If you're sitting on cash that you plan to invest you have a few options: 1. Invest a lump sum. 2. Dollar cost average. 3. Wait for a "good time" to invest. We wanted to know what works best on average, at market peaks, and after recent market volatility. Results were 🤯. ↓

Happy Coca-Cola $KO dividend day Warren Buffett just received a quarterly dividend check for $184 Million

There may be no more important public policy question than how much to value the future (ie the discount rate), especially for issues like climate change & pandemic prevention. 30 yrs ago OMB looked at market data to set a 3% discount rate. The same data now says 1.7%.

Asset returns by holding period:

“Do not remove a fence until you know why it was put up in the first place.” -G. K. Chesterton

Years ago when my wife and I we were planning to buy our home, my dad stunned me with a quick mental calculation of loan payments. I asked him how - he said he'd learned the strange formula for compound interest from his father, who was a merchant in 19th century Iran. 🧵 1/4

90% of individual investing is just "spend less than you make, diversify, be patient." The other 10% is trying to speed that up, often to your detriment.

The Austrian 100-year zero coupon bond (at one point trading with a negative yield) is down another -32% since July 19th (when it was down 95+ since inception). HT Christopher Bloomstran

This really surprised me

The iconic joke about the consulting industry is that “consultants ask to borrow your watch to tell you the time, and then walk off with your watch!” This is better than that joke.

wired.co.uk/article/slovak… I love AI but deepfakes are already having real impact on elections and that’s a huge problem. “Slovakia’s Election Deepfakes Show AI Is a Danger to Democracy”

Walmart stays in business by being hyper-competitive on price. But despite its gargantuan economies of scale, the retailer has reported just a 2.2% net profit margin so far this year — although when you sell as much Walmart does, even that shakes out to $10.6bn in profit. 🔆 💵

This is the most dystopian idea I’ve ever seen. From Keynes’ 15-hour work week prediction to working during sleep?

OMG, the AI Winter Break Hypothesis may actually be true? There was some idle speculation that GPT-4 might perform worse in December because it "learned" to do less work over the holidays. Here is a statistically significant test showing that this may be true. LLMs are weird.🎅

Very interesting finding

I'm sick and tired of the "Vanguard/Blackrock/State Street run the world" conspiracy and it's time to set the record straight. My latest: ofdollarsanddata.com/vanguard-black…

You know how we replaced a lot of physical labour with machinery so we invented "exercise"? We're about to replace mental labour with AI, what forms of "mental exercise" do you think we're all going to take up?

Yesterday I attended the birthday party for the world's oldest living bond – still paying interest after four centuries, four different currencies and god knows how many revolutions and wars. Thanks to Stichtse Rijnlanden and NYSE 🏛 for the invite. ft.com/content/512270…

Wow. A historic moment.