MO in Manhattan, Future Governor of NY🇺🇸🇬🇧

| ex london finance professional | 🇬🇧Doxbridge anthropologist & investor | manhattan based and only

[Dan Shipper 📧 @danshipper]

so sick

philosophy is back y'all

[MO in Manhattan, Future Governor of NY🇺🇸🇬🇧 @flukyqueen]

Driving Model Y near Jacksonville & St Augustine in North Florida 😅
@elonmusk @Tesla we need more superchargers in North Florida! I’m not the first one!

Drove last 10 miles from 95 mph to 50 mph be like 😅

[Brett Caughran @FundamentEdge]

AI won't kill fundamental investing because more information doesn't kill alpha. We have decades of priors here (Excel, Bloomberg, alt data...all democratized analysis & information gathering, and didn't kill alpha). As measured by factor volatility, stocks are less efficient and more alpha-rich than ever (and empirically, the ability of multi-eight figure market neutral multi-managers to consistently grind out 10-15% returns in an idio-maximized way proves this point...15 years ago a $10bn hedge fund was considered to be impossibly large).

Innovations in investment process have shifted alpha pools, for sure, and systematic investors have arbitraged many old, reliable fundamental alpha pools. But as the players at the poker table have shifted, the constraints of those new players have created new alpha pools. Long duration fundamental investing has been gutted, and definitionally competing against a group of non-fundamental (quants, factor/thematic investors, indexers) and duration-constrained (multi's) investors should be a huge competitive advantage, long term (however frustrating in the near term). To wit, a 9-month thesis where I "look through" the next two prints is now considered a long-term thesis.

Rigorous investment process serves investment judgment, but the real alpha generation fits a power-law distribution and there is some ineffable "nose for money" that the great investors have, that cannot be trained necessarily. Investing is a very hard game, that cannot be distilled to a reinforcement learning sandbox (by the time it is, the regime will have shifted and new drivers move stocks). AI has no sense of materiality, no true discernment, and the lack of context of N of 1 situations (if you haven't noticed, we are living in an N of 1 world!). There is a irreducible element of humanness that is critical to success in fundamental investing, and that won't change.

What does this all mean? In my opinion, there is no better time to be starting a careers as an investor. My first year on the desk, I spent a lot of time doing grunt work: updating Nielsen files, updating models for my PM, creating same store sales master files, building question lists for CEO meetings, etc. This is grunt work. I can automate this all now, and get more quickly to the deep, value added parts of learning the investment process.

Will AI drive alpha? This is a debate people are having, which I find sort of silly. When used correctly, by the right investor, of course it will. Ask any great investor if they had another 4 hours of research time per day whether the quality of their research would improve? That's kind of a dumb question...of course it will. Compressing the mechanical part of your job to focus more on the artisanal part of the job is Step 1, and with agentic systems accelerating fast is now in the strike zone of possibility. This is before we start to layer in a broader monitoring net and use cases to go deeper and build more rigor, finding signals in unstructured data that were missed before, as well as turning your investment genius into a co-pilot pattern recognition system.

The future is very bright for fundamental investing, in my opinion.

[MO in Manhattan, Future Governor of NY🇺🇸🇬🇧 @flukyqueen]

@MersonVoice 好笑，我家人80年代就投资惠州大亚湾了，我们从来不住那里，谁去个不方便的地方啊就图便宜吗？

[Elon Musk @elonmusk]

China is moving rapidly to a solar/electric future with very little need for oil or gas

[Essential Mastery @EssentialMastry]

deep

[Elon Musk @elonmusk]

Understand the Universe

[MO in Manhattan, Future Governor of NY🇺🇸🇬🇧 @flukyqueen]

Daytona 500 today #NASCAR #Daytona500

[MO in Manhattan, Future Governor of NY🇺🇸🇬🇧 @flukyqueen]

The Melania Movie was so much fun last night!
#MelaniaFilm

[Jaynit @jaynitx]

John D. Rockefeller literally shared the secret to winning any negotiation:

[MO in Manhattan, Future Governor of NY🇺🇸🇬🇧 @flukyqueen]

God is organic. His system is sustainable.

[硅谷王川 Chuan @Svwang1]

英帝国是定位的大师, 依靠对直布罗陀, 马耳他, 苏伊士运河，也门的亚丁港，新加坡，好望角的控制，掌握了全球经济命脉和收税权。其核心策略是最小代价占据易守难攻的全球海运的卡点, 放弃吃力不讨好的对于殖民地内陆的经营。讽刺的是，苏伊士运河是法国人主持修建的，干了很多脏话累活，但最后被英国人掌握了实际控制权。

[MO in Manhattan, Future Governor of NY🇺🇸🇬🇧 @flukyqueen]

@ShivashishTri11 same

[MO in Manhattan, Future Governor of NY🇺🇸🇬🇧 @flukyqueen]

With my love in Tampa Clearwater

This JW Marriott has a lil private beach so it’s not bad 💕

[MO in Manhattan, Future Governor of NY🇺🇸🇬🇧 @flukyqueen]

Veteran Day Tuesday and Monday gateway at ClearWater FL 💜 defo colder than the other side of FL at Daytona though

[MO in Manhattan, Future Governor of NY🇺🇸🇬🇧 @flukyqueen]

@binancezh 30

[MO in Manhattan, Future Governor of NY🇺🇸🇬🇧 @flukyqueen]

@Bitget_zh 28

[MO in Manhattan, Future Governor of NY🇺🇸🇬🇧 @flukyqueen]

This Kai Trump energy drink accelerator and Teenage girls’ Kendra Scott (way cheaper than all my Tiffany and Cartier but cute if you LOOK young) ❤️❤️❤️ good spirit in Florida

[The ₿itcoin Therapist @TheBTCTherapist]

Is this possible by 2030?

[MO in Manhattan, Future Governor of NY🇺🇸🇬🇧 @flukyqueen]

Back to FL from Manhattan