nhaliday + investing   139

Vladimir Novakovski's answer to What financial advice would you give to a 21-year-old? - Quora
Learn economics and see that investment and consumption levels (as percentages) depend only marginally on age and existing net worth and mostly on your risk preferences and utility function.
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11 weeks ago by nhaliday
WHO | Priority environment and health risks
also: http://www.who.int/heli/risks/vectors/vector/en/

Environmental factors are a root cause of a significant disease burden, particularly in developing countries. An estimated 25% of death and disease globally, and nearly 35% in regions such as sub-Saharan Africa, is linked to environmental hazards. Some key areas of risk include the following:

- Unsafe water, poor sanitation and hygiene kill an estimated 1.7 million people annually, particularly as a result of diarrhoeal disease.
- Indoor smoke from solid fuels kills an estimated 1.6 million people annually due to respiratory diseases.
- Malaria kills over 1.2 million people annually, mostly African children under the age of five. Poorly designed irrigation and water systems, inadequate housing, poor waste disposal and water storage, deforestation and loss of biodiversity, all may be contributing factors to the most common vector-borne diseases including malaria, dengue and leishmaniasis.
- Urban air pollution generated by vehicles, industries and energy production kills approximately 800 000 people annually.
- Unintentional acute poisonings kill 355 000 people globally each year. In developing countries, where two-thirds of these deaths occur, such poisonings are associated strongly with excessive exposure to, and inappropriate use of, toxic chemicals and pesticides present in occupational and/or domestic environments.
- Climate change impacts including more extreme weather events, changed patterns of disease and effects on agricultural production, are estimated to cause over 150 000 deaths annually.

ed.:
Note the high point at human origin (Africa, Middle East) and Asia. Low points in New World and Europe/Russia. Probably key factor in explaining human psychological variation (Haidt axes, individualism-collectivism, kinship structure, etc.). E.g., compare Islam/Judaism (circumcision, food preparation/hygiene rules) and Christianity (orthodoxy more than orthopraxy, no arbitrary practices for group-marking).

I wonder if the dietary and hygiene laws of Christianity get up-regulated in higher parasite load places (the US South, Middle Eastern Christianity, etc.)?

Also the reason for this variation probably basically boils down how long local microbes have had time to adapt to the human immune system.

obv. correlation: https://pinboard.in/u:nhaliday/b:074ecdf30c50

Tropical disease: https://en.wikipedia.org/wiki/Tropical_disease
Tropical diseases are diseases that are prevalent in or unique to tropical and subtropical regions.[1] The diseases are less prevalent in temperate climates, due in part to the occurrence of a cold season, which controls the insect population by forcing hibernation. However, many were present in northern Europe and northern America in the 17th and 18th centuries before modern understanding of disease causation. The initial impetus for tropical medicine was to protect the health of colonialists, notably in India under the British Raj.[2] Insects such as mosquitoes and flies are by far the most common disease carrier, or vector. These insects may carry a parasite, bacterium or virus that is infectious to humans and animals. Most often disease is transmitted by an insect "bite", which causes transmission of the infectious agent through subcutaneous blood exchange. Vaccines are not available for most of the diseases listed here, and many do not have cures.

cf. Galton: https://pinboard.in/u:nhaliday/b:f72f8e03e729
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july 2018 by nhaliday
Becoming a Man - Quillette
written by William Buckner

“In the puberty rites, the novices are made aware of the sacred value of food and assume the adult condition; that is, they no longer depend on their mothers and on the labor of others for nourishment. Initiation, then, is equivalent to a revelation of the sacred, of death, sexuality, and the struggle for food. Only after having acquired these dimensions of human existence does one become truly a man.” – Mircea Eliade, Rites and Symbols of Initiation: The Mysteries of Birth and Rebirth, 1958

“To be a man in most of the societies we have looked at, one must impregnate women, protect dependents from danger, and provision kith and kin.” – David D. Gilmore, Manhood in the Making, 1990

“Keep your head clear and know how to suffer like a man.” – Ernest Hemingway, The Old Man and the Sea, 1952

There are commonalities of human behavior that extend beyond any geographic or cultural boundary. Every known society has a sexual division of labor – many facets of which are ubiquitous the world over. Some activities are universally considered to be primarily, or exclusively, the responsibility of men, such as hunting large mammals, metalworking, and warfare. Other activities, such as caregiving, cooking, and preparing vegetable foods, are nearly always considered primarily the responsibility of women.

...

Across vastly different societies, with very dissimilar political systems, it is often similar sets of skills that are considered desirable for their (predominately male) leaders. A man can gain status through displays of key talents; through his ability to persuade; by developing and maintaining important social relationships; and by solving difficult problems. In his classic paper on the political systems of ‘egalitarian’ small-scale societies, anthropologist Christopher Boehm writes, “a good leader seems to be generous, brave in combat, wise in making subsistence or military decisions, apt at resolving intragroup conflicts, a good speaker, fair, impartial, tactful, reliable, and morally upright.” In his study on the Mardu hunter-gatherers of Australia, anthropologist Robert Tonkinson wrote that the highest status was given to the “cooks,” which is the title given to “the older men who prepare the many different ceremonial feasts, act as advisors and directors of most rituals (and perform the most important “big” dances), and are guardians of the caches of sacred objects.”

Anthropologist Paul Roscoe writes that some of the important skills of ‘Big Men’ in New Guinea horticulturist societies are, “courage and proficiency in war or hunting; talented oratory; ability in mediation and organization; a gift for singing, dancing, wood carving, and/or graphic artistry; the ability to transact pigs and wealth; ritual expertise; and so on.” In the volume Cooperation and Collective Action (2012), Roscoe notes further that the traits that distinguish a ‘Big Man’ are “his skills in…conflict resolution; his charisma, diplomacy, ability to plan, industriousness, and intelligence” and “his abilities in political manipulation.” In their paper on ‘The Big Man Mechanism,’ anthropologist Joseph Henrich and his colleagues describe the common pathways to status found across cultures, noting that, “In small-scale societies, the domains associated with prestige include hunting, oratory, shamanic knowledge and combat.”

...

In his book How Can I Get Through To You? (2002), author Terrence Real describes visiting a remote village of Maasai pastoralists in Tanzania. Real asked the village elders (all male) what makes a good warrior and a good man. After a vibrant discussion, one of the oldest males stood up and told Real;

I refuse to tell you what makes a good morani [warrior]. But I will tell you what makes a great morani. When the moment calls for fierceness a good morani is very ferocious. And when the moment calls for kindness, a good morani is utterly tender. Now, what makes a great morani is knowing which moment is which! (Real, 64)

This quote is also favorably cited by feminist author bell hooks in her book The Will to Change (2004). While hooks and Real offer perspectives quite different from my approach here, the words of the Massai elder illustrate an ideal conception of masculinity that may appeal to many people of diverse ideologies and cultural backgrounds. A great warrior, a great man, is discerning – not needlessly hostile nor chronically deferential, he instead recognizes the responsibilities of both defending, and caring for, his friends and family.

...

As anthropologist David G. Gilmore notes in Manhood in the Making, exhortations such as “be a man” are common across societies throughout the world. Such remarks represent the recognition that being a man came with a set of duties and responsibilities. If men failed to stay cool under pressure in the midst of hunting or warfare, and thus failed to provide for, or protect, their families and allies, this would have been devastating to their societies.

Throughout our evolutionary history, the cultures that had a sexual division of labor, and socialized males to help provide for and protect the group, would have had a better chance at survival, and would have outcompeted those societies that failed to instill such values.

Some would argue, quite reasonably, that in contemporary, industrialized, democratic societies, values associated with hunting and warfare are outmoded. Gilmore writes that, “So long as there are battles to be fought, wars to be won, heights to be scaled, hard work to be done, some of us will have to “act like men.”” Yet the challenges of modern societies for most people are often very different from those that occurred throughout much of our history.

Still, some common components of the traditional, idealized masculine identity I describe here may continue to be useful in the modern era, such as providing essential resources for the next generation of children, solving social conflicts, cultivating useful, practical skills, and obtaining socially valuable knowledge. Obviously, these traits are not, and need not be, restricted to men. But when it comes to teaching the next generation of young males what socially responsible masculinity looks like, it might be worth keeping these historical contributions in mind. Not as a standard that one should necessarily feel unduly pressured by, but as a set of productive goals and aspirations that can aid in personal development and social enrichment.

The Behavioral Ecology of Male Violence: http://quillette.com/2018/02/24/behavioral-ecology-male-violence/

“Aggressive competition for access to mates is much
more beneficial for human males than for females…”
~Georgiev et al. 1

...

To understand why this pattern is so consistent across a wide variety of culturally and geographically diverse societies, we need to start by looking at sex differences in reproductive biology.

Biologically, individuals that produce small, relatively mobile gametes (sex cells), such as sperm or pollen, are defined as male, while individuals that produce larger, less mobile gametes, such as eggs or ovules, are defined as female. Consequently, males tend to have more variance in reproductive success than females, and a greater potential reproductive output. Emperor of Morocco, Moulay Ismael the Bloodthirsty (1672–1727) was estimated to have fathered 1171 children from 500 women over the course of 32 years,6 while the maximum recorded number of offspring for a woman is 69, attributed to an unnamed 18th century Russian woman married to a man named Feodor Vassilyev.

[data]

Across a wide variety of taxa, the sex that produces smaller, mobile gametes tends to invest less in parental care than the sex that produces larger, less mobile gametes. For over 90 percent of mammalian species, male investment in their offspring ends at conception, and they provide no parental care thereafter.7 A male mammal can often increase his reproductive success by seeking to maximize mating opportunities with females, and engaging in violent competition with rival males to do so. From a fitness perspective, it may be wasteful for a male to provide parental care, as it limits his reproductive output by reducing the time and energy he spends competing for mates.
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april 2018 by nhaliday
Bragging Rights: Does Corporate Boasting Imply Value Creation? by Pratik Kothari, Don M. Chance, Stephen P. Ferris :: SSRN
We examine all S&P 500 firms over 1999-2014 that publicly characterize their annual performance with extreme positive language. We find that only 18% of such firms increase shareholder value, while nearly 75% have insignificant performance, and the remaining 7% actually destroy shareholder value. Our evidence suggests that firms often base their positive claims on high raw returns or strong relative accounting performance. In comparison to firms that generate positive abnormal returns without boasting, our sample firms tend to have superior accounting performance. These results show that boasting about performance is rarely associated with value creation and is consistent with executive narcissism.
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april 2018 by nhaliday
Prisoner's dilemma - Wikipedia
caveat to result below:
An extension of the IPD is an evolutionary stochastic IPD, in which the relative abundance of particular strategies is allowed to change, with more successful strategies relatively increasing. This process may be accomplished by having less successful players imitate the more successful strategies, or by eliminating less successful players from the game, while multiplying the more successful ones. It has been shown that unfair ZD strategies are not evolutionarily stable. The key intuition is that an evolutionarily stable strategy must not only be able to invade another population (which extortionary ZD strategies can do) but must also perform well against other players of the same type (which extortionary ZD players do poorly, because they reduce each other's surplus).[14]

Theory and simulations confirm that beyond a critical population size, ZD extortion loses out in evolutionary competition against more cooperative strategies, and as a result, the average payoff in the population increases when the population is bigger. In addition, there are some cases in which extortioners may even catalyze cooperation by helping to break out of a face-off between uniform defectors and win–stay, lose–switch agents.[8]

https://alfanl.com/2018/04/12/defection/
Nature boils down to a few simple concepts.

Haters will point out that I oversimplify. The haters are wrong. I am good at saying a lot with few words. Nature indeed boils down to a few simple concepts.

In life, you can either cooperate or defect.

Used to be that defection was the dominant strategy, say in the time when the Roman empire started to crumble. Everybody complained about everybody and in the end nothing got done. Then came Jesus, who told people to be loving and cooperative, and boom: 1800 years later we get the industrial revolution.

Because of Jesus we now find ourselves in a situation where cooperation is the dominant strategy. A normie engages in a ton of cooperation: with the tax collector who wants more and more of his money, with schools who want more and more of his kid’s time, with media who wants him to repeat more and more party lines, with the Zeitgeist of the Collective Spirit of the People’s Progress Towards a New Utopia. Essentially, our normie is cooperating himself into a crumbling Western empire.

Turns out that if everyone blindly cooperates, parasites sprout up like weeds until defection once again becomes the standard.

The point of a post-Christian religion is to once again create conditions for the kind of cooperation that led to the industrial revolution. This necessitates throwing out undead Christianity: you do not blindly cooperate. You cooperate with people that cooperate with you, you defect on people that defect on you. Christianity mixed with Darwinism. God and Gnon meet.

This also means we re-establish spiritual hierarchy, which, like regular hierarchy, is a prerequisite for cooperation. It is this hierarchical cooperation that turns a household into a force to be reckoned with, that allows a group of men to unite as a front against their enemies, that allows a tribe to conquer the world. Remember: Scientology bullied the Cathedral’s tax department into submission.

With a functioning hierarchy, men still gossip, lie and scheme, but they will do so in whispers behind closed doors. In your face they cooperate and contribute to the group’s wellbeing because incentives are thus that contributing to group wellbeing heightens status.

Without a functioning hierarchy, men gossip, lie and scheme, but they do so in your face, and they tell you that you are positively deluded for accusing them of gossiping, lying and scheming. Seeds will not sprout in such ground.

Spiritual dominance is established in the same way any sort of dominance is established: fought for, taken. But the fight is ritualistic. You can’t force spiritual dominance if no one listens, or if you are silenced the ritual is not allowed to happen.

If one of our priests is forbidden from establishing spiritual dominance, that is a sure sign an enemy priest is in better control and has vested interest in preventing you from establishing spiritual dominance..

They defect on you, you defect on them. Let them suffer the consequences of enemy priesthood, among others characterized by the annoying tendency that very little is said with very many words.

https://contingentnotarbitrary.com/2018/04/14/rederiving-christianity/
To recap, we started with a secular definition of Logos and noted that its telos is existence. Given human nature, game theory and the power of cooperation, the highest expression of that telos is freely chosen universal love, tempered by constant vigilance against defection while maintaining compassion for the defectors and forgiving those who repent. In addition, we must know the telos in order to fulfill it.

In Christian terms, looks like we got over half of the Ten Commandments (know Logos for the First, don’t defect or tempt yourself to defect for the rest), the importance of free will, the indestructibility of evil (group cooperation vs individual defection), loving the sinner and hating the sin (with defection as the sin), forgiveness (with conditions), and love and compassion toward all, assuming only secular knowledge and that it’s good to exist.

Iterated Prisoner's Dilemma is an Ultimatum Game: http://infoproc.blogspot.com/2012/07/iterated-prisoners-dilemma-is-ultimatum.html
The history of IPD shows that bounded cognition prevented the dominant strategies from being discovered for over over 60 years, despite significant attention from game theorists, computer scientists, economists, evolutionary biologists, etc. Press and Dyson have shown that IPD is effectively an ultimatum game, which is very different from the Tit for Tat stories told by generations of people who worked on IPD (Axelrod, Dawkins, etc., etc.).

...

For evolutionary biologists: Dyson clearly thinks this result has implications for multilevel (group vs individual selection):
... Cooperation loses and defection wins. The ZD strategies confirm this conclusion and make it sharper. ... The system evolved to give cooperative tribes an advantage over non-cooperative tribes, using punishment to give cooperation an evolutionary advantage within the tribe. This double selection of tribes and individuals goes way beyond the Prisoners' Dilemma model.

implications for fractionalized Europe vis-a-vis unified China?

and more broadly does this just imply we're doomed in the long run RE: cooperation, morality, the "good society", so on...? war and group-selection is the only way to get a non-crab bucket civilization?

Iterated Prisoner’s Dilemma contains strategies that dominate any evolutionary opponent:
http://www.pnas.org/content/109/26/10409.full
http://www.pnas.org/content/109/26/10409.full.pdf
https://www.edge.org/conversation/william_h_press-freeman_dyson-on-iterated-prisoners-dilemma-contains-strategies-that

https://en.wikipedia.org/wiki/Ultimatum_game

analogy for ultimatum game: the state gives the demos a bargain take-it-or-leave-it, and...if the demos refuses...violence?

The nature of human altruism: http://sci-hub.tw/https://www.nature.com/articles/nature02043
- Ernst Fehr & Urs Fischbacher

Some of the most fundamental questions concerning our evolutionary origins, our social relations, and the organization of society are centred around issues of altruism and selfishness. Experimental evidence indicates that human altruism is a powerful force and is unique in the animal world. However, there is much individual heterogeneity and the interaction between altruists and selfish individuals is vital to human cooperation. Depending on the environment, a minority of altruists can force a majority of selfish individuals to cooperate or, conversely, a few egoists can induce a large number of altruists to defect. Current gene-based evolutionary theories cannot explain important patterns of human altruism, pointing towards the importance of both theories of cultural evolution as well as gene–culture co-evolution.

...

Why are humans so unusual among animals in this respect? We propose that quantitatively, and probably even qualitatively, unique patterns of human altruism provide the answer to this question. Human altruism goes far beyond that which has been observed in the animal world. Among animals, fitness-reducing acts that confer fitness benefits on other individuals are largely restricted to kin groups; despite several decades of research, evidence for reciprocal altruism in pair-wise repeated encounters4,5 remains scarce6–8. Likewise, there is little evidence so far that individual reputation building affects cooperation in animals, which contrasts strongly with what we find in humans. If we randomly pick two human strangers from a modern society and give them the chance to engage in repeated anonymous exchanges in a laboratory experiment, there is a high probability that reciprocally altruistic behaviour will emerge spontaneously9,10.

However, human altruism extends far beyond reciprocal altruism and reputation-based cooperation, taking the form of strong reciprocity11,12. Strong reciprocity is a combination of altruistic rewarding, which is a predisposition to reward others for cooperative, norm-abiding behaviours, and altruistic punishment, which is a propensity to impose sanctions on others for norm violations. Strong reciprocators bear the cost of rewarding or punishing even if they gain no individual economic benefit whatsoever from their acts. In contrast, reciprocal altruists, as they have been defined in the biological literature4,5, reward and punish only if this is in their long-term self-interest. Strong reciprocity thus constitutes a powerful incentive for cooperation even in non-repeated interactions and when reputation gains are absent, because strong reciprocators will reward those who cooperate and punish those who defect.

...

We will show that the interaction between selfish and strongly reciprocal … [more]
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march 2018 by nhaliday
Religiosity and Fertility in the United States: The Role of Fertility Intentions
Using data from the 2002 National Survey of Family Growth (NSFG), we show that women who report that religion is “very important” in their everyday life have both higher fertility and higher intended fertility than those saying religion is “somewhat important” or “not important.” Factors such as unwanted fertility, age at childbearing, or degree of fertility postponement seem not to contribute to religiosity differentials in fertility. This answer prompts more fundamental questions: what is the nature of this greater “religiosity”? And why do the more religious want more children? We show that those saying religion is more important have more traditional gender and family attitudes and that these attitudinal differences account for a substantial part of the fertility differential. We speculate regarding other contributing causes.

Religion, Religiousness and Fertility in the U.S. and in Europe: https://www.demogr.mpg.de/papers/working/wp-2006-013.pdf
2006

RELIGIONS, FERTILITY, AND GROWTH IN SOUTHEAST ASIA: https://onlinelibrary.wiley.com/doi/abs/10.1111/iere.12291
Using Southeast Asian censuses, we show empirically that being Catholic, Buddhist, or Muslim significantly raises fertility, especially for couples with intermediate to high education levels. With these estimates, we identify the parameters of a structural model. Catholicism is strongly pro‐child (increasing total spending on children), followed by Buddhism, whereas Islam is more pro‐birth (redirecting spending from quality to quantity). Pro‐child religions depress growth in its early stages by lowering savings and labor supply. In the later stages of growth, pro‐birth religions impede human capital accumulation.
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february 2018 by nhaliday
Information Processing: US Needs a National AI Strategy: A Sputnik Moment?
FT podcasts on US-China competition and AI: http://infoproc.blogspot.com/2018/05/ft-podcasts-on-us-china-competition-and.html

A new recommended career path for effective altruists: China specialist: https://80000hours.org/articles/china-careers/
Our rough guess is that it would be useful for there to be at least ten people in the community with good knowledge in this area within the next few years.

By “good knowledge” we mean they’ve spent at least 3 years studying these topics and/or living in China.

We chose ten because that would be enough for several people to cover each of the major areas listed (e.g. 4 within AI, 2 within biorisk, 2 within foreign relations, 1 in another area).

AI Policy and Governance Internship: https://www.fhi.ox.ac.uk/ai-policy-governance-internship/

https://www.fhi.ox.ac.uk/deciphering-chinas-ai-dream/
https://www.fhi.ox.ac.uk/wp-content/uploads/Deciphering_Chinas_AI-Dream.pdf
Deciphering China’s AI Dream
The context, components, capabilities, and consequences of
China’s strategy to lead the world in AI

Europe’s AI delusion: https://www.politico.eu/article/opinion-europes-ai-delusion/
Brussels is failing to grasp threats and opportunities of artificial intelligence.
By BRUNO MAÇÃES

When the computer program AlphaGo beat the Chinese professional Go player Ke Jie in a three-part match, it didn’t take long for Beijing to realize the implications.

If algorithms can already surpass the abilities of a master Go player, it can’t be long before they will be similarly supreme in the activity to which the classic board game has always been compared: war.

As I’ve written before, the great conflict of our time is about who can control the next wave of technological development: the widespread application of artificial intelligence in the economic and military spheres.

...

If China’s ambitions sound plausible, that’s because the country’s achievements in deep learning are so impressive already. After Microsoft announced that its speech recognition software surpassed human-level language recognition in October 2016, Andrew Ng, then head of research at Baidu, tweeted: “We had surpassed human-level Chinese recognition in 2015; happy to see Microsoft also get there for English less than a year later.”

...

One obvious advantage China enjoys is access to almost unlimited pools of data. The machine-learning technologies boosting the current wave of AI expansion are as good as the amount of data they can use. That could be the number of people driving cars, photos labeled on the internet or voice samples for translation apps. With 700 or 800 million Chinese internet users and fewer data protection rules, China is as rich in data as the Gulf States are in oil.

How can Europe and the United States compete? They will have to be commensurately better in developing algorithms and computer power. Sadly, Europe is falling behind in these areas as well.

...

Chinese commentators have embraced the idea of a coming singularity: the moment when AI surpasses human ability. At that point a number of interesting things happen. First, future AI development will be conducted by AI itself, creating exponential feedback loops. Second, humans will become useless for waging war. At that point, the human mind will be unable to keep pace with robotized warfare. With advanced image recognition, data analytics, prediction systems, military brain science and unmanned systems, devastating wars might be waged and won in a matter of minutes.

...

The argument in the new strategy is fully defensive. It first considers how AI raises new threats and then goes on to discuss the opportunities. The EU and Chinese strategies follow opposite logics. Already on its second page, the text frets about the legal and ethical problems raised by AI and discusses the “legitimate concerns” the technology generates.

The EU’s strategy is organized around three concerns: the need to boost Europe’s AI capacity, ethical issues and social challenges. Unfortunately, even the first dimension quickly turns out to be about “European values” and the need to place “the human” at the center of AI — forgetting that the first word in AI is not “human” but “artificial.”

https://twitter.com/mr_scientism/status/983057591298351104
https://archive.is/m3Njh
US military: "LOL, China thinks it's going to be a major player in AI, but we've got all the top AI researchers. You guys will help us develop weapons, right?"

US AI researchers: "No."

US military: "But... maybe just a computer vision app."

US AI researchers: "NO."

https://www.theverge.com/2018/4/4/17196818/ai-boycot-killer-robots-kaist-university-hanwha
https://www.nytimes.com/2018/04/04/technology/google-letter-ceo-pentagon-project.html
https://twitter.com/mr_scientism/status/981685030417326080
https://archive.is/3wbHm
AI-risk was a mistake.
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february 2018 by nhaliday
Anisogamy - Wikipedia
Anisogamy is a fundamental concept of sexual dimorphism that helps explain phenotypic differences between sexes.[3] In most species a male and female sex exist, both of which are optimized for reproductive potential. Due to their differently sized and shaped gametes, both males and females have developed physiological and behavioral differences that optimize the individual’s fecundity.[3] Since most egg laying females typically must bear the offspring and have a more limited reproductive cycle, this typically makes females a limiting factor in the reproductive success rate of males in a species. This process is also true for females selecting males, and assuming that males and females are selecting for different traits in partners, would result in phenotypic differences between the sexes over many generations. This hypothesis, known as the Bateman’s Principle, is used to understand the evolutionary pressures put on males and females due to anisogamy.[4] Although this assumption has criticism, it is a generally accepted model for sexual selection within anisogamous species. The selection for different traits depending on sex within the same species is known as sex-specific selection, and accounts for the differing phenotypes found between the sexes of the same species. This sex-specific selection between sexes over time also lead to the development of secondary sex characteristics, which assist males and females in reproductive success.

...

Since this process is very energy-demanding and time consuming for the female, mate choice is often integrated into the female’s behavior.[3] Females will often be very selective of the males they choose to reproduce with, for the phenotype of the male can be indicative of the male’s physical health and heritable traits. Females employ mate choice to pressure males into displaying their desirable traits to females through courtship, and if successful, the male gets to reproduce. This encourages males and females of specific species to invest in courtship behaviors as well as traits that can display physical health to a potential mate. This process, known as sexual selection,[3] results in the development of traits to ease reproductive success rather than individual survival, such as the inflated size of a termite queen. It is also important for females to select against potential mates that may have a sexually transmitted infection, for the disease could not only hurt the female’s reproductive ability, but also damage the resulting offspring.[7]

Although not uncommon in males, females are more associated with parental care.[8] Since females are on a more limited reproductive schedule than males, a female often invests more in protecting the offspring to sexual maturity than the male. Like mate choice, the level of parental care varies greatly between species, and is often dependent on the number of offspring produced per sexual encounter.[8]

...

Since females are often the limiting factor in a species reproductive success, males are often expected by the females to search and compete for the female, known as intraspecific competition.[4] This can be seen in organisms such as bean beetles, as the male that searches for females more frequently is often more successful at finding mates and reproducing. In species undergoing this form of selection, a fit male would be one that is fast, has more refined sensory organs, and spatial awareness.[4]

Darwinian sex roles confirmed across the animal kingdom: http://advances.sciencemag.org/content/2/2/e1500983.full
Since Darwin’s conception of sexual selection theory, scientists have struggled to identify the evolutionary forces underlying the pervasive differences between male and female behavior, morphology, and physiology. The Darwin-Bateman paradigm predicts that anisogamy imposes stronger sexual selection on males, which, in turn, drives the evolution of conventional sex roles in terms of female-biased parental care and male-biased sexual dimorphism. Although this paradigm forms the cornerstone of modern sexual selection theory, it still remains untested across the animal tree of life. This lack of evidence has promoted the rise of alternative hypotheses arguing that sex differences are entirely driven by environmental factors or chance. We demonstrate that, across the animal kingdom, sexual selection, as captured by standard Bateman metrics, is indeed stronger in males than in females and that it is evolutionarily tied to sex biases in parental care and sexual dimorphism. Our findings provide the first comprehensive evidence that Darwin’s concept of conventional sex roles is accurate and refute recent criticism of sexual selection theory.

Coevolution of parental investment and sexually selected traits drives sex-role divergence: https://www.nature.com/articles/ncomms12517
Sex-role evolution theory attempts to explain the origin and direction of male–female differences. A fundamental question is why anisogamy, the difference in gamete size that defines the sexes, has repeatedly led to large differences in subsequent parental care. Here we construct models to confirm predictions that individuals benefit less from caring when they face stronger sexual selection and/or lower certainty of parentage. However, we overturn the widely cited claim that a negative feedback between the operational sex ratio and the opportunity cost of care selects for egalitarian sex roles. We further argue that our model does not predict any effect of the adult sex ratio (ASR) that is independent of the source of ASR variation. Finally, to increase realism and unify earlier models, we allow for coevolution between parental investment and investment in sexually selected traits. Our model confirms that small initial differences in parental investment tend to increase due to positive evolutionary feedback, formally supporting long-standing, but unsubstantiated, verbal arguments.

Parental investment, sexual selection and sex ratios: http://www.kokkonuts.org/wp-content/uploads/Parental_investment_review.pdf
The second argument takes the reasonable premise that anisogamy produces a male-biased operational sex ratio (OSR) leading to males competing for mates. Male care is then predicted to be less likely to evolve as it consumes resources that could otherwise be used to increase competitiveness. However, given each offspring has precisely two genetic parents (the Fisher condition), a biased OSR generates frequency-dependent selection, analogous to Fisherian sex ratio selection, that favours increased parental investment by whichever sex faces more intense competition. Sex role divergence is therefore still an evolutionary conundrum. Here we review some possible solutions. Factors that promote conventional sex roles are sexual selection on males (but non-random variance in male mating success must be high to override the Fisher condition), loss of paternity because of female multiple mating or group spawning and patterns of mortality that generate female-biased adult sex ratios (ASR). We present an integrative model that shows how these factors interact to generate sex roles. We emphasize the need to distinguish between the ASR and the operational sex ratio (OSR). If mortality is higher when caring than competing this diminishes the likelihood of sex role divergence because this strongly limits the mating success of the earlier deserting sex. We illustrate this in a model where a change in relative mortality rates while caring and competing generates a shift from a mammalian type breeding system (female-only care, male-biased OSR and female-biased ASR) to an avian type system (biparental care and a male-biased OSR and ASR).

LATE FEMINISM: https://jacobitemag.com/2017/08/01/late-feminism/
Woman has had a good run. For 200,000 years humankind’s anisogamous better (and bigger) half has enjoyed a position of desirability and safety befitting a scarce commodity. She has also piloted the evolutionary destiny of our species, both as a sexual selector and an agitator during man’s Promethean journey. In terms of comfort and agency, the human female is uniquely privileged within the annals of terrestrial biology.

But the era of female privilege is ending, in a steady decline that began around 1572. Woman’s biological niche is being crowded out by capital.

...

Strictly speaking, the breadth of the coming changes extend beyond even civilizational dynamics. They will affect things that are prior. One of the oldest and most practical definitions for a biological species defines its boundary as the largest group of organisms where two individuals, via sexual reproduction, can produce fertile offspring together. The imminent arrival of new reproductive technologies will render the sexual reproduction criteria either irrelevant or massively expanded, depending upon one’s perspective. Fertility of the offspring is similarly of limited relevance, since the modification of gametes will be de rigueur in any case. What this looming technology heralds is less a social revolution than it is a full sympatric speciation event.

Accepting the inevitability of the coming bespoke reproductive revolution, consider a few questions & probable answers regarding our external-womb-grown ubermenschen:

Q: What traits will be selected for?

A: Ability to thrive in a global market economy (i.e. ability to generate value for capital.)

Q: What material substrate will generate the new genomes?

A: Capital equipment.

Q: Who will be making the selection?

A: People, at least initially, (and who coincidentally will be making decisions that map 1-to-1 to the interests of capital.)

_Replace any of the above instances of the word capital with women, and you would have accurate answers for most of our species’ history._

...

In terms of pure informational content, the supernova seen from earth can be represented in a singularly compressed way: a flash of light on a black field where there previously was none. A single photon in the cone of the eye, at the limit. Whether … [more]
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january 2018 by nhaliday
The Western Elite from a Chinese Perspective - American Affairs Journal
I don’t claim to be a modern-day Alexis de Tocqueville, nor do I have much in common with this famous observer of American life. He grew up in Paris, a city renowned for its culture and architecture. I grew up in Shijiazhuang, a city renowned for being the headquarters of the company that produced toxic infant formula. He was a child of aristocrats; I am the child of modest workers.

Nevertheless, I hope my candid observations can provide some insights into the elite institutions of the West. Certain beliefs are as ubiquitous among the people I went to school with as smog was in Shijiazhuang. The doctrines that shape the worldviews and cultural assumptions at elite Western institutions like Cambridge, Stanford, and Goldman Sachs have become almost religious. Nevertheless, I hope that the perspective of a candid Chinese atheist can be of some instruction to them.

...

So I came to the UK in 2001, when I was 16 years old. Much to my surprise, I found the UK’s exam-focused educational system very similar to the one in China. What is more, in both countries, going to the “right schools” and getting the “right job” are seen as very important by a large group of eager parents. As a result, scoring well on exams and doing well in school interviews—or even the play session for the nursery or pre-prep school—become the most important things in the world. Even at the university level, the undergraduate degree from the University of Cambridge depends on nothing else but an exam at the end of the last year.

On the other hand, although the UK’s university system is considered superior to China’s, with a population that is only one-twentieth the size of my native country, competition, while tough, is less intimidating. For example, about one in ten applicants gets into Oxbridge in the UK, and Stanford and Harvard accept about one in twenty-five applicants. But in Hebei province in China, where I am from, only one in fifteen hundred applicants gets into Peking or Qinghua University.

Still, I found it hard to believe how much easier everything became. I scored first nationwide in the GCSE (high school) math exam, and my photo was printed in a national newspaper. I was admitted into Trinity College, University of Cambridge, once the home of Sir Isaac Newton, Francis Bacon, and Prince Charles.

I studied economics at Cambridge, a field which has become more and more mathematical since the 1970s. The goal is always to use a mathematical model to find a closed-form solution to a real-world problem. Looking back, I’m not sure why my professors were so focused on these models. I have since found that the mistake of blindly relying on models is quite widespread in both trading and investing—often with disastrous results, such as the infamous collapse of the hedge fund Long-Term Capital Management. Years later, I discovered the teaching of Warren Buffett: it is better to be approximately right than precisely wrong. But our professors taught us to think of the real world as a math problem.

The culture of Cambridge followed the dogmas of the classroom: a fervent adherence to rules and models established by tradition. For example, at Cambridge, students are forbidden to walk on grass. This right is reserved for professors only. The only exception is for those who achieve first class honors in exams; they are allowed to walk on one area of grass on one day of the year.

The behavior of my British classmates demonstrated an even greater herd mentality than what is often mocked in American MBAs. For example, out of the thirteen economists in my year at Trinity, twelve would go on to join investment banks, and five of us went to work for Goldman Sachs.

...

To me, Costco represents the best of American capitalism. It is a corporation known for having its customers and employees in mind, while at the same time it has compensated its shareholders handsomely over the years. To the customers, it offers the best combination of quality and low cost. Whenever it manages to reduce costs, it passes the savings on to customers immediately. Achieving a 10 percent gross margin with prices below Amazon’s is truly incredible. After I had been there once, I found it hard to shop elsewhere.

Meanwhile, its salaries are much higher than similar retail jobs. When the recession hit in 2008, the company increased salaries to help employees cope with the difficult environment. From the name tags the staff wear, I have seen that frontline employees work there for decades, something hard to imagine elsewhere.

Stanford was for me a distant second to Costco in terms of the American capitalist experience. Overall, I enjoyed the curriculum at the GSB. Inevitably I found some classes less interesting, but the professors all seemed to be quite understanding, even when they saw me reading my kindle during class.

One class was about strategy. It focused on how corporate mottos and logos could inspire employees. Many of the students had worked for nonprofits or health care or tech companies, all of which had mottos about changing the world, saving lives, saving the planet, etc. The professor seemed to like these mottos. I told him that at Goldman our motto was “be long-term greedy.” The professor couldn’t understand this motto or why it was inspiring. I explained to him that everyone else in the market was short-term greedy and, as a result, we took all their money. Since traders like money, this was inspiring. He asked if perhaps there was another motto or logo that my other classmates might connect with. I told him about the black swan I kept on my desk as a reminder that low probability events happen with high frequency. He didn’t like that motto either and decided to call on another student, who had worked at Pfizer. Their motto was “all people deserve to live healthy lives.” The professor thought this was much better. I didn’t understand how it would motivate employees, but this was exactly why I had come to Stanford: to learn the key lessons of interpersonal communication and leadership.

On the communication and leadership front, I came to the GSB knowing I was not good and hoped to get better. My favorite class was called “Interpersonal Dynamics” or, as students referred to it, “Touchy Feely.” In “Touchy Feely,” students get very candid feedback on how their words and actions affect others in a small group that meets several hours per week for a whole quarter.

We talked about microaggressions and feelings and empathy and listening. Sometimes in class the professor would say things to me like “Puzhong, when Mary said that, I could see you were really feeling something,” or “Puzhong, I could see in your eyes that Peter’s story affected you.” And I would tell them I didn’t feel anything. I was quite confused.

One of the papers we studied mentioned that subjects are often not conscious of their own feelings when fully immersed in a situation. But body indicators such as heart rate would show whether the person is experiencing strong emotions. I thought that I generally didn’t have a lot of emotions and decided that this might be a good way for me to discover my hidden emotions that the professor kept asking about.

So I bought a heart rate monitor and checked my resting heart rate. Right around 78. And when the professor said to me in class “Puzhong, I can see that story brought up some emotions in you,” I rolled up my sleeve and checked my heart rate. It was about 77. And so I said, “nope, no emotion.” The experiment seemed to confirm my prior belief: my heart rate hardly moved, even when I was criticized, though it did jump when I became excited or laughed.

This didn’t land well on some of my classmates. They felt I was not treating these matters with the seriousness that they deserved. The professor was very angry. My takeaway was that my interpersonal skills were so bad that I could easily offend people unintentionally, so I concluded that after graduation I should do something that involved as little human interaction as possible.

Therefore, I decided I needed to return to work in financial markets rather than attempting something else. I went to the career service office and told them that my primary goal after the MBA was to make money. I told them that $500,000 sounded like a good number. They were very confused, though, as they said their goal was to help me find my passion and my calling. I told them that my calling was to make money for my family. They were trying to be helpful, but in my case, their advice didn’t turn out to be very helpful.

Eventually I was able to meet the chief financial officer of my favorite company, Costco. He told me that they don’t hire any MBAs. Everyone starts by pushing trolleys. (I have seriously thought about doing just that. But my wife is strongly against it.) Maybe, I thought, that is why the company is so successful—no MBAs!

...

Warren Buffett has said that the moment one was born in the United States or another Western country, that person has essentially won a lottery. If someone is born a U.S. citizen, he or she enjoys a huge advantage in almost every aspect of life, including expected wealth, education, health care, environment, safety, etc., when compared to someone born in developing countries. For someone foreign to “purchase” these privileges, the price tag at the moment is $1 million dollars (the rough value of the EB-5 investment visa). Even at this price level, the demand from certain countries routinely exceeds the annual allocated quota, resulting in long waiting times. In that sense, American citizens were born millionaires!

Yet one wonders how long such luck will last. This brings me back to the title of Rubin’s book, his “uncertain world.” In such a world, the vast majority things are outside our control, determined by God or luck. After we have given our best and once the final card is drawn, we should neither become too excited by what we have achieved nor too depressed by what we failed to … [more]
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january 2018 by nhaliday
The rate of return on everything - Marginal REVOLUTION
Here is what I learned from the paper itself:

1. Risky assets such as equities and residential real estate average about 7% gains per year in real terms.  Housing outperformed equity before WWII, vice versa after WWII.  In any case it is a puzzle that housing returns are less volatile but about at the same level as equity returns over a broader time span.
2. Equity and housing gains have a relatively low covariance.  Buy both!
3. Equity returns across countries have become increasingly correlated, housing returns not.
4. The return on real safe assets is much more volatile than you might think.
5. The equity premium is volatile too.
6. The authors find support for Piketty’s r > g, except near periods of war.  Furthermore, the gap between r and g does not seem to be correlated with the growth rate of the economy.

I found this to be one of the best and most interesting papers of the year.
econotariat  marginal-rev  commentary  study  summary  economics  macro  investing  ORFE  securities  data  street-fighting  objektbuch  scale  time-preference  cost-benefit  outcome-risk  housing  money  monetary-fiscal  debt  history  mostly-modern  world-war  trends  correlation  moments  growth-econ  inequality  piketty  stylized-facts  war  meta:war 
december 2017 by nhaliday
'P' Versus 'Q': Differences and Commonalities between the Two Areas of Quantitative Finance by Attilio Meucci :: SSRN
There exist two separate branches of finance that require advanced quantitative techniques: the "Q" area of derivatives pricing, whose task is to "extrapolate the present"; and the "P" area of quantitative risk and portfolio management, whose task is to "model the future."

We briefly trace the history of these two branches of quantitative finance, highlighting their different goals and challenges. Then we provide an overview of their areas of intersection: the notion of risk premium; the stochastic processes used, often under different names and assumptions in the Q and in the P world; the numerical methods utilized to simulate those processes; hedging; and statistical arbitrage.
study  essay  survey  ORFE  finance  investing  probability  measure  stochastic-processes  outcome-risk 
december 2017 by nhaliday
Information Processing: Remarks on the Decline of American Empire
1. US foreign policy over the last decades has been disastrous -- trillions of dollars and thousands of lives expended on Middle Eastern wars, culminating in utter defeat. This defeat is still not acknowledged among most of the media or what passes for intelligentsia in academia and policy circles, but defeat it is. Iran now exerts significant control over Iraq and a swath of land running from the Persian Gulf to the Mediterranean. None of the goals of our costly intervention have been achieved. We are exhausted morally, financially, and militarily, and still have not fully extricated ourselves from a useless morass. George W. Bush should go down in history as the worst US President of the modern era.

2. We are fortunate that the fracking revolution may lead to US independence from Middle Eastern energy. But policy elites have to fully recognize this possibility and pivot our strategy to reflect the decreased importance of the region. The fracking revolution is a consequence of basic research from decades ago (including investment from the Department of Energy) and the work of private sector innovators and risk-takers.

3. US budget deficits are a ticking time bomb, which cripple investment in basic infrastructure and also in research that creates strategically important new technologies like AI. US research spending has been roughly flat in inflation adjusted dollars over the last 20 years, declining as a fraction of GDP.

4. Divisive identity politics and demographic trends in the US will continue to undermine political cohesion and overall effectiveness of our institutions. ("Civilizational decline," as one leading theoretical physicist observed to me recently, remarking on our current inability to take on big science projects.)

5. The Chinese have almost entirely closed the technology gap with the West, and dominate important areas of manufacturing. It seems very likely that their economy will eventually become significantly larger than the US economy. This is the world that strategists have to prepare for. Wars involving religious fanatics in unimportant regions of the world should not distract us from a possible future conflict with a peer competitor that threatens to match or exceed our economic, technological, and even military capability.

However, I'm not sure that OBOR (One Belt One Road) and a focus on the "world island" of Eurasia will be a winning strategy for China. Mackinder's dream of a unified or even fully economically integrated world island will have to overcome the limitations (in human capital, institutions, culture, etc.) of the under-developed middle...

The belt-and-road express: China faces resistance to a cherished theme of its foreign policy: http://www.economist.com/news/china/21721678-silk-routes-are-not-always-appealing-they-sound-china-faces-resistance-cherished-theme

The staggering scale of China's Belt and Road initiative: https://www.axios.com/staggering-scale-china-infrastructure-142f3b1d-82b5-47b8-8ca9-57beb306f7df.html
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november 2017 by nhaliday
Kelly criterion - Wikipedia
In probability theory and intertemporal portfolio choice, the Kelly criterion, Kelly strategy, Kelly formula, or Kelly bet, is a formula used to determine the optimal size of a series of bets. In most gambling scenarios, and some investing scenarios under some simplifying assumptions, the Kelly strategy will do better than any essentially different strategy in the long run (that is, over a span of time in which the observed fraction of bets that are successful equals the probability that any given bet will be successful). It was described by J. L. Kelly, Jr, a researcher at Bell Labs, in 1956.[1] The practical use of the formula has been demonstrated.[2][3][4]

The Kelly Criterion is to bet a predetermined fraction of assets and can be counterintuitive. In one study,[5][6] each participant was given $25 and asked to bet on a coin that would land heads 60% of the time. Participants had 30 minutes to play, so could place about 300 bets, and the prizes were capped at $250. Behavior was far from optimal. "Remarkably, 28% of the participants went bust, and the average payout was just $91. Only 21% of the participants reached the maximum. 18 of the 61 participants bet everything on one toss, while two-thirds gambled on tails at some stage in the experiment." Using the Kelly criterion and based on the odds in the experiment, the right approach would be to bet 20% of the pot on each throw (see first example in Statement below). If losing, the size of the bet gets cut; if winning, the stake increases.
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august 2017 by nhaliday
Trust in Large Organizations
We argue that trust should be particularly important for the performance of large organizations. In a cross-section of countries, evidence on government performance, participation in civic and professional societies, importance of large firms, and the performance of social institutions more generally supports this hypothesis. Moreover, trust is lower in countries with dominant hierarchical religions, which may have deterred networks of cooperation trust hold up remarkably well on a cross-section of countries.

The Importance of Trust for Investment: Evidence from Venture Capital: http://www.nber.org/papers/w16923
We examine the effect of trust on financial investment and contracting decisions in a micro-economic environment where trust is exogenous. Using hand-collected data on European venture capital, we show that the Eurobarometer measure of trust among nations significantly affects investment decisions. This holds even after controlling for investor and company fixed effects, geographic distance, information and transaction costs. The national identity of venture capital firms' individual partners further contributes to the effect of trust. Education and work experience reduce the effect of trust but do not eliminate it. We also examine the relationship between trust and sophisticated contracts involving contingent control rights and find that, even after controlling for endogeneity, they are complements, not substitutes.

Breach of Trust in Hostile Takeovers: http://www.nber.org/papers/w2342
The paper questions the common view that share price increases of firms involved in hostile takeovers measure efficiency gains from acquisitions. Even if such gains exist, most of the increase in the combined value of the target and the acquirer is likely to come from stakeholder wealth losses, such as declines in value of subcontractors' firm-specific capital or employees' human capital. The use of event studies to gauge wealth creation in takeovers is unjustified. The paper also suggests a theory of managerial behavior, in which hiring and entrenching trustworthy managers enables shareholders to commit to upholding implicit contracts with stakeholders. Hostile takeovers are an innovation allowing shareholders to renege on such contracts ex post, against managers' will. On this view, shareholder gains are redistributions from stakeholders, and can in the long run result in deterioration of trust necessary for the functioning of the corporation.

Trust in Public Finance: http://www.nber.org/papers/w9187
Using data on trust and trustworthiness from the 1990 wave of the World Values Survey, I first investigate a model of the extent of tax cheating and the size of government that recognizes the interdependence of the two. The results reveal that tax cheating is lower in countries that exhibit more (not-government-related) trustworthiness. However, holding that constant, tax cheating becomes more acceptable as government grows. All in all, there is some weak evidence that the strong positive cross-country correlation between the size of government and tax cheating masks the fact that big government induces tax cheating while, at the same time, tax cheating constrains big government. I then add to the structural model an equation determining the level of prosperity, allowing prosperity to depend, inter alia, on the level of government and on trust in others. I find some evidence that both prosperity and government involvement are higher in more trusting societies. Moreover, holding these measures of trust constant, the association of government size with prosperity is positive until a level of government spending somewhere between 31% and 38% of GDP, after which its marginal effect is negative. Thus, although a trusting citizenry allows larger government, the tax burden this entails erodes the rule obedience taxpayers exhibit toward government.

Tax cheating among whites: http://anepigone.blogspot.com/2017/04/tax-cheating-among-whites.html
The masses still more or less assume that “against the law” is a synonym for “wrong.” It is known that the criminal law is harsh and full of anomalies and that litigation is so expensive as always to favour the rich against the poor: but there is a general feeling that the law, such as it is, will be scrupulously administered … An Englishman does not believe in his bones, as a Spanish or Italian peasant does, that the law is simply a racket.

The English People, Collins, 1947

WEIRDO societies require WEIRDOs to make them work. The less WEIRDO a society becomes, the more being a WEIRDO--characterized by high social trust, reciprocity, political compromise, generosity to those in need, isonomy, etc--switches from being an advantage to being a disadvantage. Social trust declines, reciprocity disappears, political compromise is replaced by a winner-take-all ethnic spoils system, generosity is exploited to the point that it is seen as an entitlement, and the legal system gets hijacked by racial grievance concepts like "social justice". It's a vicious circle.

http://www.presidency.ucsb.edu/ws/index.php?pid=29544
Theodore Roosevelt
Third Annual Message
December 7, 1903

The consistent policy of the National Government, so far as it has the power, is to hold in check the unscrupulous man, whether employer or employee; but to refuse to weaken individual initiative or to hamper or cramp the industrial development of the country. We recognize that this is an era of federation and combination, in which great capitalistic corporations and labor unions have become factors of tremendous importance in all industrial centers. Hearty recognition is given the far-reaching, beneficent work which has been accomplished through both corporations and unions, and the line as between different corporations, as between different unions, is drawn as it is between different individuals; that is, it is drawn on conduct, the effort being to treat both organized capital and organized labor alike; asking nothing save that the interest of each shall be brought into harmony with the interest of the general public, and that the conduct of each shall conform to the fundamental rules of obedience to law, of individual freedom, and of justice and fair dealing towards all. Whenever either corporation, labor union, or individual disregards the law or acts in a spirit of arbitrary and tyrannous interference with the rights of others, whether corporations or individuals, then where the Federal Government has jurisdiction, it will see to it that the misconduct is stopped, paying not the slightest heed to the position or power of the corporation, the union or the individual, but only to one vital fact--that is, the question whether or not the conduct of the individual or aggregate of individuals is in accordance with the law of the land. Every man must be guaranteed his liberty and his right to do as he likes with his property or his labor, so long as he does not infringe the rights of others. _No man is above the law and no man is below it; nor do we ask any man's permission when we require him to obey it. Obedience to the law is demanded as a right; not asked as a favor._
study  economics  growth-econ  broad-econ  trust  cohesion  cooperate-defect  n-factor  phalanges  things  industrial-org  business  management  institutions  civic  social-capital  scale  religion  theos  world  putnam-like  government  leviathan  diversity  corruption  technocracy  efficiency  society  sociology  anthropology  cultural-dynamics  network-structure  social-norms  social-structure  🎩  multi  investing  venture  finance  europe  EU  nationalism-globalism  endo-exo  natural-experiment  general-survey  taxes  redistribution  securities  larry-summers  labor  gnon  usa  data  analysis  poll  values  morality  ethics  mediterranean  britain  the-great-west-whale  patho-altruism  free-riding  slippery-slope  equilibrium  integrity  anglosphere  big-peeps  quotes  isteveish  commentary  optimate  truth  law  order-disorder  old-anglo  formal-values  pop-diff  identity-politics  pre-ww2  public-goodish  class-warfare  alien-character  chart  contracts  axelrod  models  coordination  honor  organizing  endogenous-exogenous  speaking  statesme 
august 2017 by nhaliday
Skin or Skim? Inside Investment and Hedge Fund Performance by Arpit Gupta, Kunal Sachdeva :: SSRN
We find that funds with greater investment by insiders outperform funds with less "skin in the game" on a factor-adjusted basis; exhibit greater return persistence; and feature lower fund flow-performance sensitivities.
study  economics  finance  ORFE  investing  paying-rent  business  industrial-org 
june 2017 by nhaliday
Bond (finance) - Wikipedia
In finance, a bond is an instrument of indebtedness of the bond issuer to the holders. The most common types of bonds include municipal bonds and corporate bonds. It is a debt security, under which the issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay them interest (the coupon) and/or to repay the principal at a later date, termed the maturity date.[1] Interest is usually payable at fixed intervals (semiannual, annual, sometimes monthly). Very often the bond is negotiable, that is, the ownership of the instrument can be transferred in the secondary market. This means that once the transfer agents at the bank medallion stamp the bond, it is highly liquid on the second market.[2]

Thus, a bond is a form of loan or IOU: the holder of the bond is the lender (creditor), the issuer of the bond is the borrower (debtor), and the coupon is the interest. Bonds provide the borrower with external funds to finance long-term investments, or, in the case of government bonds, to finance current expenditure. Certificates of deposit (CDs) or short term commercial paper are considered to be money market instruments and not bonds: the main difference is in the length of the term of the instrument.

Bonds and stocks are both securities, but the major difference between the two is that (capital) stockholders have an equity stake in the company (i.e., they are owners), whereas bondholders have a creditor stake in the company (i.e., they are lenders). Being a creditor, bondholders have priority over stockholders. This means they will be repaid in advance of stockholders, but will rank behind secured creditors in the event of bankruptcy.[3] Another difference is that bonds usually have a defined term, or maturity, after which the bond is redeemed, whereas stocks are typically outstanding indefinitely. An exception is an irredeemable bond, such as a consol, which is a perpetuity, that is, a bond with no maturity.
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may 2017 by nhaliday
Assortive mating and income inequality | West Hunter
More than in the past, we have doctors marrying other doctors, rather than nurses, basically because of an increase in assortative mating for education. Ceteris paribus, this would tend to cause greater income equality among families. Is it the main driver of increasing income inequality?

Not at all. Most of the increase over the last 30 years has been among business executives and people working in finance. Since 1979, 58% of the expansion of income of the top 1% of households has this origin. For the top 0.1% of households, it’s been 67%.

...

Now I’m about to say something a little dangerous – so get your nitroglycerin pills ready.

Maybe those finance guys and CEOs are delivering enormously more value than they did in the 1950s!

For those remaining readers that haven’t died laughing, increased assortative mating probably has contributed to income inequality. Just not very much. Changes in the tax code, outsourcing, automation, smothering the board of directors in cream, and inattentive stockholders all matter more.

capital gains: https://westhunt.wordpress.com/2014/03/21/assortive-mating-and-income-inequality/#comment-24318
http://www.theamericanconservative.com/millman/assortative-mating-and-income-inequality/
Educational Homogamy and Assortative Mating Have Not Increased: http://sci-hub.cc/http://www.nber.org/papers/w22927.pdf
1960-2010, so all post WW2
https://twitter.com/whyvert/status/840379325908049920
Highly educated women partner more often “downwards” and medium educated women partner less often “upwards”
The new assortative mating (phenotypical, perhaps no change in genotypical assortative mating) due to women outnumbering men at university
If this means less genotypic assortative mating, then BAD NEWS: the smart fraction will shrink, and #decline will accelerate
Counterrevolutionary and reactionary elements warned it was a mistake to debauch higher education by over-expansion. Maybe they were right?
https://link.springer.com/article/10.1007/s10680-016-9407-z
west-hunter  scitariat  discussion  assortative-mating  inequality  winner-take-all  finance  class  trends  labor  automation  crooked  vampire-squid  capital  taxes  class-warfare  multi  poast  news  org:mag  right-wing  commentary  links  econotariat  marginal-rev  data  history  mostly-modern  usa  education  chart  coming-apart  zeitgeist  europe  twitter  social  study  summary  biodet  dysgenics  higher-ed  gender  sociology  behavioral-gen  social-norms  economics  contrarianism  hmm  regularizer  behavioral-econ  mobility  correlation  compensation  null-result  age-generation  social-capital  madisonian  rot  the-bones  modernity  realness  🎩  management  rent-seeking  elite  money  pdf  piracy  time-series  human-capital  gnon  leadership  markets  investing  ability-competence 
may 2017 by nhaliday
Anglicanism - ReligionFacts
Church of England fund becomes top performer: https://www.ft.com/content/d87f60ec-3cbc-11e7-821a-6027b8a20f23

conservative:
1991 split: https://en.wikipedia.org/wiki/Anglican_Church_in_America
2009 split: https://en.wikipedia.org/wiki/Anglican_Church_in_North_America

liberal:
still in communion: https://en.wikipedia.org/wiki/Episcopal_Church_(United_States)

https://en.wikipedia.org/wiki/John_Henry_Newman
http://www.newmanreader.org/

http://www.holycrosscromerstreet.org/
used to have a Twitter: https://twitter.com/CromerStChurch
https://twitter.com/BishopUmbers

The Church of England has sent a clear message to its conservative churchgoers – you're not wanted: http://www.ibtimes.co.uk/church-england-has-sent-clear-message-its-conservative-churchgoers-youre-not-wanted-1611289
Why Anglo-Catholics don’t join the Ordinariate: http://www.catholicherald.co.uk/commentandblogs/2017/08/14/why-anglo-catholics-dont-join-the-ordinariate/

https://en.wikipedia.org/wiki/Anglo-Catholicism

https://twitter.com/alimhaider/status/895103665849204736
this is Grandma:
Beware of Episcopal women who take up with Ayn Rand and the Buddha and Dr. Rhine formerly of Duke University. A certain type of Episcopal girl has a weakness that comes on them just past youth, just as sure as Italian girls get fat. They fall prey to Gnostic pride, commence buying antiques, and develop a yearning for esoteric doctrine” (64).
summary  explanation  religion  christianity  protestant-catholic  britain  anglo  anglosphere  database  theos  trivia  multi  news  org:rec  finance  investing  org:anglo  org:biz  lol  usa  tradition  subculture  postrat  twitter  social  carcinisation  stream  people  todo  big-peeps  wiki  gender  albion  rhetoric  reference  culture 
april 2017 by nhaliday
The Internet Guide to Funding College and Section 529 College Savings Plans. Savingforcollege.com
https://twitter.com/toad_spotted/status/882227467263586304
https://archive.is/AYsxl
It looks to me like best thing to do is accrue home equity (since it's partly shielded for financial aid purposes)&otherwise grin n bear it
It's pretty obvious that the 521 break mostly is a transfer from federal government to colleges and state budgets not to rich households.
personal-finance  investing  parenting  higher-ed  money  temperance  howto  reference  database  guide  human-bean  multi  twitter  social  commentary  ratty  unaffiliated  housing  backup  org:fin 
april 2017 by nhaliday
‘How dare you work on whites’: Professors under fire for research on white mortality - The Washington Post
the paper: http://www.pnas.org/content/112/49/15078

https://www.theatlantic.com/business/archive/2017/03/angus-deaton-qa/518880/
The Nobel laureate Angus Deaton discusses extreme poverty, opioid addiction, Trump voters, robots, and rent-seeking.

co-authored the "dead white people paper" w/ wife

http://andrewgelman.com/2017/03/23/mortality-rate-trends-age-ethnicity-sex-state/
point about expansion of education seems important
https://spottedtoad.wordpress.com/2016/01/17/correlates-of-middle-aged-white-mortality/

https://www.washingtonpost.com/news/wonk/wp/2017/03/24/the-disease-killing-white-americans-goes-way-deeper-than-opioids/
https://www.wsj.com/articles/death-rates-rise-for-wide-swath-of-white-adults-1490240740
http://www.newyorker.com/news/benjamin-wallace-wells/the-despair-of-learning-that-experience-no-longer-matters
https://www.nytimes.com/interactive/2017/09/02/upshot/fentanyl-drug-overdose-deaths.html

Diverging Life Expectancies and Voting Patterns in the 2016 US Presidential Election.: https://www.ncbi.nlm.nih.gov/pubmed/28817322
Changes in county life expectancy from 1980 to 2014 were strongly negatively associated with Trump's vote share, with less support for Trump in counties experiencing greater survival gains. Counties in which life expectancy stagnated or declined saw a 10-percentage-point increase in the Republican vote share between 2008 and 2016.

DESPAIR AND DECADES-LONG DEINDUSTRIALIZATION: https://spottedtoad.wordpress.com/2018/01/10/despair-and-decades-long-deindustrialization/

WE’VE BEEN HERE BEFORE: https://spottedtoad.wordpress.com/2018/01/12/weve-been-here-before/
A concept that seems to me to be missing from the Ruhm vs. Case/Deaton debate on “deaths of despair” is that of social crisis.

This seems to me to be the case for American Indians, who began experiencing what looks like a similar social crisis to non-college educated whites about a decade beforehand: rapidly escalating rates of suicide, drug overdoses, exit from the workforce, and even alcohol-related deaths (which were already very high for American Indians well before 2000, of course):

...

The common thread here would seem to be replacement of workforce participation with transfer payments, particularly cash transfers (since, my own reservations about Medicaid aside, increases in in-kind payments and SNAP since the 80s haven’t seemed to exert the same disruptive effect.) As I’ve said before, it seems very likely to me that technology will push an ever larger segment of society out of the economy, sooner or later, but how to prevent this from tearing apart our social fabric I don’t know.

Once It Was Overdue Books. Now Librarians Fight Overdoses.: https://www.nytimes.com/2018/02/28/nyregion/librarians-opioid-heroin-overdoses.html
news  org:rec  current-events  sociology  academia  society  race  managerial-state  patho-altruism  class  clown-world  malaise  death  longevity  education  stagnation  wonkish  autor  opioids  public-health  coming-apart  dignity  org:mag  labor  usa  trends  age-generation  politics  social-capital  health  demographics  study  summary  anomie  economics  inequality  rent-seeking  automation  2016-election  drugs  interview  comparison  developing-world  midwest  northeast  trump  gelman  scitariat  gender  confounding  media  regularizer  class-warfare  medicine  polisci  disease  org:nat  epidemiology  data  spock  causation  analysis  ratty  unaffiliated  obesity  correlation  critique  debate  chart  🎩  visualization  time-series  multi  nihil  speculation  roots  impetus  trade  nationalism-globalism  china  asia  monetary-fiscal  money  debt  investing  heavy-industry  world  the-bones  rot  unintended-consequences  farmers-and-foragers  africa  reflection  welfare-state  futurism  books  urban-rural 
april 2017 by nhaliday
Information Processing: Greenspan now agrees with Soros; Galbraith interview and a calculation
Easy Question: What growth rate advantage (additional GDP growth rate per annum) would savage, unfettered markets need to generate to justify these occasional disasters?

Answer: an additional 0.1 percent annual GDP growth would be more than enough. That is, an unregulated economy whose growth rate was 0.1 percent higher would, even after paying for each 20 year crisis, be richer than the heavily regulated comparator which avoided the crises but had a lower growth rate.

Hard Question: would additional regulation decrease economic growth rates by that amount or more?

Unless you think you can evaluate the relative GDP growth effects of two different policy regimes with accuracy of better than 0.1 percent, then the intellectually honest answer to the policy question is: I don't know. No shouting, no shaking your fist, no lecturing other people, no writing op eds, just I don't know. Correct the things that are obviously stupid, but don't overstate your confidence level about additional policy changes.

(Note I'm aware that distributional issues are also important. In the most recent era gains went mostly to a small number of top earners whereas the cost of the bailout will be spread over the whole tax base.)

http://voxeu.org/article/endogenous-growth-and-lack-recovery-global-crisis
Wall St. lending to Main St. even as many decry Dodd-Frank: https://apnews.com/0e4ee980a46549908733afb2f6824def/wall-st-lending-main-st-even-many-decry-dodd-frank
hsu  scitariat  finance  investing  economics  money  commentary  links  tradeoffs  regulation  econ-metrics  complex-systems  cycles  risk  market-failure  cost-benefit  multi  org:ngo  econotariat  wonkish  trends  technology  stagnation  econ-productivity  growth-econ  data  article  chart  macro  news  trump  politics  policy  :/  current-events  cjones-like  events 
february 2017 by nhaliday
Will Your Job Be Done By A Machine? : Planet Money : NPR
news  org:mag  automation  economics  objektbuch  prediction  database  search  data  technology  dynamic  planning  definite-planning  speedometer  tools  the-bones  labor  calculator  org:rec  org:anglo  org:biz  visualization  distribution  trends  heavy-industry  80000-hours  analysis  econotariat  cracker-econ  commentary  left-wing  multi  org:sci  chart  longform  investing  money  scale  org:edu  ratty  futurism  iteration-recursion  multiplicative  autor 
january 2017 by nhaliday
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