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Higher Education And Digital Technology

I have been a fan of the Khan Academy since I first encountered it – it seems to me that digital delivery of education has a different agenda to traditional education. Digital is about teaching – traditional is about credentials and the provision of degrees.

 

Idiot By Line Of The Day

For some reason I get a copy of Your Trading Edge sent to me on a regular basis and generally after a quick scan to see how far people can drop into superstition and magical thinking it goes in the bin.

Not this week because one article contains a by line so staggeringly ironic that it had to be repeated.

Elliot Wave Forex Trading – It can be hauntingly accurate or disturbingly wrong.

Is it just me or are those the same outcome parameters that define a guess. Does nobody apply any critical thinking to these things before they hit the press…..

 

Context

As you would expect I keep a file of all world indices but I call this file a context file in that it has no information other than price and a few coloured lines. The reason I do this is simply to remove as much noise as possible and to get a sense of what the true trend is. Not what the noise induced trend is but merely what the closing price shows me.

They are remarkably revealing.

WTF These Blokes Talking About?

Von Neumann, Feynman and Ulam sitting around bullshitting to one another. If Feynman is involved then its probably about safe cracking or girls……

If you want to make yourself smarter google those three names and be prepared to be amazed at how clever some bastards are…

Study Suggests Hedge Funds Are Good For Markets

A new academic study asks whether hedge funds make markets inefficient and the answer appears to be ‘no.’

“Hedge Fund Herding and Crowded Trades: The Apologists’ Evidence,” is the work of Blerina Bela Reca of the University of Toledo, Richard W. Sias, University of Arizona and Harry J. Turtle, Washington State University. The authors examined hedge funds’ 13F reports (quarterly filings listing their holdings) to analyze whether “these prototypical sophisticated investors are more likely than other professional investors to engage in potentially destabilizing behaviors.”

There are two points I would like to make about this. Firstly, the basic premise of the study makes an invalid assumption. It assumes that markets are already efficient and that the presence of a hedge fund may make the market inefficient. This is somewhat like saying does politics make politicians stupid. You have to assume that they are not all bum licking, brown nosing, immoral retarded cretins to start with. Im my opinion an invalid assumption.

In any scientific enquiry your initial premise sets the tone for the rest of the process and can if phrased or structured incorrectly invalidate any conclusion you can draw from your research. In this case the question is invalidated by this assumption. However, this is nit picking and I wouldnt have expected economists to be able to design a decent experiment anyway.

Secondly, are more valid question would have been. Are hedge funds good for their investors – the answer based upon all the evidence seems to be no.

 

Mark Cuban: High-Frequency Traders Are the Ultimate Hackers

Maybe….maybe not.  Its probably more akin to pick pocketing with baseball bat – supposedly subtle and frictionless but actual a source of violence.

More here

Trends A Go Go

Just to widen everyone’s gaze. To steal from Mark Twain….reports of the death of trends have been greatly exaggerated.

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