Nassim Nicholas Taleb

@nntaleb ↗

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Last Checked Jan. 30, 2022

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Wed Jan 19 17:28:57 +0000 2022

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Nassim Nicholas Taleb @nntaleb

History: in the 70s (even 80s), many closed end funds traded at yuuge discounts, making it absurd to not use them in place of the holdings. Best explanation to the puzzle is that "smart money", those who can understand the trade-off, aren't interested. https://t.co/U5hYxpd0N6 — PolitiTweet.org

Posted Jan. 19, 2022

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Nassim Nicholas Taleb @nntaleb

@BertZwart1 @PieterTrapman I have fond memories of Ross' SP, that chapter has the ArcSin law, the most beautiful one; I read it there before Feller. — PolitiTweet.org

Posted Jan. 19, 2022

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Nassim Nicholas Taleb @nntaleb

@carefullycnsdrd The owners of the fund can buy at the discount, change the covenant, and net a yuuuuuge arb immediately, more than PV of future fees! — PolitiTweet.org

Posted Jan. 19, 2022