@BrianFeroldi

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The most confusing term in accounting: Stock-Based Compensation How does it work? Why is it controversial? Here’s a complete overview (in plain English): ...

@fcunion_en

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Steffen's press conference ahead of #FCUFCH starts at 14:00. As ever, you can watch the whole thing LIVE on YouTube, or just follow along here for the usual updates (of a sort) <a target="_blank" href="https://www.youtube.com/watch?v=vO8D4_P1FKk" color="blue">youtube.com/watch?v=vO8D4_…</a> ...

@systematicls

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If you guys want some inside baseball view. On GMV = Excl leverage effects. It's entirely possible to create a portfolio where you have drawdown < 5% on GMV. Hundreds of PMs are doing exactly that. In fact, it's entirely possible to have a portfolio where a 2.5% drawdown might warrant cutting so...

@systematicls

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@__paleologo's "Elements of Quantitative Investing" has a chapter that's prompted a lot of questions from people I've recommended the book to. Section 4.3: Alpha Spanned vs Alpha Orthogonal. Most people skim it and think it's about portfolio construction. It's not. It's actually "roughly" a no-arb...

@gemagoldie

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Es mejor defender una idea científicamente incorrecta, dice el creador de las inteligencias múltiples, que defender una idea de los malos (la importancia del cociente intelectual). Y así muere la civilización occidental, cuando la verdad es menos importante que lo correcto. <span class="quote-card"...

@systematicls

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There is alpha in choosing where to play; and there is SURELY alpha in these new frontier markets. Market efficiency isn't some fixed property of an asset class. It's a ratio. Specifically: how much sophisticated capital is deployed relative to unsophisticated capital. Crypto? Most wallets are ...

@systematicls

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One of my mental models is that factors are just alphas that got too popular. The lifecycle: 1. Someone discovers a cross-sectional relationship. Momentum works. Low-vol outperforms. Value beats glamour. 2. They trade it. It prints. 3. They publish a paper or tell their grandma about it. 4. 10,000 ...