market efficiency
FilterEveryone, all time49 from 35 people
- PK
Paul Krugman quoted
Trade economist, Nobel laureate in 2008 for his work…
Their wordsStock prices are, after all, a notoriously unreliable indicator of the state of the economy. Too often reflect by fads and fantasies, with online trading driving them to greater extremes.
↗Booms, Bombs and Bonds: Interest Rates, Part Ipaulkrugman.substack.com
- 3 days earlier
- BR
Barry Ritholtz quoted
Co-founder, chairman and chief investment officer…
Their wordsThat is a very anti-competitive, anti-free-market way to keep wages artificially suppressed.
- 2 days earlier
- BR
Barry Ritholtz quoted
Their wordsAnd the ability to make higher margins and have the dominant market share is just so dramatic. And I think in technology, we've seen the power of that. The ability to sort of compound that lead is definitely there.
↗Transcript: Glen Kacher, CIO of Light Street Capitalritholtz.com 1st of 3 in this piece
- AR
Armin Ronacher quoted
Creator of Flask and Jinja
Their wordsWithout going for a business account the best internet I can get at home is either 1100/275 or 2000/100. Duopolies suck.
- 1 day earlier
- MY
Matthew Yglesias quoted
Writes Slow Boring, a near-daily newsletter on American…
Their wordsSo we’re left, for now at least, with what seems to me like an efficient processor of public information and a good index of conventional wisdom but not necessarily a source of fresh insights.
- MY
Matthew Yglesias quoted
Their wordsThe problem is that it’s hard to find examples of the betting markets doing much more than processing the polling data as it comes in.
- 2 days earlier
- BH
Byrne Hobart quoted
Writes The Diff, a newsletter on inflections in finance…
Their wordsIt's not a blanket case against recycling: recycled metals are still valuable, but plastics mostly aren't.
- 2 days earlier
- TT
Tomasz Tunguz quoted
Venture capitalist and founder of Theory Ventures
Their wordsMargins will not climb to 100%. As inference gets cheaper, buyers will ask more of their agents, shifting the equilibrium over time in response to competition.
↗The Harness Margin Opportunitytomtunguz.com 2nd of 2 in this piece
- 13 days earlier
- NF
Nat Friedman quoted
Investor and engineer; CEO of GitHub from 2018 to 2021
Their wordsThe efficient market hypothesis is a lie At best it is a very lossy heuristic The best things in life occur where EMH is wrong
- 2 days earlier
- AD
Aswath Damodaran quoted
Professor of finance at NYU’s Stern School of Business
Their wordsthere is evidence that the reversal effect has weakened over time, leaving investors who bet on mean reversion and a return to fundamentals in the lurch
↗The Scaling and Profitability Trade off: Venture Capital’s Weakest Link!aswathdamodaran.blogspot.com 4th of 5 in this piece
- 7 days earlier
- RK
Rohit Krishnan quoted
Writes Strange Loop Canon
Their wordswhat this tells us is that the vast majority of the labs' revenue comes from non-frontier models, for which cheaper, comparable alternatives are already available elsewhere.
↗Who Wins As Intelligence Commodifies?strangeloopcanon.com 2nd of 3 in this piece
- 11 days earlier
- HR
Harper Reed quoted
Technologist and entrepreneur
Their wordsThere will be a correction once the CFOs realize that a junior that costs $120k is equivalent to a mid stage employee who costs $350k.
↗Notes From a Fugue State: Put the Things in Your Head That You Loveharper.blog 2nd of 3 in this piece
- 1 day earlier
- DT
Derek Thompson quoted
Writer and podcaster; co-author of Abundance with Ezra…
Their wordsMajor sports leagues are de facto cartels with the power to block entry and competition.
↗The American Sports Plutocracy Is Bullshitderekthompson.org 2nd of 3 in this piece
- 5 days earlier
- AW
Adam Ward quoted
Head of Talent at Cursor
Their wordsI feel like there's a supply and demand crisis around really strategic recruiters because of the somewhat transactional nature we've made recruiting over time.
↗The playbook for building high talent density teams | Adam Ward, Head of Talent at Cursoryoutube.com 26th of 30 in this recording
- 10 days earlier
- JC
JL Collins quoted
Author of The Simple Path to Wealth…
Their wordsTo be clear, this doesn't mean there will never be bubbles or crashes. There definitely will be. It is just that nobody can predict them.
↗The Power of Self-Cleansingjlcollinsnh.com 1st of 2 in this piece
- 6 weeks earlier
- AD
Aswath Damodaran quoted
Their wordsDoomsday stories about how passive investing is making markets less efficient and less inclined to reflect fundamentals strike me as overwrought
↗SpaceX, OpenAI and Anthropic: The S&P 500 Inclusion Question and Investment Consequences!aswathdamodaran.blogspot.com 3rd of 3 in this piece
- 8 days earlier
- RD
Ray Dalio quoted
Founder of Bridgewater Associates
Their wordsI know through my experiences that even the most advanced artificial intelligences don’t have adequate enough insights to allow one to blindly follow them and that unique human understanding and insights are still invaluable, and that that is especially true in investing where value-added is a zero-sum game (so that, when it comes to adding value, what is widely known is of little value.)
↗Principled Thinking and AI Need to Go Togetherraydalio.substack.com
- 5 days earlier
- JS
Jasmine Sun quoted
Writer and former Substack product manager
Their wordsI think the value of summary will go down, and the value of secrets will go up.
↗🌻 conversations on culture in the AI agejasmi.news 1st of 3 in this piece
- 4 months earlier
- AT
Alex Tabarrok quoted
Professor of economics at George Mason University and Bartley J
Their wordsThese corner allocations create a distinct source of cross-market misallocation, separate from the aggregate quantity loss (the Harberger triangle) and from within-market misallocation emphasized in prior work.
↗Chaos and Misallocation under Price Controls (with 2 co-authors)arxiv.org All 4 from this paper
- AT
Alex Tabarrok quoted
Their wordsWe show that equilibrium generically occurs at neither the Harberger nor Glaeser-Luttmer benchmark. Cost-minimizing suppliers drive allocations to vertices, not interiors. Corners are not an assumption but an outcome about what cost-minimizing suppliers choose. The correct benchmark is corners, not random, and corners generate qualitatively different welfare properties: losses far larger than either efficient or random distributions, and discontinuous jumps from small parameter perturbations.
↗Chaos and Misallocation under Price Controls (with 2 co-authors)arxiv.org All 4 from this paper
- AT
Alex Tabarrok quoted
Our readingMisallocation, not the aggregate quantity reduction, is the main welfare cost of price controls.
Their wordsThe quantity reduction is not the main cost of price controls. The misallocation is.
↗Chaos and Misallocation under Price Controls (with 2 co-authors)arxiv.org All 4 from this paper
- 4 weeks earlier
- TY
Tynan quoted
American writer and long-term traveller
Our readingBy the time an opportunity is widely known and talked about, it's too late to capitalize on it.
Their wordsDon't follow what other people are doing. By the time they're crowing about it, it's already too late.
↗What I Would Do if I Were Gen Ztynan.com 3rd of 3 in this piece
- 6 weeks earlier
- LA
Lyn Alden quoted
Investment researcher and engineer who runs Lyn Alden Investment Strategy
Their wordsUtility protocols face heavy competition, and thus their value trends toward their marginal cost of operation.
↗Why Most Cryptocurrencies Won’t Accrue Valuelynalden.com 1st of 3 in this piece
- 3 weeks earlier
- NE
Nat Eliason quoted
Writer and novelist
Their wordsAnd by excluding unhealthy people, they've created a better, cheaper option for healthy people.
↗I Canceled My Family's Health Insurance (and joined CrowdHealth)nateliason.com 1st of 2 in this piece
- 2 months earlier
- SB
Sanjay Bakshi quoted
Indian value investor who taught Behavioural Finance…
Their wordsIf shortages produce extraordinary profits, then the market will regulate those profits in the long run as supply increases thanks to the incentive effects of capitalism.
↗Who Will Benefit from Reduced GST Rates?fundooprofessor.wordpress.com 2nd of 2 in this piece
- 3 days earlier
- BE
Benedict Evans quoted
Technology analyst whose weekly email on tech reaches over 150,000 readers
Their wordsBut once you actually have a sophisticated industrial economy, central planning can't handle the complexity. And so you try and create incentives and structures around that while not having pricing and that just doesn't work.
↗Why Everyone Is Wrong About AI (Including You) | Benedict Evansyoutube.com 9th of 16 in this recording
- 7 weeks earlier
- JE
Jason Evanish quoted
Founder and CEO of Get Lighthouse
Their wordsIn a world where AI is helping us all move much faster, and the cost of building is rapidly falling, building the right thing has never been more important; you'll either get it right, or someone else in the market will.
↗5 Harsh Truths of Customer Feedback that hold Products Backjasonevanish.com 2nd of 3 in this piece
- 12 days earlier
- LA
Lyn Alden quoted
Their wordsBitcoin is not going to catch on as a charity. In order for spending it to catch on persistently at scale (i.e. not just billions of dollar-equivalents in annual global medium-of-exchange volume, but trillions), it has to solve problems for spenders and/or recipients that other solutions are not doing.
↗The Rise of Bitcoin Stocks and Bondslynalden.com 3rd of 3 in this piece
- 2 months earlier
- SH
Samuel Hammond quoted
Senior economist at the Foundation for American Innovation
Their wordsThis is why tradeable sectors are generally more productive than non-tradable ones.
↗Oren Cass’s Labor Theory of Valuesecondbest.ca 2nd of 3 in this piece
- 8 weeks earlier
- TS
Tobias Sjösten quoted
Swedish software developer writing about tooling
Their wordsIt's effectively an artificial vendor lock-in, forcing you to stay within their ecosystem.
↗Fixing Outlook's calendar exportseastone.io 2nd of 2 in this piece