When the State does everything for you, it will soon take everything from you

Friday, July 21, 2023 Francisco 0 Comments

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All within the state, nothing outside the state, nothing against the state.

Benito Mussolini

"When the State does everything for you, it will soon take everything from you. You'll then have no basis for personal freedom, political freedom or economic freedom." Margaret Thatcher

An oppressive government is more to be feared than a tiger. 

Confucius

Kids these days want the state to do this and that, and if some problem arises they look to the government. To be able to do what you want is in danger because the government is always directing people in certain directions.

The places where the government points the direction people became poor sooner or later. Why? the best system is where each person does his thing and some have success and the others see what works. This system is called trial & error. If the government makes 90% of the population go in one direction we will never know it there was a best way to do it. (If there was no Sweden we could not know that lockdowns were a disaster).

People who enjoy meetings should not be in charge of anything. Thomas Sowell

Wednesday, July 19, 2023 Francisco 0 Comments

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 "The larger the group, the worse the conversation."

If you can't be happy with a coffee....

Monday, July 17, 2023 Francisco 0 Comments

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The secret of happiness is something to do. 

John Burroughs

"If you can’t be happy with a coffee, you won’t be happy with a yacht."

The S&P is good because it changes a lot, always firing & hiring.

Monday, July 10, 2023 Francisco 0 Comments

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In 2008 Buffett bet with Protégé partners that S&P would gain more than a group of 5 FOF in the next 10 years. The S&P won to all , I don't know about the Sharpe ratios. Now that we are in 2023 some things have changed a bit. Some of the biggest Hedge Funds in the world are showing Sharpe ratios greater than 2. And they are doing it with thousands of positions!

Performance + many trades to me means = Not Luck

Funds People in Madrid did a piece with the following title:

¿QUÉ HACE ÚNICOS A LOS MAYORES HEDGE FUNDS?

How is this possible? To sustain high performance.

Some of the biggest Hedge Funds give all the profits back every year, they look like they don't want to grow and that is key to sustain the edge long term. Another important thing is that some of this Hedge Funds are not centered in one person, some have lots of teams and some rotation of teams. S&P is robust , it can be here in 100 year for sure. Hedge Funds need some monitoring , if they start growing in people & assets out of control we need to change.

The S&P is good because it changes a lot, always firing & hiring. It's also good because it lets the winners run.

In the Hedge funds we need to do something like that and we might have a nice ride. To buy some Hedge Funds and doing nothing might work as buying S&P and doing nothing. The winners will take care of the losers. However I think we need to be a bit more active in the Hedge Funds than in the S&p.

Kids now take up to 72 vaccine doses in a normal life

Friday, July 07, 2023 Francisco 0 Comments

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We need to assess what is the benefit to the child in protecting them from a disease versus the potential risk from the side effects from each vaccine.

- Bill Ackman

If you can’t be happy with a coffee

Wednesday, July 05, 2023 Francisco 0 Comments

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If you live for having it all, what you have is never enough. 

--Vicki Robin

"If you can’t be happy with a coffee, you won’t be happy with a yacht."

It takes time to get traction

Monday, July 03, 2023 Francisco 0 Comments

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A little more persistence, a little more effort, and what seemed hopeless failure may turn to glorious success.

Elbert Hubbard

My greatest point is my persistence. I never give up in a match. However down I am, I fight until the last ball. My list of matches shows that I have turned a great many so-called irretrievable defeats into victories.

Bjorn Borg