Friday, February 06, 2004

Should Efficient Market Theory Be a Hypothesis?

Alex Tabarrok, at Marginal Revolution, has a short post up concerning the game Marketocracy. Alex’s description of the game.

"Marketocracy is a game where investors are given $1 million in virtual money to build a mutual fund, much like fantasy baseball. Currently some 55,000 players manage 65,000 fantasy mutual funds. But at Marketocracy fantasy becomes reality (I ought to be paid for that line) because the sponsoring firm monitors and ranks the performance of all the traders using an algorithm incorporating short and long-term analysis, market sector, risk and so forth. The stock picks of the top 100 portfolios are then used to create a real portfolio of stocks, the M100 (MOFQX). In addition to fame, the players have an incentive to trade carefully because top managers are paid a percentage of the assets in the fund!"

Alex had an opportunity to invest in one of these funds, but passed it up, because,

"I demurred based on efficient market theory and bought Webvan instead. Ugh."

Lesson:  Question everything and think for yourself.

Posted by John Venlet on 02/06 at 11:06 AM
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Hey Coach, Can I Go In Now? I Sat in the Corner for Five Minutes Already

Radley Balko provides a little history on GOP Rep., and former Nebraska football coach, Tom Osborne. Really no surprises there.

Posted by John Venlet on 02/06 at 10:55 AM
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Can You Tell Me How to Get to the Swann's House?

Greg Swann’s son, Cameron, was tasked with writing an essay, which, would provide directions to the Swann home from the school which Cameron attends.  Cameron, dutifully, completed the assignment, but, unfortunately, the individual who assigned the task, felt, that Cameron had not taken the essay assignment seriously.  The instructor thus required Cameron complete a re-write of the essay.  What follows, is Cameron’s re-write.

"From the edge of the parking lot, turn left. Go straight. When you reach the crossing guards on Peoria Avenue, turn right. Cross 39th Avenue. Go straight until you reach 37th Avenue. Turn right. Walk straight until you reach Cochise Drive. Turn left. Walk straight until you reach 3608 W Cochise Drive. Stop walking. Think about a universe with no style, with no creativity, overrun with mediocrity. Cry yourself to sleep."

Now, go and read the essay Cameron orignally submitted, which, was deemed unsatisfactory and sarcastic.  Greg also has some comments on this, and, allows us to read his letter to the school on this matter.

Posted by John Venlet on 02/06 at 10:37 AM
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More on North Korea

Sasha Castel, spurred on by the recent Anne Applebaum piece I commented on below, has more on the total disregard for individuals that is the defining factor of socialism/communism/marxism, no matter how loud the faithful preach from their bully pulpits that the ideology they are propounding is for the “people.” Sasha has many links embedded in her piece for you to peruse.

Via InstaPundit.

Posted by John Venlet on 02/06 at 10:19 AM
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Observed Buying Lunch

After visiting with my co-conspirator, in exercising my duty to limit the amount of “enforced exaction” of my monies, I drove through what would be classified as the “inner city” of Grand Rapids, Michigan.  Our patriotic endeavor had instilled a hunger in me for classic Americana victuals, so I pulled into one of the “inner city” mom and pop rib cribs to sample their wares.

Mom and pop businesses are typically my favorite places to spread my dollars, and I wasn’t disappointed with the heaping helping of rib tips, fries and slaw the rib joint served up to satisfy my hunger.  With apologies to the Colonel, it was finger lickin good eatin.

What I mostly enjoyed though, during my short visit, was one particular sign mom and pop had posted.  They had the standard signs, “No Smoking,” “No Cell Phones,” and “In God We Trust Everyone Else Pays Cash.” They also had, in deference to their location and the gangstas swaggering around, “Only 3 Young’uns in the Store at a Time.” But the sign that got me going was this, “Pull Up Your Pants While in the Rib Crib.” And the best thing about this, was, when a couple of gangstas sauntered in, pants down to their knees, ignored the sign and attempted to order.  Mom, standing behind the counter, steps up as if to take their order, and says, “Boys, if youse is going to get something to et, get them pants pulled up.” They meekly complied.

Posted by John Venlet on 02/06 at 09:50 AM
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Tax Quote

Posting may be limited today as I will be burdened with “tax planning.” I leave you with the below quote as I suffer under my “enforced exactions.”

"Tax planning is totally legal and the right of every American.

“Over and over again courts have said that there is nothing sinister in so arranging one’s affairs so as to make taxes as low as possible.

Everybody does so, rich or poor, and do right, for nobody owes any public duty to pay more taxes than the law demands.

Taxes are enforced exactions, not voluntary contributions."

- Justice Learned Hand
of the United States Supreme Court

Posted by John Venlet on 02/06 at 04:44 AM
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