ctkrohn

Funny to see this after all these years. I read this paper just before starting college in 2003 and it inspired me to spend most of the summer writing a rudimentary Lisp interpreter in rudimentary C++. That was my first piece of my code that actually worked, and was more than a dozen or so lines. Good memories.

Does anyone know what the apparently pocket-sized notebook computer is? The one in the picture about halfway through the post, with the watches draped over it.

Right, those anomalies could simply exist unexploited until the market is better understood. For example, you used to be able to earn money buy buying the 501st largest company in the US: if it happened to become the 500th largest, all the S&P 500 index funds would be forced to buy its stock, and it would outperform the other stocks that had already been in the index. Similarly, the 500th largest stock would be a good sale candidate: if it becomes the 501st largest company, the index funds will become forced sellers. Now this effect is very well known, and there's no more money to be made by exploiting it.

Here's perhaps a better way to say what I'm getting at: identifying and investing with a manager that predictably outperforms a benchmark is just as difficult an intellectual challenge as constructing a portfolio that outperforms that same benchmark. Both of these tasks are so difficult as to be essentially impossible for an unsophisticated retail investor.

If the Efficient Markets Hypothesis (in its stronger forms) is false, there should be managers who are able to identify the cheapest stocks within the S&P 500 and thereby outperform the index. A disbeliever in EMH should look to identify these managers and pay them some fee, rather than simply investing in the index and trying to minimize fees.

I think it's plausible that these managers exist, but they're impossible to identify ex ante. Furthermore, a smart manager will charge fees that are equal to the alpha they generate. So even if the EMH is false in some broad sense, individual investors should act as if it were true and simply invest in low-cost diversified funds.

Are you running vim within tmux? Which terminal emulator are you using? Were you able to get full color support? I tried doing this a few months ago but was never able to get Vim set up to my satisfaction.

HP still makes RPN financial calculators. I recently switched to using an HP 12C at work, after holding out for a long time. It's amazing how quick it is once you get used to RPN, and I love the solid feel of the hardware. You can pick one up for around $50.

Very common, to the point of being nearly universal except in relatively recent construction. Many (perhaps most) NYC apartments don't have thermostats. Don't like the heat the landlord has chosen? Open the window or buy a space heater. Want to be cool in the summer? Buy a window air conditioner.

What's the name of the short story? Sounds like it could be interesting.