Byrne Hobart

1 month ago | capitalgains.thediff.co | Byrne Hobart

Know someone who might like Capital Gains? Use the referral program to gain access to my database of book reviews (1), an invite to the Capital Gains Discord (2), stickers (10), and a mug (25).

1 month ago | thediff.co | Byrne Hobart

In this issue:There's More Than One Efficient Market Paradox—Most apparent market inefficiencies have an explanation about market efficiency somewhere else, whether it's transaction costs, borrow costs, or even the cost of sourcing information. Which means that the more you believe the market is efficient, the harder it is to measure exactly what you mean by that. Reciprocal Tariffs—Part of fighting a trade war is admitting that you were already doing it.

2 months ago | thediff.co | Byrne Hobart

LongreadsDoidge, Karolyi, Shen, Stulz: why does the US have so few publicly-listed firms? In the late 90s, the US was widely seen as a nation of investors, with widespread equity ownership, pop culture references to the market, multiple news channels entirely devoted to stocks, etc. But now, relative to the size of its economy, the US has relatively few public companies.

2 months ago | thenewatlantis.com | Byrne Hobart |Tobias A. Huber

Sign in or Subscribe Now for audio version For Byrne Hobart and Tobias Huber, partners at the tech investment firm Anomaly, a financial bubble is the closest that human beings can get to spooky action at a distance. Their provocatively titled new book Boom: Bubbles and the End of Stagnation aims to make the case that the visionary cascades, which almost always end in collapse, are on balance actually good.

2 months ago | thediff.co | Byrne Hobart

In this issue:AI's Impact on the Written Word is Vastly Overstated—LLMs are not the first time that the cost of producing text at a given quality level has dropped precipitously. Since we already live in a world where there's an effectively infinite amount of verbiage on any given topic, it won't be too big an adjustment to keep moving in that direction. In fact, it's a smaller media shift than the introduction of blogging and spellcheck.