Which annual return stream would you rather have? Manager A: 5, 6, 4, 6, 4, 5 Manager B: 5, 6, 4, 6, 4, 10 Manager A has a Sharpe Ratio more than 2x higher.

In investing, the problem with passive is that it is implemented very passive aggressively.

Remember, it’s not really about the new AI model, it’s really about the money you make/lose along the way.

“Mr. President, Ackman is on the phone again, calling about GSE ‘reform’.”

Everyone: pods hedge factor exposure Also, everyone when momentum crashes: a pod is blowing up

Asset Management is a tough business. From Acadian’s earnings call, 2024 saw “the first positive annual net flow since 2019.”

Indoor farming techniques, outdoors. Bullish farmland.

Anyone buying truth social data to get the jump on Trump tweets?

This is bearish Manhattan Beach office real estate. bloomberg.com/news/articles/…

Tech investors get scared and rotate to bitcoin Industrials investors get scared and rotate to gold

My father-in-law watches a lot of TV. He binge watches insanely. We were talking about Disney producing good original content and I asked him what it would cost to do it. I will never forget his answer… ‘They can’t, they don’t know how to do it.’

“I’ve got a cold plunge at home, you should look into it.”

All it took was half a year of loyalty tweets and a little boot licking

Excited about a future where the only things worth doing are artisanal in nature. This even includes things that are highly quantitative.

Most things are priced in…except sometimes, people that don’t know things are priced in, over price things in.

Work lunch 2015: “I’m starving. I skipped breakfast.” Work lunch 2025: “don’t mind me if I order a lot of food. I’m breaking an eighteen hour fast.”

Sports card prices have gone insane. Everyone consuming content on their phone, maybe art the size of a smartphone screen makes more sense.

You can think it is stupidity, but when an asset’s vol goes up, perceived risk goes up, and optimal positioning goes down…

This is why some alt data is tough. Are lower factory visits bullish for manufacturers as they automate more? Or is it decreased demand? Both?