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.
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%.
Flag football parents: supportive, know the rules, locked in, having fun.ย
Soccer parents: derisive, screaming, no idea how the sport works, miserable.ย
Amazing how different the vibes are
"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"
"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 investorsโ favorites, 85% correlated with highest quintile of price momentum... one big bet on AI story"
Goldman economists have run the numbers on the World Cup and โ much as others have done โ concluded that Spain are the most likely to come up winners in the epic football contest https://t.co/F5xFJ3RGXQ
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.
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."