wolverine890
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Posts posted by wolverine890
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I really enjoyed accidental superpower and then felt like his following books were capitalizing on one good book. Their quality and ideas weren't nearly as good as the first.
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4 hours ago, UK said:
In practical terms, the book’s crowning achievement is its explanation of the “Merton share”. This is a simple rule of thumb for determining asset allocation, which says that allocations should rise in proportion to expected returns, fall in proportion to the investor’s risk aversion and fall a lot in proportion to volatility (specifically, to its square). This is not to suggest the book makes for light reading. The authors prescribe calculations that will appeal to only the most dogged investors, ideally with access to a Bloomberg terminal. Most will conclude that they need a wealth-management firm to help them; conveniently enough, Messrs Haghani and White run one.
That is true. Many of the chapters can be dull. However, they bring up a couple of interesting ideas regrading personal capital and risk taking strategies via haghani's experience with this wealth and investment in LTCM. after almost a week of reflecting on the book to I think its worth reading? Maybe a couple of chapters. But I wouldn't waste my time reading it, in it entirety, again.
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23 hours ago, gfp said:
I am waiting around for something so I played the coin flip game linked above for 10 minutes and bet strict 20% of my bankroll on heads on each flip and still ended up with $21.13. Disappointing. I guess I didn't have a large enough sample size...
Luck is a funny thing. I played twice with the same strategy. first time ~$400 and second time >$700.
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On 9/28/2023 at 11:08 AM, KCLarkin said:
Clearly I am missing something with this premise. Isn't Carnegie famous for giving away his fortune?
Oh wait, I think you meant the Vanderbilt's. That makes more sense.
Ya, my bad @KCLarkin I didn't have the book in front of me. but you are correct.
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Saw this book review in the economist last week and picked it up. It's pretty good. The authors begin with Andrew Carnegie's net work at the time of death: $317M. He then explains that if each of his descendance and their descendance on down the line; would have taken their inheritance, invest in the US markets and only spent 2% year then they would each have a net worth of $5B. However, as far as we can tell no living member of the Carnegie fortune is worth anything close to this number. So he ask the question where are the missing billionaires?
The book is a pretty good rundown of risk management explains that humans are terrible at it. highlighted in the first couple charter by an experiment the authors ran where they had students participate in a coin flipping game where the odds of heads were 60% and tails were 40%. Each student was given $25 and allowed to make a 1:1 bet for 30 mins with the goal of maximizing their wealth. The crazy thing that happened was 28% went bust and I believe it was 40% ended with less money than they started. The authors highline that the solution to approaching this game is not intuitive for most people. You can play the game yourself on their website: https://elmwealth.com/coin-flip/
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1 hour ago, Parsad said:
100% agree! A couple of eggs in the morning, and it satiates my appetite. My blood sugar is more balanced than if I just ate oatmeal, cereal or toast. My brain function is better. I don't eat again until hours later. It's all the other shit we eat that compounds any cholesterol/blood pressure issues. The sugars, starches, etc. Cheers!
You could always try them raw...
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i bonds
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1 hour ago, DooDiligence said:
Probably doesn't belong here but I thought this might interest some.
Aldi says it will buy 400 Winn-Dixie, Harveys groceries across the southern U.S.
Why not? Chapter one goes through the history of trader joe's and shares the story of Theo Albrecht's (Albrecht family owns Aldi) purchase of Joe's.
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I really enjoyed this book. I grabbed it because of a research project I have done on the food industry. Lorr's approach is very hands on. He could have been very good investigative journalist. He follows people in the industry and move topics from farms, to delivery and actual grocers. He leaves the reader with a great left hook that I found incredibly insightful.
QuoteTo think of it another way, ever since Eric Schlosser and Fast Food Nation came into my life, and of course there was Upton Sinclair and many other muckrakers before him, there has been a very American idea that the closer we look at our food, the more disgusting it will turn out to be. And this always seems to be the case! Every time the best food minds and investigative journalists dig into a particular part of the supply chain they find some new horror. From slave-grown tomatoes to subsidized corn. It always seems to be there, at the bottom, this disgust. But in this book I’ve come to see something else in that digging. It is no less horrible, but maybe the slightly sadder form anger takes when balanced by introspection: more of a clawing feeling of being trapped, a revulsion at our own immobility. It is this notion that at the bottom, after all that digging, the particular investigative horror we’ve uncovered is just a proxy. Something closer to a shadow cast off from all of us above peering down and doing the digging. The real object of our scorn might not be in our food safety standards, in the revolving-door regulators, in the rise of industry, or even in the abuse and commodification of men, but in ourselves as agents in this world: for knowing what we want and what we are willing to give up to get it, for understanding that this is a moral outrage we’ve been digging for all along because it verifies what we know but also don’t quite want to acknowledge about ourselves.
This is to say, the great lesson of my time with groceries is that we have got the food system we deserve. The adage is all wrong: it’s not that we are what we eat, it’s that we eat the way we are. Retail grocery is a reflection. What people call the supply chain is a long, interconnected network of human beings working on other humans’ behalf. It responds to our actions, not our pieties; and in its current form it demands convenience and efficiency starting from the checkout counter on down. The result is both incredible beyond words—abundance, wish fulfillment, and low price—and as cruel and demeaning as Tun-Lin voluntarily choosing to return to those boats. To me this is as hopeful as it is depressing. We are in a dialogue with this world, not at its mercy. We have a natural inclination toward what is right that is as powerful as any selfishness. But for those out there who bristle at this reflection, who want to scream the patently obvious fact that meat is murder, that labor without choice is exploitation, or whatever their own personal horror is, who want to shake the world awake to the fact that we are literally sustaining ourselves on misery, who want to reform, I very much don’t want to dissuade you so much as I want you to consider that any solution will come from outside our food system, so far outside it that thinking about food is only a distraction from the real work to be done. At best, food is an opening, like any maw, that might lead us inside. Somewhere darker, more unknowable, a place where the real work of change may finally begin.
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This video is how I was introduced to this book:
I really have enjoyed his analogy of "building muscle as a type of retirement account". I bought the tonal 2 years ago and between that and a treadmill I have dropped about 10/15% of my body fat and increase my lean muscle by ~10%.
Because of this book I talk to my doctor about getting a CT anagram, DEXA scan and VO2 max. I have also started to take creatine, fish oil and I may start on statins. I am 36 and in the best shape of my life. There are a ton of other great takeaways from this book and i can't recommend it enough.
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I think you might want to move away from sexuality for a moment and consider taking a member of our society's life in order to understand @RichardGibbons' point. Citizens of Greek and Rome who were fathers had total control over their household. If they decided their child no longer deserved to live, they were allowed to do what they saw as necessary, same went for servants. This is because they weren't viewed as a part of society.
To hit this point home for myself I ask, "what group might we not include as a part of our society today that future generations will judge us for?" The simplest answer to me is a pig. I am a carnivore. I eat meat, I invest in companies that might abuse animals and that for sure kills them for a profit. Do I personally have a problem with that? The abuse, yes. The killing, no. This is because I don't view animals as part of our society. Kill a pig, it is fine. I like bacon. However, my daughter (age 3) might have a huge problem with this one day. Will she be right or wrong? I believe, if everyone agrees with her and mandates that pigs can no longer be killed for food but only had as pets (or whatever), she would be correct. My belief about a pig's inclusion into society doesn't matter. Society has determined that a pig is part of it therefore I shouldn't kill it or eat it.
Now what is ironic about the pig argument is that this was a moral law from God. Then Christians claimed it to be okay, mostly because they realized how good bacon was, but a little bit because they misinterpreted God when he told Peter to eat the unclean meat. Then Paul got all "moral relativist" by saying that Jews need to keep the law and gentiles don't need to. But that could be a topic for later.
Do I personally believe I have the capacity to view a pig as part of our society and thus taking its life is morally wrong? No. However, do I view my daughter as part of my society and would prefer to do things to not upset her if I view them as benign? Without a doubt. To me, that's how society evolves. Enough children convince enough parents that an aspect of society is worth compromising on and society becomes change. Eventually all the bacon lov'en holdouts will die and now the pig is a part of society, killing them is and was always wrong and the whole of humanity will judge us and our forefathers; this will become a proof that Muslims and Jews were correct and everyone else was wrong.
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2 hours ago, Spekulatius said:
I don’t think so. This would be quite a statement actually. I don't recall them putting out hard numbers on housing valuation.
No they haven't. I made a guess at what they meant by the following:
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Greg, I agree with TdoubleC & Spook. In my opinion the fed has been consistent since their October meeting with the path forward. My takeaway from that meeting was threefold: 1) the fed would like to see unemployment go from the mid 3s to the mid 4s. 2) They would like to see new job openings cut in half (from Oct. numbers) 3) they would like to see housing prices fall by ~20% from their peak.
Once the fed converted to the belief that the data no longer lead to the conclusion that inflation was transitory, they have been consistent that unemployment, new job openings and housing would be their three main factors in determining when their dual mandate was accomplished.
The think the main way we get a "soft landing" if those three targets are correct is an increase in the labor force participation rate. IMO, that is what Mr. Powell was trying to share before congress, but those monkeys needed to dance, and he wasn't providing them with any music.
IDK, that's my opinion and it has helped me interpret them. But take it with a grain of salt because I like the fed. I think it’s a great institution.
Also, did anyone else follow the greekjordan on twitter? I always appreciated his commentary on the fed. But, one day he was gone.
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Did you get the impression that congress was working much more coherent than the media portrayed? That was one of my big takeaways. It actually gave me a bit of hope for our political situation.
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I just finished it too. It was a very easy read. Was anyone else under the impression that it was written by Johnson until they got to the end and read the author's note? I thought that was strange.
It reminded me of "My Father's Business", incase that helps anyone make the decision to read it.
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“This is really the Fed at its best.”
"The New York Fed said it plans to keep injecting funds through Oct. 10 and has increased the sizes of these injections in recent days."
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Up in the nosebleeds, too. What time do you floor people arrive?
Elon Musk - Walter Issacson
in Books
Posted
I just finished this. One thing I was surprised by was Musk's focus on cost. I am curious was to what Munger would have thought of him had he read this book. In some ways he reminds me of a manager that Munger and Buffett would have enjoyed in their younger days... then in other ways not so much.