modest proposal

I shall now therefore humbly propose my own thoughts, which I hope will not be liable to the least objection.

[modest proposal @modestproposal1]

Priors confirmed, now back to work everyone

[modest proposal @modestproposal1]

3 out of the last 4 days, 6 out of the last 20, 15 out of the last 105.

[modest proposal @modestproposal1]

In the last 5 years, SMH and IGV have had a 5 percentage point or more daily spread 20 times. 13 of those are YTD. You can almost literally see when Claude Code caught fire, and the daily range dramatically widens.

[modest proposal @modestproposal1]

For those scoring at home, or even if you're by yourself, yesterday was the 14th day of a greater than 5% spread between SMH and IGV this year, meaning 14% of all trading days so far, versus prior five years of .5%.

[modest proposal @modestproposal1]

thought this was an interesting and relevant chart from @ernietedeschi

[Marc Porter Magee 🎓 @marcportermagee]

What's interesting about this trend is how far back it goes. There has been a steady decline in how important people say college is today since 2010.

[modest proposal @modestproposal1]

And what?

[The Wall Street Journal @WSJ]

Louisiana facility beset by escapes, health hazards and otters biting visitors is trying to put its checkered past behind it. https://t.co/fyJGPgrEyv

[modest proposal @modestproposal1]

@WaltLightShed It’s this the whole game

[modest proposal @modestproposal1]

Flag football parents: supportive, know the rules, locked in, having fun. 

Soccer parents: derisive, screaming, no idea how the sport works, miserable. 

Amazing how different the vibes are

[modest proposal @modestproposal1]

@DanielSLoeb1 Gotta archive the classics

[modest proposal @modestproposal1]

I’ve said it 1000 times just run up and strike it clean. All the dancing and stutter steps only screw you up not the goalie.

[modest proposal @modestproposal1]

https://t.co/MA6zilG5Uo

[modest proposal @modestproposal1]

"big change in who is setting prices in US market the last 15 years, retail investors and high-frequency quants now majority of directional trading, primarily at expense of traditional fundamental investors... new leaders are price-trend-sensitive players, who lean on momentum"

[modest proposal @modestproposal1]

We are factor neutral (except for momentum because that one only goes up)

[modest proposal @modestproposal1]

https://t.co/JKoRwpJKJ9

[modest proposal @modestproposal1]

"Fundamental hedge fund favorites: 30% from highest quintile of price momentum and 40% are in highest quintile of beta... relative returns 75% correlated with retail investors’ favorites, 85% correlated with highest quintile of price momentum... one big bet on AI story"

[modest proposal @modestproposal1]

this is basically AGI

[Bloomberg @business]

Goldman economists have run the numbers on the World Cup and — much as others have done — concluded that Spain are the most likely to come up winners in the epic football contest https://t.co/F5xFJ3RGXQ

[modest proposal @modestproposal1]

or even an ISP

[Bloomberg @business]

The success of SpaceX's IPO could hinge on whether investors view it as a space company or an AI company. https://t.co/kwoxqkFoeI

[modest proposal @modestproposal1]

@P_Remarks

[modest proposal @modestproposal1]

Loeb's early letters are now legendary but for my money nothing will ever beat the SFBC earnings call. The whole thing was amazing but the "and I use the term loosely" is just chef's kiss.

[Patrick OShaughnessy @patrick_oshag]

Fascinating to hear the thinking behind Dan's famous activist letters.

"Great writing is really about clear thinking and organizing your thoughts, communicating them to people in a clear way to get a desired outcome.

In activism, you've got a few different levers. You can have a financial lever. You have legal levers.

Social pressure is actually a very effective way. The best way to put social pressure on a company is through writing."

[modest proposal @modestproposal1]

Personally I will be booing loudly

[modest proposal @modestproposal1]

This is pretty exciting. Huge congrats to @ballmatthew.