Éth

[Éth @JSDRAM]

@HotFreestyle Who's gonna tell him that's vodka sauce...

[The Giver @lazyvillager1]

as someone who has thought much about this subject (and has spent considerable time in both corners), a few things to add:

1. finance has a very simple definition: the intermediation of capital. investment bankers help orient this by providing advisory on optimal capital structure, or securitization services. funds participate by being a lender / provider of capital, charging rates commensurate with the risk that is being undertaken

2. ergo: trading is not finance. the act of finding mispriced securities/assets is a skill USED in finance, but once this becomes the explicit goal - what you are doing has now moved moved to "trading/investing" (literally... you are not financing anything). it does not matter what you trade - crypto, commodities - equities - or whether you worked as part of an org or not; this is not finance

3. at the same time when we consider the silo of "generating a return, and owning the result at scale" - what is the pool of ppl competing with Flood from X dot com? to play devil's advocate, the attributes underpinning why could go beyond JUST "skill":

a) much of what one develops in a finance career are not detachable after a certain point - how replicable is your strategy if you have to set out and do your own thing, away from scale, connectivity, and firm resources? no public proof of work

b) most ppl i have met/worked with are very sensitive to personal risk vs career risk. personal risk at a fund has capped downside - lose your job at worst, instead of your livelihood. the balance of decision making is completely different. a solo-bootstrapped investor has much more in common herein with a solo enterpriser or high level poker player, than with a pod PM/analyst. said in simpler terms, developing kahunas is not an area of focus when working in the corporate veil

... with that said, i cannot help but pretty much agree with Flood - there ARE some esoteric strategies available only to firms of a certain scale (eg. distressed, event driven); however if your main strat is being a L/S stock picker... the only reasons to continue being a W2 are:

1. you are young and wish to learn under someone else (very valid, shouldnt be looked down upon at all);
2. you're not sure if you are good enough to do it solo

i generally think anyone who has worked in the HF/PE environment, and then left to do their own thing, would agree with this. at some point the goal is to own your own outcome :)

[Éth @JSDRAM]

@WatcherGuru Well fuck.

[Éth @JSDRAM]

Ye just solved asymmetric drone warfare

[ye @kanyewest]

ALL OF THE LIGHTS

[Chris WSB @FB_WSB]

😆 🤣 😂

[Out of Context Human Race @NoContextHumans]

This is too funny🤣

[Éth @JSDRAM]

@WatcherGuru Bet he didn't even watch the match and won't notice that the $ is gone.

[Éth @JSDRAM]

@QuiverQuant You generally can't buy ETFs that haven't existed for 7 years so this is indeed odd.

[Éth @JSDRAM]

Entire match came down to this moment.

[Éth @JSDRAM]

@inversebrah Yes bro. Yes.

[Gavin McHugh @gavinmchughh]

Maybe the greatest American video ever filmed

[Éth @JSDRAM]

@WatcherGuru Just what we need. Another L2. Perfect.

[Éth @JSDRAM]

@HadesTard LMAO

[Éth @JSDRAM]

@HadesTard @sershokunin Can't view post

[Éth @JSDRAM]

@TheMindOfHY @Indikur 2 Hard 4 the Radio for me atm

[Éth @JSDRAM]

@Xeer

[Boring_Business @BoringBiz_]

Last thing EBITDA sees before it gets adjusted

[Kish 🇭🇹 @kishswim]

Yo I’m crying

[Éth @JSDRAM]

This has been the best 36 hours on Twitter in the last 10 years.

[Kuppy @hkuppy]

Typical Day as a Hedge Fund PM

6:00 - Wake up, check what Trump tariffed overnight. Cambodia up +200%, Paraguay -3% (they said thanks).

6:05 - Brew some coffee.

6:10 - Trump tweets that the laws are rigged, since he cannot tariff Arizona. Mentally scroll the portfolio for exposure…

6:15 - Check what happened in Asia and Europe.

6:22 - Trump announces that hot dogs will join the food pyramid. Bans hot dog exports. Fortunately our book dodged that one.

6:30 - Drink some coffee, talk to wife, pray Trump will spend the morning golfing so I can do some actual work….

6:31 - Trump announces that oil at $65 is too high. Threatens anyone who isn’t producing more oil.

6:32 - Top 5 position announces earnings, want to join the earnings call at 7am, but Trump just scheduled a press conference then, and he’s looking unpredictable.

7:02 - Trump announces that Japan can now export golf balls tariff-free, in honor of Abe letting him cheat at golf. Join the earnings call instead.

7:06 - Futures plunge 65 handles in a single tick, frantically leave the earnings call and go back to whatever Trump is still yapping about in his press conference.

7:10 - Scroll through premarket quotes. $NVDA and $PLTR are both up 5% b/c it’s a day ending in ‘Y’ but SPZ are now down 80 handles.

7:15 - Trump changed his mind and SPZ are now up 25 handles as everyone rushes to cover their short. (I re-join the earnings call)

7:30 - Some broker I’ve never heard of just downgraded a top 5 position and it’s down 15% on 300 shares traded. I’m pretty confident it will close around there too. (I crack open a beer as I skim his downgrade report, realizing that nothing productive will happen today…😩😩)

8:00 - An LP calls to remind me of some
ShitCoin he recommended that’s now up 1800% since he recommended it.

8:09 - 10-yr bonds gap down 17 bps, but all I can find is a tweet from Bessent about how great Main Street is doing.

8:15 - Some sell side asshole cold-calls me to see if I want a copy of his upgrade report on the AI sector. Tells me that “it’s going to be big and you don’t want to miss it.”

8:20 - Check my email, do 10 minutes of actual work.

8:30 - Trump threatens Brazil, I realize our BZ exposure is gonna get thumped on the open. (Crack open a 2nd beer)

8:33 - Reminisce about how productive I was, since Biden wouldn’t even wake up until noon.

8:40 - Chat with my CFO for 19 mins about some new compliance form we need to file.

8:59 - Trump Tweets about how stupid Powell is. Futures are back down 30 handles.

9:04 - Join a call 4 mins late with an endowment that wants an update, but 100% will never invest. “BTW - we need you to update the DDQ as we’ve changed our format” 😡😡

9:29 - Casino is opening. Let’s see what happens.

9:32 - I’m bored. Go back to reading emails. Turns out the govt created another new form we ALSO need to fill out…

10:00 - We’re actually up 50bps.

10:03 - Now down 175bps. Trump just threatened to bomb Europe.

10:06 - Tweets he was just joking about Europe. But those guys need to get their shit together bc he might still bomb them.

10:08 - Ready for bourbon. Beer won’t cut it…

10:30 - EIA oil inventory shows yet another massive draw. Oil drops 5% anyway.

10:40 - Don Jr’s latest SPAC rallies 300% on rumors it may launch a new ShitCoin

10:45 - Friend calls to cry about how cheap all his names are. We both agree we were idiots to invest in businesses with earnings.

11:22 - Trump reminds everyone about how much Putin likes him.

11:40 - Realize I’m now too tweaked to sit in the office. Turn off the machines and go get lunch with a friend who’s also gonna bitch about how stupid markets have become.

12:05 - Hostess at restaurant pitches me some ShitCoin. Claims she’s up a few million on it

12:07 - Friend starts bitching about how stupid it is to be an investor under Trump, and how we all made money under Biden. I agree with him, but we both agree it would be even stupider under Kamala…😩😩