1/ 🧵How much skill (alpha) a concentrated stock picker needs to beat a fully diversified benchmark index? Variance lowers expected geometric return. To compensate for the idiosyncratic variance drag, stock picker needs skill to catch up with and to exceed the index return.

My 7yo just got mad at his brother and called him ugly, and his brother got really upset about it and started crying. They’re identical twins. Identical. Twins.

"Bike lanes" on my ride home today.

iPhone, Android, Web … Whichever way you invest with us, we use the latest tech to give your employees a delightful experience on any screen. Learn how we code with Flutter to serve up new features faster during today’s #GoogleIO developer keynote: io.google/2023

Annual Consumer Financial Decision Making conference zen kickoff.

You think Succession is about a business family. I think it is about how over many summers a pasture becomes a forest. We are not the same.

- Why are we training AI to be like us? They should be complementary! - How do humans learn concepts with so much less data? - Why would you invest in education when AI seems competent? Some good questions from this interview by Dave Nadig youtu.be/1sx7CIX2j4k

Me: So Apples are harvested in fall and cost $2.99/lb and Oranges are harvested in summer and cost $3.99/lb. Some philosopher: Nooo, you're not allowed to do that!

The neighborhood kids when the biggest kid gets a new bike.

These bags full of leaves are then loaded onto trucks which, burning fossil fuels, move them to giant areas called "landfills" -- where the leaves, trapped in plastic, undergo anaerobic decomposition, and, rather than releasing their nutrients back into the soil,

ROU Rapid Unscheduled Disassembly Cc Culture Ship Names

Long $WMT forever

Crazy thought: this is the best possible world. Everyone thinks and says "things are horrible (silently: but I'm doing pretty good)" The inverse ("everything is great but I'm doing badly") would suck.

“Isn’t this just paternalism?”

Genius.

The maturation of every investor starts with absorbing almost everything and ends with filtering almost everything.

My daughter upon seeing this: "You look really old."

Um CrunchLabs Mark Rober I'm told this was your idea? You got some 'splainin to do. 😁😉