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The Crown of Thorns is a woodworking technique using interlocking wooden sticks that are notched to intersect at right angles forming joints and self-supporting objects….
Large-scale crowns may use the principles of tensegrity structures, where the wooden sticks provide rigidity and separate cables in tension carry the forces that hold them together.

The Crown of Thorns is a woodworking technique using interlocking wooden sticks that are notched to intersect at right angles forming joints and self-supporting objects….

Large-scale crowns may use the principles of tensegrity structures, where the wooden sticks provide rigidity and separate cables in tension carry the forces that hold them together.


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Unaudited, these methods have allowed me to beat the market since the strategy started in September of 2000.

  1. Industries are under-analyzed, relative to the market on the whole, and relative to individual companies. Spend time trying to find good companies with strong balance sheets in industries with lousy pricing power, and cheap companies in good industries, where the trends are not fully discounted.
  2. Purchase equities that are cheap relative to other names in the industry. Depending on the industry, this can mean low P/E, low P/B, low P/S, low P/CFO, low P/FCF, or low EV/EBITDA.
  3. Stick with higher quality companies for a given industry.
  4. Purchase companies appropriately sized to serve their market niches.
  5. Analyze financial statements to avoid companies that misuse generally accepted accounting principles and overstate earnings.
  6. Analyze the use of cash flow by management, to avoid companies that invest or buy back their stock when it dilutes value, and purchase those that enhance value through intelligent buybacks and investment.
  7. Rebalance the portfolio whenever a stock gets more than 20% away from its target weight. Run a largely equal-weighted portfolio because it is genuinely difficult to tell what idea is the best. Keep about 30-40 names for diversification purposes.
  8. Make changes to the portfolio 3-4 times per year. Evaluate the replacement candidates as a group against the current portfolio.
  9. New additions must be better than the median idea currently in the portfolio. Companies leaving the portfolio must be below the median idea currently in the portfolio.
David Merkel










The way I talk with numbers is much more like the dyadic rationals than like ℝ. I’ll start with a ballpark of what range I’m talking about
cost estimate for a project
time estimate for a project
temperatures it might be tomorrow

and then cut it in half and use the halves (or quarters, or eighths) as units. To do otherwise would seem like false precision.
€20,000 → {€15,000, €25,000} → {€19,000, €21,000}
2:00 → {2:15, 1:45} → {2:05, 1:55}
70℉  → {65℉, 75℉} → {68℉, 72℉}
(Speaking dyadic in decimal gets hairy without some 000’s behind you. Saying “12.5” in decimal requires 3 sigfigs, whereas I’m trying to spend only two dyads (precision ¼) not spend three decimals (precision 1‰ = 1/1000).) At any rate the spirit of my estimations is much more like bisection than continuity.

(I guess this is also how rhythms ♫♬♬♬♫ are usually notated (other than beamed tuplets)

)
I think most people probably do this, not just me. That’s why you typically meet/call someone at :00, :30, :15, or :45 past the hour rather than 11:39.668451+√3/1e5, which is a perfectly good ℝ real number.

For such a complicated name it sure is a simple concept.

The way I talk with numbers is much more like the dyadic rationals than like . I’ll start with a ballpark of what range I’m talking about

  • cost estimate for a project
  • time estimate for a project
  • temperatures it might be tomorrow

http://upload.wikimedia.org/wikipedia/commons/thumb/2/2f/Dyadic_rational.svg/1000px-Dyadic_rational.svg.png

and then cut it in half and use the halves (or quarters, or eighths) as units. To do otherwise would seem like false precision.

  • €20,000{€15,000, €25,000}{€19,000, €21,000}
  • 2:00{2:15, 1:45}{2:05, 1:55}
  • 70℉ {65℉, 75℉}{68, 72℉}

(Speaking dyadic in decimal gets hairy without some 000’s behind you. Saying “12.5” in decimal requires 3 sigfigs, whereas I’m trying to spend only two dyads (precision ¼) not spend three decimals (precision 1‰ = 1/1000).) At any rate the spirit of my estimations is much more like bisection than continuity.

a random  tree

(I guess this is also how rhythms ♫♬♬♬♫ are usually notated (other than beamed tuplets)

http://www.sibeliusblog.com/wp-content/uploads/2013/01/03-moved-rests1.png

)

I think most people probably do this, not just me. That’s why you typically meet/call someone at :00, :30, :15, or :45 past the hour rather than 11:39.668451+√3/1e5, which is a perfectly good ℝ real number.

http://c431376.r76.cf2.rackcdn.com/1483/fncom-05-00036-HTML/image_m/fncom-05-00036-g002.jpg

For such a complicated name it sure is a simple concept.

Forks and Spoons

(Source: garyedavis.wordpress.com)


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in 1999, [I] made craigslist into a real company for it to survive effectively.

decided I didn’t personally need to make lots of money. NOT altruistic, just knowing when enough is enough.

Craig Newmark

(Source: quora.com)






Kiryas Joel, New York has the lowest per capita income of any location with over 10,000 population in the US.

Kiryas Joel, New York has the lowest per capita income of any location with over 10,000 population in the US.


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Jeff Wall, A Sudden Gust of Wind (after Hokusai)

Katsushika Hokusai, Travellers Caught in a Sudden breeze at Ejiri 

Jeff Wall, A Sudden Gust of Wind (after Hokusai)

image

Katsushika Hokusai, Travellers Caught in a Sudden breeze at Ejiri 

(Source: tate.org.uk)


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English predominantly talks about time as if it were horizontal, while Mandarin … commonly describes time as vertical.

Lera BoroditskyDoes Language Shape Thought?: Mandarin and English Speakers’ Conceptions of Time

 

see also

  • Jenn-Yeu ChenDo Chinese and English speakers think about time differently? Failure of replicating Boroditsky (2001)
    By estimating the frequency of usage, we found that Chinese speakers actually use the horizontal spatial metaphors more often than the vertical metaphors.