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turbonaut

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The ask was not how to make money, it was how to hedge.

I’d argue that it is very normal for hedging to be giving up expected value in return for a reduction in volatility of returns.

If you have a lot of exposure to the market already one could say not buying the option is more akin to roulette.

2025 Letter 7 months ago

Median wealth per adult in the UK is 176k. In the US it is only 124k.

Source: UBS Global Wealth Report 2025

Of course US does has a much higher mean wealth…

Authorization and forbidding are both explicit actions.

Unauthorized refers to the absence of authorisation.

‘Unauthorized use is forbidden’ means ‘all use must have explicit permission.’

Clearly it is a bit disingenuous as it usually means ‘all use I don’t like / is not inline with norms’.

These days you can get passive ‘waste water heat recovery’ systems that sit beneath a bath or shower tray - warming your inbound cold water with your outflow, so you use less new hot water (or have to heat it less).

Failure or going temporarily out of use does not necessarily imply bad engineering. Engineering also has to assess the cost of a solution and weigh this against the risk and impact of any failures. In this case the prior on risk of a ‘melting event’ may have gone up since the runway was designed. The impact of closing for one day in x years may also have been explicitly deemed acceptable.

I’m not sure if I’m reading it correctly, but if the reader has the inference / bias that playing games makes life suck, that would be a positive feedback loop (albeit with negative effects).

Negative feedback loops are self correcting. So if games make life better it would indeed be one.

A (self-made) tool-assisted 5…

  1. LARES - xxxxx
  2. BIONT - xxYxx
  3. PUDGY - xxxxG
  4. COMFY - GGxxG
  5. COCKY - GGGGG
I agree - great idea.

It only took 22 hours’ CPU time, a custom string encoding and several trillion operations to work out LARES was a decent first go.

The vaccines have also been delivered in slightly different contexts that may relate to risk of hospitalisation.

Pfizer, for example, often administered in hospitals due to the freezer requirement.

You could imagine the risk of hospitalisation of an 80 year old who frequents hospitals and one who doesn’t is different.