Jordan

@evrgn11112231 @flippyfloppy52 @alixpasquet If it were all objective companies like orbis/Allan gray would be way bigger than 30bil. Sadly this is a buddy buddy industry. Best or luck to you. I think you have the right approach it's just a very difficult world for it

@_grojo @flippyfloppy52 @alixpasquet Well they don’t fire managers even ones they should have fired years ago and have never outperformed. All the results of weird incentives imo. Like being a credit investor but deciding to do nothing carries no risk. New manager selection is all downside little upside.

This is a funny meme. For something highly intelligent people try to “beat”, it’s amazing how little they know about the index. It’s worthwhile to consider, for example, that though the index is diversified, it is difficult to defeat it using concentration as a weapon. worth asking a few questions. - how does the S&P construct its portfolio? What are the stock selection criteria they use? - why is it difficult to outperform? - what are the costs of having that portfolio? - it has levels of concentration and levels of diversification. Why? - do management teams understand the advantages or disadvantages of being in an index? And so. Just a few to think of in the minute that I write this. Charlie Ellis said that, as money managers, our Lake Wobegon is that we all think we can beat the S&P, though the results show that very few do. What is hilarious is that when investors (including me 🙋🏻‍♂️) read his piece on this they still think they are going to be part of the meager minority that will. Perhaps the goal shouldn’t be to beat the s&P but to beat the ones that think they can beat the S&P.

@flippyfloppy52 @evrgn11112231 @alixpasquet Baba and to a lesser extent baidu (which is true garbage) are strange stocks because they have a variable effective multiplier which is to do with US market sentiment on chinas 'status' in bleeding edge tech. I don't think it is worth forecasting short term (3-9m?)

@_grojo @evrgn11112231 @alixpasquet Not only on how to run businesses but also in science. It's more like mass production and big output without the amount of meticulous work that westerners put in everything. Sure, we're slower, but the quality is just different.. very obvious for me in my field of research

@evrgn11112231 @flippyfloppy52 @alixpasquet It's objectively insane to analyse that way though because their current book of LOs was not picked on the same objective criteria... Definitely not on tracking error..sure I'm preaching to the choir here though :)

It’s the tension they are all trying to figure out. Massive alpha is impossible without tracking error. They want it obviously but if they have 10 active LO managers maybe only 2-3 deliver and rest underperform meaningfully and the whole book looks bad vs passive. So they don’t know what to do with me even though I share the family tree of maybe their best 1-2 managers.

@flippyfloppy52 @evrgn11112231 @alixpasquet Ha did we!! Very sorry if so!!

@_grojo @evrgn11112231 @alixpasquet We had this converstion before Jordan ;) I remember quite well. Regarding my PF. This was at the start of the year and it has changed quite a lot due to the developments. I'm still down 10% YtD but would be 18% had I made no adjustments.

@evrgn11112231 @flippyfloppy52 @alixpasquet surely the response is - why are you even engaging an active manager for the rfp? I know as a pm you need to talk with whatever you can get (especially in the SM world right now) but surely it's not worth it?!

@_grojo @flippyfloppy52 @alixpasquet They are COMPLETELY obsessed with it Insane

@tiga_style I cannot imagine wearing something bigger thant the pluses.

Easy 8 miles (12.9km) this morning. Convinced the Vomero Premiums on the treadmill are an absolute cheat code.

@evrgn11112231 @flippyfloppy52 @alixpasquet tracking error as an allocation criteria is absolutely wild.

@_grojo @flippyfloppy52 @alixpasquet Yes but that has permeated all the way to the vast majority of allocator boards as well which now care about tracking error over just about everything. I think recency bias driven bc beta has been so valuable.

@evrgn11112231 @flippyfloppy52 @alixpasquet ""quants"""

@evrgn11112231 @flippyfloppy52 @alixpasquet quants on fintwit seem to have drunk the bit pod koolaid that a 5 pct drawdown is death and it an investor has it they suck

@flippyfloppy52 @evrgn11112231 @alixpasquet Tho if on purely valuation in china pdd jumps out more. It's comically cheap but it does not care about shareholders one iota so will it ever actually return? Dunno

@flippyfloppy52 @evrgn11112231 @alixpasquet A very casual look at your profile the only thing that jumps that I disagree with is Adobe. I think it has to get literally dirt cheap for it to be worth enduring. Otherwise I think a lot of your stuff seems v sensible. Tencent is 11x fwd ex investments which is mental

@evrgn11112231 @flippyfloppy52 @alixpasquet honestly have no idea. I work in the industry but am not 'classically' trained and don't really care for what pbs have to say, ha.

@_grojo @flippyfloppy52 @alixpasquet How different is this from classic quant momentum as aqr defined or like PB momentum basket definitions?

@Stevie_658jjh @conductr_ but what does building knowledge nodes from a book with 20 agents actually achieve?

running multiple agents in parallel to build out a whole knowledge graph from books is wild. that's the kind of setup that would've taken a small team a few weeks not long ago. i've been doing the same thing where i just keep finding new stuff to automate and it honestly feels like the bottleneck is just how fast you can come up with ideas now

claude code is the best thing that has happened to me in 2026. it's really like a game and i get every day new ideas about what to build in the future if you are not using claude code you are not gonna make it ... obsession + intensity + delusional optimism + claude code = unlimited leverage

@scottgerber @McFranchisee @McDonalds lmao treating an ama like a management call

@McFranchisee @McDonalds What’s average ticket now compared to 12 months and 24 months ago? What average store profit now compared to 12 months and 24 months ago?

🚨 My @McDonalds AMA starts now. Drop your weird and curious questions below. I’ll answer every non-duplicate serious question (nothing confidential, related to my bank account, or who I am… 🥸). No DMs - let’s go! 🍔🍟

@W98AB @Hybridathlete Engine is there, not worried about that. It's about getting speed up. Will look at mixing shorter intervals for the 10k time more now tho

@_grojo @Hybridathlete I think your current speed is sufficient and you can focus on building the engine for the marathon, as long as you maintain the ability to do 1k in ~3:35 that will be the speed needed for a sub 20min

Stretching before an easy run is a waste of time. Just start slow and ease into it.

@halogen1048576 she has no real role what are you on about

i dislike aella's role in tech and her effect on tech twitter but every single time she gets into one of these mobbings by being autistic she's 100% right about the thing's substance

@W98AB @Hybridathlete Best 1k is circa 3:35. I can do about 2.5k at sustained 4min pace. This is in slow shoes though haven't tried in race ones. I dnt need to do any actual endurance build for marathon (can do 30k without issues ATM), so I'm focused on speed for both.

@_grojo @Hybridathlete depends, are we talking about sub 20min 5km, then definitely you want the shorter reps, if you are prepping for the marathon then you can still do short reps you just need to do more. Question would be how fast can you run 1km as a time trial today?

@hkuppy Us can pull out and let everyone else start paying tolls for the strait. That's the taco

Trump can TACO, burrito and chimichanga, but nothing will open Hormuz unless Iran wants it open. We can’t go home with Hormuz shut and missiles raining down on our friends. The only way out, is through Iran.. As scary as that sounds, I think we’re going to mobilize serious boots on the ground. That takes 6+ months. No one’s portfolio is positioned for half a year of this chaos…