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LOL, that's an easy one. American car industry (ex Tesla). It's a zombie industry taken to the extreme by the government support. The Fed is already "printing money" (low interest rates, asset purchases etc) and it benefits the current asset owners. It's one of the issues with the firehose...

If you work a regular job but have some stocks in your 401k, you are simply "a little less of a loser" when it comes to that tradeoff. Further more, if you have a business that is in a relatively early stage of development (i.e. where it's not really a Fed-supported asset), you are also a loser...

My cynical hypothesis is that every politician only cares about one thing and that is remaining in power. Thus, the only difference between a democratic leader and a dictator is the size of his coalition (which is driven by the pro/anti democratic protections built into the governmental...

To quote a lady I've worked with at a premier Wall Street institution, "it's pret a manger for some, while I had to suck dicks to get this job". That's what inequality is all about. Equality of opportunity is not socialism (and it's equality of opportunity that gets killed when the central bank...

Finding information is the easy part, what happens next is key. The early steps are processing information, converting it to knowledge and applying said knowledge to current problems. However, what I think really makes the big difference is coming up with mental abstractions for these...

It's not supporting anything, as it is taken out of context of a rather narrow scientific study that he performed. That's all I wanted to point out, regardless of my faith.

There is education and then there is "education". It's hard to expect that a degree from Trump university will provide you with the same ability to learn as let's say Moscow State University (*). However, you should not discard the idea of proper formal education because it has been corrupted...

That's exactly what I am questioning. Not doubt a loving parent can teach a kid how to read/write at an early age. I can't, however, imagine an average human that can provide an upper-school student the diversity of knowledge that a formal education would. A few autodidacts that I've met were an...

So most home schoolers teach their kids how to flip burgers? Education is training for your mind, just like lifting weights is training for your muscles. You don't say "i am not going to do pushups because it's not a movement that's useful in everyday life". Same way 99.9% of stuff I learned...

Even if risk neutral drift is zero, there is "vol drift" a.k.a. Ito correction. If you want to get technical, a stochastic differential equation dS_t = rS*dt + sigma * S * dW_t has an analytical solution S_t = S * exp(t*r - t *0.5*sigma^2) * exp(sigma * W_t) The sigma square terms is there...

Well, you are missing an vol drift correction term if you really want to simulate where the asset is going to end up :) and yes, that's where the difference between N(d1) and N(d2) comes into play, as d2 includes the vol drift. Derive the option pricing from BSM differential equation, if you so...

Well, think of it this way - if volatility is very high and an asset can not go below zero, than the asset is "cheap" and it's more likely to be above the current level at time T. As I said, delta is a proxy, while N(d2) is the actual risk neutral probability.

Nope, they should not. In a lognormal world the stock can go to infinity yet it can't fall below zero - I am pretty sure you can see how that's reflected by the delta. As a take-home assignment, try shocking vol to 300% and see what happens to deltas for the put and the call. PS. Also, while...

Well, technical proficiency is necessary but not sufficient. For a modern classical musician, you have to be way more proficient than a classical musician some 100 years ago. But true, simply having a perfect technical skill is not going to get you to the top.

Seriously? His "life from life" was a simple experiment that showed how bacteria does not self-originate in fermenting liquid but rather get there via contamination. While a very important discovery at the time, it has nothing to do with creation or evolution.

Actually, I have found that meditating helps me control my biases/anxieties (at least the ones that I am aware of). There is also this guided meditation for added motivation.

Considering that he's selling seminars instead of trading, it must be the method.

Billy Joel never was a classical pianist and it's not a fair comparison. In fact, the technical proficiency has been steadily increasing among classical musicians. Just compare the the way Liszt was played be the older generation like Horowitz to a more "modern" classical musician like Kissin...

The answer is "False" for most if not all cases. The amount of knowledge required for any given profession has grown exponentially. Today, it's easier to acquire a foundation because the knowledge is more accessible, but it takes much longer to reach competency.