That's an astonishing accomplishment.
https://t.co/uopG6WutzU
1/Today in @bopinion, I talk about the legacy and career of Jim Simons, the founder of Renaissance Technologies, who is stepping down as the hedge fund's
That's an astonishing accomplishment.
https://t.co/uopG6WutzU
Basically, by being relentlessly smarter and better-managed than the competition.
https://t.co/p6ZTd7POfQ
Yes and no.
Obviously yes, since Renaissance could (and can) beat the market. But there are a few key caveats...
But most investors can't invest in that fund. It doesn't take your money.
https://t.co/sTXUzl09Lc
https://t.co/bhqE71eSdH
If it did, Medallion would be worth far more than all the rest of the hedge funds in the world combined, by now!
Why? Because the market inefficiencies Medallion exploits are limited in size. And thus, Medallion's profit opportunities are limited in size.
https://t.co/ZsXQ4NNUI8
This shows that consistently beating the market AT SCALE is incredibly hard, even for the smartest and best-managed people on the planet.
https://t.co/oowJd3k8GH
But it does mean that Renaissance's existence doesn't prove that stock markets are inefficient. Indeed it shows us just how not-so-hugely-inefficient they are!
(end)
https://t.co/uopG6WutzU
More from Noahtogolpe 🐇
1/I'm thinking about the end of Apu in the context of the national debates on immigration and diversity.
2/Apu's presence in Springfield represented a basic reality of America in the late 20th and early 21st century: the presence of nonwhite immigrants.
3/As Tomas Jimenez writes in "The Other Side of Assimilation", for my generation, immigrants from India, China, Mexico, and many other countries aren't strange or foreign. On the contrary, they're a
4/But that America I grew up with is fundamentally ephemeral. The kids of immigrants don't retain their parents' culture. They merge into the local culture (and, as Jimenez documents, the local culture changes to reflect their influence).
5/Simpsons character don't change. But real people, and real communities, do. So a character who once represented the diversity that immigrants brought to American towns now represents a stereotype of Indian-Americans as "permanent foreigners".
\u2018The Simpsons\u2019 producer confirms Apu is being written out of show following controversy https://t.co/lKzFCe1wFa pic.twitter.com/s34IUDUtqs
— NME (@NME) October 26, 2018
2/Apu's presence in Springfield represented a basic reality of America in the late 20th and early 21st century: the presence of nonwhite immigrants.
3/As Tomas Jimenez writes in "The Other Side of Assimilation", for my generation, immigrants from India, China, Mexico, and many other countries aren't strange or foreign. On the contrary, they're a
4/But that America I grew up with is fundamentally ephemeral. The kids of immigrants don't retain their parents' culture. They merge into the local culture (and, as Jimenez documents, the local culture changes to reflect their influence).
5/Simpsons character don't change. But real people, and real communities, do. So a character who once represented the diversity that immigrants brought to American towns now represents a stereotype of Indian-Americans as "permanent foreigners".
This thread demonstrates that a lot of academic writing that *looks* like utter nonsense is merely scholars dressing up a useful but mundane point with a ton of unnecessary jargon.
My theory is that the jargon creates an artificial barrier to entry. https://t.co/MqLyyppdHl
If one must spend years marinating one's brain in jargon to be perceived as an expert on a topic, it protects the status and earning power of people who study relatively easy topics.
In econ, a similar thing is accomplished by what recent Nobel prize winner Paul Romer calls "mathiness": https://t.co/DBCRRc8Mir
But mathiness and jargon are not quite the same...
Jargon usually doesn't force you to change the substance of your central point.
Mathiness often does. By forcing you to write your model in a way that's mathematically tractable (easy to work with), mathiness often impoverishes your understanding of how the world really works.
has written about this problem:
Imagine for a moment the most obscurantist, jargon-filled, po-mo article the politically correct academy might produce. Pure SJW nonsense. Got it? Chances are you're imagining something like the infamous "Feminist Glaciology" article from a few years back.https://t.co/NRaWNREBvR pic.twitter.com/qtSFBYY80S
— Jeffrey Sachs (@JeffreyASachs) October 13, 2018
My theory is that the jargon creates an artificial barrier to entry. https://t.co/MqLyyppdHl
If one must spend years marinating one's brain in jargon to be perceived as an expert on a topic, it protects the status and earning power of people who study relatively easy topics.
In econ, a similar thing is accomplished by what recent Nobel prize winner Paul Romer calls "mathiness": https://t.co/DBCRRc8Mir
But mathiness and jargon are not quite the same...
Jargon usually doesn't force you to change the substance of your central point.
Mathiness often does. By forcing you to write your model in a way that's mathematically tractable (easy to work with), mathiness often impoverishes your understanding of how the world really works.
has written about this problem:
More from Government
This is a good piece on fissures within the GOP but I think it mischaracterizes the Trump presidency as “populist” & repeats a story about how conservatives & the GOP expelled the far-right in the mid-1960s that is actually far more complicated. /1
I don’t think the sharp opposition between “hard-edge populism” & “conservative orthodoxy” holds. Many of the Trump administration’s achievements were boilerplate conservatism. Its own website trumpets things like “massive deregulation,” tax cuts, etc. /2
https://t.co/N97v85Bb79
The claim that Buckley and “key GOP politicians banded together to marginalize anti-Communist extremism and conspiracy-mongering” of the JBS has been widely repeated lately but the history is more complicated. /3
This tweet by @ThePlumLineGS citing a paper by @sam_rosenfeld and @daschloz on the "porous" boundary between conservatives, the GOP and the far-right is relevant in this context.
This is a separate point but I find it interesting that Gaetz, like Roy Moore did In his failed Senate campaign, disses McConnell. What are their actual policy differences? MM supported taking health care away from millions, a tax cut for the rich, conservative judges, etc. /5
I don’t think the sharp opposition between “hard-edge populism” & “conservative orthodoxy” holds. Many of the Trump administration’s achievements were boilerplate conservatism. Its own website trumpets things like “massive deregulation,” tax cuts, etc. /2
https://t.co/N97v85Bb79
The claim that Buckley and “key GOP politicians banded together to marginalize anti-Communist extremism and conspiracy-mongering” of the JBS has been widely repeated lately but the history is more complicated. /3
This tweet by @ThePlumLineGS citing a paper by @sam_rosenfeld and @daschloz on the "porous" boundary between conservatives, the GOP and the far-right is relevant in this context.
There's a great paper called "The Long New Right" that tells the story of the GOP/conservative movement's failure to police extremists for the last 50 years.
— Greg Sargent (@ThePlumLineGS) January 28, 2021
It's highly relevant to the insurrection and Marjorie Greene's lunacy.
I summed it up here:https://t.co/DTlzGomy5h pic.twitter.com/Dhc38CDuE2
This is a separate point but I find it interesting that Gaetz, like Roy Moore did In his failed Senate campaign, disses McConnell. What are their actual policy differences? MM supported taking health care away from millions, a tax cut for the rich, conservative judges, etc. /5
Labour Grandees are listed in Sir Keir Starmer's colleague Jeffrey Epstein's ''Little Black Book''; Blair, Mandelson and Alastair Campbell. COINCIDENTLY, Keir Starmer and some of the same people have connections to ANOTHER of the worlds most prolific peadophiles. #StarmerOut
Starmer failed to bring charges against Jimmy Savile for paedophilia. The decision was made despite the Crown Prosecution Service receiving substantial evidence of his crimes from witnesses and victims several years before Savile died in 2011. #StarmerOut https://t.co/PNyX5uSAkw
With a past like hers, Margaret Hodge might show a bit more humility.
In the Eighties Hodge was aware of previous child sex abuse in the care homes for which she was responsible, and did nothing about it. #LabourLeaks #StarmerOut
As leader of Islington Council, a post she held from 1982-92, Margaret Hodge was aware of previous, horrendous child sex abuse in the care homes for which she was responsible, and did nothing about it. #LabourLeaks #StarmerOut #CSA
She was guilty of rather more than a casual failure of oversight. In an open letter to the BBC after it investigated a range of monstrous abuse (child prostitution, torture, alleged murders), Hodge libelled one of its victims as “seriously disturbed”. #LabourLeaks #StarmerOut
Starmer failed to bring charges against Jimmy Savile for paedophilia. The decision was made despite the Crown Prosecution Service receiving substantial evidence of his crimes from witnesses and victims several years before Savile died in 2011. #StarmerOut https://t.co/PNyX5uSAkw
With a past like hers, Margaret Hodge might show a bit more humility.
In the Eighties Hodge was aware of previous child sex abuse in the care homes for which she was responsible, and did nothing about it. #LabourLeaks #StarmerOut
As leader of Islington Council, a post she held from 1982-92, Margaret Hodge was aware of previous, horrendous child sex abuse in the care homes for which she was responsible, and did nothing about it. #LabourLeaks #StarmerOut #CSA
She was guilty of rather more than a casual failure of oversight. In an open letter to the BBC after it investigated a range of monstrous abuse (child prostitution, torture, alleged murders), Hodge libelled one of its victims as “seriously disturbed”. #LabourLeaks #StarmerOut
