StreetEYE Blog

Druce Vertes, CFA


Andreessen v. Summers: Can you have robots, hoverboards, and secular stagnation?

Diane Coyle says you can have either robots, or secular stagnation, but not both. In a somewhat confused tweetstorm, Marc Andreessen says secular stagnation is BS. Larry Summers, who is one of the guys behind the secular stagnation hypothesis, responds. But then, confusingly, is reported to agree with Coyle. While this is a statement one […]

Game theory, Bill Belichick, Neville Chamberlain

There are some people that will be deterred by the fact that we have nuclear weapons… But those people are the folks we can deal with anyway. — General Charles Horner How about that Super Bowl? Sometimes it pays to be irrational, to do the unexpected like pass on 2nd and 1, to catch the […]

A Greece reading list (Or why the euro is doomed)

Time converts the improbable to the inevitable – Stephen Jay Gould [TL;DR 50% odds Greece leaves euro this year. Odds eurozone breaks up eventually: 100%] If you don’t care too much about the Super Bowl today, here are some things you could be reading about Greece: Daniel Davies: Greek games and scenarios The Economist: Go […]

PCs Were the Triumph of the Nerds; iPhone is the Revenge of the Cool Kids

Apple reported a blowout iPhone 6 launch quarter. In fact, reportedly the largest quarterly profit ever reported by a public company. I had a feeling they would blow away expectations, the iPhone 6 looks and feels great, it’s a must-have upgrade. Apple now has, contra Steve Jobs, an iPhone/iPad for every size and pocketbook. Not […]

The Dark Web Stack, Or How To Eff Up The Net

You have a choice of trusting the natural stability of gold or the honesty and intelligence of members of the government, and with all due respect to these gentleman, I advise you as long as the capitalist system lasts, vote for gold. – George Bernard Shaw An interesting dive into “Deep Web Marketplaces” by the […]

UberFail – a few thoughts on Uber

To lose one parent, Mr. Worthing, may be regarded as a misfortune; to lose both looks like carelessness. – Oscar Wilde, The Importance of Being Earnest Some thoughts on Uber, some blindingly obvious, some maybe not. I’ll say at the outset that I think Uber is a 10x improvement on existing cabs, and I have […]

Sony is a pack of buffoons, and the farce is us.

A few points about the Sony debacle. Point 1: Sony is a clown show. Let’s be generous, and suppose the following is what happened. (We don’t know how the malware got in, because they seemingly have no clue, which makes me just weep with pity.) Hackers send a carefully crafted email to a Sony dim […]

A Piketty counterargument: Is r > g a reasonable assumption?

A thought experiment: If you could buy an asset that returned the GDP growth rate, would you, should you do it? In other words, if you had a choice of Piketty’s r and g, from his ‘Iron Law’ equation r > g, which would you choose? Marc Andreessen said, “The funny thing about Piketty is […]

Easy Pieces on Risk #2: Visualizing Diversification With Risk Triangles

In this post we’re going to look at a simple way to visualize the power of diversification, and what correlation really tells us. Suppose you have 2 investments, A and B. You create a portfolio that consists of 1 share of A, and 1 share of B. How risky is the combined portfolio? It depends […]

Easy Pieces on Risk, #1 – Why is volatility a proxy for risk?

Why is volatility a proxy for investment risk? This is a foundational question about risk, but I’m not sure it gets taught very often explicitly, it kind of gets lost in the math as just another simplifying assumption. One post in particular that motivated this is Howard Marks’s recent letter. Howard Marks inhabits the same circle of […]

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