“Software has good margins.” Ok, but why? You’ve probably been told that it’s because there’s zero replication cost. But that isn’t true. It simply looks that way because the replication cost and the consumer price are very far apart due to the fact that you have a monopoly.

Great overview of the overnight effect by Aaron Brown in Bloomberg. bloomberg.com/opinion/articl…

Thanks to Byrne Hobart at The Diff for covering our paper on the overnight effect. Thought provoking take as usual. thediff.co/archive/why-do…

Fun times ringing the Opening Bell at NYSE 🏛 yesterday!

Huge congratulations to the @Elmwealth team on the launch of the Elm Market Navigator ETF! Fun day seeing so many longtime friends and early supporters of Elm together for the listing on NYSE 🏛.

Huge congrats to Augustus Doricko and the Rainmaker team! The speed of progress is incredible.

My co-author and former student Richard Dewey and I published some thoughts on LLMs in quantitative trading in the Gradient last year. (link in thread below)🧵

Big thanks to Byrne Hobart for publishing yesterday's piece on adversarial attacks in statistical arbitrage. It's a fun look back on the 2007 quant crises that would only work in The Diff. thediff.co/archive/advers…

Meme stocks: not much to see in the light of day? This meme stock fever redux is imbibing on the same cocktail of mind-altering spirits that drove the 2021 version: - the coordination power and virality of social media - zero commissions that make day-trading seem at worst

Congrats to Dylan Field and Figma team. It’s a good day to repost my 2023 Bloomberg article on the Thiel Fellowship and highlight the foundational work of Michael P Gibson and Danielle Strachman 💗 🐈 💃 🪴 🎸 🎨 🐕 to build this program against criticism from all sides. The track record speaks for itself.

Between the Thiel Fellowship and other avenues for really sharp, driven high schoolers, colleges are now systematically losing the top end of their incoming classes. No wonder elite admissions has become even more of an an i-dotting, t-crossing contest.