1/ I love learning about the markets. There are some brilliant people I’ve found on Twitter who have provided great insights (among others):

@JeffSnider_AIP
@LynAldenContact
@LukeGromen

But this thread is (mostly) about @profplum99

👇👇👇👇👇

2/ Mike has an encyclopedic knowledge of market history. This interview by @DiMartinoBooth (who I also have a lot of respect for) puts that on clear display.

https://t.co/4hSd2TG4du

Mike’s explanation of passive investing and its effects on the markets was eye-opening.
3/ According to research conducted by Anadu et al for the Federal Reserve Bank of Boston, passive funds made up 48% of US equity assets under management in March 2020. That number was just 14% in 2005. Meaning 8.6% annualized growth over 15 years.

https://t.co/ReuBiCAcPn
4/ Per Mike, “passive funds have this really simple algorithm: if you give me cash, I buy.” No fundamental valuation, just buying the current market-weighted index, which means a stock gets greater representation in your fund the higher its current market value.
5/ Employers and pension fund managers are predictably contributing to IRAs through fixed salary percentages on a monthly basis. And passive funds typically hold tens of basis points of cash on the sidelines because, per Mike, “it’s toxic to their business model.”
6/ I called one of my best friends, an investment advisor who I’ve known since grade 7 and said, “I gotta get a number—give me a number!” He immediately responded, “4”—his hockey jersey number—and then proceeded to tell me that active funds have four to 16% of their AUM in cash.
7/ So, thousands of percentage points higher than passive funds. Meaning trillions of dollars are being inefficiently (from an EMH perspective) pumped into the markets through a sheer desire to reduce fees—delaminating price from fundamental reality in an exponential function.
8/ All fuelled by MMT, negative real interest rates, towering debt levels, hyper-financialization, and millennials YOLOing stimulus checks into whatever the hell they want because they’re fed up with a system that appears unlikely to ever afford them a house with a fenced yard.
9/ Short interest is at an all-time high but the shorts are getting bankrupted because the whole thing is strapped to @elonmusk’s rockets 🚀—so far, the #Challenger hasn’t exploded yet, just Melvin Capital Management in its battle with #reddit traders over the value of #GME
10/ Took some #Bitcoin off the table a couple days ago. Thanks @profplum99. Need to attempt rationality in this market. The numbers are too big in the #USDT debacle and I don’t have any good reason to believe reserves are even close to backed 1:1.

Still a Bitcoin believer though
11/ With high volatility and variance/polarization, the markets and citizenry spend little time at the mean, but the older I get the more I realize #balance is important, as eloquently put by one of the best investors of 2020, @chamath, in his interview last year with @RaoulGMI
12/ I watched Mike’s debate with @nic__carter and came away convinced that my #Bitcoin thesis was still right. I immediately wrote a summary of the interview, mostly detailing my objections to Mike’s points (supported strongly by Nic’s great performance). https://t.co/zaDGja6433
13/ Only after I wrote that thread and declared my bias confirmed did I read the Crypto Anonymous paper and watch recent interviews with the executives at #Tether and #Deltec. “Hmm,” I thought, “why are so few Bitcoiners taking this seriously?”

Maybe Mike had a point...
14/ The likely Tether fraud absolutely needs to be taken seriously, but I still believe in #Bitcoin. The deeper I go in my study of the markets, the more I see relativism—ie, comparing one unhinged thing to another—and the less I see any fundamental grounding to economic reality.
15/ It’s like we went from a #Newtonian understanding of the world where gravity kept things in check to an #Einsteinian one where things now go boom in atomic positive feedback loops—eg, the only way out of a gargantuan debt bubble is by issuing exponentially more.
16/ I believe #Bitcoin can theoretically solve this, acting as a ballast in this wildly unstable economic experiment. @nic__carter was right: we have only been on this pure #fiat experiment for 50 years.
17/ In sum, thank you @profplum99. I’m learning a lot from you and will continue to listen with an open mind.

More from Trading

TradingView isn't just charts

It's much more powerful than you think

9 things TradingView can do, you'll wish you knew yesterday: 🧵

Collaborated with @niki_poojary

1/ Free Multi Timeframe Analysis

Step 1. Download Vivaldi Browser

Step 2. Login to trading view

Step 3. Open bank nifty chart in 4 separate windows

Step 4. Click on the first tab and shift + click by mouse on the last tab.

Step 5. Select "Tile all 4 tabs"


What happens is you get 4 charts joint on one screen.

Refer to the attached picture.

The best part about this is this is absolutely free to do.

Also, do note:

I do not have the paid version of trading view.


2/ Free Multiple Watchlists

Go through this informative thread where @sarosijghosh teaches you how to create multiple free watchlists in the free


3/ Free Segregation into different headers/sectors

You can create multiple sections sector-wise for free.

1. Long tap on any index/stock and click on "Add section above."
2. Secgregate the stocks/indices based on where they belong.

Kinda like how I did in the picture below.

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#ஆதித்தியஹ்ருதயம் ஸ்தோத்திரம்
இது சூரிய குலத்தில் உதித்த இராமபிரானுக்கு தமிழ் முனிவர் அகத்தியர் உபதேசித்ததாக வால்மீகி இராமாயணத்தில் வருகிறது. ஆதித்ய ஹ்ருதயத்தைத் தினமும் ஓதினால் பெரும் பயன் பெறலாம் என மகான்களும் ஞானிகளும் காலம் காலமாகக் கூறி வருகின்றனர். ராம-ராவண யுத்தத்தை


தேவர்களுடன் சேர்ந்து பார்க்க வந்திருந்த அகத்தியர், அப்போது போரினால் களைத்து, கவலையுடன் காணப்பட்ட ராமபிரானை அணுகி, மனிதர்களிலேயே சிறந்தவனான ராமா போரில் எந்த மந்திரத்தைப் பாராயணம் செய்தால் எல்லா பகைவர்களையும் வெல்ல முடியுமோ அந்த ரகசிய மந்திரத்தை, வேதத்தில் சொல்லப்பட்டுள்ளதை உனக்கு

நான் உபதேசிக்கிறேன், கேள் என்று கூறி உபதேசித்தார். முதல் இரு சுலோகங்கள் சூழ்நிலையை விவரிக்கின்றன. மூன்றாவது சுலோகம் அகத்தியர் இராமபிரானை விளித்துக் கூறுவதாக அமைந்திருக்கிறது. நான்காவது சுலோகம் முதல் முப்பதாம் சுலோகம் வரை ஆதித்ய ஹ்ருதயம் என்னும் நூல். முப்பத்தி ஒன்றாம் சுலோகம்

இந்தத் துதியால் மகிழ்ந்த சூரியன் இராமனை வாழ்த்துவதைக் கூறுவதாக அமைந்திருக்கிறது.
ஐந்தாவது ஸ்லோகம்:
ஸர்வ மங்கள் மாங்கல்யம் ஸர்வ பாப ப்ரநாசனம்
சிந்தா சோக ப்ரசமனம் ஆயுர் வர்த்தனம் உத்தமம்
பொருள்: இந்த அதித்ய ஹ்ருதயம் என்ற துதி மங்களங்களில் சிறந்தது, பாவங்களையும் கவலைகளையும்


குழப்பங்களையும் நீக்குவது, வாழ்நாளை நீட்டிப்பது, மிகவும் சிறந்தது. இதயத்தில் வசிக்கும் பகவானுடைய அனுக்ரகத்தை அளிப்பதாகும்.
முழு ஸ்லோக லிங்க் பொருளுடன் இங்கே உள்ளது
https://t.co/Q3qm1TfPmk
சூரியன் உலக இயக்கத்திற்கு மிக முக்கியமானவர். சூரிய சக்தியால்தான் ஜீவராசிகள், பயிர்கள்