Senkulain

Trading, Quant Finance, Macro

Dig the deepest, follow for more info

Dm open

[Senkulain @Senkulain]

Warren Buffett admits he hasn't bought a single tech company in 30 years

"if I were on Wall Street, I'd probably be a lot poorer"

freeze it at 1:09 - right when he says it

"I haven't understood any of them"

"I don't have to make money in every game"

save it, then watch

[Senkulain @Senkulain]

Warren Buffett admits he hasn't bought a single tech company in 30 years

"if I were on Wall Street, I'd probably be a lot poorer"

freeze it at 1:09 - right when he says it

"I haven't understood any of them"

"I don't have to make money in every game"

save it, then watch

[Senkulain @Senkulain]

Ray Dalio warns the wealth everyone thinks they have may not actually exist

"wealth is not money"

"there's roughly 850% of wealth relative to money"

pause at 0:31 - the exact second he puts the number on it

"if you start taxing it... will that pop the bubble"

save it and watch the full thing

[Senkulain @Senkulain]

Ray Dalio warns the wealth everyone thinks they have may not actually exist

"wealth is not money"

"there's roughly 850% of wealth relative to money"

pause at 0:31 - the exact second he puts the number on it

"if you start taxing it... will that pop the bubble"

save it and watch the full thing

[Senkulain @Senkulain]

Jim Simons explains why no one has ever copied Renaissance Technologies

"Renaissance is 100% model-driven. No trade is ever made because someone walked into the trading room and says, 'Hey, let's buy IBM, it's a sure winner' or anything like that"

pause at 1:12 - he compares their billion-dollar algorithms to a carpenter's chisel

"and that religious sticking to the model is the only way you can run such a business"

"well, I think a lot of it is luck"

bookmark this, then watch

[Senkulain @Senkulain]

Jim Simons explains why no one has ever copied Renaissance Technologies

"Renaissance is 100% model-driven. No trade is ever made because someone walked into the trading room and says, 'Hey, let's buy IBM, it's a sure winner' or anything like that"

pause at 1:12 - he compares their billion-dollar algorithms to a carpenter's chisel

"and that religious sticking to the model is the only way you can run such a business"

"well, I think a lot of it is luck"

bookmark this, then watch

[Senkulain @Senkulain]

before Renaissance Technologies, Jim Simons spent four years cracking codes at a super-secret NSA facility in Princeton

"I wasn't thinking of applications"

pause at 1:55 - that's the exact second he names the facility

"I mentioned to C.N. Yang, a Nobel Prize-winning physicist of great renown, I said 'I've got these things, maybe they'd be useful in physics,' but he didn't bite"

"I spent four years at the Institute for Defense Analysis down in Princeton, which was a super-secret, government-based, National Security Agency-based place for code-cracking, trying to break codes"

Bookmark & Watch It. follow for more

[Senkulain @Senkulain]

before Renaissance Technologies, Jim Simons spent four years cracking codes at a super-secret NSA facility in Princeton

"I wasn't thinking of applications"

pause at 1:55 - that's the exact second he names the facility

"I mentioned to C.N. Yang, a Nobel Prize-winning physicist of great renown, I said 'I've got these things, maybe they'd be useful in physics,' but he didn't bite"

"I spent four years at the Institute for Defense Analysis down in Princeton, which was a super-secret, government-based, National Security Agency-based place for code-cracking, trying to break codes"

Bookmark & Watch It. follow for more

[Senkulain @Senkulain]

Michael Berry on how he read mortgage prospectuses that Standard & Poor's and Moody's apparently never did

"I called up the prospectuses and I read the prospectuses and I looked at these pools"

pause at 1:25 - hear exactly what he thinks ratings agencies were doing with the same documents

"I don't think they read them, no"

"There's no way the ratings agencies had anywhere near the manpower to look through all that was being issued"

bookmark this, then watch

[Senkulain @Senkulain]

Michael Berry on how he read mortgage prospectuses that Standard & Poor's and Moody's apparently never did

"I called up the prospectuses and I read the prospectuses and I looked at these pools"

pause at 1:25 - hear exactly what he thinks ratings agencies were doing with the same documents

"I don't think they read them, no"

"There's no way the ratings agencies had anywhere near the manpower to look through all that was being issued"

bookmark this, then watch

[Senkulain @Senkulain]

Warren Buffett on the one question that tells you if you're actually investing

"they do not really think of themselves as owning a piece of a business"

pause at 0:37 - that's when he drops the five-year line

"the real test of whether you're investing from a value standpoint is whether you care whether the stock market is open tomorrow"

"if you're making a good investment in a security, it shouldn't bother you if they close down the stock market for five years"

watch it, then bookmark it

[Senkulain @Senkulain]

Warren Buffett on the one question that tells you if you're actually investing

"they do not really think of themselves as owning a piece of a business"

pause at 0:37 - that's when he drops the five-year line

"the real test of whether you're investing from a value standpoint is whether you care whether the stock market is open tomorrow"

"if you're making a good investment in a security, it shouldn't bother you if they close down the stock market for five years"

watch it, then bookmark it

[Senkulain @Senkulain]

Jim Simons on how the greatest hedge fund in history was built by people who knew nothing about finance

"we have about 100 PhDs working for the firm"

pause it right at 0:03 - that number is the whole setup

"we hired smart folks who didn't know anything about finance; we looked for someone with a PhD in physics, astronomy, mathematics, or statistics, with a few good papers and five years out"

"my algorithm has always been: you get smart people together, you give them a lot of freedom, create an atmosphere where everyone talks to everyone else"

bookmark & watch it

[Senkulain @Senkulain]

Jim Simons on how the greatest hedge fund in history was built by people who knew nothing about finance

"we have about 100 PhDs working for the firm"

pause it right at 0:03 - that number is the whole setup

"we hired smart folks who didn't know anything about finance; we looked for someone with a PhD in physics, astronomy, mathematics, or statistics, with a few good papers and five years out"

"my algorithm has always been: you get smart people together, you give them a lot of freedom, create an atmosphere where everyone talks to everyone else"

bookmark & watch it

[Senkulain @Senkulain]

Charlie Munger on why endless due-diligence is a sign of the wrong person in the chair

"If you're 96% sure, that's all you're entitled to in many cases"

pause at 0:28 - that's the line most people running capital have never been told

"They will send armies of young lawyers out at high rates per hour, ruffle through all the purchasing orders at a place like Esri"

"I don't think people that insecure mentally ought to be in positions of decision-making"

Bookmark & Watch It

[Senkulain @Senkulain]

Charlie Munger on why endless due-diligence is a sign of the wrong person in the chair

"If you're 96% sure, that's all you're entitled to in many cases"

pause at 0:28 - that's the line most people running capital have never been told

"They will send armies of young lawyers out at high rates per hour, ruffle through all the purchasing orders at a place like Esri"

"I don't think people that insecure mentally ought to be in positions of decision-making"

Bookmark & Watch It

[Senkulain @Senkulain]

Jim Simons says Renaissance Technologies' edge traces back to a mathematician who wrote 70 volumes of math with 13 children on his knee

pause at 1:31 - that's the second he names the man

"and you take vertices minus edges plus faces, you'll get two"

"So this is called the Euler characteristic, and it's what's called a topological invariant"

"Pontryagin classes, actually there were Chern classes"

"But if it wasn't for Mr. Euler, who wrote almost 70 volumes of mathematics, had 13 children whom he apparently would dandle up on his knee while he was writing"

Bookmark & Watch It

[Senkulain @Senkulain]

Jim Simons says Renaissance Technologies' edge traces back to a mathematician who wrote 70 volumes of math with 13 children on his knee

pause at 1:31 - that's the second he names the man

"and you take vertices minus edges plus faces, you'll get two"

"So this is called the Euler characteristic, and it's what's called a topological invariant"

"Pontryagin classes, actually there were Chern classes"

"But if it wasn't for Mr. Euler, who wrote almost 70 volumes of mathematics, had 13 children whom he apparently would dandle up on his knee while he was writing"

Bookmark & Watch It

[Senkulain @Senkulain]

Bill Ackman on Harvard's double standard for antisemitism

"We're not going to hire anyone that supports terrorism, at Pershing Square."

pause at 0:28 - he names which schools made the hiring blacklist

"Had this been another ethnic group... Harvard would be suspending the people involved, not just allowing it."

"Literally no response. No acknowledgment... nothing."

save it and watch the full thing

[Senkulain @Senkulain]

Ray Dalio warns the clearing system behind American dollar dominance is breaking down

"Throughout history, those who did the most trade had the most reserve currency, because it was those who wanted to do the trade that would save in that currency"

pause at 0:53 - the second he names which currency is moving to take its place

"Now China's doing more, counts for more world trade than others, and we're starting to see them build and transact in their currency"

"We're also seeing that the clearing system, which was operating with largely an American dominance, is now operating and breaking down"

bookmark this, then watch

[Senkulain @Senkulain]

Jim Simons admits his fund once charged highest fees in the world - and still says hedge funds haven't done especially well

"we take in terabytes of data a day and store it away"

"you know, it's 2% fixed fee and 20% of profits"

pause at 2:15 - that's the second he says what they actually charged above that

"so an awful lot of the wealth that's been created in the last, let's say, five or six years has not been created by hedge funds"

Save & Watch It

[Senkulain @Senkulain]

Jim Simons admits his fund once charged highest fees in the world - and still says hedge funds haven't done especially well

"we take in terabytes of data a day and store it away"

"you know, it's 2% fixed fee and 20% of profits"

pause at 2:15 - that's the second he says what they actually charged above that

"so an awful lot of the wealth that's been created in the last, let's say, five or six years has not been created by hedge funds"

Save & Watch It

[Senkulain @Senkulain]

Michael Burry - who shorted the 2008 housing market and won - is now loading up on raw farmland and gold

"I believe that agricultural land, productive agricultural land with water on site, will be very valuable in the future"

pause at 1:13 - when he admits how big his position is, then won't say how much

"I don't want to disclose that, but it's a significant amount at this point"

"Paulson's big in gold... and that's something that is interesting to me, given how I see the world playing out"

bookmark this, then watch

[Senkulain @Senkulain]

Michael Burry - who shorted the 2008 housing market and won - is now loading up on raw farmland and gold

"I believe that agricultural land, productive agricultural land with water on site, will be very valuable in the future"

pause at 1:13 - when he admits how big his position is, then won't say how much

"I don't want to disclose that, but it's a significant amount at this point"

"Paulson's big in gold... and that's something that is interesting to me, given how I see the world playing out"

bookmark this, then watch

[Senkulain @Senkulain]

George Soros admits he cannot look at the social consequences of what he does

"I am basically there to make money"

pause at 1:10 - that's the second he explains where this mindset actually came from

"I cannot and do not look at the social consequences of what I do"

"It's one person who at one time engages in amoral activities and at the rest of the time tries to be moral"

Bookmark & Watch It

[Senkulain @Senkulain]

George Soros admits he cannot look at the social consequences of what he does

"I am basically there to make money"

pause at 1:10 - that's the second he explains where this mindset actually came from

"I cannot and do not look at the social consequences of what I do"

"It's one person who at one time engages in amoral activities and at the rest of the time tries to be moral"

Bookmark & Watch It

[Senkulain @Senkulain]

Michael Burry reveals what his investors did right after he made them $725 million

"We bought basically short $8.4 billion of credit default swaps related to mortgages or financial companies"

pause at 0:07 - the second he drops the $8.4 billion figure

"Some of them thought you were crazy. Some of them thought you probably thought you'd lost your mind"

"So you made a ton of money?" "Made a ton of money. Much more than I ever imagined"

Bookmark it, then watch the full thing

[Senkulain @Senkulain]

Full video with Michael, check on Youtube: From the 60 Minutes Archive: Inside the Collapse

[Senkulain @Senkulain]

Michael Burry reveals what his investors did right after he made them $725 million

"We bought basically short $8.4 billion of credit default swaps related to mortgages or financial companies"

pause at 0:07 - the second he drops the $8.4 billion figure

"Some of them thought you were crazy. Some of them thought you probably thought you'd lost your mind"

"So you made a ton of money?" "Made a ton of money. Much more than I ever imagined"

Bookmark it, then watch the full thing

[Senkulain @Senkulain]

Bill Ackman admits he launched Gotham Partners straight out of Harvard Business School with zero industry experience

pause at 1:03 - look at what he's smiling about when he says "Yes"

"I got a 15% promote for selling advertising, and that kind of led to this hedge fund thing"

"If I lose it all, it's another year of Harvard Business School. If I learn something from it, maybe it's a career"

"And yes, we had no experience"

bookmark it, and watch

[Senkulain @Senkulain]

Bill Ackman admits he launched Gotham Partners straight out of Harvard Business School with zero industry experience

pause at 1:03 - look at what he's smiling about when he says "Yes"

"I got a 15% promote for selling advertising, and that kind of led to this hedge fund thing"

"If I lose it all, it's another year of Harvard Business School. If I learn something from it, maybe it's a career"

"And yes, we had no experience"

bookmark it, and watch

[Senkulain @Senkulain]

Jim Simons on the MIT fellowship that sent him to Berkeley to work with a legend named Chern

"A lot in mathematics is making definitions"

"When you put a lot of things together that have similar characteristics, then you can try to prove theorems about the general set of things rather than some particular example"

"I think they didn't want to get rid of me so much as they thought I was probably pretty good, so I should get exposed to a certain guy named Chern..."

"I was very eager to work with Chern, meet Chern, except he wasn't there"

Bookmark & Watch

[Senkulain @Senkulain]

Jim Simons on the MIT fellowship that sent him to Berkeley to work with a legend named Chern

"A lot in mathematics is making definitions"

"When you put a lot of things together that have similar characteristics, then you can try to prove theorems about the general set of things rather than some particular example"

"I think they didn't want to get rid of me so much as they thought I was probably pretty good, so I should get exposed to a certain guy named Chern..."

"I was very eager to work with Chern, meet Chern, except he wasn't there"

Bookmark & Watch

[Senkulain @Senkulain]

Ray Dalio built world's biggest hedge fund starting with caddying money at 12 - before he knew a thing about markets

he walked into a room of top students and told them being smart might be their biggest disadvantage

pause at 0:13 - that line is more honest than anything a business school professor will ever admit

Dalio breaks down why knowing how to deal with what you don't know outweighs everything you actually know

Bookmark & Watch it

[Senkulain @Senkulain]

Ray Dalio built world's biggest hedge fund starting with caddying money at 12 - before he knew a thing about markets

he walked into a room of top students and told them being smart might be their biggest disadvantage

pause at 0:13 - that line is more honest than anything a business school professor will ever admit

Dalio breaks down why knowing how to deal with what you don't know outweighs everything you actually know

Bookmark & Watch it

[Senkulain @Senkulain]

Jim Simons returned 66% a year for 30 years - even Buffett couldn't explain how

he laughed, pointed at Charlie Munger, and said "you answer it"

pause at 0:15 - that reaction is more honest than anything a finance professor has ever taught

Munger breaks down why algorithmic trading has a ceiling, and why even the best quants can't run forever

Bookmark & Watch it