James Sioud

@nntaleb Angle from Niha cedar forest last week. Couldn’t resist hiking higher and higher.

Was the view outside my window Friday morning before my departure. It makes one understand this obsession with magic mountains already present in the Epic of Gilgamesh.

@gregoryblotnick Can't find the full letter.. but more of it here: stray-reflections.com/articles/tradi…

Paul Tudor Jones - "THE POWER 5" "HOLD CONTEMPT FOR THE WEAK TRADER"

@GHadjia Even more impressive to love a stock you previously hated! A broken short is a great long, and vice versa

The best investors I’ve come across have a knack for being able to hate a stock they previously loved, once they come across disconfirming evidence. Alarm bells go off when I see people dig in their heels and defend their portfolio holdings once the story begins to shift.

@Noicewon11 Please DM me!

Spent 15 mins looking at $CAT.ax. It's a short on the accounts alone. Not liquid enough to do more work but baffles me why every Aus SMID manager owns it - someone pls explain.

@nickcrocker 🤢Reminds me of this article from 2017... wonder how it looks now. And this is on average... adjust for gender and socioeconomic skew, % of disposable income for certain groups would be massive. economist.com/graphic-detail…

Wild. Australians now account for almost half of all punting positions on football teams at the 134 D1 US colleges.

@rami_rizk Beautiful! How can I buy a print? I can’t find this photo on your website. If you have any photos of Niha (Batroun) or Ehden, can you please let me know? Thank you

ما في أحلى من هيك منظر

@RonShamgar @SteveSilver18 Hi Ron, can you please msg me as well? Thanks

@SteveSilver18 Sent you

What’s the word on $CU6?

Nietzsche can hype you up

@JohnHuber72 Impact is particularly high if equity markets are indeed inelastic (i.e. 1% increase in passive flows = 5% increase in asset prices: nber.org/system/files/w…). Tough to fight the trend, passive buying begets passive buying (until it doesn't...)

Even within the S&P 500, the largest 50 outperforming the smallest 50 stocks by 23% YTD. Some great companies in top cohort, but in general, a lot of money is being allocated with no regard for valuation (i.e. passive) and that misallocation is creating interesting opportunities

@nntaleb Interesting stuff. Have you read Sanford Holst’s book on the Phoenicians? Fascinating, but often speculative. Feels like all we have on Phoenicia post-Carthage is Roman propaganda.

A Few Things We Don’t Quite Get About the Levant link.medium.com/veSryA4fxJb

@MrQuick_ @GeoffWilsonWAM I believe @John_Hempton maintains such a list!

@GeoffWilsonWAM I wish there was a way for you to share a blacklist of names of brokers, directors & management to avoid. Would be impossible but also one of the greatest things you could do for corporate Australia.

“Corporate memory in Australia lasts five years” Over my 40+ years in the equities market I have witnessed individuals bankrupt a company or get banned by ASIC and return to corporate life five years later

Pretty cool seeing a photo I took up in Times Square! Way cooler the photo is of my awesome wife 😘

@WallStCynic @marketplunger1 If you’re taking an index/factor approach to short selling, sure. If not, borrow is punitive, and you risk getting stopped out / forced to degross by a single short rallying 5x in a single month. I of course agree that high SI isn’t a long thesis; equally, isn’t a short thesis.

@JamesSioud @marketplunger1 Do you understand how portfolio construction and rebalancing work? The GS basket is rebal monthly. And cost to borrow the entire basket has not been prohibitive. Having said that, my real point is that investors should not be BUYING these stocks. Leave shorting to idiots like me.

I will never understand the level of arrogance/ego needed to short something with extremely high short interest. What are you trying to prove? Who are you trying to impress? Blows my mind.

@WallStCynic @marketplunger1 On average, and over a long enough period, sure. But ignores the risk of single stocks wiping you out in the short term, and the extremely high cost of borrow.

@marketplunger1 Except, of course, for the evidence that high-short interest stocks massively underperform the overall market over anything other than very short-term periods.

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@holland_tom @TheRestHistory I’ve been hoping you would cover the Phoenicians! All that is missing is a @nntaleb guest appearance

Today on @TheRestHistory we begin a 4 part special on ANCIENT CARTHAGE: queen of the waves, & Rome's deadliest rival. Part one is on the Phoenicians: THE LORDS OF THE SEA. Did they really reach Cornwall? Invent the alphabet? Sacrifice their children? linktr.ee/restishistory

@ValueStockGeek It isn't improving over time, just improving from "Announcement Date to Effective Date". There is still substantial outperformance, just need to look from T-30 or even T-60 (the "passive bid" being front run by hedge funds over months into the announcement)

@oliviagrivas 🤢

Am I the only one who is obsessed with this as a summer snack?

@nntaleb Merci.

@JamesSioud Hayda bil beit. Bi Bairut fi Kelly's.

Squid ink.