@jay_21_ (1) Shorts must always be very small. Max 1.5-2.0% for large cap structural decliners. 20-40bps for frauds and promotes.
@jay_21_ (2) No hero shorts.
@jay_21_ (3) Wait for things to crack before putting a position on in any type of size (which for a short, is still very small). $700 to $0 and $200 to $0 are both 100% returns.
@jay_21_ (4) Must be willing to cover aggressively if going against you. After cracking, need to be willing to add on the way down (particularly for promotes or frauds).
@jay_21_ (5) Don’t short great companies and don’t short hyper growth companies. Maybe there can be some exceptions if your long book is heavily exposed to these factors (quality / growth).
@jay_21_ (6) Having to keep a fixed % of the portfolio short (potentially in order to justify fees in L/S fund) is dangerous. Leads to getting into crowded shorts or having to short indexes. Shorting seems to be best when done opportunistically.
@jay_21_ (7) Avoid high short interest names / keep them very very small / buy way OTM calls as a hedge.
@jay_21_ (8) Be very careful with equity stubs. Treat them as you would high short interest / hyper growth companies.
@jay_21_ (9) If you find yourself thinking about a short first thing in the morning / watching the ticks during the day - you are likely too big.
@jay_21_ (10) MOST IMPORTANT. At the end of the day, the only point of selling short is to enable you to safely get a little more long. Key word is safely. Short book is float. You should think of it as insurance underwriting. Portfolio management and avoiding large losses is priority #1.

More from For later read

Hi @EdinburghUni @EHRC @EHRCChair @KishwerFalkner @RJHilsenrath @trussliz @GEOgovuk

The DIVERSITY INFORMATION section in yr job application mentions 'legal equality duties'. You then ask "What is your gender identity?" with options

Female
Male
Non-binary
Not-listed
Other

1/13


'Gender identity' is not a protected characteristic under the Equality Act 2010 and is not defined in the Act.

https://t.co/qisFhCiV1u

2/13


Sex is the protected characteristic and the only two possible options for sex are 'Female' and 'Male' as defined in the Act and consistent with biology - 'non-binary' and 'other' are not valid options.

https://t.co/CEJ0gkr6nF

'Gender identity' is not a synonym for sex.

3/13


You then ask "Does your gender identity match your sex registered at birth?"

4/13


Again, 'gender identity' is not a protected characteristic under the Equality Act 2010 and is not defined in the Act.

https://t.co/qisFhCiV1u

5/13
I’ve been frustrated by the tweets I’ve seen of this as a Canadian. Because the facts are being misrepresented.

We’re not under some sort of major persecution. That’s not what this is. A thread. 1/8


This church was fined for breaking health orders in Dec. They continued to break them. So the pastor was arrested and released on conditions of... you guessed it, not breaking health orders. And then they broke the health orders. 2/8

So then he was arrested and told he couldn’t hold church services in person if he was to be released. He refused. He’s still in custody.

Here is my frustration as a Christian in Canada:

1. They were able to gather, with some conditions. They didn’t like those. 3/8

2. He is not actually unable to preach. He is just unable to hold church services because they broke the conditions given by the public health office in Alberta. He says he can’t in good conscience do that, so they are keeping him in jail (because he will break the law). 4/8

3. This is the 1st article of The Canadian Charter of Rights and Freedoms: “guarantees the rights and freedoms set out in it subject only to such reasonable limits prescribed by law as can be demonstrably justified in a free and democratic society.” 5/8
Excited we finally have a draft of this paper, which attempts to provide a 'unifying theory' of the long economic divergence between the Middle East & Western Europe

As we see it, there are 3 recent theories that hit on important aspects of the divergence...

1/


One set of theories focus on the legitimating power of Islam (Rubin, @prof_ahmetkuru, Platteau). This gave religious clerics greater power, which pulled political resources away form those encouraging economic development

But these theories leave some questions unanswered...
2/

Religious legitimacy is only effective if people
care what religious authorities dictate. Given the economic consequences, why do people remain religious, and thereby render religious legitimacy effective? Is religiosity a cause or a consequence of institutional arrangements?

3/

Another set of theories focus on the religious proscriptions of Islam, particular those associated with Islamic law (@timurkuran). These laws were appropriate for the setting they formed but had unforeseeable consequences and failed to change as economic circumstances changed

4/

There are unaddressed questions here, too

Muslim rulers must have understood that Islamic law carried proscriptions that hampered economic development. Why, then, did they continue to use Islamic institutions (like courts) that promoted inefficiencies?

5/

You May Also Like