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The Reformed Broker wrote a new blog post titled Side with the Seeds
I was struck last night by how articulate and ballsy the high school kids from Parkland, Florida were at CNN’s Town Hall about gun reform. They had the proper mix of respect for their elders, disgust at the lack of action on the part of elected officials, and passion about their own safety and circumstances.......
6 hours ago
Complexity Digest wrote a new blog post titled Rank dynamics of word usage at multiple scales
The recent dramatic increase in online data availability has allowed researchers to explore human culture with unprecedented detail, such as the growth and diversification of language. In particular, it provides statistical tools to explore whether word use is similar across languages, and if so, whether these generic features appear at different scales of language structure. Here we use the Google Books N-grams dataset to analyze the temporal evolution of word usage in several languages. We apply measures proposed recently to study rank dynamics, such as the diversity of N-grams in a given...
6 hours ago
Quantitative Finance at arXiv wrote a new blog post titled Why are Megaprojects, Including Nuclear Power Plants, Delivered Overbudget and Late? Reasons and Remedies. (arXiv:1802.07312v1 [physics.soc-ph])
In the first section, this report analyses Nuclear Power Plants (NPPs) in the context of megaprojects, explaining why they are often delivered over budget and late. In the second section, the report discusses how Small Modular Reactors (SMRs) might address these issues. Megaprojects are extremely risky and often implemented after a sub-optimal phase of project planning leading to underestimations of the costs and overestimation of short-term benefits. When considering adherence to schedule and budget, often megaprojects might be considered a failure, and optimism bias, strategic...
20 hours ago
Quantitative Finance at arXiv wrote a new blog post titled Extracting the multi-timescale activity patterns of online financial markets. (arXiv:1802.07405v1 [q-fin.TR])
Online financial markets can be represented as complex systems where trading dynamics can be captured and characterized at different resolutions and time scales. In this work, we develop a methodology based on non-negative tensor factorization (NTF) aimed at extracting and revealing the multi-timescale trading dynamics governing online financial systems. We demonstrate the advantage of our strategy first using synthetic data, and then on real-world data capturing all interbank transactions (over a million) occurred in an Italian online financial market (e-MID) between 2001 and 2015. Our...
20 hours ago
Quantitative Finance at arXiv wrote a new blog post titled Blockchain: Data Malls, Coin Economies and Keyless Payments. (arXiv:1802.07422v1 [q-fin.GN])
We discuss several uses of blockchain (and, more generally, distributed ledger) technologies outside of cryptocurrencies with a pragmatic view. We mostly focus on three areas: the role of coin economies for what we refer to as data malls (specialized data marketplaces); data provenance (a historical record of data and its origins); and what we term keyless payments (made without having to know other users' cryptographic keys). We also discuss voting and other areas, and give a sizable list of academic and nonacademic references.
20 hours ago
Quantitative Finance at arXiv wrote a new blog post titled The Security of the United Kingdom Electricity Imports under Conditions of High European Demand. (arXiv:1802.07457v1 [econ.EM])
Energy policy in Europe has been driven by the three goals of security of supply, economic competitiveness and environmental sustainability, referred to as the energy trilemma. Although there are clear conflicts within the trilemma, member countries have acted to facilitate a fully integrated European electricity market. Interconnection and cross-border electricity trade has been a fundamental part of such market liberalisation. However, it has been suggested that consumers are exposed to a higher price volatility as a consequence of interconnection. Furthermore, during times of energy...
20 hours ago
The Reformed Broker wrote a new blog post titled Discipline Equals Freedom
As part of my first quarter curriculum, I wanted to tackle the Jocko Willink book that people have been telling me about since it came out. When I asked you guys for suggestions late last year for business books, more than one person threw this title out, so it had to happen. I’m really glad......
yesterday
All About Alpha wrote a new blog post titled What Family Offices Want From Alternative Investment Managers
By Diane Harrison Competition within the alternatives sector for family office investments is at an all-time high, as these investors get more comfortable with the range of assets available to them and their general understanding of alternatives rises. Fund managers want to win these wealthy investors over, but often findRead More
yesterday
Complexity Digest wrote a new blog post titled Link transmission centrality in large-scale social networks
Understanding the importance of links in transmitting information in a network can provide ways to hinder or postpone ongoing dynamical phenomena like the spreading of epidemic or the diffusion of information. In this work, we propose a new measure based on stochastic diffusion processes, the transmission centrality, that captures the importance of links by estimating the average number of nodes to whom they transfer information during a global spreading diffusion process. We propose a simple algorithmic solution to compute transmission centrality and to approximate it in very large networks...
yesterday
All About Alpha wrote a new blog post titled What about beta?
By Bill Kelly, CAIA Association CEO As the 2018 calendar turned to February, the long-anticipated volatility came back with a vengeance, but why were so many, so surprised.  As long-term investors, I point out what might be the obvious.  The first fissures of this new normal arrived on Friday Feb 2Read More
yesterday
The Reformed Broker wrote a new blog post titled Get Your Ideas Ready for @SohnConf 2018
Legendary investors Bill Ackman, David Einhorn, Joel Greenblatt, Seth Klarman and Larry Robbins select the winner...
yesterday
Quantitative Finance at arXiv wrote a new blog post titled Achieving perfect coordination amongst agents in the co-action minority game. (arXiv:1802.06770v1 [econ.EM])
We discuss the strategy that rational agents can use to maximize their expected long-term payoff in the co-action minority game. We argue that the agents will try to get into a cyclic state, where each of the $(2N +1)$ agent wins exactly $N$ times in any continuous stretch of $(2N+1)$ days. We propose and analyse a strategy for reaching such a cyclic state quickly, when any direct communication between agents is not allowed, and only the publicly available common information is the record of total number of people choosing the first restaurant in the past. We determine exactly the average...
2 days ago
Quantitative Finance at arXiv wrote a new blog post titled Analytical Validation Formulas for Best Estimate Calculation in Traditional Life Insurance. (arXiv:1802.07009v1 [q-fin.RM])
Within the context of traditional life insurance, a model-independent relationship about how the market value of assets is attributed to the best estimate, the value of in-force business and tax is established. This relationship holds true for any portfolio under run-off assumptions and can be used for the validation of models set up for Solvency~II best estimate calculation. Furthermore, we derive a lower bound for the value of future discretionary benefits. Again, this bound can be used in practice for validation purposes.
2 days ago
All About Alpha wrote a new blog post titled Eurekahedge: Greater China Mandates Pay Off for January
A new Index Flash Update from Eurekahedge says that hedge funds are off to a positive start to 2018. The industry globally gained 2.26% in January. Among developed world mandates, North American hedge funds were up 1.89%, followed by those of Japan and Europe, which gained 1.28% each. Higher numbersRead More
2 days ago
The Reformed Broker wrote a new blog post titled Clips From Today’s Halftime Report
 Traders debate BlackRock’s US stocks call from CNBC. Domino’s, Qualcomm and a wireless data company getting crushed in the trader blitz from CNBC. CME, Estee Lauder, Roku & avoid this tech name from CNBC....
2 days ago
The Reformed Broker wrote a new blog post titled We’re Coming to California
Are we meeting with you??? Let us know! ...
2 days ago
The Reformed Broker wrote a new blog post titled “Private Equity”
Will the returns of private equity save the pension system?...
2 days ago