now paid out £20k within 5 days! It’s free to enter, a lot of fun and potentially very rewarding. All you have to do is to pick 5 players who you think will beat their predicted

At this point, I’d also like to mention that I post about FPL on my Instagram too, so if you have an Instagram account, follow up here!

Q: In this section, I analyze the impact of Harry Kane’s loss on Spurs attack.

I know the sample size is small but what’s worth noting is that Spurs have created just ∼0.48 xG in the 130 minutes of football played since Harry Kane has been injured. The eye test seems...

... to back this up – Spurs look lethargic and out of ideas and hence it is no surprise that they haven’t created a single big chance since Kane’s injury. Son was playing more centrally and was Spurs’ most advanced player on the field v Brighton...

On November 25th, Jack Dick-weed sold TWTR options for $4.8M

The Megaphone Report for Wednesday, January 13.

Today’s report is an Oxford University / AstraZeneca vaccine special. First - Australians deserve the most expensive of vaccines.

The purchase of the vaccine is compared to the NBN rollout and corruption is suggested.

Corruption was a running theme connected to the AstraZeneca vaccine purchase - especially in relation to D. Sharma.

Brand shopping was another theme, with demands that Australians must have the best.

$TSM: Fueling the Future of Computing

Taiwan Semiconductor Mfg. Co. (TSMC) has become the leading manufacturer (fab) of semiconductor chips by capitalizing on a series of egregious missteps at $INTC

This is *not* a buy rec, but rather info for when it's actionable

A thread👇

1/ The Basics

The first "pure-play" foundry -> enabled the rise of the "fabless" (i.e. design-only) industry

A foundry ("Fab") manufactures microchips (integrated circuits "IC") for customers such as fabless chip companies.

Fab only = sole focus on better process technologies

2/ First Mover

The leader in chip mfg. is the fab that can get to the next “process node” first

Process Node (“Tech”): Used to indicate feature size of transistor - > now marketing tool for chip generation

As @GavinSBaker wrote in Jan '19, TSMC passed INTC at the 7nm node

3/ Market Overview

All electronics = powered by semis

3 Types of Companies:

1. Integrated Device Mfgs. (“IDM”): $INTC, KOSE: A005930, $TXN, $MU

2. Fabless: $NVDA, $AMD, $QCOM, $AVGO

3. Fabs: $TSM, $UMC, $SMICY, GF

Market Size: Semis power all electronics…

4/ Technology Advantage

Tech dominance while other foundries can’t keep up (GF dropped out at 7nm)

Tech advantage -> customer additions ($AMD from GF)

1) 5nm already in production
2) Specialty tech (5G)
3) Advanced Packaging

TSM: 52% market share

Manu leader + Ecosystem

Here’s what happened so far -- and how GOP is misreading.

Biden puts out $1.9 trillion relief bill, indicates he’s open to negotiation w/GOP and want’s bipartisan bill, while stressing urgency.

GOP slams it, pretty much says it’s dead on arrival. But...

…GOP doesn’t offer a counter-proposal/engage in negotiation. A typical McConnell move, and he’s clearly directing.

They expected that Biden would come back again with yet another pared down proposal, thinking we’re in 2009 or something.

But he doesn’t.

Instead, Democratic leaders indicate they’ll do it via budget reconciliation, 51 votes, if GOP doesn’t want to get aboard.

Biden reiterates he’d like it to be bipartisan, but if that’s the way it’s got to go, so be it.

No ifs, ands, or buts.

Susan Collins then faints on the couch — feels “betrayed.”

Betrayed for what? Not having a Democrat bow to her?

Of course she’s sent out as a McConnell stalking horse.

But that doesn’t work either.

So very concerned Susan Collins writes a letter to Biden with several other faux-moderate GOP senators, finally offering a counter-proposal because they’re desperate, their plan backfired and don’t want to be seen not signing a relief bill.

1.Evolution is our top pick heading into February. We assess the company’s moat and long-term growth rate as highly misunderstood and often viewed upon with, in our view, undeserved skepticism.

2.We view the acquisition of NetEnt as a rare combination of revenue and margin expansion with tangible opportunities to leverage upon. It is our understanding that Evolution will further strengthen the offering and move more towards becoming a one-stop-shop for operators.

3.With the help of NetEnt’s offering, Evolution will be able to penetrate new markets faster. Furthermore, we assess that Evolution, who are known for their innovation, will infuse new life into NetEnt’s own product line.

4.We also see synergies from the acquisition on the cost side. Evolution’s management is renowned for running a tight ship with a focus on profitability, something we got a glimpse of as they announced a large restructuring on the day of the acquisition.

5. In addition, from our research, Playtech’s largest competitive advantage compared to Evolution is its ability to offer more services than just live casino.

Would you start your career as a model validator in a major bank if you hope one day to become a front office quant?
@GARP_Risk @actuarynews
@Actuary_Dot_Org @actuarialpost
@iSixSigma @artemisbm @SOActuaries
@CQFInstitute @aier @CFAinstitute

Many Financial / Middle Office Risk and other Quantitative Economics/ Financial Market-led research roles interface at one level or the other across FIs.
I don't know if a bank uses Employee Rotation, to foster employee learning, training and development across the 3LOD Model?

But, most of the banks, in the Advanced Markets, to use job rotation as a tool, to disseminate professional knowledge and understanding of financial market operations, among their employees.

I started my career as a Derivatives Dealer in the front office, but later ended up in the Middle Office Risk Control Unit, and further onwards in my career, moved directly into the Front Office, as a Fund Portfolio Risk Controller

Model Risk Assessment and its Validation now exists as an independent function among most of the large banks, funds and insurance firms.

1/ Hey guys, remember that time Steve Bannon ran an army of game virtual currency miners in Asia, for sale to westerners at discount prices, arbitraging attention for profit?

That was

2/ “The company was founded by former child star Brock Pierce, and Bannon was an investor. Bannon managed to convince Goldman Sachs to plow $60 million into a company that sold imaginary goods in an imaginary world.”

In 2020, Brock Pierce ran for President. Guess who...

3/ was Pierce’s campaign manager?

Brittany Kaiser, the fake whistleblower who left Cambridge Analytica in late March 2018 — right *after* it blew

4/ Guess who was all excited about today’s $GME activity? Steve Bannon and Russia shill, Jack Posobiec. They called it a “populist uprising against Wall Street.” That’s cool... just leftists, Steve Bannon, and Russia shills cheerleading for the same stuff. It happens...

With $50-$500 dApp interaction fees, DeFi mainly just caters to the whales

Major DeFi apps launching on Layer 2 can 10x the number of DeFi users

2021 is the year it happens

But DeFi apps will be launching across a host of different L2s - zksync, Starkware, Optimism, Matic, etc

With long or costly exit times moving between L2 to L1 to a different L2 users don't get the real DeFi UX that make it so magical

Luckily, @thorchain_org exists

People talk about Thorchain in the context of connecting other L1s, but most L2s are separate blockchains themselves that can just as well connect to Thorchain

This means that if Thorchain bridges were built for say Optimism & zksync, users would not need to go through the cumbersome process of moving to L1 first and could instead trade their Optimism coin for the same version of that coin on zksync in one tx

And since transactions on L2 are fast and cheap, so would the transaction to transfer assets between those chains

The UX for moving between chains is dramatically simplified and Arbitragers/Market makers will ensure that the version of each coin is pegged across the L2s