Sweden's elderly in 2020 recorded one of the lowest mortality rates in history.

Overall mortality rates in Sweden by age were excellent in 2020 and better than the 2015-2018 average mortality rates for nearly all age groups.

A deep dive into why 👇👇👇

Why are states in Nigeria not paid their share of the oil and gas earnings in the currency it was earned in, i.e., the United States Dollars (USD)?

Crude oil in Nigeria is owned by the Federation — the Federal, State, & Local Govt. Shared as follows: 13% is deducted & paid to the oil and gas producing States; next, the Federal Government (FGN) gets 52.68%; the States get 26.72%, & the Local Governments get 20.60%.

When Nigerian crude oil is sold, the proceeds are in USD and get paid to the NNPC/CBN/JPMorgan Account in the US. The Oil taxes, e.g., Petroleum Profit taxes, are also in USD and are collected by the Federal Inland Revenue Service and paid to the Central Bank of Nigeria (CBN

The same thing applies to the royalty bonus collected by the Department of Petroleum Resources (DPR) and paid to the CBN. The CBN then converts the USD sales proceeds to Naira.

The CBN and Ministry of Finance then fund Federal agencies like NEMA and the Consolidated Revenue Fund in Naira, even the 13% derivation is paid in Naira. In other words, while the CBN retains the USD, the Federal, States, and LGAs get Naira

A children's book explanation of what's happening:

1. If you are "smart money" you are allowed to take your $1 and leverage it up to $15+

2. You can now buy $15 of stock AND if you promise to short companies, you can short $15 of stock as well

3. In finance language, this means that you are $30 "gross" ($15 of longs + $15 of shorts) but $0 net (+$15 of longs -$15 of shorts). This makes everyone feel good because it feels like you are taking zero risk...but in reality, your $1 is exposed to $30 of risk.

4. Now you go around and tell your friends about both your longs and your shorts and when you do it at a restaurant vs on Reddit, its called an "ideas dinner".

5. You also publish your longs on a quarterly lag via an SEC rule. You don't have to tell anyone about your shorts.

6. Now the less cool people who weren't invited to the ideas dinners, start copying your longs based on your report.

7. You realize that publicizing your shorts is also a good idea so instead of only selling stocks, you also BUY options (puts) which has to be reported.

8. Now everyone can see both your longs and your shorts and if you have a hot hand, you can likely predict that the cool people from the dinner as well as the less cool people monitoring your filings will copy you.

9. But then an outsider notices that the math is way off!

What a privilege it was to host @Gautam__Baid for my first ever Twitter Spaces event along with @dadalife369 and @Finvents.

While we wait for the YouTube recording. Here are 8 of my biggest takeaways from today's session.

#investing

1 - Start by coming up with a portfolio allocation strategy based on your aims and objectives for investing. Include flexibility, tracking and rebalancing as part of your strategy.

2 - Learn from those who succeeded before you to ultimately develop your own investing style

Here are three books that influence @Gautam__Baid's investing style - They are some of the best books in investing along with Gautam's The Joys of Compounding.

3 - Develop a robust repository of sources from which you can generate investment ideas.

Here are the ones @Gautam__Baid uses.

It is a super-comprehensive list.

4 - Focus on the process as opposed to the outcomes. This is very important.

Developing a superior process leads to the repeatability of exceptional outcomes.

I devoured 50 years of Warren Buffett shareholder letters.

The result?

12 timeless principles from the greatest investor in the world.

Here are the golden nuggets🧵

The Orangutan Effect

"If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will exit thinking more clearly yourself."

Teaching others actually teaches yourself.

2022

The Faulty Premise Framework

“A horse that can count to ten is a remarkable horse - not a remarkable mathematician.”

Beware your comparison set.

Are you judging crappy relative performance or absolute results?

1985

Pick the Right Business Boat

The business boat you get into is more important than how effectively you row.

“When a brilliant management team tackles a business with a reputation for poor fundamental economics, the reputation of the business usually stays intact.”

1985

A Rising Tide Doesn't Lift All Bonuses

"Good performance should be rewarded whether Berkshire stock rises or falls.
Average performance should earn no special rewards even if our stock soars."

Judge for individual performance or risk free riding on group success.

1986