🏧

Investing

Notes & Ideas
Books

My Bookshelf

DateRatingTitleAuthorStatusSubtitleTaglineTakeawayTypeDojo TopicPagesRecommendCoverArenaMy Notes & Ideas (Files)URL
November 19, 2020
5 ⭐⭐⭐⭐⭐
The Crash of 2008
George Soros
Read
And what it Means
A New Paradigm for Financial Markets
Fallibility and reflexivity
Non Fiction
225
August 31, 2020
5 ⭐⭐⭐⭐⭐
The Rise of Carry
Tim Lee, Jamie Lee & Kevin Coldiron
Read
The Dangerous Consequences of Volatility Suppression and the New Financial Order of Decaying Growth and Recurring Crisis
Of Decaying Growth and Recurring Crisis
All financial assets (all power) is one big carry trade.
Non Fiction
200
January 1, 2018
5 ⭐⭐⭐⭐⭐
The Outsiders
William Thorndike
Read
Best CEOs in history - what did they do?
Capital allocaiton is #1 job, and its not close
Non Fiction
220
June 26, 2022
4 ⭐⭐⭐⭐
Investing Amid Low Exptected Returns
Antti Illmanen
Read
Be patient. Diversify. Add Trend
Textbook
250
December 27, 2018
4 ⭐⭐⭐⭐
The Ivy Portfolio
Meb Faber
Read
Invest like Endowments and avoid bear markets
simple and evenly distributed
Non Fiction
240
January 1, 2019
4 ⭐⭐⭐⭐
The Man who Solved the Markets
Greg Zuckerman
Read
Story of Ren-Tech
math and trading costs matter
Non Fiction
375
January 1, 2018
4 ⭐⭐⭐⭐
Thinking in Bets
Annie Duke
Read
Lessons from Poker Career
Use probabiliyt, be comfortable with uncertainty
Non Fiction
234
January 1, 2018
4 ⭐⭐⭐⭐
A Man for All Markets
Ed Thorp
Read
Blackjack guy but went on to run uber successful fund
Rational thinking, discipline and immature markets recipe for massive success
Non Fiction
350
January 1, 2018
4 ⭐⭐⭐⭐
Skin in the Game
Taleb
Read
Academics cant be trusted, successful practinioners can
He is arrogant but most of ideas have some merti
Non Fiction
250
January 1, 2017
4 ⭐⭐⭐⭐
Winning Bond Strategy
Larry Swedroe
Read
How to use bonds in portfolio (ladder, rolldown)
Dry but good overview, esp why u would want manager
Non Fiction
272
November 28, 2021
3 ⭐⭐⭐
Expected Returns on Major Asset Classes
Antti Ilmanen
Read
diversify the risk premiums you are collecting
Non Fiction
150
January 1, 2019
3 ⭐⭐⭐
Am I Being Too Subtle
Sam Zell
Read
buy real estate leveraged in 1970s
jump in and do something!
Non Fiction
225
January 1, 2019
3 ⭐⭐⭐
Simple Wealth, Inevitable Wealth
Nick Murray
Read
DCA, invest in equities
Non Fiction
164
January 1, 2018
3 ⭐⭐⭐
The Most Important Thing
Howard Marks
Read
Investment letters
Cycles cyles cycles
Non Fiction
220
January 1, 2018
3 ⭐⭐⭐
The Little Book that Beats the Market
Joel Greenblatt
Read
Small, cheap companies with leverage
Basket of 25 stocks is enough. 2-3 years underpformanice but over time works
Non Fiction
120
January 1, 2017
3 ⭐⭐⭐
Black Edge
Sheelah Kolhatkar
Read
True Story of Steve Cohen SAC insider trading
Bad dudes in a shady industry.
Non Fiction
368
January 1, 2016
3 ⭐⭐⭐
The Courage to Act
Ben Bernanke
Read
Ben writes about acting during crisis
Have to think outside the box do whats right
Non Fiction
624
January 1, 2016
3 ⭐⭐⭐
Capital Returns
Edward Chancelor
Read
Collection of investment essays by marathon Capital
Value works over long cycles
Non Fiction
211
January 1, 2017
2 ⭐⭐
Investing: The Last Liberal Art
Robert Hagstrom
Read
Investing touches all knowledge
Munger Mental models, biological systems, chaos, reflexivity, psychology, narrative
Non Fiction
224
July 21, 2020
The Sovereign Individual
Davidson & Rees-Mogg
Notes Only
Individuals will accrue power in 21st century
Govt on decline, decentralization
Non Fiction
Media

The Media Locker

NameAuthorSatusFuture ValueDojoCategoryThemeNotesP.A.R.A.ProjectsGoal OutcomesNotes & IdeasTagsURLValue GoalsPDFCreatedArenaFull TitleUpdatedLast HighlightedLast SyncedDescriptionLinkSubtopics
👂
Euan Sinclair How to Find an Edge
Flirting with Models
Active
5 ⭐⭐⭐⭐⭐
Podcast
Trading
How to find an Edge
Notes
Jul 28, 2020 3:46 PM
May 30, 2021 12:17 PM
Understanding Edge - Moontower
Kris Abdelmessiah
Read
5 ⭐⭐⭐⭐⭐
Article
Trading
Source
Apr 18, 2021 6:51 PM
May 30, 2021 12:17 PM
Wall Street University: Betting Market Presidential Election 2020
Nick Yoder
Read
5 ⭐⭐⭐⭐⭐
Model
Trading
Source
Apr 15, 2021 7:11 PM
May 30, 2021 12:17 PM
Retail Trading Edge
dpg ref from Squeeze
Read
5 ⭐⭐⭐⭐⭐
Article
Trading
Source
Apr 7, 2021 12:50 AM
May 30, 2021 12:17 PM
Questions to Understand A Company
Patrick O'Shaugnessy
Read
5 ⭐⭐⭐⭐⭐
Article
Investing
Summary
Mar 28, 2021 11:16 PM
Mar 28, 2021 11:18 PM
Liz on Twitter Awesome Investing 100 Tweet Thread
@LAForeverHall
4 ⭐⭐⭐⭐
Tweets
Investing
awesome, unique thread on investing
Source
trading
Dec 23, 2019 12:59 AM
Aug 19, 2020 4:45 PM
Breaking the Market
Active
4 ⭐⭐⭐⭐
Bookmark
Investing
NP
Sep 28, 2020 1:18 PM
Sep 28, 2020 1:20 PM
Simple vs Complex Tweet
@jposhaughnessy on Twitter
Read
4 ⭐⭐⭐⭐
tweets
Investing
Source
Aug 19, 2020 5:12 PM
Aug 19, 2020 5:14 PM
August 19, 2020 1:11 PM (EDT)
August 19, 2020 1:12 PM (EDT)
How to Know if I have an Edge
Robot James
Read
4 ⭐⭐⭐⭐
Tweets
InvestingTrading
Source
Apr 15, 2021 11:39 PM
May 30, 2021 12:17 PM
Edge especially when considering SKEW
Why to Backtest
macrocephalopod
Read
4 ⭐⭐⭐⭐
Tweets
Trading
Source
Apr 15, 2021 12:07 AM
May 30, 2021 12:17 PM
Edge in Trading
Robot James
Read
4 ⭐⭐⭐⭐
Tweets
Investing
Source
Apr 1, 2021 3:02 PM
May 30, 2021 12:10 PM
Trading Portfolio Risk Management
Alex Good
Read
4 ⭐⭐⭐⭐
Tweets
Trading
Source
Jan 28, 2021 11:45 PM
May 30, 2021 12:18 PM
Grind Trading
Alex Good
Read
4 ⭐⭐⭐⭐
Tweets
Trading
Source
Jan 19, 2021 2:19 AM
May 30, 2021 12:23 PM
1 like = 1 opinionated thought about the intersection of technology and finance
patio11
3 ⭐⭐⭐
Tweets
Investing
Source
trading
Dec 23, 2019 11:50 AM
Aug 19, 2020 4:45 PM
Every Investor Is a Market-Maker
Byrne Hobart
Read
3 ⭐⭐⭐
Article
Investing
Notes
Aug 13, 2020 4:14 PM
Every Investor is a Market-Maker - The Diff
Dec 30, 2020 6:32 PM
August 13, 2020 12:05 PM (EDT)
August 13, 2020 12:14 PM (EDT)
Algorithmic Trading in Crypto
Kevin Zhou
To Read
3 ⭐⭐⭐
Article
Source
Jun 7, 2021 11:14 AM
Jul 18, 2021 12:40 PM
Shared Earnings Agreement | Early Stage Funding from Earnest Capital
Business
May 22, 2020 4:28 PM
Jul 27, 2020 1:23 PM
Tiny Software VC - Portfolio Companies
Bookmark
Business
NP
Dec 10, 2019 7:11 PM
Jul 27, 2020 1:23 PM
We Work Girardian Danco Founding Murder
Alex Danco
Article
Business
Source
Sep 24, 2019 12:31 AM
Dec 30, 2020 6:32 PM
How to become a Venture Capitalist
Keith Rabois
Article
Business
Source
Jul 5, 2019 12:11 AM
Jul 27, 2020 2:07 PM
13 Different Network Effects (and counting)
Article
Business
Source
Jul 2, 2019 11:59 PM
Jul 27, 2020 2:07 PM
The State of Micro PE
Mario The Generalist
Active
Jan 31, 2021 3:57 PM
Jun 24, 2022 12:35 PM
Travis Diversification
Travis Twitter
Read
Tweets
why diversify - at the philosophical level
Source
Feb 23, 2022 2:14 AM
Feb 28, 2022 3:53 PM

Personal Investing

Moontower's Money Wiki

Equity Risk Premium

Equity Risk Premium —> or why you should Index
  • ERP doesn't exist if you look at stock; only stock indexes! ERP is explained by math: https://breakingthemarket.com/solving-the-equity-premium-puzzle-and-uncovering-a-huge-flaw-in-investment-theory/
  • Mistaken equivalency between a single asset and a portfolio:
  • Treasury bills (and bonds) are a single investment item. An equity market index (SP500 for the original study and many others) is a portfolio of many investments, who’s composition changes all the time. They are not the same thing and shouldn’t be compared as if they are!
  • People did not invest in a market index strategy before 1975, they invested in individual stocks. Until very recently, when passive investing gained a large following, people still generally invested in individual stocks.
  • “Stocks” and the “Stock Market Index” are not the same thing and never have been. One is an asset class, the other is a trading strategy of that asset class. They don’t behave the same and don’t have the same properties, return, or standard deviation. You can’t use one to replace the other.
  • When you compare the geometric return of stocks not a stock index you do not find an ERP!
  • The Equity Premium Puzzle has lasted for 37 years without anyone recognizing the market index doesn’t represent stocks.
  • Me: So index ERP is closer to 6% - .5 * (about 16 vol)^2 = 3.5%

Supply and Demand!

Portfolio Theory (#portfolio)

Portfolio Media

The Media Locker

NameAuthorCategorySatusFuture ValueURLP.A.R.A.ArenaNotesPDFProjectsDojoFull TitleGoal OutcomesLast HighlightedLast SyncedNotes & IdeasCreatedTagsThemeUpdatedValue Goals
Kelly Investing is About Slope -
breakingthemarket
Article
Read
5 ⭐⭐⭐⭐⭐
Source
Oct 12, 2020 11:42 PM
portfolio
Investing
Dec 30, 2020 6:32 PM
ReSolve's Riffs on Navigating an Impossible Market with Chris Schindler
Resolve with Chris Schindler
Video
Read
4 ⭐⭐⭐⭐
Notes
Jul 22, 2020 6:49 PM
portfolio
Investing
Aug 13, 2020 4:17 PM
The Permanent Portfolio Investing Strategy
Josh Kaufman
Article
Jul 10, 2020 11:41 AM
portfolio
Dec 30, 2020 6:32 PM
The Moontower Retirement Model - Party at the Moontower
Jul 9, 2020 7:38 PM
portfolio
Aug 19, 2020 11:21 AM
Thread by @MebFaber: 1/ Here are my 6 favorite research pieces of 2019 making the case for global investing... First up, @CreditSuisse with their "Global Investm…
Jan 14, 2020 2:08 AM
portfolio
Investing
Aug 19, 2020 3:06 PM
diversification hurts but wins over time
Corey Hoffstein
White Paper
Source
Sep 24, 2019 10:51 AM
portfolio
Investing
Jul 27, 2020 2:58 PM
Composition of Wealth by Net Worth. Higher NW —> More diversity (less primary, more business ownership)
image
Diversification: More Than Just What's In The Basket
List of risks:
image

We also believe that there exist theoretical limits to diversification. If we eliminate risk through diversification, we also eliminate reward. In other words: no pain, no premium.

Like an insurance company, we want to diversify the premiums we earn. Not only do we want to diversify within a given type of insurance, but we probably also want to diversify the type of insurance we offer.

Yet while we can we can seek to diversify the risks we insure, there are few truly independent risk factor and the premiums aren’t often large enough to offset large losses.

3 Axes of diversification: what, how, when
  1. What are we investing in: correlation diversification (although this is limited)
    • This axis captures the traditional notions of asset class and geographic diversification.
  2. How: payoff diversification
  3. Payoff Diversification

    As with asset classes, return appears to be a compensation for bearing asymmetric risk or negative skew.

    Trend has long-been established to exhibit positive skew. Indeed, it may very well be a mathematical byproduct of the trading strategy itself rather than an anomaly.

    While the findings of Lemperiere, Deremble, Nguyen, Seager, Potters and Bouchaud (2016) imply that style premia are not exceptions to the “no pain, no premium” rule, we should not be dissuaded from considering the potential benefits of their incorporation within a portfolio.

    After all, not only might we potentially benefit from the fact that their negative states might be somewhat independent of economic risk factors (acknowledging, as always, the philosophical limits of diversification), but the trading strategies themselves create varying payoff profiles that differ from one another.

    For example, when we overlay a naive trend strategy on top of U.S. equities, the result converges towards a distribution where we simply miss the best and worst years. However, because the worst years tend to be worse than the best years are good, it leads to a less skewed distribution.

    In effect, we’ve fought negative skew with positive skew.

    image
  4. When: Timing luck
  • Permanent portfolio makes a lot of sense to me intuitively. I can follow it, its diverse, and it respects the idea of focusing on risk (predictable, or more so) over return (random).
Stats by asset class (skew, mean, etc)
image

Kelly Criterion, Ergodicity and Geometric Return

Ergodicity
  • Applies to anything in life that is probabilistic (so almost everything).
  • Geometric Return is why you MUST focus on risk & draw downs (non-ergoditic). Let go of returns.
  • Tail hedges —> if truly uncorrelated dont need positive edge, just ability to rebalance.
    • Most things are or can be correlated (crowded trades). everything is long economic cycle, short vol
    • equity vol, puts truly only "opposite" mathematical anti correlated asset

Psychology

  • Time arbitrage is the most powerful for me (best intersection of effectiveness and competence)
Simple vs Complex

One reason we can't have nice investment strategies--a thread (Jim O)

The brightest people I have met share a superpower that would serve investors well—the ability to make inherently complex things simple and understandable. And yet, most humans naturally equate complexity with brilliance. We also prefer the complex and artificial to the simple and unadorned. We are certain that investment success requires an incredibly complex ability to judge a host of variables correctly and then act upon that knowledge.

Prof. Alex Bavelas designed a fascinating experiment in which two subjects, Smith and Jones, face individual projection screens. They cannot see or communicate with each other. They’re told that the purpose of the experiment is to learn to recognize the difference between healthy and sick cells. They must learn to distinguish between the two using trial and error. In front of each are two buttons marked Healthy and Sick, along with two signal lights marked Right and Wrong. Every time the slide is projected, they guess if it’s healthy or sick by pressing the button so marked. After they guess, their signal light will flash Right or Wrong, informing them if they have guessed correctly. Here’s the hitch—only Smith gets true feedback. If he’s correct, his light flashes Right, if he’s wrong, it flashes Wrong.

Because he’s getting true feedback, Smith soon starts getting around 80% correct, because it’s a matter of simple discrimination. Jones’s situation is entirely different. He doesn’t get true feedback based on guesses. Rather, the feedback he gets is based on Smith’s guesses! It doesn’t matter if he’s right or wrong about a particular slide; he’s told he’s right if Smith guessed right or wrong if Smith guessed wrong. Of course, Jones doesn’t know this. He’s been told that a true order exists that he can discover from the feedback.

He entered searching for order when there is no way to find it. The moderator then asks Smith and Jones to discuss the rules they use for judging healthy and sick cells. Smith, who got true feedback, offers rules are simple, concrete, and to the point. Jones on the other hand, uses rules that are, out of necessity, subtle, complex, and highly adorned. After all, he had to base his opinions on contradictory guesses and hunches.

The amazing thing is that Smith doesn’t think Jones’s explanations are absurd, crazy, or unnecessarily complicated. He’s impressed by the “brilliance” of Jones’s method and feels inferior and vulnerable because of the pedestrian simplicity of his own rules. The more complicated and ornate Jones’s explanations, the more likely they are to convince Smith.

Before the next test with new slides, the two are asked to guess who will do better than in the first time around. All Joneses and most Smiths say that Jones will. In fact, Jones shows no improvement at all. Smith, on the other hand, does significantly worse than he did the first time around, because he’s now making guesses based on some of the complicated rules he learned from Jones.

Think of all the times you've listened to the talking heads on #FinTV or read predictions and forecasts in the financial press and on blogs. Who sounds smarter, the person using $10 words and fancy jargon or the simple Sam who cites a few easy to understand and implement "common sense" ideas? Whose ideas are clear, concise and understandable? Sam's. Who are we likely to believe is a brilliant market thinker? Mr. or Ms. Complexity. When you hear or read someone weaving their ideas into a beautiful mosaic of words, try to remember, they are almost certainly wrong. And they might even be honest-minded--they are so good at it that first they baffle themselves with bullshit, and then move on to try and convince everyone else. Also remember, the more certain they sound, the less certain you should be.

Successful investing is simple, but, boy oh boy, it ain't easy.

Strategy

Strategy Media

The Media Locker

NameAuthorCategorySatusFuture ValueURLP.A.R.A.ArenaNotesPDFProjectsDojoFull TitleGoal OutcomesLast HighlightedLast SyncedNotes & IdeasCreatedTagsThemeUpdatedValue Goals
The Inside Story Of How The Ricketts Family Schemed And Feuded Their Way To Owning The Chicago Cubs
Deadspin
Article
Read
3 ⭐⭐⭐
Source
Aug 12, 2020 4:04 PM
fam bizstrategy
Business
Dec 30, 2020 6:32 PM
The Rise of TikTok and Understanding Its Parent Company, ByteDance
Turner Novak
Article
Read
5 ⭐⭐⭐⭐⭐
Source
May 26, 2020 8:06 PM
socialstrategy
Investing
Dec 30, 2020 6:32 PM
📑
Positional Scarcity
Alex Danco
Article
Source
Sep 15, 2019 5:40 PM
strategy
Business
Dec 30, 2020 6:32 PM
Two Types of Moats
Jerry Neumann
Tweets
Summary
Sep 8, 2019 4:04 PM
strategy
Investing
Aug 19, 2020 4:30 PM
Evaluating Data Sets
Chenmark Capital
Tweets
Source
5 ways to evaluate
Sep 8, 2019 4:04 PM
datastrategy
Investing
Nov 13, 2020 5:27 PM
Tweets on 1) value creation and 2) competitive advantage.
Patrick O
Tweets
To Read
4 ⭐⭐⭐⭐
Source
Jun 11, 2019 5:10 PM
strategy
Investing
Aug 19, 2020 4:14 PM

Research

Big Picture Research. For singles, see

Research Media

The Media Locker

NameAuthorCategorySatusFuture ValueURLP.A.R.A.ArenaNotesPDFProjectsDojoFull TitleGoal OutcomesLast HighlightedLast SyncedNotes & IdeasCreatedTagsThemeUpdatedValue Goals
🗒️
@mjmauboussin's "Public to Private Equity in the US" Notes
@borrowed_ideas
Tweets
Read
3 ⭐⭐⭐
Source
Aug 17, 2020 10:07 PM
research
Aug 19, 2020 4:27 PM
The Single Greatest Predictor of Future Stock Market Returns
"Jesse Livermore"
Article
Read
5 ⭐⭐⭐⭐⭐
Source
Jul 10, 2020 4:11 PM
public equityresearch
Investing
Dec 30, 2020 6:32 PM
Famous Investor Stock Checklist
Apr 25, 2020 9:32 AM
research
Investing
Aug 19, 2020 4:32 PM
Why Cheap Stocks Suck
Article
Feb 10, 2020 12:10 AM
public equityresearch
Investing
Dec 30, 2020 6:32 PM
The Factor Archives: Momentum
OSAM
Article
Read
Source
Dec 17, 2019 8:49 PM
research
Investing
Dec 30, 2020 6:32 PM
Lessons From 24 Years of Operating: Bowl America, Inc. (BWL.A)
Macro Ops
Article
Source
Dec 15, 2019 3:59 PM
researchpublic equity
Business
Dec 30, 2020 6:32 PM
Best Investing Factor Quant Links
Reformed Trader
Bookmark
Not PARA
Dec 11, 2019 10:54 AM
research
Investing
Aug 19, 2020 3:42 PM
The Single Greatest Predictor of Future Stock Market Returns
Philosophical Economics
Article
To Read
4 ⭐⭐⭐⭐
Source
Nov 19, 2019 7:58 PM
research
Investing
Dec 30, 2020 6:32 PM
15 rules for investing twitter
Tweets
Source
Sep 14, 2019 5:36 PM
public equityresearch
Investing
Aug 19, 2020 4:32 PM
Value Is Dead, Long Live Value
OSAM
White Paper
Read
Source
Jul 15, 2019 5:58 PM
research
Investing
Aug 19, 2020 3:42 PM
The Earnings Mirage: Why Corporate Profits are Overstated and What It Means for Investors
Jesse Livermore
Article
Source
Jul 2, 2019 1:28 PM
public equityresearch
Investing
Aug 19, 2020 3:44 PM

Public Equities - Valuation

  • Compound growth deserves the highest valuations (geometric)
  • Book value no longer matters as much, cannot use for getting "cheapness" of equities
    • Due to both intangible assets (brand, tech) and share buybacks (accounting distortion)

Factor (#factor)

  • Value works because company's earnings stay low but the multiple re-rates higher.
  • Growth works because the earnings make up for any stagnation or fall in valutaiton.
  • Implies constantly need to be harvesting these to catch the inflection points.

Macro Viewpoints

Three Big Things - Morgan Housel | Collaborative Fund | 4th October 2019

Notes on three current megatrends — ageing, inequality, and access to information. “The world is driven by tail events. A minority of things drive the majority of outcomes. It’s one of the most important concepts in investing, where a few positions may account for most of your lifetime returns. Demographics, inequality, and information access will have a huge impact on the coming decades. How those Big Things end is a story yet to be told. But when it’s told we’ll have a better idea of where it began”

QE Asset Class Transform

"QE turned your savings account into your checking account, the bond market into your savings account, the equity market into the bond market, the VC market into the equity market, and crypto into the VC market." - @joemccann

  • Junk yield spreads can be used to predict good investing beginning time frames (Verdad)
Macro Media

The Media Locker

NameAuthorCategorySatusFuture ValueURLP.A.R.A.ArenaNotesPDFProjectsDojoFull TitleGoal OutcomesLast HighlightedLast SyncedNotes & IdeasCreatedTagsThemeUpdatedValue Goals
Balance of Payments Between Countries
Byrne Hobart
Article
Read
4 ⭐⭐⭐⭐
currency issues
Jul 27, 2020 6:37 PM
macro
Investing
Dec 30, 2020 6:32 PM
Bretton Woods Revisited
Byrne Hobart
Read
May 18, 2020 12:50 PM
macro
Investing
Aug 19, 2020 3:05 PM
Crisis Investing - Verdad Cap
Dan Rassmussan
Article
Read
4 ⭐⭐⭐⭐
Feb 19, 2020 11:42 AM
macro
Investing
Dec 30, 2020 6:32 PM

Crypto (#crypto)

Custodian Company | Paxos

At Paxos, we are re-building the infrastructure of finance. We want to make it possible to move any assets anywhere, instantly – and therefore democratize access to a new, global, frictionless economy.

We take a two-pronged approach of establishing regulatory designations that give us access to the current financial infrastructure and developing innovative products. This allows us to operate as a gateway between traditional finance and the digital future.

Since its founding in 2012, Paxos has always sought to enable the movement of assets, starting with the launch of the itBit exchange in Singapore. In 2015, the New York State Department of Financial Services granted Paxos a limited-purpose trust charter, thus establishing it as the first company approved and regulated to offer crypto products and services. By seeking the highest forms of regulation and compliance, Paxos has distinguished itself within the blockchain industry and earned the trust of discerning institutional and individual investors.

Paxos has since continued to operate within established regulatory frameworks while creating innovative new products. This includes workstreams in the tokenization of securities, precious metals and commodities, such as the Paxos Standard token, a digital dollar launched in 2018.

Along the way, Paxos has raised over $93M in venture funding, added distinguished luminaries including Sheila Bair and Senator Bill Bradley to the board, and grown to 110 employees in three global offices.

Quotes

The Big Short Quote - Confirmation Bias, Narrative. Everyone is always doing this, always

“It was the first time in two years that Goldman Sachs had not moved the trade against him at the end of the month. “That was the first time they moved our marks accurately,” he notes, “because they were getting in on the trade themselves.” The market was finally accepting the diagnosis of its own disorder.”
The Kelly Criterion - Quantitative Trading
The Playing Field - Graham Duncan Blog
Some Easy Investing Rule...
Some Easy Investing Rule...
How Inflation Swindles the Equity Investor | Valueinvesting.de
Verdad’s Finance Curriculum
IRR vs CAGR vs MOIC
Trend Following is Hot Air -
Inelastic Market Hypothesis
All Moontower Meta Blog Posts
Summary Of Jesse Livermore's "Upside Down Markets"
Wifey Quant Models
Squeeze on how to learn Python