BC TRADING
Saved by @CodyyyGardner

1/ Equity crowdfunding or equity investment marketplaces failed. Full stop. Didn’t work.

Here is my synopsis on why the industry hasn’t taken off. Lots of reflection and painful lessons I hope others can learn from.

 2/ Reason #1: The financial feedback loop for vc takes yrs. If you want one core reason the industry has not succeeded, it is this. Time between when an investor writes a check and gets confidence she should write again- is way too long to encourage repeat investment
3/ If you are ever at a YC event and some entrepreneur pitches you on a marketplace that helps private companies raise money…..ask how they will solve this issue.

[imagine being at a cocktail event again?]
4/ I missed this point when we started. Frankly the 60+ investors that passed on us also missed it- or at least it never came up as a key concern. Not once.

The difference between credit, with financial feedback loops that took days or months, and equity is huge.
5/ In private investments it is typically >5 yrs before you see the financial feedback. Win or lose thats a long time for most people. If you’re running a VC fund you’re making $ along the way with management fees, but angel investors….are just shelling out checks.
6/ That’s the key problem. How many checks will you write through an online investment marketplace before you see a return? That is the financial feedback loop- or lack thereof.
7/ We tried non-financial feedback loops. Information feedback loops (“look the co. is growing revenue- that’s great”) and product feedback loops (“look here is the new product from the company”). Nothing was powerful enough to matter when the financial feedback loop took years.
8/ Long feedback loops, along with many other things on this list, made generating non-institutional repeat investor demand on the marketplace extremely difficult.
9/ Reason #2: The Psychic Feedback Loop isn’t close to strong enough. So many people would say “if Kickstarter could help a watch brand raise millions of $, surely an equity marketplace would be even more successful because you’re getting equity.”

No.
https://t.co/sOaWIadAZb
10/ @kickstarter delivered physical products when someone would give tens or hundreds of $. That’s a dramatically different value prop to asking someone to *invest* tens of thousands of dollars (or millions) in exchange for equity. It is like comparing Apples and Beef Jerky.
11/ Reason #3: Misaligned incentives. Too many equity marketplaces were set up as “Heads we win, tails you lose.” Some sites allowed people to form deal-level SPVs, charge mgmt fee and/or carry on deal by deal, without transparency on their track record.
https://t.co/Ef4ZgAyPKr
12/ To quote a former #1 syndicate lead, who no longer runs these SPVs: “dont invest into my [SPVs], I put my worst deals there.”
13/ The sites themselves also had misaligned incentives. They knew they got valued off of volume (GMV). They often received revenue off of that GMV. Some didn't see incentives to ensure strong investor performance over the long-term.
14/ To be explicit- that means that some marketplaces put bad deals on the platform and didn’t care because they wouldn’t have to answer for those bad deals.
15/ Reason #4: Lack of transparency. How did the deals on the site perform last year? How did the deals for a given SPV lead perform? Can we get direct access to the CEO, to their financials? How is the platform getting compensated?

More from Trading

Sahil Bloom
Sahil Bloom
@SahilBloom
Circle of Competence 101

Warren Buffett and Charlie Munger often reference the importance of knowing the boundaries of your circle of competence.

But what is a Circle of Competence and how does it work?

Here's Circle of Competence 101!


1/ First, a few definitions.

A Circle of Competence is the set of topic areas that align with a person's expertise.

If the entire world of information were to be expressed in a circle, an individual's Circle of Competence is the small sub-circle that represents their expertise.


2/ The idea surfaced in the 1996 BH annual letter.

"You don’t have to be an expert on every company...you only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important; knowing its boundaries, however, is vital."


3/ A Circle of Competence is built over time.

It is built through experience, reading, dedicated study, and effort.

It is dynamic, not static.

It can expand as you deepen your knowledge in new areas. It can contract if you fail to nurture your existing areas of expertise.

4/ To engage this mental model in your life, there are two key processes to go through:

(1) Identify what falls within your circle
(2) Identify the boundaries of your circle

(1) is all about figuring out what you know, while (2) is about humbly admitting what you don’t.
TRADING
Gene Kim
Gene Kim
@RealGeneKim
Many of you have seen the famous Westrum Organizational Typology model, so prominently featured in State of DevOps Research, Accelerate, DevOps Handbook, etc.

This model was created Dr. Ron Westrum, a widely-cited sociologist who studied the impact of culture on safety


Thanks to Dr. @nicolefv, I was able to interview him for an upcoming episode of the Idealcast! 🤯

It was a very heady experience, and while preparing to interview him, I was startled to discover how much work he's done in healthcare, aviation, spaceflight, but also innovation.

I've read 4+ of his papers, so I thought I was familiar with his work. (Here's one paper: https://t.co/7X00O67VgS)

I was startled to learn he has also studied in depth what enables innovation. He wrote a wonderful book "Sidewinder: Creative Missile Development at China Lake"


Dr. Westrum writes about China Lake Research Labs: "its design and structure had one purpose: to foster technical creativity. It did; China Lake operated far outside the normal envelope... Sidewinder & others were "impossible" accomplishments,

I love this book because it describes traits of organizations that routinely create and maintain greatness: US space program (Mercury, Gemini, Apollo), US Naval Reactors, Toyota, Team of Teams, Tesla, the tech giants (Amazon, Google, Netflix, Google)
TRADING
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Peter McCormack \U0001f451
Peter McCormack 👑...
@PeterMcCormack
1/ Feels like a good time to tell the story of how I went from broke to a millionaire to broke again in 2017/18 again...

Yesterday was brutal for some people...

Losing life-changing money sucks, losing any money sucks...you can chase the market or you can change your strategy.

2/ The original thread is gone but you can read it here.

https://t.co/cLLNs75rB0

tl;dr
- Traded $32k to $1.2m
- Thought I was a genius
- Made poor investments
- Didn't conserve capital
- Peaked at 150 BTC
- Lost nearly all of it

2 weeks from losing my house + no income. Oops.

3/ I am going to assume you are in it for the money rather than the tech. Yeah, you might Tweet about the amazing blockchaining of cross-border payments and oracles yadda yadda...really, you are in it to make money.

If you are really in it for the tech, go and build something.

4/ Okay, so if you want to make money, trading is super hard, you are trading against:
- Better traders than you
- People who can move markets
- Unknown information

And if you are trading with leverage you might blow up your account with the volatility.

5/ If you are not trading, you are investing. Okay, so what are you investing in?

I made the decision that the crypto with the best opportunity of existing in 10 years is #Bitcoin:
- Solves a genuine problem
- The right tech
- A proven track record
TRADING
Investment Books
Investment Books
@InvestmentBook1
Knowledge sharing initiative Book 1 : "Mastering the market cycle" by @HowardMarksBook

This incredible book focuses on understanding why periods of recessions & growth occur frequently wearing lenses of all mkt participants-the economists, the investors & the regulators.

(1/n)


The book tries to explain the human tendency of extrapolating the recent past and the imbalance in defining risk at the time of bear & bull markets. It is this tendency that drives booms & busts.

Here are the Important learnings from the book: 👇

(2/n)

1. Every Asset class goes through a cycle - Up & Down this book teaches why such Up & down occur how to spot them & how investors can improve their returns.

(3/n)

2. Its extremely difficult to forecast Macroeconomic variables like interest rate, inflation, GDP etc there's a reason even Central bankers & Presidents of the country fail consistently at the same

(4/n)

3. In down cycle as prices fall odds are in favor of investors & hence we should invest more & Vice Versa
4. Experienced investors–like everyone else–don’t know exactly what the future holds but they do have an above-average understanding of future tendencies & probabilities(5/n)
TRADING
Trader knight
Trader knight
@Traderknight007
Overthinking - The art of creating problems which weren't even there.

Thread on How Over-analysis leads to decision Paralysis-


What is Analysis paralysis?

In simple terms, analysis paralysis is a person's tendency to over-analyze or over-think upon a decision to such an extent that he/she fails to make a choice resulting in a paralyzed state of inaction.


How a retail trader trades-

A trader named Rahul, He know all the basics of markets, He also has made a system which gives signals on nifty, he has also encorporated good Risk management and Position sizing into his system.

One day he gets a signal to buy Nifty at 13500 with stop at 13450, he wanted to take the trade, but he wanted to get sure that the trade he has take should be a winner.

So he says just let me check the RSI if its above this level I will buy , he checks it and it was above his

level, then again he wants to check another indicator named MACD, he wanted to get sure man, Now he do the most intelligent thing to get sure he gets right.

He goes to twitter and ask his twitter Friend Trader knight he ask him that should I buy nifty at 13500,
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Anu Satheesh
Anu Satheesh
@AnuSatheesh5
Alathiyur Hanuman Temple
Malappuram, Kerala 🚩
#keralatemples

One of the Powerful Anjaneya Temples in Kerala. Hanuman temple is adjacent to Shri Ramar Sannidhi. Here Hanuman's head is tilted towards the left to hear Shri Rama's words. Shri Rama is entrusting Hanuman👇


Task of locating Mata Sita in Lanka.

Prathishta of Hanuman is done by Sage Vasishta. Eventhough this is Shri Ram Temple, importance is given to Hanuman
Shri Rama shares with Hanuman the Abhignana Vaakhyam, the words that would enable him to gain the confidence of Mata Seetha.


Hanuman stands leaning a little towards the left, showing how he hear Shri Rama's words and also assuring him Your Wish is my Command.
The Vigraham of Hanuman gives us the Strength, Confidence and Bhakthi.
There is a place marked here to show Hanuman’s leap to Lanka over sea.


Devotees run and leap over the stone for better health.Aval Naivedhyam is famous here. Those children who have nightmares are told to pray Alathiyur Hanuman. Mantra 👇

Alathiyur Hanumane
Pedi Swampnam kanarudhe
Pedi Swapnam Kandalo
Val Kondu Thattiyunarthename
🙏🕉🙏
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Jaya_Upadhyaya
Jaya_Upadhyaya
@Jayalko1
SRISAILAM: KASHI OF THE SOUTH (AP)
#andhratemples

The divine abode of Mallikarjuna Swamy (Jyotirlinga) and Devi Brahmaramba (Shaktipeeth).

When Ganesha was married before Kartikeya, he left in anger to Kraunch mountain. Shiva and Parvati also followed him there.


Shiva assumed the form of Jyotirlinga and resided on the mountain by the name of Mallikarjuna. Mallika means Parvati while Arjuna is another name of Shiva
It is also said that once, a princess Chandravathi, saw a cow shedding milk on a rock resembling a shivlingam.
@DubeyYash1911


She started praying to the lingam daily and used to offer jasmine (mallika pushpam) daily. Pleased Shiva appeared before her and agreed to wear jasmine garland (mallika pushpmala) on his head permanently. Since then, Shiva became known as Mallikarjun Swamy.


At this place, Shakti took the form of Bhramaram (bee) to kill Arunasur and settled as Bhramaramba Devi. The place is a Shakti Peeth as the neck portion of Devi Sati fell here.

It is said that by merely seeing the hill, one is emancipated from all his sins and worries.
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Khatvaanga
Khatvaanga
@khatvaanga
Sri Gurubhyo Namah.
Some tweets on Adi Shankaracharya and in particular the Guru Parampara of @sringerimath. [I had done this series earlier 5 years ago on account of Shishya Sweekaram].


Adi Shankara established the Sringeri Peetham as the 1st of 4 amnaaya peetams.

The four being
1. Sarada Peetam at Sringeri.
2. Govardhana Peetam at Puri
3. Kalika at Dwaraka
4. Jyothir at Badarikashramam.

He installed his 4 most prominent shishyas as heads of the peetams.

Sureshwaracharya was assigned to Sringeri as its head.

Sringeri is a corruption of Rshyashrunga giri.

Rshyashrunga maharshi [and his father Sri Vibandhaka Maharshi] did their tapas at this place.

It is at Sringeri that Shankara spent 12 of His precious 32 years!!

That gives you and idea how much He loved this place.

Rshyashruga maharshi had a horn on his forehead, a result of being born to a deer. His mere presence was enough to shower rains!!

Rshyashrunga was one who led Putrakamesthi Yaagam of Dasaratha Maharaj and which resulted in Sri Rama's birth!!
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Pulp Librarian
Pulp Librarian
@PulpLibrarian
Due to the pandemic you may not have visited your local library in a while. So come with me on a virtual library tour, courtesy of stock photography, to see what we do for a living...


Libraries are of course information resource centres, but in many ways they are so much more. To get the best out of them you need to really know your way around the stacks.


The enquiries desk is normally your first stop in a library, and this is where you will meet The Angry Librarian! Why is she angry? Because you keep asking her stupid questions!


"Are you open?"
"Do you have a toilet?"
"That chair's wobbly!"
"Why isn't it available in audiobook?"
"Someone else is on the computer and that's not fair!"

On and on it goes...


And that's why in the library we insist on silence. It's the only way to stop us swearing at all the idiotic things you ask us. And we've looked up a lot of old swear words: beardsplitter, bescumber, rantallion, smellfungus etc. We're such muckspouts...
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Respectable Lawyer
Respectable Lawyer
@RespectableLaw
There's been a lot of talk about the missionary killed by the natives of North Sentinel Island. They're probably so aggressive because of this weirdo, Maurice Vidal Portman. So here's a big thread about this creep and some facts from my decade-long obsession with the island.


The Sentinelese are often described as “uncontacted,” but this not strictly true. They had a very significant contact in 1880 with Commander Portman.

Portman, the black sheep third son of some minor noble, was assigned by the English Royal Navy to administer and pacify the Andaman Islands, a job he pursued from 1880-1900 with the full measure of his own perversity.


Portman was erotically obsessed with the Andamanese, and he indulged his passion for photography by kidnapping members of various tribes and posing them in mock-Greek homoerotic compositions.


During his 20 years in a sexualized heart of darkness, Portman measured and cataloged every inch of his prisoner’s bodies, with an obsessive focus on genitals.
SOCIETY


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