scarletham
scarletham on Hacker News
Yeah, definitely good points. Even with a department looking after voting, they're not nearly as "vested" in the results of their voting as something like an actively managed long value fund is.
Yes, and they voted against the proposals mentioned in the article, except for equal share class voting rights.
Why? How is Vanguard, an investment management firm which employees thousands of trained professionals, not qualified to cast votes on corporate governance? And in what sense is it "power collecting"?
Yes, this is an issue that is largely debated, and there are some very interesting conflicts of interest - just curious why you specifically think it's so bad.
I work in a MM group so take this as you will, but the days of profitably making markets by just fitting everything to the screens are long gone.
I think you're missing the gist of his statement and also overlooking the word "almost"?
That being said, most of your definitions are still dependent on competitively pricing securities. A market maker who can't calculate reasonable theos won't be a market maker for long.
Yeah, to clarify I was agreeing that those firms certainly pull and use that data, but not necessarily in the same traditional fashion that paper seems to imply.
Take this with a grain of salt as I don't work at any of the funds mentioned (but still in the industry), but why not?
Filings are subject to change due to errors, updates, etc. It's cheaper, easier, and less error prone to just scrape and overwrite data than search for any updates.
I may have been heavyhanded in saying that the firms are rescraping the entire universe of filings on a daily basis, but I guess my point here is that these numbers can very easily be skewed and are generally a pretty poor indicator of actual data access.
They're not HFT, although they are more blackbox / quant than the "traditional" hedge fund, which I think still supports OP's point.
Yes, exactly. Wouldn't surprise me if most of these firms were rescraping the data every night and overwriting.
Tradeworx is HFT. Yes, the premise of this paper is completely absurd. Drawing a line between overnight batch jobs for internal databases and performance is a quantum leap to say the least.
We've been using this keyboard for well over a year and a half...
μs or ms. As I mention below, there may be a little delay as people failover and reassess their view of the book, but that's all.
Market liquidity would not "disappear". Liquidity providers do not rely on their microwave lines quite that much (yet). In the case of a microwave failure (more common than you'd think), all one does is failover to physical and keep on pricing.
Worst case is widening your quotes while you reassess your view of the world (the book), but never withdrawing completely from the market.
Equities dry up as well. Pretty much everything dries up before FOMC announcements.
He's saying that if the investor wants a Treasury, the only way you can sell that to him is with a Treasury. If he's open to a swap, you can sell (write) that contract to him and hedge it with either a Treasury or another swap.
The only way to deliver a Treasury is with a Treasury, which you have to track down out of inventory or from another dealer. You can write a swap without having to go through that ordeal. This means lower transaction costs.
> slightly stylized
Or "completely made up"
“I began wearing prototypes myself to test comfort and usability, and to ask for feedback,” said Rivera. “Folks immediately associated the bracelet design with a watch and asked, where’s the watch? We decided to make a timepiece an optional part of the Tread.”
> optional part
They're still deadly, and as he said, it's simply endearing.
I think you have a fundamentally flawed understanding of just how small a timeframe short term memory can apply to. As a commenter said below, your brain is constantly utilizing memory, whether or not you know it.
> the point is that unconscious processes can be explained without hypothesizing consciousness
This really doesn't make any sense, by the way.
> The gunman who died during a police shootout in Reykjavík this morning was the first person to die from a police shot in Iceland
I assume you could argue that this does not include police killing people by beating them or running them over with their cars, but I'd say we're safe.
[1] http://www.icelandreview.com/icelandreview/daily_news/?cat_i...
Isn't the title of this a bit misleading? Cargill doesn't sell corn flakes, it (possibly) sells physical grain to Kellogg's, or derivative products to hedge Kellogg's exposure.
GLD, the largest gold based ETF, holds bullion. Gold bullion trades in the unregulated OTC markets.
The order book would show people who are sitting on either side of the market, so if they have a bot that's adjusting their quote it would still show it - unless I'm misunderstanding your question?
