By: jrai on July 16, 2020, 2 a.m.
We approach investing with a value-oriented process. That is, any investment must consider that stocks represent equity ownership shares in a business. Those businesses are definitionally fairly valued as the net present value of all future free cas…
By: jrai on July 16, 2020, 1:50 a.m.
The field of Natural Language Processing has had a Language Modeling Renaissance as of late and if you haven’t yet heard about it you should pay attention, because it’s about to change the world. At its core, a language model has a very …
By: jrai on July 16, 2020, 1:39 a.m.
The strategies and organizational design of the discretionary hedge fund are under attack. A large portion of the industry continues to rely on broken, pre-internet strategies that are too slow. CrowdCent envisions a new type of fund: decentralized …
By: jrai on June 11, 2020, 2:23 p.m.
Also agreed @jlm278. Markets may be (mostly) efficient, but that doesn't mean that they're rational. As you suggest, let's not lose sight of what the market is: a way to gauge the prospect of future free cash flows. In the long run, the market will …
By: jrai on June 9, 2020, 1:39 a.m.
In my mind, that leads to the question of whether or not investment professionals are actually more likely to outperform non-professionals on average and over time. If your gut tells you this is irrational exuberance then it's only a matter of time …
By: jrai on June 8, 2020, 10:33 p.m.
Seriously, what is going on? Davey Day Trader and the Robinhooders seem to be doing pretty well with airline stocks and buying bankrupt companies, but Carl Icahn sold out of his HTZ at $0.70, the CFO sold at $1 and today it's trading at $5.53, back …
By: jrai on May 19, 2020, 1:31 a.m.
Only thing I have to add to this is that over the last six months, equity and crypto returns have become incredibly correlated—it’s really strange considering crypto evangelists like to say that Bitcoin is uncorrelated with everything else. Since th…
By: jrai on May 18, 2020, 12:08 a.m.
Here's the chart form of what calling the bottom looks like. I tried to include almost all of the watchlist names you initially mentioned. This rebases all stock prices to GOOGL's on the day you posted so we can easily see the relative action leadin…
By: jrai on May 12, 2020, 1:57 p.m.
You basically called the bottom with this post, buying this whole basket the day you posted would have worked out. I'll take a look at how these names performed on a relative basis and let you know how things look. Curious what you think about this …
By: jrai on Feb. 28, 2020, 10:17 p.m.
You don’t need to work at a hedge fund to have a good idea, but artificial barriers to entry make it difficult to stay informed. We’ve compiled a list of tools that we find invaluable for the investment process. These resources include tools for mod…
By: jrai on Feb. 22, 2020, 2:45 a.m.
Update 7/19/2020:
Now using GPT-3 to generate write-ups and replies. Any generated text by GPT-3 should not be taken as investment advice. This is for entertainment purposes only. With GPT-3, we have manually provided the company names.
In Fun Wi…
By: jrai on Feb. 3, 2020, 8:09 p.m.
Background
In a market where margin of safety is scarce, it's worthwhile to explore some of the more overheated and valuation-disconnected stocks. One such name is Universal Display Corporation, a provider of OLED materials (and really the only publi…