skysight-inc/HackerNews huggingface dataset:
The correct benchmark for a hedge fund is T-bills, not the S&P or the Nasdaq. That's because hedge funds are an absolute return product that offers an income stream uncorrelated to the market.

This may sound counterintuitive, but it's the basis of modern portfolio theory. The price that an investor should be willing to pay for an investment has to do with its beta to the broader market.

Think of it this way, imagine you could access the S&P 500 in a parallel universe. It has the same return characteristics as the normal S&P 500, but in any given year moves independently. How much does this improve your portfolio? Intuitively you'd think it's not worth anything. It's only as good as your current investments, so what's the point.

But in fact modern portfolio theory tells us that it's a huge improvement. Investing 50/50 in S&P and Bizarro-S&P, substantially improves the amount of return you can access for the same risk. That's because the two diversify each other, and the blend either reduces risk by 30% or lets you leverage up and increase expected returns by 30%.

You're saying, "maybe Melvin isn't a good investment, because it seems about equal to the S&P". But the point is an investment that's about equal to the S&P, yet uncorrelated to the S&P is massively valuable. Even if it has big drawdowns, you typically don't care as long as those drawdowns tend to occur during times when the rest of your portfolio is doing fine.

This is the same reason that a 60/40 stock-bond portfolio has massively outperformed 100% stocks historically. Even though bonds themselves return less than stocks.
Modi is a con-man who chose politics as career to make easy money https://www.modilies.in/ https://www.quora.com/Which-caste-is-looting-India/answers/2...
Moxie has publicly tweeted that they're working on supporting Signal without phone numbers, e.g. here [1] and here [2]:

[1]: https://twitter.com/moxie/status/1280904362999476226

[2]: https://twitter.com/moxie/status/1348031542606454785
Good idea, but bad example: a 100 round tournament (single elimination) would require 2^100 humans, that is a 20 orders of magnitude increase!! You could do 32 rounds at most.
Bailouts go to banks because the government is on the hook for insuring cash deposits anyway. Do you have any examples of hedge funds being bailed out?
All fair points. But I’ll point out that NYC infrastructure costs are largely a matter of political policy. There’s no particular reason why NYC couldn’t construct for the same cost as say, Tokyo or Paris if they wanted to.
Is it possible to have a driver store? So the website would just load a library for Gamepad X from a global driver website, dynamically when you plugged it in
Opt-Out of Research Participation in 23andMe
FB understands that the earlier it revamps its business model, the more revenue it can generate from actually paying users

Facebook will exploit paying users even more, since a demonstrable willingness to pay makes you a more valuable set of eyeballs for advertising. That’s the fly in the ointment.
Also if someone "came into money" and the market is at an all-time-high (during a pandemic, no less!) why not roll it into the stock market over a one- or two-year period? Same dollar amount each month for two years.
>On an aside, it seems the market can't ever get a break. If it crashes and unemployment skyrockets, it was due to some fat cats gambling. If the market skyrockets and unemployment is high, now the fat cats are making money off the backs of everyone else. If the market skyrockets and unemployment is low, well, everyone isn't sharing in the gains equally.

I mean...this was due to fat cats gambling. Illegal gambling in fact. What else do you call shorting 140% of a company's stock?

Also, this might just be me, but it feels disingenuous for you to not mention a disclaimer while posting this that you're a quant trader at a market maker.

EDIT: As others have pointed out I seem to be misinformed about the legality of it, but my original point does stand. This IS happening due to fat cats gambling, and retail investors catching wind of it and blowing it up on social media (to be clear I'm aware that the majority of GME holders are still institutional)
> institutional investors for always getting the easy money and the bailouts at their expense

When was a hedge fund last bailed out with public funds? They typically don't. Like them or not, they have historically been left to fail, or be bought out by their competition.
To be fair - the issue with demanding immediate settlement is that fund transfer settlements aren't instantaneous.
...are you talking about OS9? In OS X I'm pretty sure you've always had to explicitly mark a volume as bootable. (Not complicated, but more complicated than just dragging contents over.)
the older article is practically supplanted by the newer bloomberg article

your bloomberg article starts off with nothing nearly as extreme as “at all”, specifically using “egalitarian in some ways” such as in the case of exactly the problem I detailed

Introducing new problems and shifting where the bis occurs and for different populations than just people of color

Thank you for the insight, good to know about. I have never thought about overlaying social causes in my profile picture at all let alone on ride hailing apps, but I can see many people doing that
Everyone’s seen the “consequences” like the ones Elon Musk faced after tweeting “funding secured”
I think you'll find it's not a real implementation. OP's example requires 2^100 people ~10^30

It's a similar problem with the email list.

50+ years ago Scrooge McDuck also had this happen to him. He had a treasure map for gold (In Antarctica I think) which he got conditional on profit sharing and he found gold.

The map sellers ran this scam, sold heaps of different maps because someone would find gold.

I personally don't think Scrooge McDuck was just lucky though.
I get what you're saying but I don't think I've ever heard professional investors describe generating returns as "easy."

Making money at a trading or investment firm is serious work, and no one takes it lightly. Using your example of writing options, market makers who do this are very cognizant and paranoid about the risks involved.

However, excess kurtosis and skew (left side tail risk) has definitely wiped out a number of firms, so your point is somewhat valid. I just wanted to point out that when every trader at a firm has their life savings in the company fund, they don't go around slinging YOLO trades. This is serious business, and the vast majority of participants act accordingly (I have met some idiots tho, but most of them went or are going out of business).

But it doesn't take that many idiots to cause a lot of mess, so that's another factor to consider.
Yep, bi-pap is the intermediate machine that insurance protocols force you to try and fail on before they’ll approve the machine that actually works for your condition: ASV (Adaptive Servo Ventilation). It’s crazy expensive if you buy it new, especially if through a DME vendor. But you can buy them used with minimal hours on them for $900 or so, which is what I did. It actually works for me.
This is How Google will Collapse (2017)
+1

Exactly.

My post has a score of zero, yet zero comments explaining why I'm wrong. I expect better from self-described "hackers."
Hedge funds, as a class, underperform the Dow. Hedge fund managers, as a class, do very, very well.

"Except Japan", the author puts in a footnote. The stock market in Japan peaked in 1990 and never came back. The Nikkei peaked at 19590 and is now at 1740.

Could that happen to the US?
Goldman Sachs: No ‘manipulation,’ social media or rumours amid GameStop frenzy
All the focus on racism and divisiveness within the media (all the woke sjw BS) really started around after occupy Wall Street. Now why would they want that to happen? So maybe we fight with each other instead of with them and their profits?
Autocracy followed by a Maoist revolution isn't a path to success either.
I think you're sort of mis-understanding one of the main purposes of a hedge fund (at least historically); they are often meant to obtain returns that are un-correlated with the overall market.

Just dumping all of the funds into the market explicitly does not do that.
From the letter quoted in the article:

> Seeing my wife lose money as a result of the hedge funds foolish shorts and inability to adapt to a new wave of social media – as well as the frightening thought the trading can be halted at any time as the brokerages see fit – has caused me to become extremely disheartened toward investing in the future.

Just checked, and after all these shenanigans, S&P 500 was set back to... where it was one month ago. This actually sounds like a strong evidence in favor of index funds plus long-term investing.
Nice to read that there are some people keeping music on their computers!

From talking to my friends, it sounds like everyone is just streaming all the time.
You can't use HN for nationalistic flamewar, regardless of which side you're fighting for. Since that's all this account has done, we've banned it. You've created several accounts to do this with—that's abusive, so please stop.

We detached this subthread from https://news.ycombinator.com/item?id=25976320.
Ted Cruz is literally married to a Managing Director at Goldman Sachs - if people think his sanctimonious Tweets were a principled stance “against Wall St” then we’re in worse shape than I thought.
Hedge fund exposures close to records, sell-off risk after GameStop swings
In the high-end laptop space, OEMs still aren't putting out their best stuff with AMD (excluding ROG Zephyrus). If you want a premium build quality machine with a color accurate, wide gamut display (and Thunderbolt), you'll still be purchasing Intel in 2021 as many flagships were partner-designed with Intel.
I'm 28 years old. In the time I've been aware of world events, it's felt like the world has been accelerating in a downward spiral towards authoritarianism and away from progress. Things are worse in some places than others, but seemingly no corner of the globe is spared from the trend.

I genuinely can't tell how much of this perceived trend is real, and how much of it is a shift in my own perspective. And even then: am I just becoming more aware of how the world has always been, or is an increase in media sensationalism to blame (either for my perspective shift, or for an actual shifting reality?) Does it all come down to the impact of social media, or other technologies enabling oppressors? Is it the increasing concentration of global wealth? Was the latter half of the 20th century just an anomaly where much of the world was turned off to authoritarianism by the second world war, and we're at a point now where that's worn off and we're getting back on with the normal trajectory? Was it just my American information bubble telling me that things were ever somewhat better, even for a few decades?

I don't know what to think, but what it feels like is that this train is going off the rails.
Yeah I think a lot of hedge funds are run by idiots. Market making firms however, they are the true stars. There are also some really good hedge funds: RenTec, Millennium, 2 Sigma, etc.

A lot of hedge funds are dinosaurs and are slowly going extinct. Even in the last 5 years there has been a big shift: investors really prefer systematic firms and raising money for a discretionary fund gets harder and harder every day.

I do not believe insider information is key. If it was, hedge fund risk adjusted returns would probably be less abysmal. It's not that straightforward to evaluate hf performance, but trust me when I say, there a lot of funds out there providing very dubious value to investors.
The Reshaped Mac Experience
a friend of mine recently moved. there’s a shed in the backyard that’s not included in the rental. inside the shed is a bucket with a toilet seat on it. apparently their landlord is somehow connected to a local produce delivery business, and provides the location for drivers to relieve themselves.

i’m not sure why they didn’t just build a composting toilet, or rent a portapotty. this doesn’t seem like a great solution, and i wonder if it’s legal.

despite how gross and disgusting it is, consider that even this shows way more empathy and concern for the basic human needs of workers than the large gig apps have been able to express.
People really don't seem to understand the concept of the op-ed. Maybe publications need to do a better job of making the distinction clear.

The concept is for the editor or owner to be able publish something with plausible deniability.
Userbenchmark is pretty overtly Intel biased, to the point even /r/Intel banned them. You should use... pretty much any other review, basically.

You are still right that Intel mobile is still performance competitive if you don't care much about the core count gap.
Nationalistic and religious flamewar will get you banned here. You did that repeatedly in this thread. Please don't post any more like this to HN, regardless of which side you're fighting for or how right you feel it is.

https://news.ycombinator.com/newsguidelines.html
And maybe it's time to have a tax on financial transactions. The EU is looking at that again. It's called a "Tobin tax". Not much, a fraction of a percent, but on every trade.
The bit you quoted said "generate money from investors", which is quite a different thing than "generate money for investors."
This one person--with no people responding "also me!"--says they were logged out of multiple services in different jurisdictions at once, so while the underlying issue of a login mechanism somehow tied to SMS access is certainly an issue, I personally, so far as makes sense from this one data point, find it unlikely that this had anything to do with the coup.
> Yes losing money sucks, but are you really so afraid of volatility you would rather earn practically nothing from 3 month T-bills?

Isn't the market's current valuation actually not that expensive given the fact that it isn't only 3 month T-bills that earn practically nothing? 1, 5, and 10 year bonds are equally bad in terms of ROI at the moment, right?
The people that do this are using queues - by registering hundreds of thousands of accounts from compromised proxies and signing up for the Newegg raffle on all of them, and queuing up for every possible product on all of them. Some sell sets of cookies that you load into your browser after carting, or they check out for you.
I think Spotify envisions a speaker which always plays exactly the right music at all times, reflecting the current mood and anticipating what's next, like a film score. That would indeed be incredible if it worked.
Can you explain why the collateral required is higher (if no one has any insolvency issues)?

If you watch the video I posted in the parent comment with the webull ceo, he states the exact scenario where brokers have no problem margin calling a small retail account, but for a big firm and big losses it's problematic, and so do you have more to add than the webull ceo on this topic?

I encourage the discussion and the information you added. Prime brokerages may be able to absorb the damage and thus are able to post the collateral needed, but then if the smaller brokerages like robinhood also need to post the same collateral while having smaller risk of clearing problems, isn't that the problem of the risk spreading?
You are talking about regulated App Stores. I doubt that is ever going to happen.

Also, Google can remove any app but you could download it from any of the dozen other App Stores on Android. On Apple, one is truly fucked. Apple's App Store is anticompetitive and they should be required to let users install other app stores.
IBKR is great but they have fucked up before as well. When oil futures went negative early last year, IBKR's software could not handle a negative sign and led to traders not being able to close their positions. Luckily, IBKR took it to the chin and compensated more than $100 million in losses anything their clients owed below $0.

Source: https://www.bloomberg.com/news/articles/2020-05-08/oil-crash...
‘A Glitch in the Matrix’ Review: Are We Living in a Simulation?
Are they detaining civilians?
Political and nationalistic flamewar will get you banned here. Please don't do that on HN, regardless of which side you're on or how right you feel it is.

https://news.ycombinator.com/newsguidelines.html
This should feature prominently in the next remake of 'Escape From New York'. Apocalyptic imagery: everyone is starving, broken windows everywhere, but there's a parabolic chart of a meme stock illuminating the scene.

Or, perhaps in reprise of the Etrade 2001 superbowl ad.
What are the top 3 alternative ways to do GNU/Linux without systemd?
1. dow is irrelevant, you should ignore it

2. it's not so easy to determine whether a fund is providing value, you can't just look at returns. The math is more complex than that.
>free to publish a wide range of views...

Sure. But it's under their banner. They edit the op ed and can demand unsubstantiated claims be substantiated or removed. Otherwise it really is no better than done racist blog.

A case that can't be made without facts that can't be stood up shouldn't be made in any newspaper that values it's reputation.
Cool site, well done. Too bad all the crap added by youtube kills the immersion
The hard part? Oh god no. Not even close. Have you seen V's roadmap? [0]

One major hard part, imho, is the zkSNARKs. Nobody is talking about the fact that they are hardware dependent because they are so computationally expensive. My guess right now is that we're going to need (or they will get developed some how)... ASIC's. Talk about kicking the puck down the road.

The other hard part is that this is a decentralized development project managed by humans. What happens when someone wants to flip the switch on billions of value? The ProgPoW debate proved how contentious decisions turn into a total clusterf*ck. You want to trust your funds to that?

Finally, the best one. There is insane pressure to rush eth2 out now that billions of value is locked up. 737 max levels of pressure.

I love ETH and ETH2. More than anything I want to see it happen. I'm just in the camp that we should have worked on ETH 1.5 first.

[0] https://twitter.com/VitalikButerin/status/133392262085774540...
Last year when the Dow dropped from 28K to 18K all my friends were selling off their holdings. I was going to do the same but spoke to my father, he told me selling off at 18K does nothing but guarantee my losses. I decided to take his advice and am up 115K on the year.

I don't think the gamestop story is over and just because these hedge funds are showing a loss right now, they still have the opportunity to milk that stock all the way down to zero, and they will.

What is really unfair (but good for me) is from my investments and house value increase, I have made more in one year doing nothing than I did the 1st 15 years of my post school employment.

I don't know how a young person can make it in these late stages of capatlism let alone support a family, maybe that's why there are so many riots.
Oops, that is the other one - "digital gold". The litecoin people really latched onto that one, declaring themselves to be silver. There was already a digital gold a few year before bitcoin (something about an eagle, or the Liberty Bell...), it was a gold backed paypal that was quickly destroyed by the feds. So no, bitcoin isn't "digital gold".
The advice just falls flat for me.

Honestly, if the only winning move is to invest for the long term then why even bother with capital markets at all? Sounds like a waste of time when what we really want is for people to own the means of production.

Dump 100% of federal tax revenue into index funds and let it grow faster than the interest on T-bills issued for expenditures. Churn for ~50 years and start paying UBI from the massive profits. Would the government even need to pay interest on the T-bills in USD? Why not just issue more T-bills as interest because after all the long term pretty much guarantees the government would be swimming in cash in 50 years and have no trouble repaying it all. Incidentally the federal government would also become the majority shareholder of every company in the world.

If the market can magically let everyone with enough money invested in their youth retire happily then it follows that letting the government own all the stocks and issue UBI would result in roughly the same outcome.
This is what I too fear when I hear the ever-lasting optimism of long term investing. Could this become a common reality sometime in future? If yes, maybe the other advise about diversifying (real-estate/precious metals etc) isn't so bad.
Impressive, and scary. How does it work? Some kind of ptrace wrapping of each command?

If this genuinely works reliably, this alone could be a good product. As someone said below, you should promote this feature more specifically.
I get that legally it's different, but when ordinary people (like me) read "Melvin exited these position", they take it to mean "Melvin accepted the loss and gave up", which is in turn seen as implying "they no longer hold said positions". If Melvin bought and re-shorted all their shares at a similar price, then to many, many people, that's a legal distinction without a material difference. It's not "lying" technically, but it's pedantically misleading enough to be pretty darn close to lying for those of us asking the question. So when people question the veracity of the first statement, they're really wondering about the others too.

Basically, my point is: if your rebuttal to the question of "did they lie?" is "no, that's preposterous, it would be a death sentence for the firm", then your answer might be correct technically as to the literal meaning of the question, but you've missed the spirit of what was being asked.
When to Use Vue over React
Which market? What country? What assets?

Are you allocating money to Pokémon cards? Why or why not?

PS: all investing is active management. full stop.
How Many Paths of Length K?: and I Show You How Deep the Rabbit Hole Goes
Top why ripple will hit $1
I mean this as a genuine question:

What law would shorting 140% of a company’s stock break?
Whole of Asia is turning into dictatorship states [EOM]
Your views...
Research generally shows that if you have a lump sum of cash, it's better to invest it all at once rather than average it out.

https://investor.vanguard.com/investing/online-trading/inves...

Time in the market > Timing the market, and all that jazz.
I wrote this blog post after I saw this question on HN, and somebody encouraged me to write a blog post :)

https://news.ycombinator.com/item?id=22953121

Hopefully other people find this interesting as well.
I think unfortunately the reason is apparent, filling out a monologue.
Cool article, but they're still overpriced.
They would either be legally liable, or must reflect this in ToS—benefitting the next provider with simpler ToS.

And remember, they would pretty much lose the ability to show ads (where mined data is used for targeting), since getting rid of them becomes as easy as switching to another client.
In Japan, real estate tanked, too.

Once the population starts to decline, real estate drops.
I think Bear Stearns might count for some people.

(tho was more about buying the good assets to avoid adding even more fire to the crisis, I think investors were mostly wiped out)
Religious flamewar, nationalistic flamewar, ideological flamewar, personal attacks, and tit-for-tat spats like this one are all badly against the site guidelines and off topic here. We ban accounts that get into this kind of thing. Please don't, regardless of which side you're on or how right you feel it is. It's not what this site is for.

https://news.ycombinator.com/newsguidelines.html