103 Matching Annotations
  1. Sep 2021
  2. Jul 2021
    1. Swensen argues against corporate bonds (they “serve no valuable portfolio role”). Hedge funds, venture capital and leveraged buyouts “belong only in the portfolios of the handful of investors with the resources and fortitude to pursue and maintain a high-quality active management programme”. Many investors will disagree on some points (they may want to hold gold, they may think active funds can play a role), but the warning to avoid the temptation of alternative investments is one to heed.
    2. That’s why Swensen recommends the opposite for private investors in his book Unconventional Success. This was published in 2005 and the investment business has moved on in a few respects, but the message remains relevant. Investors should build a portfolio around six core asset classes that have distinctively different properties: domestic shares, international shares, emerging market shares, real estate investment trusts, government bonds and index-linked government bonds. And they should implement this through cheap index funds. 
    3. Some investors will assume that even if they can’t earn the 60% of outperformance that came from top managers, they can still get the 40% that comes from more exotic asset allocation. But in alternative assets, it rarely works that way. Performance is highly skewed: a small number of managers do very well, while a large number do rather poorly. The underperformance from a pool of inferior managers will often wipe out all the theoretical outperformance you’d expect from the asset class, leaving you worse off than if you’d kept it simple.
    4. Plenty of endowments, pension funds and other institutions have failed in their attempt to emulate the Yale model, and most private investors are likely to do even worse if they try to copy Swensen’s approach.Advertisement - Article continues belowThe main reason hides in plain sight in Yale’s own analysis of its returns. Only 40% of its outperformance is due to asset allocation; the rest is due to the manager’s selection. Yale has a skilled team and a rigorous process dedicated to finding the best managers – an edge that is much harder to duplicate than simply copying its current asset allocation (see chart). What’s more, Yale’s clout and network gives it access to high-performing funds that aren’t available to many institutions, let alone individuals.
  3. Jun 2021
    1. The board is expected to maintain a viable level for the core fund account (e.g. minimum of 12 months of fixed expenses)

      런웨이(고정 비용) 12개월 여유분을 챙기는 게 이사회의 책임

    1. He was telling me it was 3,500, but the landlord was keeping 2,500 and giving him 1,000 of it. And I had found out, because the own landlord lady told me, and I had to move and I had to lose my job.

      Return to Mexico - challenges - economic well-being Family relations - father tricking him for more money

    2. We didn't know what to do. There was no... Just got to go back to the old things that we were doing. But luckily, I was able to cut hair and do tattoos, and I was able to get by.

      Time in US - employment - job - responsibility

    3. So sometimes I would have to miss school, sometimes I wouldn't go to school. So then it was chaos.

      Time in US - education - employment

  4. May 2021
  5. Apr 2021
    1. Reclaim Finance and Urgewald, two non-profit environmental campaigning groups, analysed a sample of 29 leading asset managers between February and March this year, which together oversee $41tn (€34tn) in both passive and active investments globally, and found just a quarter of these were covered by coal exclusion policies.The failure to tackle coal investments was even more stark for the largest passive managers for which data was readily available: BlackRock, Vanguard, State Street, Invesco, JPMorgan, UBS, Legal & General Investment Management, Amundi and DWS.
  6. Mar 2021
  7. Feb 2021
  8. Jan 2021
  9. Dec 2020
  10. Nov 2020
  11. Oct 2020
  12. Sep 2020
    1. This command will give you the top 25 stocks that had the highest anomaly score in the last 14 bars of 60 minute candles.

      Supriver - find high moving stocks before they move using anomaly detection and machine learning. Surpriver uses machine learning to look at volume + price action and infer unusual patterns which can result in big moves in stocks

  13. Aug 2020
    1. Hendrix, his wife and three kids moved into a 29-foot travel trailer. Aside from the flexibility to get up and go if they feel the need, their housing cost has dropped from $2,500 to $213 a month.
  14. Jul 2020
    1. Howell, S. T., Lerner, J., Nanda, R., & Townsend, R. R. (2020). Financial Distancing: How Venture Capital Follows the Economy Down and Curtails Innovation (Working Paper No. 27150; Working Paper Series). National Bureau of Economic Research. https://doi.org/10.3386/w27150

    1. Financial security is a prerequisite to own your pace and learning.

      Keamanan keuangan adalah sebuah keuntungan.

  15. Jun 2020
  16. May 2020
  17. Apr 2020
    1. Goldman, however, had taken the equivalent of its own short position in Luckin’s shares. At the end of the fourth quarter, its filings show it held a put-option to sell 7.9 million Luckin shares. Like a short position, put options also make money as a stock falls. The filing suggests that Goldman may have been hedging its position as a lender holding some of the Luckin collateral shares. The put position was a sizable insurance policy against a drop in the stock. Goldman declined to comment for this story. 

      Goldman held a put option against a company it lend to???

    1. For decades, we have permitted the financial services industry to repeatedly force us into Hobson’s Choices at the end of every market cycle. Every cycle, Wall Street levers up and empowers cyclical sectors of the economy to lever up. When they do, they improve their returns in the interim, extract as much cash as possible and subject us all to systemic risk in the process. When that risk manifests, and it always does in some way “no one could have predicted”, we are then told we must all share the burden for it, since now is not a time for blame! Real businesses and families are hurting, and not helping Wall Street right now would hurt them, too.


    1. A Dutch water bond from 1624 still generates interest— though it's unclear if anybody collects... the owners of this one from 1648, Yale University, do OTOH

    1. Chart of accounts numbering involves setting up the structure of the accounts to be used, as well as assigning specific codes to the different general ledger accounts. The numbering system used is critical to the ways in which financial information is stored and manipulated. The first type of numbering to determine for a chart of accounts involves their structure. This is the layout of an account number, and involves the following components:Division code - This is typically a two-digit code that identifies a specific company division within a multi-division company. It is not used by a single-entity company. The code can be expanded to three digits if there are more than 99 subsidiaries.Department code - This is usually a two-digit code that identifies a specific department within a company, such as the accounting, engineering, or production departments.Account code - This is usually a three digit code that describes the account itself, such as fixed assets, revenue, or supplies expense.For example, a multi-division company with several departments in each company would probably use chart of accounts numbering in this manner: xx-xx-xxxAs another example, a single-division company with multiple departments could dispense with the first two digits, and instead uses the following numbering scheme: xx-xxxAs a final example, a smaller business with no departments at all could just use the three digit code assigned to its accounts, which is: xxxOnce the coding structure is set, the numbering of accounts can take place. This is the three-digit coding referred to previously. A company can use any numbering system that it wants; there is no mandated approach. However, a common coding scheme is as follows:Assets - Account codes 100-199Liabilities - 200-299Equity accounts - 300-399Revenues - 400-499Expenses - 500-599 As a complete example of the preceding outline of numbering, a parent company assigns the "03" designator to one of its subsidiaries, the "07" designator to the engineering department, and "550" to the travel and entertainment expense. This results in the following chart of accounts number:03-07-550
  18. Mar 2020
    1. For the application of machine learning in finance, it’s still very early days. Some of the stuff people have been doing in finance for a long time is simple machine learning, and some people were using neural networks back in the 80s and 90s.   But now we have a lot more data and a lot more computing power, so with our creativity in machine learning research, “We are so much in the beginning that we can’t even picture where we’re going to be 20 years from now”

      We are just in time to apply modern ML techniques to financial industry

  19. Dec 2019
    1. The funding and staffing restrictions Cormann’s Department has imposed on Home Affairs has not only led to a reduction in immigration integrity and massive long-term costs but it may have also driven Home Affairs into the foolishness of visa privatisation.
  20. Nov 2019
  21. research-doc.credit-suisse.com research-doc.credit-suisse.com
    1. With discounted cash flow models, the value is sensitive to the inputs. But the assumptions underlying the inputs are explicit. You can compare them to base rates, discuss them, and debate them. With multiples, those assumptions are buried. The assigned multiple becomes a point of persuasion rather than a thoughtful case based on the economic drivers of value.

      DCF vs multiples

  22. Oct 2019
    1. The big idea behind Brave is that instead of supporting websites by viewing their banner ads, you can pay them directly through your browser

      How to make money with Brave Browser:

      1. You use money to buy Brave's Basic Attention Token (BAT) cryptocurrency, and that BAT goes into your Brave wallet.
      2. Brave will keep track of how much time you spend on each website or YouTube channel.
      3. Then Brave will divide up your BAT and pay websites and YouTube channels each month based on how much time you spent using them.

      This means instead of making a bunch of small individual donations to the dozens of websites and YouTube channels you use each month, you can just load money into Brave. Brave will then passively distribute that money for you.

  23. Jul 2019
    1. Big banks beat profit expectations but warning signs grow

      Note: article is an update to a previous report on large US Banks - https://uk.reuters.com/article/uk-goldman-sachs-results/goldman-sachs-profit-beats-estimates-boosted-by-strong-equities-trading-idUKKCN1UB1B3?il=0

      Heading analysis

      1. clear and concise- The headline isn't misleading and clearly illustrates to the reader what the article is about
      2. Catches the readers attention- Headline summarises the article concisely but does not elaborate upon what the warning signs are, encouraging the reader to read on to find out what these signs are.
      3. Does not use any unfamiliar technical jargon or abbreviations
  24. Feb 2019
    1. But there’s no reason that Google and Facebook shouldn’t be accepting deposits, facilitating payments, making loans, managing assets, running quantitative investment funds.

      Except that there's a hesitation among tech firms to enter heavily regulated industries.

    2. I think it could be a big mistake to have the population at large play around with algorithms.

      Interesting that a trader, the person who'd most likely be on the winning side of inexperienced people playing with algorithmic finance, would be hesitant to release it on the world at large.

    3. When, not if

    1. 摩根大通计划推出稳定币“JPM Coin”,能否引爆区块链大规模商用,会成为XRP的死对头吗,听听大咖们怎么说。

      <big>评:</big><br/><br/> 从深恶痛绝到转身拥抱,传统金融业巨鳄涉足区块链领域的温和脚步声并不令人惊讶。相反,令人惊异的是这群新晋区块链金融从业者对此举的默契反应——像极了宫斗古装剧里的那句「本宫不死,你们终究是妃」。 <br/><br/> 显然,XRP 的死忠不愿让摩根大通来分这一杯羹,场外固然也不乏泼冷水的声音。JPM Coin 能点燃冰冷熊市的救赎火焰吗?总在这群投诚兵将开口说爱它的那一刻起,有那么多猜不完的谜和底。不如哼唱一曲《浪流连》: <br/><br/>

      这个风风雨雨的社会<br/> 要如何开花<br/> 少年人如何落地<br/> 我们都是为了爱情而浪流连

  25. Jan 2019
    1. 市场并不是保持不动的,减产一方面会减小市场抛压,可能使得人们会将其视为一种利好,但通常会在分叉发生前表现出来,而一旦落地之后,所谓的利好就会被消耗一空,并在短时间内表现为利空。而等到市场转向理性之后,又会逐步平衡。

      <big>评:</big><br/><br/> 「比如我们当中很多人喜欢吃甜食,但由于担心发胖又不得不控制自己的食欲。什么原因造成我们爱吃甜食呢?人类在 200 多万年的进化过程中,绝大多数时间都处于营养不良和饥荒的边缘,饥饿是造成人类死亡的最大威胁。这种环境下,爱吃甜食的人往往可以获得更多热量,更容易存活,并把自己的基因传递下去。由于我们是远古时期爱吃甜食人类的后代,所以我们今天爱吃甜食的行为就不难理解了。但现代社会中物质极大丰富后,高热量食物随处可见,吃甜食这种曾经帮助人类生存的习惯却变成了一个负担,成了一种看似不理性的行为。因此很多现代社会里看起来非理性的心理和行为实际上都是深度理性的:这些心理和行为在远古时期曾经有利于我们祖先生存和繁衍后代。」 </br></br> 从进化论角度来看, 这些在远古时期理性的心理和行为可以解释现代股票市场中很多看似非理性的投资行为,此类行为偏差其实是人类长期进化的结果。 </br></br> 尽管如此,我们仍难以回答的问题是:进化到廿一世纪的现代人类,果真在进化过程中尝到甜头了吗?社会学家告诉我们「是的没错,我们站在前人的肩膀上」,但与此同时化学家们在努力地合成「代糖甜味剂」,以打消人类摄入甜食的最后顾虑。在新一波糖衣炮弹的冲击下,密码朋克们构想的理性世界可能会演化成与「廿一世纪理性的非理性金融体系」并无大异的光怪图景。

  26. Nov 2018
    1. Mr. Trump intervened directly to suppress stories about his alleged sexual encounters with women

      The evidence of Trump’s involvement in the payments is legally significant, as it backs up Cohen’s claim that Trump directed payments that were found to have been in violation of federal law. The most damning evidence of all, however, isn’t just regarding Trump’s involvement in the payments, but the details of discussions of a cover-up.


      This is problematic for Trump, as campaign finance violations, such as illegal corporate contributions or donations that exceed the maximum allowable amount, require willful violation of federal law. Trump’s denials and discussion of how to keep his name out of it would help support allegations that he knew the payments were illegal.

      Source: https://lawandcrime.com/high-profile/what-the-bombshell-report-on-stormy-daniels-karen-mcdougal-payoffs-means-for-trump-legally/

  27. Oct 2018
    1. The IEX API is a set of services designed for developers and engineers. It can be used to build high-quality apps and services.
  28. Sep 2018
    1. Apply for an Bad credit Payday Loans near me within seconds. Easy, paperless no credit check application process. Fill out our short & secure bad credit loan application form - Get Started Now.

  29. Jul 2018
  30. May 2018
    1. Qũy ETF SSIAMVNX50 do 4 thành viên sáng lập, gồm Công ty Chứng khoán Sài Gòn (SSI), Công ty chứng khoán Bảo Việt (BVSC), Công ty chứng khoán Ngân hàng Ngoại thương Việt Nam (VCBS) và Công ty chứng khoán VNDirect (VNDS). Theo bà Lê Lệ Hằng, Tổng giám đốc SSIAM, cho đến thời điểm này, nguồn vốn của quỹ ETF SSIAMVNX50  đều từ trong nước và chủ trương của Qũy cũng hướng đến dòng vốn nội địa.
    1. Trong 2 tháng đầu năm, quỹ V.N.M đã huy động được 53.37 triệu USD, quỹ ETF nội thậm chí còn "khủng" hơn khi huy động thành công gần 100 triệu USD (2.266 tỷ đồng). Dòng tiền từ các quỹ đã làm điểm tựa cho thị trường trong thời gian này. Kết thúc tháng 2/2018 chỉ số VN index tăng 13,6% lên 1121,54 điểm.
    1. hạn mức sau khi nâng lên 75 triệu đồng, theo số liệu từ Bảo hiểm Tiền gửi Việt Nam, đã đảm bảo bảo vệ được nhiều người gửi tiền nhỏ, thiếu thông tin về hoạt động ngân hàng (chiếm hơn 80% người gửi tiền)
    1. SIPC is an insurance that provides brokerage customers up to $500,000 coverage for cash and securities held by the firm (although coverage of cash is limited to $250,000).
    1. Are you counting the days until payday? Emergency auto repairs, unexpected bills, and other unplanned expenses can wreak havoc on your finances. There is no need to live with financial stress - a payday loan is an excellent solution for short-term cash flow problems. instant online Payday loans Wichita KS will provide you with cash now, so you can set your worries aside.

  31. Apr 2018
    1. Set your asset allocation first, taxes come second. If you don't have any funds which can be put in a location to reduce your tax bill, then stop here. You've done the best you can.

      First diversify asset allocation, then take care of account allocation for tax.

    1. Payday loans Dayton Ohio are helpful in getting instant cash to fulfill your emergency

      Getting Instant Payday Loans becomes very easy now. Just fill the application and submit your information. Get instant approval Payday Loans Ohio within 1 hour after applying.

  32. Jan 2018
    1. Bad Credit Accepted Payday Loans Toledo Ohio Online  

      Online Payday loans in Toledo Ohio is fast money and most companies offer instant cash up to $1500 in borrowers account. You don’t have to fill out various forms, show salary slips and other formalities.

  33. Oct 2017
    1. The proposition is that prices reflect all available information, which in simple terms means since prices reflect all available information, there’s no way to beat the market. Now, that’s an extreme statement of the hypothesis, and the difficult part is actually developing tests of it because you have to say something about what the market is trying to do in setting prices.

      The Efficient Market Hypothesis, in terms of Eugene Fama.

  34. Aug 2017
    1. Vocativ's authors also found that the films that passed the test earned a total of $4.22 billion in the United States, while those that failed earned $2.66 billion in total, leading them to conclude that a way for Hollywood to make more money might be to "put more women onscreen."[35] A 2014 study by FiveThirtyEight based on data from about 1,615 films released from 1990 to 2013 concluded that the median budget of films that passed the test was 35% lower than that of the others. It found that the films that passed the test had about a 37% higher return on investment (ROI) in the United States, and the same ROI internationally, compared to films that did not pass the test.[37]
  35. Mar 2017
    1. Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, launched a new webpage dedicated to tracking President Trump’s destructive actions against consumers, investors, and the economy.

  36. Jun 2016
    1. many more people understand cost than understand pedagogy

      While this may be true, it sure is sad. Especially as the emphasis on cost is likely to have negative impacts in the long run.

  37. Jan 2016
  38. neweconomicperspectives.org neweconomicperspectives.org
    1. This website offers policy advice and economic analysis from a group of professional economists, legal scholars, and financial market practitioners . We started this blog in order to weigh in on the serious challenges facing the global economy following the financial meltdown in 2007. We aim to provide an accurate description of the cause(s) of the current meltdown as well as some fresh ideas about how policymakers — here and abroad — should address to the continued weakness in their economies.

      Announcing the Bank Whistleblowers United Initial Initiatives

      Our group publicly released four documents on January 29, 2016. The first outlines our proposals, all but one of which could be implemented within 60 days by any newly-elected President (or President Obama) without any new legislation or rulemaking. Most of our proposals consist of the practical steps a President could implement to restore the rule of law to Wall Street.

    1. It is the third bucket that contains the most ambitious applications: “smart contracts” that execute themselves automatically under the right circumstances. Bitcoin can be “programmed” so that it only becomes available under certain conditions.

      In other words, it can facilitate a deferred payment system that works when the payer provides payment in escrow, like Kickstarter and other crowdfunding systems. It could manage deposits on purchase-and-sale agreements and handle escrows on legal judgments, without a third party holding title to the money. The core financial system itself could hold the money.

      Could it be made into a complete deferred payment system for managing loans, mortgages, and coupon bonds? I don’t know how, since the source of those payments is outside the bitcoin system and generally doesn’t exist at the time of the loan or bond purchase. But imagine if a financial system was entirely built around a programmable trust system, then financial instruments themselves become a part of the logic of a company’s assets and liabilities. When a corporate bond coupon comes due the company treasurer doesn't create a transaction, instead the coupon payment is automatically transferred to the holder of the bond by the financial system itself. That is, the structure of the bond has been integrated directly into the financial system for automatic execution.

      If a future government were to implement blockchain technology and legislate its adoption throughout the financial community (perhaps as an option, in parallel with the pre-existing system), it could 'write the code' for legally certified instruments like corporate bonds, mortgages, car loans. It could further write legally permissible derivatives of those instruments (yes, derivatives have tremendous value in reducing risk, when used wisely).

      At that point, financial companies like Vanguard or Fidelity could issue mutual funds whose prospecti assert that the only kind of instruments held by the fund were those certified by the government to use the legislated systems. This could reasonably allow safe and less expensive adoption of powerful financial instruments with far less risk to the system.

      Sure there are plenty of flaws and dangers in this kind of a system. But could they be worked out to create a safer, less expensive, more transparent and more accessible financial system than we currently have? Would it help engender some of the trust that has most recently been lost?

    2. This has implications far beyond the cryptocurrency

      The concept of trust, in the sociological and economic sense, underlies exchange. In the 15th-17th centuries, the Dutch and English dominance of trade owed much to their early development of instruments of credit that allowed merchants to fund and later to insure commercial shipping without the exchange of hard currency, either silver or by physically transporting the currency of the realm. Credit worked because the English and Dutch economies trusted the issuers of credit.

      Francis Fukuyama, a philosopher and political economist at Stanford, wrote a book in 1995, Trust: The Social Virtues and the Creation of Prosperity, on the impact of cultures of trust on entrepreneurial growth. Countries of ‘low trust’ have close family culture who limit trust to relations: France, China, S. Italy. Countries of ‘high trust’ have greater ‘spontaneous sociability’ that encourages the formation of intermediate institutions between the state and the family, that encourage greater entrepreneurial growth: Germany, England, the U.S. – I own the book and (shame on me!) haven’t yet read it.

      I thought of this article in those contexts – of the general need for trusted institutions and the power they have in mediating an economy, and the fascinating questions raised when a new facilitator of trust is introduced.

      How do we trust? Across human history, how have we extended the social role of trust to institutions? If a new modality of trust comes available, how does that change institutional structures and correspondingly the power of individuals, of institutions. How would it change the friction to growth and to decline?

      Prior to reading this article, I had dismissed Bitcoin as a temporary aberration, mostly for criminal enterprises and malcontents. I still feel that way. But the underlying technology and it’s implications – now that’s interesting.

  39. Dec 2015
  40. Jul 2015
    1. The measure would require outside groups that spend at least $2,000 on political ads to disclose their donors and would urge Congress to support, and the Arkansas Legislature to ratify, a constitutional amendment declaring that Congress and the states have the power to limit spending on elections and to distinguish between people and corporations in setting those limits.

      YES, THIS! If the Supreme Court won't let this happen on the national/federal level, try to do it at the state level!

    1. Consumer loans can be a fundamentally risky business even for a company with a reputation for deftly managing risk.

      Apparently it's considered deft to package up risky debt and then have the American and European taxpayers foot the bill when it goes south.