zephyr-wind

"Read the paper" isn't exactly the answer I'm looking for, but thanks for trying.

Only upon reading the paper do you discover that a "school-age cutoff", much like the famous hockey player study cited by Gladwell in Outliers, is one of the ways for controlling the selection effect I mention.

Dumb question but can someone explain why we think that (1) education improves intelligence, rather than the alternative conclusion that (2) the intelligent are more inclined to stay in education institutions longer?

Of course, we don't know for sure. But it's strange to sell off future revenue shares for capital today when you can simply double-down using leverage.. unless they ran into their margin limit.

Word on the street has that Melvin is down 80% YTD, some other L/S funds 20-30%.

If it were only $55M in puts, they would not have needed the bailout. What people in the know think is that they sold calls to finance the puts to achieve a net-zero position... which would be an unlimited-risk synthetic short position.