JUST IN: Chamath Palihapitiya makes a big claim that Warren Buffett’s insane pre 2000 returns may have benefited from access to information asymmetry not available to the public
Here's what he had to say:
"In 2000, we introduced the law called Reg FD. And what was the point of Reg FD?
It was basically that if you're a CFO, you cannot talk to an individual stock manager and tell him something that you then don't tell everybody else. Essentially inside information.
That used to be not illegal. I won't say that it was legal. I would just say that used to be not illegal.
You call your CFO buddy, he says, "hey, how you doing?"
He goes, man, "Quarter was a blockbuster."
You would go and buy the stock.
And starting in the 2000s, it became illegal. And there used to be these networks of information arbitrage that took advantage of this.
Now, this is an example of Warren Buffett's returns, pre and post Reg FD. Now, what do you see?
His returns were double the market returns when this kind of information sharing was legal. And the minute that it became illegal and you had to basically act on the same edge as everybody else, his returns went to the market return. He generated zero alpha. In fact, he probably on the margins lost a little bit.
So this is the single best investor in the world. This is what happens when you have information symmetry. So it's just meant to explain that markets when there's asymmetry. Billions and billions of dollars will be made in asymmetry.
The prediction markets today, unless they are regulated out of existence or shut down, will look like the stock market pre-Reg FD."
Chile is the first Latin American country to make @Starlink Direct to Cell available to customers!
From forests to deserts, customers can now stay connected in the most remote areas with satellite-to-mobile technology 🛰️📱❤️
It’s not only about this game, it’s about the mentality of your manager (who I’m a fan of)
Merino starting tells you straight away about the mindset.
You didn’t create one chance against a team who have been exposed by three teams with less ability than yours.
Set-piece masterminds ♟️🧠
The Reds have now scored 40 times from set-pieces in the @premierleague since the start of last season - the best tally of any team in the division ✨
Mikel Arteta came armed with abundant ideas, laser focus and intense energy, but not a shred of managerial clout.
It still seems extraordinary that a club with #AFC's aspirations to claw themselves into football’s heavyweight division could appoint someone whose CV, when it came to the nuts and bolts of wins, losses and draws, was blank. It is worth taking a moment to consider how bold it was for a limping Premier League big boy to put their faith in a rookie to drag them up a mountain.
As he approaches his 300th game in charge, Arteta wants his players to try to be extraordinary — which is the bar for champions nowadays.
@amylawrence71 explores how Arteta has revolutionised Arsenal.
🔗 https://t.co/v2ZbTWDsma
if we are speaking about the damage ex-players like Henry are doing to our players, here’s a perfect example. this dude played for Chelsea but he hasn’t said anything about Gittens, Facundo, Pedro, Guiu, Mudryk, Delap but he’s quick to talk about Gyökeres.
let’s put Chelsea aside, has he said anything about Cunha, Mbeumo, Sesko, Wirtz, Woltemade, and other attackers who are more expensive signings than Gyökeres?
let’s even talk about him. was he at any point a striker that was above average? no but yeah, let’s talk about Arsenal players because it’s easy to speak ill about them.
I have been busy going deep on Arsenal's draws last year. I need to do more editing and refining to this one but it should be ready to publish this week.
🚨EXCL | Viktor Gyökeres has communicated to Sporting President Frederico Varandas that he will ‘fuck his wife’ if he stands in the way of his move to Arsenal. A heated interaction followed. More to follow. (@TalkingSporting)
BREAKING: MIT just completed the first brain scan study of ChatGPT users & the results are terrifying.
Turns out, AI isn't making us more productive. It's making us cognitively bankrupt.
Here's what 4 months of data revealed:
(hint: we've been measuring productivity all wrong)
This is satire but highlights the predicament that the Premier League is now in.
When you lose integrity of competition - the only way is down.
Premier League is now a declining asset.
And it's going to deplete faster than anyone anticipates.