That's an astonishing accomplishment.
https://t.co/uopG6WutzU
1/Today in @bopinion, I talk about the legacy and career of Jim Simons, the founder of Renaissance Technologies, who is stepping down as the hedge fund's
That's an astonishing accomplishment.
https://t.co/uopG6WutzU
Basically, by being relentlessly smarter and better-managed than the competition.
https://t.co/p6ZTd7POfQ
Yes and no.
Obviously yes, since Renaissance could (and can) beat the market. But there are a few key caveats...
But most investors can't invest in that fund. It doesn't take your money.
https://t.co/sTXUzl09Lc
https://t.co/bhqE71eSdH
If it did, Medallion would be worth far more than all the rest of the hedge funds in the world combined, by now!
Why? Because the market inefficiencies Medallion exploits are limited in size. And thus, Medallion's profit opportunities are limited in size.
https://t.co/ZsXQ4NNUI8
This shows that consistently beating the market AT SCALE is incredibly hard, even for the smartest and best-managed people on the planet.
https://t.co/oowJd3k8GH
But it does mean that Renaissance's existence doesn't prove that stock markets are inefficient. Indeed it shows us just how not-so-hugely-inefficient they are!
(end)
https://t.co/uopG6WutzU
More from Noahtogolpe 🐇
1/I'm thinking about the end of Apu in the context of the national debates on immigration and diversity.
2/Apu's presence in Springfield represented a basic reality of America in the late 20th and early 21st century: the presence of nonwhite immigrants.
3/As Tomas Jimenez writes in "The Other Side of Assimilation", for my generation, immigrants from India, China, Mexico, and many other countries aren't strange or foreign. On the contrary, they're a
4/But that America I grew up with is fundamentally ephemeral. The kids of immigrants don't retain their parents' culture. They merge into the local culture (and, as Jimenez documents, the local culture changes to reflect their influence).
5/Simpsons character don't change. But real people, and real communities, do. So a character who once represented the diversity that immigrants brought to American towns now represents a stereotype of Indian-Americans as "permanent foreigners".
\u2018The Simpsons\u2019 producer confirms Apu is being written out of show following controversy https://t.co/lKzFCe1wFa pic.twitter.com/s34IUDUtqs
— NME (@NME) October 26, 2018
2/Apu's presence in Springfield represented a basic reality of America in the late 20th and early 21st century: the presence of nonwhite immigrants.
3/As Tomas Jimenez writes in "The Other Side of Assimilation", for my generation, immigrants from India, China, Mexico, and many other countries aren't strange or foreign. On the contrary, they're a
4/But that America I grew up with is fundamentally ephemeral. The kids of immigrants don't retain their parents' culture. They merge into the local culture (and, as Jimenez documents, the local culture changes to reflect their influence).
5/Simpsons character don't change. But real people, and real communities, do. So a character who once represented the diversity that immigrants brought to American towns now represents a stereotype of Indian-Americans as "permanent foreigners".
This thread demonstrates that a lot of academic writing that *looks* like utter nonsense is merely scholars dressing up a useful but mundane point with a ton of unnecessary jargon.
My theory is that the jargon creates an artificial barrier to entry. https://t.co/MqLyyppdHl
If one must spend years marinating one's brain in jargon to be perceived as an expert on a topic, it protects the status and earning power of people who study relatively easy topics.
In econ, a similar thing is accomplished by what recent Nobel prize winner Paul Romer calls "mathiness": https://t.co/DBCRRc8Mir
But mathiness and jargon are not quite the same...
Jargon usually doesn't force you to change the substance of your central point.
Mathiness often does. By forcing you to write your model in a way that's mathematically tractable (easy to work with), mathiness often impoverishes your understanding of how the world really works.
has written about this problem:
Imagine for a moment the most obscurantist, jargon-filled, po-mo article the politically correct academy might produce. Pure SJW nonsense. Got it? Chances are you're imagining something like the infamous "Feminist Glaciology" article from a few years back.https://t.co/NRaWNREBvR pic.twitter.com/qtSFBYY80S
— Jeffrey Sachs (@JeffreyASachs) October 13, 2018
My theory is that the jargon creates an artificial barrier to entry. https://t.co/MqLyyppdHl
If one must spend years marinating one's brain in jargon to be perceived as an expert on a topic, it protects the status and earning power of people who study relatively easy topics.
In econ, a similar thing is accomplished by what recent Nobel prize winner Paul Romer calls "mathiness": https://t.co/DBCRRc8Mir
But mathiness and jargon are not quite the same...
Jargon usually doesn't force you to change the substance of your central point.
Mathiness often does. By forcing you to write your model in a way that's mathematically tractable (easy to work with), mathiness often impoverishes your understanding of how the world really works.
has written about this problem:
More from Government
Abbott is pushing a lie to protect incompetence. There is no Federal oversight of the Texas Grid, ergo fewer regulations (sound familiar) - so point one: state legislature needs reform. 2/
2. Point 2: there were clear signs the grid would get overloaded under extreme cold conditions. Why? Due to a vacuum of regulations mandating winterization of turbines and power generators. This from sources, in Texas!
3. Point 3: Of the power shortfall that hit Texas, over 80% was due to problems at coal and gas fired plants. Power generators were just not winterized. Decisions to do so have been ignored since the 1990s.
4. Point 4: these are winterized wind turbines in Denmark. The ocean is frozen. The turbines are generating.
5. #Texas| the main issue is: catastrophic governance at the State level (no Federal oversight of the Texas grid) failing to allocate funding to winterise the Natural Gas, Coal and Wind Turbine elements that contribute to the grid. (~ 80/20
Texas Gov. Abbott blames solar and wind for the blackouts in his state and says "this shows how the Green New Deal would be a deadly deal for the United States of America" pic.twitter.com/YfVwa3YRZQ
— Andrew Lawrence (@ndrew_lawrence) February 17, 2021
2. Point 2: there were clear signs the grid would get overloaded under extreme cold conditions. Why? Due to a vacuum of regulations mandating winterization of turbines and power generators. This from sources, in Texas!
3. Point 3: Of the power shortfall that hit Texas, over 80% was due to problems at coal and gas fired plants. Power generators were just not winterized. Decisions to do so have been ignored since the 1990s.
4. Point 4: these are winterized wind turbines in Denmark. The ocean is frozen. The turbines are generating.
Same thing in Denmark. It's cold enough here that the ocean is frozen and yet look at those reliable windmills just chugging along. pic.twitter.com/1NTljk7hk9
— Elizabeth Gummere (@BethGummere) February 17, 2021
5. #Texas| the main issue is: catastrophic governance at the State level (no Federal oversight of the Texas grid) failing to allocate funding to winterise the Natural Gas, Coal and Wind Turbine elements that contribute to the grid. (~ 80/20
