“Just when I thought I was out, they pull me back in!”
Vito got out. Michael never did.
Allocators and investors can learn a lot from professional baseball about how to structure incentives and compensation for portfolio managers. And how NOT to do it.
Enmity and competitive games can be beaten. Sometimes doing so requires someone willing to be booed by his home crowd.
The Fed, China and Italy are the Three Horsemen of the Investment Semi-Apocalypse. They’re major market risks, but you’ll survive.
There’s a Fourth Horseman. And it will change EVERYTHING about investing.
In Part 4 of the Three-Body Alpha series, we explore how Narrative may shape the tendencies of certain trend-following strategies – and how investors should respond. We also talk Tesla, if you’re into that sort of thing.
When reading news, especially financial news, be vigilant for strings of causality. Most financial events are extremely overdetermined.
We have built industry standards around minimizing the appearance of risk. As a result, we now have an epidemic of ability-signaling, when what we really need is humility.
Shifting Common Knowledge on Saudi Arabia has infected the narrative around SoftBank’s Vision Fund, which in turn places unicorn valuations at risk.
The mechanics of effective storytelling and the tells of Fiat News are very similar. Add knowledge of them to your news-reading arsenal.
Take it from a list of terrible pop songs (and one OK, if overrated song from the Doors): lessons that provide an answer instead of a process are usually lessons badly taught and badly learned.