integrate-this

Your message tells me that the tone that I intended was properly conveyed.

Alright, well there's at least one that uses KDB. Agreed on C++ over C, but given that we're talking to someone that's calling themselves a 'technologist' thought I would recommend the best book to get started.

I've had a lot of people on Hacker News very confidently tell me that I have no idea what I'm talking about on this topic. For a long time I thought I was just dumb, but still employed years later and have realized that most of the people that 'correct' me have exactly 0 experience.

KDB+ and Q: https://kx.com/academy/ Julia: https://docs.julialang.org/en/v1/ The C Programming Language: https://www.amazon.com/Programming-Language-2nd-Brian-Kernig...

This thread is why y'all need to focus on engineering and leave finance to professionals. Banks have assets (mostly bonds) and liabilities (mostly deposits).

Both of these items have a duration. They have to match the duration between their assets and their liabilities or they end up insolvent. If enough of the depositors try to pull their money out of the bank, then that reduces the duration of the banks liabilities, and the bank won't be able to move quickly enough to sell their assets to stay solvent.

The tech companies that are complaining about FDIC intervention caused their own problems because they are panicked morons.

Even more ridiculous is any one of these mega tech firms could probably step in and solve this situation with a cash infusion. They would almost certainly come out ahead because they would be buying a claim on the bank's assets for less than they are worth. But they won't. Because they don't know what they're doing.

What happened here is no different than what has happened in every banking crisis pre-08. The economy will be fine, someone like Berkshire Hathaway will make a stupid amount of money and customers will blame a bank for a problem that they created by being stupid.

The efficient markets hypothesis does not, and has not, stood up to empirical research since it was first invented. The reason that it's a hypothesis, and not a theory, is that it's impossible to disprove because all of evidence that disagrees with it is dismissed as spurious.

Society was told for thousands of years that astrology could predict the future and we believed it. But turns out, it couldn't.

Society was told for decades that "technical analysis" couldn't work because any advantage would be arbitraged away. Turns out, that was a bunch of BS and we now have very strong evidence for the basis of "technical analysis", momentum, going all the way back to the advent of financial markets.

These two things are not at all analogous.

This is a great way to end up in a situation where you have to re-write entire modules whenever you need to update old code... which is kinda where our teams tend to end up anyway so I guess it's not _that_ awful?

I'm starting to feel bad for Boeing.

What paper did you read? It wasn't the one that was linked which stated the opposite of what you just said.

On the bright side, their DNS servers didn't go down, otherwise I would have spent about an hour arguing with my ISP.

Seems to be all google auth

Google has gotten to the point where it creeps me out. I've switched away from Chrome. I don't use their search engine unless I can't find the results on Bing or DuckDuckGo.

I don't know if it's going to get to the point where it hurts their business (I'm just one person), but I'm to the point that targeted advertising is a really good way to make me not want to buy a product.

The equivalent would be an architect naming their new building project 'the world trade center'. A lot of people just aren't going to touch it because of the image it evokes. LTCM nearly broke the world's financial system and I don't think that's an exaggeration. Naming a firm LTSE is a good way to make sure a lot of people won't want to work with you.

I remember when a bunch of nobel prize winning economists founded "Long-term Capital Management" on the theory that, because they only traded relative value arbitrage, they couldn't lose money. Then they levered the strategy without realizing that these value arbitrages could shift against them and result in additional margin requirements. Those were the smartest people in finance at that time, and they nearly took down the world's financial system. The only real similarity here is the "long-term" name, but I don't think that anyone with a true understanding of capital markets would name their firm "long-term" after that fiasco.

There are a few very important caveats that they miss though. Revenue determinants are heavily based on conversations with healthcare payers to determine market size which dramatically effects revenue projections. Most firms that do deep development plan to sell successful drugs and exit as early as possible so transaction costs need to be included in the terminal value, which isn't calculated terribly well in this model.

This is a pretty solid breakdown. IRR isn't mathematically valid though. I might take a run at cleaning up this spreadsheet tonight to make it look a little more professional. Need to include things like tax and exit valuations to get to the correct decision.

Where are the people that told me that front-running is only used to describe your actions in response to your own client's orders?

Just because you were taught not to use it in email doesn't mean that certain forms of arbitrage are not front running.

Well, okay, so I should stop donating to the scholarship fund then? If alumni stopped donating then quality of education or number of students would have to go down.

If my kids aren't going to get preferential status then there is no reason to be a sponsor of that institution over any other.

Given that your top comment is, "I don't understand why people donate to Universities," I'm not sure that you're in a great position to say that others shouldn't receive priority admission. If everyone did what you did then our University system would collapse.

Correct. Despite this, I choose to donate to my universities because a) when its my children's turn, I want the organization to remember my name, and b) I honestly believe that education is a truly worthwhile pursuit and I want to expand access to, and quality of, education and discovery. PhDs and grad students may be a bunch of blowhards but they drive a lot of innovation.

Front running has not always been illegal, front-running if you have a fiduciary duty to clients has always been illegal, and many forms of front running are still legal today.

Nowhere did I imply that arbitrage is illegal and latency arbitrage is a big driver of revenue for several hedge funds, especially those which track baskets against their components.

There isn't anything shady about dark pools, except that there is little public information about the trades which take place within them, they are sparsely regulated, and you have even less insight into your counter parties than you do on open exchanges. And my response referencing dark pools was a response to your comment about execution services.

Yes, this exists.

Well, you would have lost out on a lot of innovation for one. I would be willing to bet that nearly half of the world's high performance computing specialists cut their teeth with a trading firm at one point or another. By your logic, there would have been no benefit to video games or going to the moon even though each of these things have helped deliver large amounts of technological advancement.

IE, Facebook is a giant waste of resources but they employ many of the world's smartest engineers. Because of that they've spawned things like ReactJS which has completely changed web development for thousands of other companies.

Market makers need to be able to close arbitrage opportunities or they won't participate in the market. Speed matters just as much to them as it does to the prop traders.

I was an engineer for a high frequency trading desk at a firm not mentioned in this article.

Flash Boys is a great book and we required our new hires to read it as it got a lot of things right.

Front running is illegal now, but arbitrage opportunities still exist between exchanges. Being fast is still an easy way to make money.

You're right about dark pools though. Those are the future (honestly they are already up and functioning) and they hide trading activity very well.

My argument is that the west side has had many opportunities to alleviate our transportation problem and has consistently decided that we would rather deal with hour long traffic jams than even incremental amounts of change.

People have been trying for years to do things like add safe bike lanes, rebuild the streetcar system, and build a subway system. Angelinos have been far more concerned with the temporary traffic disruptions, slight inconveniences, and potential demographic shifts of each.

My entire neighborhood threw a fit when someone tried to install a roundabout instead of a 4 way stop to reduce congestion.

Nobody would have been negatively impacted for more than a few months, but the people here just don't care about collective benefit, at all.

And that's before we start discussing the people who have deliberately induced greater congestion by adding speed bumps to side streets in an effort to protect property value.

LA chose to have this problem. It's not something that just happened on its own.

No, your perception of LA's public transportation is completely out of touch with reality.

Subway and train systems are fundamentally different modes of transit than bus systems. They are more accessible, run on regular schedules, and they are anonymous.

The urban poor in other cities utilize them disproportionately which is why Beverly Hills shuts down every hint of a conversation of adding public transit connection beyond commuter buses.

It's too bad if you're offended by what I said, but LA has more nimby's per capita than anywhere I have lived which is exactly why we do not have a public transportation system.

I'm a LA resident. People in this city like to talk about congestion as though they see it as a problem, but they don't actually see it as a problem.

Only people in the valley see it as a problem because there are limited choke points into and out of LA proper which keep people from getting to work.

LA's limited transportation infrastructure prevents DTLA's homeless from getting to Beverly Hills, Long Beach's gang-related activity from getting to Brentwood, etc.

If LA wanted to fix their transportation problem then they could build trains parallel to the 405 and 110 and solve the problem, but they don't want to fix the problem because the problem allows them (us?) to keep the city segregated by income.

Eating more fruit and vegetables. Spell the whole damn word. It takes less than a second to finish typing that. I saw 'thru' in an academic journal yesterday as well. Drives me insane.

Or run nmap, or look at your own IP address and just guess at it, or look at your /var/log/messages and ssh logs, all of which are likely just as effective and way less time-consuming than cracking hashed host information.

This isn't really a vulnerability. It's a curiosity. If you're on the sever (or NFS), and have access to this information already, then you're already in pretty damn good shape. This just allows you to be more thorough.

She rediscovered part of a first semester calculus course and named it after herself, then had it published, and literally nobody stopped this from getting into a medical journal.