BC CULTURE
Saved by @CodyyyGardner

My notes on ‘The Art of Execution’ by Lee Freeman-Shor.

First heard about this book from @IvanTanner4 interview on @Trawlingfor10x

 2/ Background: Over seven years, 45 of the world’s top investors were given between $25m and $150m to invest by fund manager Lee Freeman-Shor.

His instructions were simple. There was only one rule. They could only invest in their ten best ideas.
3/ From 2006 to 2013, Lee examined all 1866 investments. What surprised him was only 49% of these investment made money. While some of the most legendary investors only made money 30% of the time.

Yet, almost all of them did not lose money. In fact, they still made a lot of it.
4/ How were they so successful if their ideas were wrong most of the time? Lee discovered successful investing is not about being right per-se.

Success in investing is down to how great ideas are executed.
5/ “It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong.” - George Soros
6/ Poring over the data, Lee found investors fell into behavioural groupings based on their style of buy/sell execution.

On a losing trade there were:

Rabbits: Caught in the headlights and do nothing

Assassins: Ruthlessly cut their losses

Hunters: Systematically buy more
7/ Rabbits were unsurprisingly the least successful. Their behaviour stemmed from:

Constantly adjusting their mental story and time frame so that the stock always looked attractive.

Anchoring, primacy error and ego also played a part.
8/ What should rabbits have done differently?

Have a plan prior to purchase
When stock falls, reassess and either sell out or buy more.
Position size to allow for more purchases

Always seek out opposing views and be humble.
9/ Assassins, conversely, know that drawdowns left to their own devices are ultimately destroyers of wealth.

Assassins invest by rules, drawn by experience and beliefs.

When losing, they would always let the rules, not their emotions or feelings, drive their decisions.
10/ Based on Lee’s data, successful Assassins:

a) Killed all losers at 20-33%

Or

b) Killed losers after a fixed amount of time due to time cost of money.

64% were sold within 6 months of purchase.

“Large losses kill you quickly, while small losses kill you slowly.”
11/ Hunters, unlike the Assassins, didn't sell out of losing positions – they bought significantly more.

Rather than killing the investment and forgetting about it, they stalked their prey – watching it get steadily weaker and lassoing another limb each time it stumbled.
12/ Like Assassins, Hunters operate on a rules-based system. Initial positions are sized accordingly. A plan on when and how much more to buy on price falls are established from the outset.

Contrarians make natural Hunters; to be one requires patience and discipline.
13/ Hunters are well researched, have conviction and aren’t afraid of a highly concentrated portfolio.

In the words of Mae West, “Too much of a good thing can be wonderful.”
14/ So when experiencing investment losses, be an Assassin. Or a Hunter. Or both.

Don’t be a Rabbit.
15/ If you find yourself in a winning position, there are two further tribes; Raiders and Connoisseurs.

Raiders get out with a small profit based on a lurking fear of danger.

They suffer premature evacuation.
16/ One investor had a 70% success rate, but made no money. He sold most winners for <20% profit. A few big losses in due course wiped out the gains.

A high success rate is useless when partnered with a poor payoff profile.

Embrace the possibility of winning big or be doomed.
17/ Raiders are often Rabbits when they’re losing.

People are risk-averse when winning – but risk-seeking when losing.

You effectively have an investment style that combines significant downside risk with insignificant upside potential.
17/ Rather than being a Raider, be a…

Connoisseur: They enjoy every last drop.

Connoisseurs were the most successful investment tribe amongst those working for Lee.
19/
20/ Connoisseurs treated every investment like a vintage wine: if it was off, they got rid of it immediately, but if it was good they knew that it would only get better with age.

They drank the odd bottle now and then, to tide them over – but otherwise they sat back and waited.
21/
END/ For a different perspective, Bezos isn’t the world’s richest person because he started Amazon. He’s the world’s richest person because he refused the many temptations to sell.

Likewise Zuckerberg, Gates etc.

Find a winner, invest big, BUT resist the temptation to sell.

More from Culture

Nick Kapur
Nick Kapur
@nick_kapur
A thread of images from a Japanese illustrated history of America from 1861.

Here is George Washington (with bow and arrow) pictured alongside the Goddess of America. 1/


Here is Christopher Columbus (seated at center) reporting his discovery of America to Queen Isabella of Spain.

So far, kinda normal, but wait for it.... 2/


Now it's the American Revolution. Here is George Washington defending his wife "Carol" from a British official named "Asura" (same characters as the Buddhist deity). 3/


And here is Washington's "second-in-command" John Adams battling an enormous snake. 4/


Here is Washington and his wife "Carol" meeting an extremely youthful Benjamin Franklin, who has an impressive squat. 5/
CULTURE
Pulp Librarian
Pulp Librarian
@PulpLibrarian
Time once again for my occasional series "Women with great hair fleeing gothic houses!"

And today all the covers are by Walter Popp...


Crucible of Evil, by Lyda Belknap Long. Avon Gothic Original, 1974. Cover art by Walter Popp.


Hornet's Nest, by Evelyn Bond. Avon Gothic Original, 1972 Cover by Walter Popp.


The House In Munich, by Dorothy Dowdell. Avon, 1974. Art by Walter Popp.


The Secret Of Chateau Laval, by Susan Marvin. Avon Gothic, 1973. Art by Walter Popp.
CULTURE
Advertisement
Kristine Schachinger
Kristine Schachinger
@schachin
@curaffairs The author doesn't know enough about search to have written that article and the reason he's having those problems is AI algos like Rank Brain and Google's attempts to use natural language processing nothing to do with SEOs.

1/x

YMYL is not evaluated at the site level, but the query level.

Again this is on Google, not SEOs because they want to surface better sites.

And those devaluations are part of Core Updates which SEOs like me recover sites from.

2/

Featured Snippets are not optimized for - you can use certain HTML to be pulled in one but there is no definite use case where Featured Snippets are shown or that your site's will show for it. Also doesn't always come from the #1 result.

& that's Google not the SEO.

3/

Also there are many times when an SEO doesn't want their site in the Featured Snippet cuz it doesn't result in a click to the website. But we have no control over what Google pulls as Feature Snippets except to put in a meta tag to exclude us from them

4/

And Neil Patel is not an SEO. Most senior level SEOs see him as nothing more than a scammer because reportedly he's ripped them off by stealing their content and articles and passing them off as his.

5/
CULTURE , INTERNET , SEO
chika unigwe
chika unigwe
@chikaunigwe
So last week I wrote about the disinheritance of daughters in parts of Igbo land & to my disbelief, there were Ndi Igbo claiming that this customary law of inheritance that privileges sons doesn't exist, that I had somehow fabricated this out of thin air

(even as I and others on my TL gave concrete, real life examples and some Igbo daughters have successfully brought cases contesting the law before civil court).

One ill-informed young man stated that I had to “malign Igbo culture” so that “white people” would give me money. LOL. I understand that we don’t like to see the worst of ourselves reflected back to us but how do we progress if we refuse to confront it?

We can’t pretend that we are perfect, our traditions are perfect, our lives are perfect; we can’t create false narratives in the face of overwhelming evidence disputing those narratives;

we can’t go through life with our head perpetually buried in the sand because that isn’t a sustainable posture to hold. Sand go enter your nose and choke you, abi?
CULTURE
Dr. Stephanie Deppe | she/hers
Dr. Stephanie Deppe | ...
@SpaceSciSteph
My (probably) last co-authorship paper from grad school is out!!

The long story short is, any evidence for Planet Nine is gone. It doesn't exist.

This is the most comprehensive study EVER that examines the original clustering argument, led by @kjnapes. Let's get into it!

🧵


First, some background.

In 2014, astronomers Scott Sheppard and Chad Trujillo noted a weird clustering in the orbital elements of the most distant Kuiper Belt Objects they'd found. They hypothesized sorta in passing that a new planet could be responsible.

Enter Batygin & Brown

Mike Brown & Konstantin Batygin originally set out to DISPROVE the new planet hypothesis!

But instead, their simulations suggested a new planet, & even predicted its properties!

The resulting paper set off the biggest planetary debate of the century since Pluto's demotion.


What's the debate?

Well, the argument for the last five years has all centered around the fact that you find objects where you look in the sky.

No surprise there, right?

This problem is complicated though, because the objects we're talking about have some of the most distant and elongated orbits of all the objects in the solar system.

We only find them when they're closest to the Sun, when they're at their brightest.
CULTURE

You May Also Like

Noah Smith
Noah Smith
@Noahpinion
1/OK, I should really write another thread about university-centric regional development, because I think people often make some (very understandable) mistakes when thinking about this issue.

2/The biggest myth, I think, is that universities help regions by educating locals as undergraduates.

Skeptics of universities say: "But most of the people who graduate end up leaving."

3/In fact, most of what a university does for a regional economy is NOT about educating local kids.

Educating local kids is good for the nation, but doesn't help a region much.

The way a university helps a region is through

4/Undergraduates usually leave town after graduation.

But university RESEARCH pulls in OTHER smart people from other regions, and they stay there.

Here's a paper showing that this is the main way universities increase a region's human capital:

5/Research also pulls in business investment.

Companies want to partner with university labs, so they can commercialize the technologies the labs produce. So they invest in the labs, and sometimes they even put their offices in the town.
SOCIETY
\u0939\u0920\u092f\u094b\u0917\u0940
हठयोगी...
@hathyogi31
#3/thread on Angkor wat

Christianity and islam may be the largest religion of today’s world but Sanatan dharm has the largest religious monument in the world in the form of Angkor wat. It is situated in combodia and spread across over 400 acres / 1.6 km².


It was listed as a UNESCO World Heritage Site in 1992, which encouraged an international effort to save the complex.
It was originally built as a Hindu temple dedicated to the god Vishnu. In Khmer, the Cambodian language, Angkor means "city" and Wat means "temple grounds".


So Angkor Wat means "Temple City". Its original name was Vrah Vishnuloka or Parama Vishnuloka, meaning the sacred dwelling of Vishnu in Sanskrit.
But, it gradually turned into a Buddhist temple towards the end of the 12th century & is still used for worship today.


Angkor Wat was initially designed and constructed in the first half of the 12th century, during the reign of Suryavarman II, as the king’s state temple and capital city. It was built without the aid of any machinery, as there was no machinery available at that time.


Evidence for these dates comes in part from inscriptions, which are vague, but also from the architectural design and artistic style of the temple and its associated sculptures.

Another aspect is that the five central towers of Angkor Wat symbolize the peaks of Mount Meru,
HISTORY
Advertisement
Anu Satheesh \U0001f1ee\U0001f1f3
Anu Satheesh 🇮🇳...
@AnuSatheesh5
Yoga Ramar Temple
#Nedungunam
#TamilNaduTemples 🚩

Yoga Ramar Temple is located near Thiruvannamalai. Shri Rama is seated with eyes closed, without any weapons. Mata Sita  pointing to the feet of Rama telling that  everyone is safe at his feet. Lakshmana standing near Shri Rama


Hanuman is seen chanting Vedas obediently sitting before Shri Rama.

Sthala Puranam says that, Sukabrahma Maharishi had been doing Tapasya here, for the darshan of Sri Rama. Prabhu Shri Ram, pleased with his tapasya, came here after Rama Ravana yudham. Since Rama was returning


after the war, he did not have any weapons with him.

Another gopuram called Kili Gopuram is there for Sukabrahma Maharishi. There is a hill nearby called Dheergachala. According to Sthala puranam, Sri Padham of Prabhu Rama are found on the top of the hill


It is said that this is the place where Shri Rama gave darshan to Suka Maharishi. Nedumgunam means which shows all qualities of Shri Rama who is Maryadha purushottam. Shri Ramanavami is very famous here.

Jai Sri Ram
🙏🕉🙏
ALL
The Astro Sapien\u2728
The Astro Sapien✨
@TheAstroSapienn
Here is my Thread on 'Ketu (South Node) Through Nakshatras' The 27 Constellations 🙏❣.

Do check your “Past life Mastery” which KETU Represents🤞🏻.


1. Ketu in Ashwini Nakshatra:

Here native is Great at Financial Planning, Face reading, understanding other’s mind and intention, Driving Fast they don’t like but they are wayyy smooth over driving Fast. This is also great position which can make native Great Surgeon,

Neurologist, Psychologist.
These natives are Selfless and Sacrifice self for others. They gets Fame and Success but they just don’t care.

2. Ketu in Bharani Nakshatra:

They are good at Flirting, Attracting opposite sex, studing ancient subjects. They are also Great at Creativity and Artistic activities. The are lazy but they are really open minded who handles situations really well.

In Past life they have handles many things which is now helping them to make things easier in this life. They are great Leaders too.

They are really good at Hard work and Smart work both. And yes just as Ashwini they don’t much care about Fame and Success!
ALL
Pran Katariya
Pran Katariya
@KatariyaPran
The Straddle is my favorite trade these days. But more often than not, one needs to adjust to make a good return from it. There are many ways to do this depending on your view, psychology and imagination. Will discuss a few that I use

The Straddle is a delta neutral strategy and it is important to keep deltas in check during the course of the Trade and not let them run away from you. Of course Volatility is the elephant in the room- but not going there as that will require a separate discussion

The first and most common method is to go 'inverted.' That is to say to shift the untested side to generate additional Premium and increase the runway to Breakeven. So if you start with a Straddle at 700 and price goes to 740, you can move the PE up to say 720.

How much should you move the untested side? While again this is a matter of skill, experience and artistry, the rule of thumb is to cut deltas by half. Remember, prices will move and you have to allow sufficient room for them to fluctuate

The second method is to shift the entire Straddle in the direction of the move. So if you have a 700 Straddle and Price goes to 740, you can shift the Straddle to 720. If you time this right, it can generally be done at virtually no cost or minimal cost.
ALL , OPTION SELLING , STRADDLE OPTION SELLING