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I would agree with her. There are so many things happening in the markets, there is always something new. There are new strategies popping up, new ideas, new directions, some things stop working (and you want to know why), some things start working (and again, you want to know why), new markets...

The magazine or the girl? :)

(a) I never heard of any congressman declaring bankruptcy due to medical costs. Have you? (b) I recall reading a paper that for an average elected official in the US, their incomes and net worths tend to go up after they done serving their term.

I have done the numbers. The headline is very different if you tally up everything - federal, state, local, real estate, SS, Medicare. I did not include payroll taxes, but that would make it even more complex. The tax rate for an upper middle class employee in the NYC is not radically different...

I love swans too, but I seem to see an occasional gray goose much more frequently :)

I would say an average 65 year old can only make a negative impact by adding any active input into his asset allocation decisions. Don't forget that these are the same people that can barely find the US on the map. Once we are talking about higher NW and skill, it's a different story.

No, the idea is not to override them. On average, there is little long term value in trying to time things based on the macro outlook for an average person. Also, TDFs take the work out of rebalancing and other management process, which is good sometimes.

(a) is that in a qualified account? in that case, why not go with a target date fund which will do a lot of allocation and rebalancing work for you (see here for explanation: https://goo.gl/NhDyjp) (b) if it is a regular account, you might want to also engage in some sort of loss harvesting for...

Every EM central bank should be worried. It's a perfect tool to circumvent capital controls and/or avoid currency devaluation.

This thing: Good intro to lower latency systematic stuff. Free if you pick it up in Manhattan before I throw it out.

Nah, that's not asymmetric enough. I wish I could invest into a startup of some sort or something like that.

If it dips to an attractive level, I will add some. Given the level of volatility, I'd say 5k/coin is where I would be willing to add another clip. While it's nice of you to be a jackass about it, I honestly have no idea what to do with cash at this stage of the cycle. Everything seems so...

Rob, I am trying to assemble a reading list for a young monkey I just hired. Would you say your systematic trading is a good enough introduction into CTA-style thought process? If not, is there a book you'd recommend?

The borrow rate is outright moronic - I just looked :)

It's called "painting the tape" and it's totally illegal.

Indeed. People severely underestimate how much convexity there is in disruptive ideas/products. If you think that something only has a 1% chance, invest 1%. Does it make sense to go all-in? No, it does not, only idiots would do that. Does it make sense to reject the idea completely? Same thing...

Priceless.

Honestly, it shouldn’t matter. I don’t pay my ISP for the content, I pay for the bandwidth and I should be able to use it any way I see fit. Probably. Or block encrypted traffic to anything but some list of approved addresses. People who work from home via VPN are gonna love it.

Actually, I use bit torrent protocol to transfer large data files from my private server to local box. Several commercial tick data providers do the same, as a matter of fact.

Simple example. Before 2015 my ISP had a blanket block on VPN connections to unknown IP, including with my private server that has numeric IP only. They might decide to block specific protocols completely, for example, bit torrent.