carnitine

If I spent the last 20 years allocating 90% of my savings to SPY, and the remaining 10% in a large-cap tech focussed index, I’ve outperformed SPY. Is that dumb luck or is it a pretty trivial implementation of a sensible investment thesis?

There’s nothing magical about some committee-curated collection of 500 US-only equities which means it outperforms every other option ipso facto.

If you were talking about a normal person actively managing a portfolio I’d be more inclined to agree.

Yes, but that’s not what the comment I’m replying to said. There seems to be some pervasive belief that absolutely no one ever beats the S&P500 index in the long run, which is obviously nonsense.

Yes they can and many do. It’s just not likely if you’re actively trading.

Not really, $10 is reasonable even if you’re a hobbyist who never expects to generate any revenue.

That’a a terrible approximation. Also requires memorising about the same amount of information as just memorising the digits.

Every recursive problem has a non-recursive solution.

They’re probably more talking about the IPO part. Which is far more strenuous than any VC’s process.

He’s not describing his business at all, but yield farming, which is performed using decentralised applications.

No, not even remotely. London is second only to New York for finance.

I’m talking from the perspective of a non-Scottish citizen. The UK - a healthy economy = poorer.

Smaller vs larger has arguments on either side. I think when you’re talking about major world powers there’s an appeal to not downsizing.

Who exactly in the cabinet is far right? Truss, Sunak, Javid, Raab and the rest hardly come across as the right wing mob. Rees-Mogg is the only one who maybe comes remotely close and he’s got one of the most minor positions.

I’d say post-Brexit England has drifted away from the far right. The whole EDL/Britain First/UKIP sentiment has only waned massively since then. The ruling government has not come close to far right at any point.

Because fracturing your country and making it poorer and smaller probably isn’t desirable?

Don’t most anti-Brexit arguments have direct anti-independence analogues?

No, you definitely could not. That would require a highly liquid asset.

If only there was something you could do about that…

I don’t get how that is inconsistent with the root comment? If the median senior earns 200k, then it’s reasonable that someone junior would earn 80k and a top engineer at DeepMind would earn more.

That’s a legal disclaimer, not a moral one.

No that’s definitely consistent with what Google pay in GBP in London.

Yes, so ordinarily we analyse an idealised algorithm running on idealised machine. However if an upper bound is clearly introduced to this idealised setting, as in the root comment, then it can’t be ignored.

O(x) = O(1) if x is some finite constant.

That’s just not how complexity analysis works, if there’s a bound anywhere, it is O(1). The behaviour below that bound may be of more practical importance, but it’s not how O-notation works. The parent comment doesn’t make a great deal of sense for other reasons, but your objections don’t hold either.

Jump is a prop trading firm so this is just completely wrong, they only trade their own money.

It solves the problem of decentralised liquidity. An order book with traditional market makers is inherently centralised, here we have incredibly simple algorithms for trading between two assets with no intermediary, and the complicated, HFT market makers of traditional finance are replaced by passive liquidity providers.

Not sure why you mention backtesting, or how that would really apply.

Why does that make a difference?

How would that work? They can just hold the instruments to maturity and it’s all either highly liquid treasuries which would be practically immune to shorting or illiquid commercial paper with no borrow.

Under a fractional reserve system they would simply lend the money, not spend it as you earlier said.

I can walk from Paddington to Canary Wharf underground if I’m allowed to pace up and down the train.

This is what category theory attempts to do, except in an even more abstract sense, based on morphisms which generalise functions.

Don’t think they’d be stupid enough to try, surely the victim would go straight to either the company or the media with black and white proof?