Podcasts about Benoit Mandelbrot

Why we need distinct risk buckets: balancing our natural loss aversion with the allure of opportunities that offer the potential for massive upside.Topics covered include:What is modern portfolio theory, and what are some of its flawsWhy so many people have gotten wealthy by being undiversifiedHow to balance personal risk, market risk, and aspirational riskHow prospect theory explains our attraction to positively skewed opportunitiesWhy most people won't get wealthy unless they take some aspirational riskSponsorsNetSuite Delete Me – Use code David20 to get 20% offInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesPortfolio Selection by Harry Markowitz—The Journal of Finance, Vol. 7, No. 1. (Mar., 1952), pp. 77-91Safety First and the Holding of Assets by A. D. Roy—Econometrica, Vol. 20, No. 3 (Jul., 1952), pp. 431-449The Misbehavior of Markets: A Fractal View of Financial Turbulence by Benoit Mandelbrot and Richard L. Hudson—Hachette Book GroupBeyond Markowitz: A Comprehensive Wealth Allocation Framework for Individual Investors by Ashvin B. Chhabra—The Journal of Wealth Managment, Vol. 7, No. 4, pp 8-34, Spring 2005The Wealth of Households: 2021: Current Population Reports by Briana Sullivan, Donald Hays, and Neil Bennett—Census.govAverage, Median, Top 1%, and all United States Net Worth Percentiles—DQYDJPROSPECT THEORY AND STOCK MARKET ANOMALIES by Nicholas C. Barberis, Lawrence J. Jin, and Baolian Wang—NBER WORKING PAPER SERIESRelated Episodes82: Unlocking the Power of Positive Skewness: Strategies for Investing, Business, and Creativity460: Should You Be Invested 100% in Stocks Before and During Retirement? A Recent Study Says Yes. 421: Beware of Survivorship Bias When InvestingInvesting Rule One: Avoid Ruin229: Stop Maximizing Your Returns Using Modern Portfolio TheorySee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A clever Tuesday crossword by Julia Hoepner, with a theme that was as good as it was bad, which we promise will make sense once you've listened to the podcast! It's also Tuesday, time for Triplet Tuesday, and this time Jean's in the hot seat. To hear how she fared, we most sincerely and earnestly beseech you to a) download, b) listen up, and c) enjoy!Show note imagery: the MANDLEBROT set!We love feedback! Send us a text...Contact Info:We love listener mail! Drop us a line, crosswordpodcast@icloud.com.Also, we're on FaceBook, so feel free to drop by there and strike up a conversation!

Neste episódio semanal, você irá conhecer a história de Benoit Mandelbrot, o pai da Geometria Fractal e como ela foi criada.

Eddy Elfenbein is an OG finance blogger, ETF manager, and FinTwit legend, with over 25 years of experience working in and around Wall Street. Eddy joins the show to discuss the story behind his longtime blog - Crossing Wall Street (CWS), the origins of his famous Buy List, his ETF journey, his philosophy as an investor, and much more! Important Links: Eddy's Twitter Eddy's Blog (Crossing Wall Street) Eddy's Substack The Myth of 1926 Show Notes: Origins of a Wall Street Blogger Bypassing the Gatekeepers Eddy's Buy List Many Paths to Stock Market Success The Last Sustainable Edge in Public Markets The Great Truths of Investing Stocks Don't Know You Own Them The Market and the Casino Debating Academic Finance Major League Buy List Down with Perma-Bears Unpacking ETFs The Next Avatar of Market Intelligence The Moat of the Stock Picker MORE! Books Mentioned: What Works on Wall Street; by Jim O'Shaughnessy THE MISBEHAVIOR OF MARKETS: A Fractal View of Financial Turbulence; by Benoit Mandelbrot and Richard L Hudson Stocks for the Long Run; by Jeremy Siegel The Myth of 1926: How Much Do We Know About Long-Term Returns on U.S. Stocks?; by Edward F. McQuarrie Fama and French Three Factor Model Definition: Formula and Interpretation (Investopedia)

Chapter 1 What's Chaos Book by James Gleick"Chaos: Making a New Science" is a book by James Gleick that explores the field of chaos theory and its impact on our understanding of complex systems and phenomena. The book provides an accessible and engaging overview of the history and key concepts of chaos theory, and how it has changed the way we think about the world around us. Gleick uses stories, anecdotes, and examples to illustrate the principles of chaos theory and its applications in various fields such as mathematics, physics, biology, and economics. The book has been praised for its clarity and insight into a complex and fascinating subject.Chapter 2 Is Chaos Book A Good BookYes, "Chaos: Making a New Science" by James Gleick is generally considered to be a good book. It explores the fascinating world of chaos theory and how it has revolutionized our understanding of complex systems and nonlinear dynamics. Gleick is a talented writer who effectively explains complex scientific concepts in a clear and engaging way, making this book accessible to a wide range of readers. Overall, "Chaos" is highly recommended for anyone interested in science, mathematics, or the nature of chaos in the world around us.Chapter 3 Chaos Book by James Gleick SummaryChaos: Making a New Science by James Gleick is a fascinating exploration of the emerging field of chaos theory. The book delves into how chaos theory has revolutionized scientific thought and challenged conventional ideas about predictability and control in the natural world.Gleick introduces readers to key figures in the development of chaos theory, such as mathematician Benoit Mandelbrot and biologist Robert May, who have made groundbreaking discoveries in the study of complex systems. He explains how chaos theory has uncovered patterns in seemingly random phenomena, from the behavior of the weather to the fluctuations of the stock market.Through engaging anecdotes and vivid examples, Gleick illustrates the beauty and complexity of chaotic systems, and how they can be found in a wide range of fields, from physics and biology to economics and sociology. He also examines the implications of chaos theory for our understanding of the world and how it can help us to better navigate the uncertainties of modern life.Overall, Chaos is a thought-provoking and accessible introduction to a revolutionary scientific concept that has reshaped our understanding of the universe. Gleick's engaging narrative and insightful analysis make this book a must-read for anyone interested in the intersection of science, complexity, and unpredictability. Chapter 4 Chaos Book AuthorJames Gleick is an American author, journalist, and biographer, known for his works on the impact of science and technology on society. He was born on August 1, 1954, in New York City.Gleick released his book "Chaos: Making a New Science" in 1987. The book explores the emerging field of chaos theory and its implications for various scientific disciplines. It was well-received critically and became a bestseller, making Gleick a recognized figure in science writing.Some of the other notable books by James Gleick include:1. "Genius: The Life and Science of Richard Feynman" (1992) - A biography of the renowned physicist Richard Feynman.2. "The Information: A History, a Theory, a Flood" (2011) - A book that examines the history and significance of information theory.3. "Time Travel: A History" (2016) - A cultural history of the concept of time travel."Chaos: Making a New Science" is arguably Gleick's most acclaimed work, with...

Benoit Mandelbrot's "The Misbehavior of Markets" is a groundbreaking work in the field of finance that has changed the way millions perceive the dynamics of financial markets. Filled with thought-provoking insights and real-life market observations, the book challenges conventional financial theories and introduces the concept of fractal geometry. Mandelbrot enlightens readers on how markets, much like natural phenomena, exhibit fractal patterns, inviting them to view the markets through a new lens of unpredictability and complexity. Through fractal geometry, readers learn to appreciate the markets' inherent 'wildness' and 'roughness', leading them to a more realistic understanding of market risks and rewards.

Does the financial world need a shake-up? By venturing into the minds of Nassim Taleb and Benoit Mandelbrot, two outliers who challenge the status quo of modern portfolio theory and efficient market hypothesis, we can find groundbreaking theories with implications for the financial sphere, especially in the face of unpredictable "Black Swan" events.Scott Patterson is a journalist with The Wall Street Journal and also the author of Chaos Kings: How Wall Street Traders Make Billions in the New Age of Crisis, Dark Pools: The Rise of the Machine Traders and the Rigging of the U.S. Stock Market, and The Quants: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It, all of which factor into this episode.Scott and Greg discuss the financial ups and downs of the stock market and traders who tried to ride the wave or predict when bubbles were going to burst. Scott talks about covering climate change for the Journal and the way it complicates predicting what start-ups will end up on top. Dive into the subtle and sometimes blurry distinctions between investing and gambling and find out what can make a company shut off its computers on this episode of UnSILOed.*unSILOed Podcast is produced by University FM.*Episode Quotes:Is climate change the big dog in the world of crises?42:12: Climate change is what I write about in the journal—that's my beat—so I wanted the book (Chaos Kings: How Wall Street Traders Make Billions in the New Age of Crisis) to be not just about buying out-of- the-money options to protect your portfolio. I wanted it to be broader in terms of thinking about the risks that we face. And that's in the subtitle of the book, The New Age of Crisis, which I try to make an argument that we're entering a world of crises that are manifesting and overlapping more and magnifying the nature of the crisis. Some people call it the polycrisis, and climate, I think, is the big dog in that crisis world.On the risk of high-speed contagion across markets36:00: The risk of a high-speed contagion across markets is something we should be concerned about...[36:33] With high-speed trading, I was on the front lines there reporting it. It wasn't a well-known phenomenon. And I found it very alarming that the financial markets evolved into this race to trade microseconds faster than the next guy.The inconvenient truth of ignoring fat tails06:55: Nassim [Taleb] one time showed me an email that he'd gotten from a very well-known, respected academic in finance, who conceded to Nassim that, yes, we know that these fat tails exist, but our models don't work if we incorporate them into the models. And that's the problem: if you recognize that there is potential for three, four, five sigma events, then you have to put a fat tail into the model. And that's fine. But as long as the people running trading desks and executives understand that if you have a value-at-risk model, it's not capturing the real risk that you're going to be facing because it carves out 5 percent of the volatility, of the extreme volatility over a year.Is high-speed computer trading a threat to financial markets?38:32: In 2020, there were some extremely insane things going on in the markets, and I think probably negative oil prices and bonds. You couldn't buy a Treasury bond or sell a Treasury bond for a while at one point. Not normal. But I think a lot of that was not just an exogenous event: COVID was causing the global economy to seize up, and that moved into financial markets. Central bankers came in and threw a bunch of money at it, and cleaned out the pipes. But this idea of a high-speed computer-driven contagion is something I've always been concerned about, but I don't think we've seen that yet.Show Links:Recommended Resources:Nassim Nicholas TalebBenoit MandelbrotMark SpitznagelCalPERSUniversaRecency BiasEmpirica CapitalBlack Swan TheoryRobert LittermanFischer BlackGuest Profile:Professional Profile on Wall Street JournalScott Patterson on LinkedInScott Patterson on XHis Work:Chaos Kings: How Wall Street Traders Make Billions in the New Age of CrisisDark Pools: The Rise of the Machine Traders and the Rigging of the U.S. Stock MarketThe Quants: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed ItWall Street Journal ArticlesMuck Rack Articles

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Hello Interactors,My last post on fractals led me to refamiliarized myself with the man who coined the term, Benoit Mandelbrot, and his influential work on the fractal-like wonders of nature. I didn't realize he was following in the footsteps of 19th century mathematicians critical of the absolutist purity of Euclidean geometry – themes I recently explored here and here. My journey led me to a memory of a plane landing on a plane and the complexities that surface on the surface.Please don't be shy. Leave a comment or a like. Or just hit reply with a smiley face and a hello!Now let's go…I have a childhood memory, fueled by a crayon drawing, of watching a plane land at the Des Moines airport. My dad was returning home after a business trip. Over time, this memory transformed into a riddle most likely inspired by high school calculus. The riddle posed a question: as the distance between the plane and the runway progressively decreases, when does it equal zero? My pondering was rooted in the observation that, at a microscopic level, the rubber of the tire and the rough surface of the concrete never truly merge into zero. The presence of black streaks on the tarmac from rubber left behind served as evidence. According to classical physics, at an atomic level, the distance between a landing plane and the runway approaches zero but never truly reaches it.This is because the outermost electron clouds of the atoms in both the tires and the runway surface repel each other due to electromagnetic forces, creating a minute gap between them, measured in angstroms (10 to the power of -10 meters). However, from a practical standpoint, classical mechanics tells us that at a macroscopic level, the plane does make contact with the runway and eventually comes to a stop. Classical mechanics focuses on the behavior of objects on a larger scale, which outweighs the effects observed at the microscopic level. The mechanics of "touchdown" do not rely on atomic physics to achieve zero distance for the safe arrival of our loved ones.In my childhood crayon drawings, I depicted the runway as a straight line and the plane's wheels as a circle. Yet, this representation itself is a macroscopic interpretation of reality. If we were to examine my marks with a magnifying glass, we would see fragmented wax resting on the textured paper's peaks and valleys rather than perfectly straight lines or round circles. Similarly, we would find fragments of rubber deposited on the peaks and valleys of the concrete runway.In the realm of high school calculus, the line representing the runway and the circle representing the wheel would be precisely drawn on rigid gridded paper using a plastic flowchart template, akin to the tools my dad used to pseudocode his COBOL programs he no doubt was debugging with his colleagues in Toronto.Mathematically, I would have described the landing as the height of the plane decreasing as a function of time, incorporating concepts like velocity and acceleration. This interplay between decreasing height and time signifies the plane's motion until it decelerates and reaches a minimum altitude, indicating touchdown. I would have positioned the circle of my plastic template precisely on the flat line, accompanied by an equation describing the moment of touchdown.However, in 1982, two years before I was in calculus and the year I was learning geometry, mathematician Benoit B. Mandelbrot published "The Fractal Geometry of Nature," a highly influential book. Mandelbrot's work highlighted the importance of mathematics that deviated from the traditional Euclidean curves and shapes. Introduced by ‘modern' mathematicians like Georg Cantor and Giuseppe Peano a century earlier, the days of regarding mathematics as absolutely pure and unquestioning were being questioned.Mandelbrot offers why we were set on this smooth, well-worn trajectory of Euclidian mathematical purity,“The fact that mathematics, viewed by its own creators as ‘absolutely pure,' should respond so well to the needs of science is striking and surprising but follows a well-worn pattern. That pattern was first set when Johannes Kepler concluded that, to model the path of Mars around the Sun, one must resort to an intellectual plaything of the Greeks–the ellipse. Soon after, Galileo concluded that, to model the fall of bodies toward the Earth, one needs a different curve–a parabola. And he proclaimed that ‘the greatest book [of nature]...is written in mathematical language and the characters are triangles, circles and other geometric figures…without which one wanders in vain through a dark labyrinth.' In the pithy words of Scottish biologist D'Arcy Thompson: ‘God always geometrizes.'”Of the work of Cantor's set theory and Peano's space-filling curves, the theoretical physicist and mathematician Freeman J Dyson wrote,“These new structures were regarded by contemporary mathematicians as ‘pathological.' They were described as a ‘gallery of monsters,' kin to the cubist painting and atonal music that were upsetting established standards of taste in the arts at about the same time. The mathematicians who created the monsters regarded them as important in showing that the world of pure mathematics contains a richness of possibilities going far beyond the simple structures that they saw in nature.”Mandelbrot's research delved into the exploration of fractals, which he described as broken shapes, distinct from the smooth Euclidean curves. These fractals opened new possibilities, allowing for the modeling of complex phenomena found in nature. Mandelbrot's fractal geometry was brought to life through computer-generated images of landscapes and clouds, reflecting the generative algorithms found in nature. These images showcased the jagged, impure, and fractured lines that emerged, challenging the simplicity of Euclidean shapes.Mandelbrot emphasized that drawing a line between just two points on a square Euclidean plane oversimplifies reality. Instead, he considered the fracturing that occurs when lines connect every point in a square or a cube. In fact, the term "fractal" itself derives from the Latin adjective "fractus," meaning "broken." Mandelbrot highlighted the relevance of fractals lying between the shapes of Euclid, akin to fractions lying between integers.Mandelbrot offers that “When mathematicians concluded about a century ago that the seemingly simple and innocuous notion of ‘curve' hides profound difficulties, they thought they were engaging in unreasonable and unrealistic hairsplitting. They had not determined to look out at the real world to analyze it, but to look in at an ideal in the mind. The theory of fractals shows that they had misled themselves.”Mandelbrot's work demonstrated that the seemingly simple crayon drawing of my dad's plane landing concealed profound difficulties. My self-imposed brain teaser was was not an exercise in unreasonable hair-splitting, but rather an analysis of the real world. Fractals, I now know, provide a mathematical framework to quantify irregularities found in natural structures and allow for the analysis and modeling of complex systems exhibiting patterns at different scales.Mandelbrot's groundbreaking ideas expanded on Cantor and Peano to illuminate the vast possibilities and richness of mathematics beyond the limitations of traditional Euclidean structures. These concepts empower us to better understand the complexities of the natural world and prevent us from being misled by overly idealized notions. Thanks to their work, we are better equipped to explore and comprehend the intricate beauty of the natural world. Even the jagged wax deposits of the line depicting a runway in my childhood drawing. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit interplace.io

TEMPORADA 1/2023 __________________________________________________________ Título Libro (Español): Caos: La creación de una ciencia.  Título Libro (Inglés - Original): Chaos: Making a New Science. Autor(a): James Gleick Revisor: Johann Quenta. TEMAS TRATADOS  Historia y contribuciones fundamentales a la teoría del caos. Quiénes fueron como los personajes principales en el nacimiento de la teoría del caos. La teoría del caos hoy en día es una mezcla entre divulgación científica e historia de la ciencia. IDEA PRINCIPAL: El autor quiere dar a entender a la gente qué es la teoría del caos, qué son estos desarrollos científicos que tiene a los físicos y a las matemáticos tan interesados, al mismo tiempo quiere explicar un poco el surgimiento de esta rama de la ciencia. ARGUMENTO DEL AUTOR(A): La importancia e historia de una de las olas más significativas del conocimiento científico en nuestro tiempo: la teoría del caos, mostrando una nueva vista del universo. __________________________________________________________ No olvides comentarnos: ¿Qué aprendizaje te llevas del episodio? Ya sea en la caja de preguntas y respuestas en Spotify o en un post a través de redes sociales, puedes etiquetarnos como @bookmovementco para que sigamos la conversación.   Disfruta el episodio :)   ÍNDICE  (00:00:00) Introducción, presentación y bienvenida del invitado revisor. (00:01:28) Breve resumen del autor. ¿Quién fue James Gleick?. (00:02:33) Inicio Revisión. (00:04:07) Estructura del Libro (00:04:36) ¿Qué es el caos? (00:09:11) Caos en sistemas de escalas pequeñas. (00:10:15) Historia del caos: Edward Lawrence. (00:11:33) Edward Lawrence y el efecto mariposa. (00:13:13) Sistemas no lineales. (00:16:12) Flujo aperiódico determinista. (00:18:06) James Yorke. (00:19:20) Periodo tres implica caos. (00:26:02) Benoit Mandelbrot y los fractales. (00:30:48) El caos y su expansión en la ciencia. (00:32:18) Última reflexión. (00:33:23) Conclusiones y despedida. (00:35:15) Inicio de las preguntas. (00:35:21) P1: ¿Tú crees que el libro exagera la importancia de la teoría del caos y su impacto en otras disciplinas o crees que le dá la importancia que se merece? (00:40:46) P2: ¿El libro discute algo controversial con respecto a la teoría del caos? (00:42:47) P3: ¿Tú crees que este libro ha sido representativo para la futura investigación en esta rama? (00:46:07) P4: ¿Consideras importante que la ciencia de la complejidad sea impartida en estudios de pregrado dada la diversidad de aplicaciones? (00:47:55) P5: ¿Qué opinas tú al respecto del uso de herramientas y el paradigma que se tiene entre los matemáticos? (00:50:43) P6: ¿Tú crees que el desarrollo de la Inteligencia artificial pueda tener un impacto en mejorar la predicción de ciertos parámetros o fenómenos en sistemas no lineales? (00:58:56) Palabras finales. (00:59:36) Créditos Equipo SBM.

Dans les années 1960, Benoit Mandelbrot a mis en place un nouveau domaine des sciences : la géométrie fractale. Celle-ci fournit un cadre mathématique pour appréhender les objets rugueux, les classifier ou les modéliser, et elle trouve aujourd'hui des applications dans toutes les sciences. Stéphane Jaffard, professeur de mathématiques à l'UPEC4, ancien président de la société mathématique, de France, présentera les concepts utilisés dans ce domaine, et montrera leur pertinence pour analyser des images aussi différentes que des tableaux de Van Gogh ou la répartition de population dans les agglomérations urbaines.

Jean-Philippe Bouchaud, a statistical physicist, is a pioneer in econophysics, a research field applying theories and methods originally developed by physicists in order to solve problems in economics, usually those including uncertainty or stochastic processes and nonlinear dynamics. He is the co-founder and chairman of Capital Fund Management, global asset management using quantitative and scientific approaches to financial markets to invest billions of dollars in a systematic way. He is also the Head of Research of CFM and a professor at École Normale Supérieure. We talk about how ideas in dynamical systems theory and complex systems theory, like the ones developed by the 2021 Physics Nobel prize Giorgio Parisi, but also by Michael Fisher and Benoit Mandelbrot, influenced him. We talk about fat tails, Levy flights, and their emergence in both physical and financial systems. We talk about diffusion phenomena, fractional Brownian motion, hyperchaos, the Hurst exponent, and their application in finance. We touch on the wisdom of crowds, the emergence of intelligence in complex systems, their relations with the efficient market hypothesis, and the limits of Markovian modeling of the financial market. We also try to inform policymaking, both aiming at an optimal level of inequality in society and dealing with systematic incentives to push against what Bret Weinstein calls the personal responsibility vortex, therefore criticizing the invisible hand idea by Adam Smith. We close with the use of Artificial Intelligence techniques in finance, focusing on the relationship between Deep Learning, Kernel Methods, and Random Matrix Theory. LINKS: https://crunchdao.com https://en.wikipedia .org/wiki/Jean-Ph...https://www.linkedin.com/in/jean-phil...https://www.cfm.fr/https://scholar.google.com/citations?...

Elise and I loooove nature and thanks to the inspiration of Florence Williams' book about nature and humans, The Nature Fix, we speak to the benefits of seeing nature in this episode.If you have listened to any of our recent episodes you are starting to understand how valuable nature is to our physical and mental health and wellbeing. The experience of seeing nature with our eyes has profound effects.  To begin with sunlight helps with dopamine in our eyes and impacts eye shape and thus can promote proper formation of the eyeball itself. Without it the eye can take on an oval shape causing near-sightedness. Our eyes are also see red very well which is what helps us distinguish healthy foods but also can alert us to danger. Interestingly red was the first color given a name in many cultures after naming black and white. Counter to that blue and green have a very calming and universal connectedness effect. This is why so many hospitals use these colors, so that patients may experience the calming benefits of those colors, like speedier healing and less pain meds.We also discuss fractal patterns which is a word that explains many of the self-repeating patterns of nature, for instance fern leaves. The term was coined by Benoit Mandelbrot in 1975.  Our body has many examples of fractal patterns within so it is no wonder that witnessing fractal patterns can create a positive mental response in humans. Some studies have shown that these patterns can reduce stress and mental fatigue by 60%. So get outside or go buy some plants!Taken from Florence Williams' book we talk about ... A Dutch study of over 10,000 households that found people of similar incomes living near more vegetation experienced less loneliness, and by an office study showing that subjects in rooms with potted plants were more generous to others when ask to distribute five dollars than those in a room without plants” - F. Williams. Check out her website HEREThere is not shortage of data out there that demonstrates how valuable looking at natural settings and plants can be for humans. Remember we are animals. Elise and I recommend adding walks in nature, plants in the office and vacations in natural habitats to calm the mind and uplift the spirits. #optoutside (Thanks REI)Thanks for your support of our podcast. Please leave a review or subscribe. Please email us with any questions, comments or suggestions...daring2dabblepodcast@gmail.comBe sure to check us out on Facebook and Instagram. Also please join our very new Facebook group... DARING TO DABBLE PODCAST COMMUNITYWe are super excited to connect with our listeners, let's all share our joy for trying new things and experiencing life to it's fullest.   MAKE LIFE FUN!!! Elise and Nicole are Intuitive Life Coaches, you can learn more about how they do what they do here:Elise Suronen website: https://mycoachelise.com/   Nicole Hope website: https://nhopeguidance.com/

How do you create a portfolio strategy that takes into account both safety and the pursuit of your aspirational goals?   That's what today's guest, Ashvin Chhabra, set out to answer with the Wealth Allocation Framework. Ashvin is President and Chief Investment Officer of Euclidean Capital, a New York-based family office for James H. Simons & Marilyn H. Simons. The Simons Foundation is dedicated to advancing research in mathematics and the basic sciences and is currently one of America's largest private funders in those areas. Prior to his current position, Ashvin was Chief Investment Officer for Merrill Lynch and Chief Investment Officer at the Institute for Advanced Study in Princeton, New Jersey. He's also the author of a terrific book, The Aspirational Investor, which was published in 2015. Ashvin holds a Ph.D. in Applied Physics from Yale University in the field of nonlinear dynamics.   In this episode, Ashvin, Tano, and I discuss Ashvin's background as a theoretical physicist, why he didn't see himself becoming a great trader, how the Wealth Allocation Framework was developed, his frustrations with modern portfolio theory, how he brings behavioral finance into wealth management, how to think about inflation and wealth preservation, and so much more!     Key Topics:   Welcome Ashvin to the show (1:05) The beginnings of Ashvin's dream of becoming a physicist (2:58) The deep insights Ashvin was exposed to in his university studies (3:53) Benoit Mandelbrot's influence on Ashvin's thinking (5:51) Ashvin's transition from theoretical physicist to derivatives trading (9:20) Why Ashvin didn't resonate with a career on the trading floor (11:24) How the Wealth Allocation Framework was developed (15:54) Three main components of the wealth allocation framework (18:11) The engine of wealth creation (22:24) Why we need to understand models in their specific context (25:05) An evolving view of risk (28:46) Bringing behavioral finance into wealth management (31:23) Ashvin's perspective on the evolution of the endowment model (34:55) Diversifying through various ecosystems (38:26) How to think about inflation and wealth preservation (41:43) Bringing in an element of common sense and humanity (45:26) The macro issues that worry Ashvin (47:52) The beauty of the non-linear aspects of financial markets (51:13) Ashvin's book recommendations (53:03) And much more!   Mentioned in this Episode:   Ashvin B. Chhabra's Book | The Aspirational Investor: Taming the Markets to Achieve Your Life's Goals Ashvin B. Chhabra's Paper | Beyond Markowitz: A Comprehensive Wealth Allocation Framework for Individual Investors Patrick Bolton, Tano Santos and José Scheinkman's Paper | Cream Skimming in Financial Markets Robert A. Caro's Book | Working Robert A. Caro's Book | The Power Broker: Robert Moses and the Fall of New York Benoit Mandelbrot & Richard L Hudson's Book | The Misbehavior of Markets: A Fractal View of Financial Turbulence Benjamin Graham's Book | The Intelligent Investor: The Definitive Book on Value Investing Morgan Housel's Book | The Psychology of Money: Timeless lessons on wealth, greed, and happiness Amor Towles' Book | A Gentleman in Moscow   Thanks for Listening!   Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu.   Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!

Irreplaceable PraiseIn fractal geometry, there is a complex set of numbers that produces an infinitely intricate shape when plotted on a plane. It's called a Mandelbrot set, after the founder of fractal geometry, Benoit Mandelbrot. Clouds and coastlines are classic examples of this endless complexity. Any detail can be magnified to reveal even more detail, ad infinitum. The blessings of God are a Mandelbrot set. They aren't one size fits all. Each blessing is custom fitted to your complexity and, I might add, your personality. Take the mercy of God, for example. The mercy God has shown you is as unique as your fingerprint. The writer of Lamentations said that God's mercies are new every morning (Lamentations 3:22–23). The Hebrew word for “new” doesn't just mean “again and again.” It means “different.” In other words, today's mercy is different from yesterday's mercy, which is different from the mercy of the day before that.If you want to fully appreciate God's mercy, take out a calculator. Multiply your age by 365 days; then add the number of days since your last birthday. The total number of days you've been alive is synonymous with the different strains of mercy you have been shown. Each day's mercy is a never-to-be-repeated miracle.Let me push this envelope a little further. There never has been and never will be anyone like you, but that isn't a testament to you. It's a testament to the God who created you. And the significance of that is this: no one can worship God like you or for you. When we sing a song like “Great Is Thy Faithfulness,” we may be singing the same words, but we are singing a very different song.God has been faithful to me in thousands of different ways. When I sing of His faithfulness, I'm singing out of my unique experiences. And so are you. If you don't sing, the person next to you might not miss your voice, but God will. In fact, you are holding out on God. Why? Because your praise is irreplaceable! Like our praise that is uniquely offered to God, God's blessings are uniquely fitted to us. What can you praise God for today that no one else in history has praised Him for?Because of the Lord's great love we are not consumed, for his compassions never fail. They are new every morning; great is your faithfulness.Lamentations 3:22‭-‬23 NIV

Irreplaceable PraiseIn fractal geometry, there is a complex set of numbers that produces an infinitely intricate shape when plotted on a plane. It's called a Mandelbrot set, after the founder of fractal geometry, Benoit Mandelbrot. Clouds and coastlines are classic examples of this endless complexity. Any detail can be magnified to reveal even more detail, ad infinitum. The blessings of God are a Mandelbrot set. They aren't one size fits all. Each blessing is custom fitted to your complexity and, I might add, your personality. Take the mercy of God, for example. The mercy God has shown you is as unique as your fingerprint. The writer of Lamentations said that God's mercies are new every morning (Lamentations 3:22–23). The Hebrew word for “new” doesn't just mean “again and again.” It means “different.” In other words, today's mercy is different from yesterday's mercy, which is different from the mercy of the day before that.If you want to fully appreciate God's mercy, take out a calculator. Multiply your age by 365 days; then add the number of days since your last birthday. The total number of days you've been alive is synonymous with the different strains of mercy you have been shown. Each day's mercy is a never-to-be-repeated miracle.Let me push this envelope a little further. There never has been and never will be anyone like you, but that isn't a testament to you. It's a testament to the God who created you. And the significance of that is this: no one can worship God like you or for you. When we sing a song like “Great Is Thy Faithfulness,” we may be singing the same words, but we are singing a very different song.God has been faithful to me in thousands of different ways. When I sing of His faithfulness, I'm singing out of my unique experiences. And so are you. If you don't sing, the person next to you might not miss your voice, but God will. In fact, you are holding out on God. Why? Because your praise is irreplaceable! Like our praise that is uniquely offered to God, God's blessings are uniquely fitted to us. What can you praise God for today that no one else in history has praised Him for?Because of the Lord's great love we are not consumed, for his compassions never fail. They are new every morning; great is your faithfulness.Lamentations 3:22‭-‬23 NIV

Array Cast - May 13, 2022 Show Notes[01] 00:01:25 https://code.jsoftware.com/wiki/System/Forums[02] 00:02:10 https://www.arraycast.com/episodes/episode26-stevan-apter[03] 00:02:28 Joel Kaplan video https://www.youtube.com/watch?v=Ni0Kj3Xjk1k&t=1s[04] 00:03:10 https://www.morganstanley.com/[05] 00:03:15 https://aplwiki.com/wiki/Arthur_Whitney[06] 00:03:25 https://www.1010data.com/[07] 00:10:20 APL-DI https://dl.acm.org/doi/10.1145/800136.804492[08] 00:12:10 https://en.wikipedia.org/wiki/Fred_Brooks[09] 00:12:36 https://en.wikipedia.org/wiki/David_E._Shaw[10] 00:15:25 https://en.wikipedia.org/wiki/Jeff_Bezos[11] 00:17:00 https://en.wikipedia.org/wiki/Digital_Equipment_Corporation[12] 00:18:15 https://en.wikipedia.org/wiki/IBM_5100[13] 00:18:55 https://en.wikipedia.org/wiki/Bill_Gates[14] 00:18:55 Gates APL Interpreter https://americanhistory.si.edu/comphist/gates.htm#tc30[15] 00:23:11 https://aplwiki.com/wiki/Bob_Bernecky[16] 00:26:15 https://mathworld.wolfram.com/NearestNeighborProblem.html[17] 00:29:26 Generalisation of the Axis operator apl.wiki/Rank (operator)[18] 00:30:50 https://en.wikipedia.org/wiki/QWERTY[19] 00:31:37 https://aplwiki.com/wiki/A[20] 00:34:00 https://aplwiki.com/wiki/K[21] 00:34:17 APL machine https://aplwiki.com/wiki/APL_Machine[22] 00:35:07 Analogic https://www.analogic.com/?locale=en[23] 00:37:07 Aaron Hsu video https://www.youtube.com/watch?v=2FMBf6A2eAA[24] 00:41:19 http://www.nsl.com/[25] 00:43:45 https://en.wikipedia.org/wiki/Muhammad_ibn_Musa_al-Khwarizmi[26] 00:43:52 https://en.wikipedia.org/wiki/Gottfried_Wilhelm_Leibniz#Symbolic_thought[27] 00:52:30 https://www.ubs.com/ca/en.html[28] 00:54:20 https://en.wikipedia.org/wiki/Pete_Muller_(businessman_and_singer-songwriter)[29] 00:56:30 https://www.dyalog.com/[30] 00:57:10 https://shakti.com/[31] 01:00:35 https://en.wikipedia.org/wiki/Steve_Jobs[32] 01:01:30 https://www.jsoftware.com/#/README[33] 01:04:09 https://aplwiki.com/wiki/Ken_Iverson[34] 01:08:30 Steven's blog post https://www.5jt.com/all-that-jazz-the-librarian-s-song[35] 01:12:18 https://en.wikipedia.org/wiki/Alan_Perlis[36] 01:13:33 https://en.wikipedia.org/wiki/Benoit_Mandelbrot[37] 01:14:15 Society of Quantitative Analysts https://www.sqa-us.org/[38] 01:14:47 https://en.wikipedia.org/wiki/Shmuel_Winograd https://encyclopediaofmath.org/wiki/Winograd_Fourier_transform_algorithm[39] 01:14:41 Yorktown Heights: https://en.wikipedia.org/wiki/Thomas_J._Watson_Research_Center[40] 01:14:52 John Cocke https://www.youtube.com/watch?v=eYwd30iWVvw https://en.wikipedia.org/wiki/John_Cocke_(computer_scientist)[41] 01:15:25 https://en.wikipedia.org/wiki/Leon_Cooper[42] 01:16:19 https://en.wikipedia.org/wiki/Philip_Wolfe_(mathematician) https://en.wikipedia.org/wiki/Quadratic_programming https://pages.cs.wisc.edu/~brecht/cs838docs/wolfe-qp.pdf[43] 01:16:41 https://en.wikipedia.org/wiki/Sharpe_ratio[44] 01:18:54 https://en.wikipedia.org/wiki/Alan_Kay[45] 01:18:58 https://en.wikipedia.org/wiki/Alexander_Stepanov[46] 01:20:09 https://en.wikipedia.org/wiki/Rob_Pike[47] 01:22:05 https://www.reddit.com/r/apljk/[48] 01:22:30 https://en.wikipedia.org/wiki/Lisp_(programming_language)[49] 01:24:43 Conor's videos https://www.youtube.com/channel/UC1kBxkk2bcG78YBX7LMl9pQ[50] 01:25:13 Rodrigo's videos https://www.youtube.com/channel/UCd_24S_cYacw6zrvws43AWg[51] 001:25:01 "Easy to Learn - Worth Mastering" https://dyalog.tv/APLSeeds22/?v=o-0xk96_BNw[52] 01:25:55 https://aplwiki.com/wiki/Outer_Product[53] 01:26:55 BQN https://mlochbaum.github.io/BQN/[54] 01:27:25 https://aplwiki.com/wiki/Inner_Product[55] 01:29:55 Ripple shuffle expression https://tryapl.org/?clear&q=%7B%E2%8D%B5%5B%E2%8D%8B%E2%8D%922%7C%E2%8D%B3%E2%89%A2%E2%8D%B5%5D%7D%27ABCDEabcde%27&run

Hello Interactors,Beauty may be in eye of the beholder, but it’s also in the brain. We all seem to be drawn to balance, order, and predictable patterns which rulers, T-squares, protractors, and compasses have readily provided. It’s the stuff maps are made of. They’ve brought progress and good fortune to many over the centuries, but have they also lead to our decay?As interactors, you’re special individuals self-selected to be a part of an evolutionary journey. You’re also members of an attentive community so I welcome your participation.Please leave your comments below or email me directly.Now let’s go…HIGH FASHIONI can’t deny it. I’m a sucker for grids. I’m drawn to music, art, and designs that are balanced, orderly, and intelligible. Give me a ruler, a protractor, a compass, and a pencil and I’d happily make art and designs all day. Growing up I’d handcraft lettering on cards using my Dad’s plastic flowchart stencils. What can I say, I’m a product of modernity. A neat and tidy aesthete.But that attraction was called into question last week as I was watching The Hobbit. The movie’s protagonist, Bilbo Baggins, lives in an organically shaped earthen home carved into the side of hill. There’s not a Cartesian grid or plane anywhere to be found. Every wall is curved as if bored into the hillside by a giant gopher. I was so smitten that I murmured out loud to my family, “I could definitely live in that house.” Has my planar proclivity passed me by, or has the curving complexity of nature caught my eye?Neuroscience has uncovered evidence that we humans, perhaps other animals as well, tend ‘like’ and/or ‘want’ aesthetic order and balance. Evidence of elements in oddities ordered by humans abounds in centuries of found paintings, carvings, jewelry, and even cities.But firm empirical conclusions of this gray-matter matter remain elusive. Although, neuroscientists do agree on one thing: there is no single ‘beauty center’ in our brain. When hooked up to brain imaging machines, scientists observe “activity in the frontal pole, left dorsolateral cortex, anterior cingulate cortex, temporal pole, motor cortex, parietal cortex, ventral stratum, and occipital cortex, among others.” And there is ongoing work trying to tease out the order in which these activities unfold betwixt the vast network of synapsis in a brain containing as many neurons as stars in the Milky Way. A task seemingly more complex than the identification of the regions themselves.If aesthetically pleasing ordered intelligibility is indeed a universal mammalian trait, getting to that cognitive state is complex – understanding it even more so. Some scientists believe another reason concrete evidence is elusive is because the visual stimuli used across studies varies considerably.Designing and administering cognitive research requires rationalizing inputs across studies to achieve more predictable outcomes. This ‘streamlining’ of the scientific method is not only applied to studies, but to the design and manufacturing of products, and the planning, mapping, and administration of our neighborhoods, cities, regions, and states.Political scientist and legal anthropologist James C. Scott once alluded to the similarities between designing observational studies and the design of our modern urban environments writing,“The builders of the modern nation-state do not merely describe, observe, and map; they strive to shape a people and landscape that will fit their techniques of observation.”Scott’s 1998 book, Seeing Like a State, is critical of what he calls High Modernism which is an over-reliance on Cartesian principles, the scientific method, and unfaltering faith in technology. While he admits these advances improved – and continue to improve – the human condition, he believes blind adherence to these aesthetic, bureaucratic, and technocratic principles may have also put us on a path toward what we now see as potential human extinction.The list of ‘High Modernists’ in art, science, design, and politics is long, but Scott created a “Hall of Fame” of geo-political modernists like former U.S. Secretary of Defense and Cold War strategist Robert McNamara known for his ‘scientific management’ style, New York commissioner-cum-urban planner and power broker Robert Moses, founding head of Soviet Russia and dictator of the proletariat Vladimir Lenin, the Shah-of-Iran who sought to modernize and nationalize his entire country and industry, and the influential architect and urban designer Le Corbusier who advocated for standardized inhumane design and erasure of historical and cultural tradition – especially in the aftermath of war.Scott’s full list includes people of not any one political persuasion. He reveals how both conservatives and progressives are capable of “sweeping, rational engineering of all aspects of social life in order to improve the human condition.” He notes they all use “unrestrained use of the power of the modern state as an instrument for achieving these designs.” And he observes the public really has no recourse, nor often the desire, to resist it. He says,“The ideology of high modernism provides, as it were, the desire; the modern state provides the means of acting on that desire; and the incapacitated civil society provides the leveled terrain on which to build (dis)utopias.”That ‘desire’, as it were, I suspect is partially driven by the aesthetics found in the uniformity, balance, and order of ‘High Modernists.’ Parsimony, the reductive removal of redundancy, is what persuades people to purchase overpriced but simplified products like Prada. It’s what spurred Tom Wolfe to observe in his book From Bauhaus to Our House that elite modernists want to fill cities with “row after row of Mies van der Rohe.” The German architect was known for his stark rectilinear buildings made of what he called ‘skin and bone.’In addition to fashion and architecture, modernist desire was (and still is) embodied in many elements of society and popular culture from literature, to industry, to transportation. Much of this progress occurred during the Industrial Age of the 19th century. I can imagine the exhilaration of high speed movement through space over time on a bike, car, or train surely began with fright but ended in delight. Even desirable.As Scott points out, the state provided the means for this desire to manifest. He invites us to,“imagine that what these designers of society had in mind was roughly what designers of locomotives had in mind with ‘streamlining.’ Rather than arresting social change, they hoped to design a shape to social life that would minimize the friction of progress. The difficulty with this resolution is that state social engineering was inherently authoritarian.”FROM CRAWLING TO SPRAWLINGIt was locomotives that brought many colonizers to my home town, Norwalk, Iowa in the late 1800s. But the first was Samuel Snyder in 1852. He built a log cabin near an area called Pyra. He was likely on the land of the Báxoje (Bah-Kho-Je) people, or as neighboring tribes called them ayuhwa “sleepy ones” otherwise known as Iowa. Pyra was a few miles south of the state capital, Des Moines (Hartford of the West) that was incorporated just one year earlier.By 1856, four years later, Pyra had a post office and a new resident, George Swan, who made his presence known by “putting up a pretentious edifice, to be used as a hotel.” Swan was a politician and newspaper publisher who moved from Norwalk, Ohio but was born in Norwalk, Connecticut. He became postmaster in part to change the name of the town from Pyra to Norwalk.The renaming of Indigenous place names to Western names is another common act of the ‘High Modernist’, as is laying out a town in your vision. Which was the next thing Swan did.The county and the township had already been gridded and platted as part of Thomas Jefferson’s squaring of a nation, but it was Swan’s ‘authoritarian’ vision that allowed for the ‘social engineering’ of the town I grew up in. He was aided by a handful of settlers including Jesse Huff and Mary Huff. One of my best friends came from the Huff family, his uncle was our baseball coach, and his grandpa was the long time Norwalk city manager. That’s three generations of city administration aided by the modern state’s ‘means of acting on the desire’ to ‘level terrain’ so they may build their ‘utopia.’It took until the 1950s and 60s before Norwalk become a true suburb of Des Moines – an expansion beyond what Swan could ever have imagined. Its population sputtered growing modestly between 1900 and 1950 from 287 to 435, but then grew 205% between 1950 and 1960 to 1,328. The town didn’t expand beyond Swan’s initial footprint until 1969 and it’s been sprawling ever since. It’s now hard to discern the border between Des Moines and Norwalk. When I lived there in the 60s, 70s, and 80s corn and soybean fields provided a visible gap.Despite these well-intentioned ‘High Modernists’ sprawling attempts around the world at carefully planned and engineered social utopias, scholarly literature reveals what Scott suspects. Research across economists, geographers, and planners suggests this general consensus:“urban sprawl as a multidimensional phenomenon [is] typified by an unplanned and uneven pattern of urban development that is driven by a multitude of processes and which leads to the inefficient utilisation of land resources. Urban sprawl is observed globally, though its characteristics and impacts vary.”The words ‘uneven’ and ‘multitude of processes’ and ‘inefficient utilization’ resulting in ‘varying impacts’ don’t fit the exacting premise promised by enlightened ‘High Modernists.’ This study I’m quoting was done in reaction to the fact that despite the populations of European cities declining, their footprints have continued to sprawl since the 1970s. They say, “There is no sign that this trend is slowing down and, as a result, the demand for land around cities is becoming a critical issue in many areas.” This is the essence of urban sprawl.The ordinal origins of sprawl are synonymous with their historic modernist and economic origins – the Central Business District. The shape and pattern of the impending sprawl in the United States and Europe is like a spider spinning it’s web from the center out. Causes are often oversimplified by a focus on the economic trade-off between housing prices and commuting costs. Importantly, this economic function is a result of the modern state’s role in ‘providing the means of acting on the desire’ of select individuals to live ‘elsewhere.’There are other factors that determine the shape, resolution, and scale of sprawl. A 2006 study determined that“sprawl in the USA between 1976 and 1992 was positively related to groundwater availability, temperate climate, rugged terrain, decentralised employment, early public transport infrastructure, uncertainty about metropolitan growth and the low impact of public service financing on local taxpayers.”Other studies include another big factor in the United States, ethnicity: that same 2006 study found “that increases in the percentage of ethnic minority populations within cities and rising city centre crime rates both led to a growth in urban sprawl.” Curiously, a similar study focused on Europe “confirmed the positive impact of higher crime rates on sprawl, but observed the opposite effect for the impact of ethnic minority populations.”I HAVE A CITY IN MINDSprawl isn’t just happening in the U.S. and Europe, but in developing countries as well. Since opening up in 1979, China has seen unprecedented sprawl in conjunction with their rise in socioeconomic development. Urbanization increased “17.92% in 1978 to 59.60% in 2018, and scholars predict it will reach 70% in 2035 and 75% in 2050.”As is the case in the United States and Europe, “the expansion of urban land mainly sacrifices rural land, especially cropland, which produces negative effects such as ecological degradation, water and land loss, and soil pollution.” This study concludes that “urban land expansion has garnered much attention, and studies have focused on land transition monitoring, effects analysis, and mechanism identification. However, discussions on suburban development and its subsequent effects remain insufficient.”These researchers draw attention to three commonly used dimensions in studying sprawl:Administrative - Administrative boundaries such as towns close to a city.Spatial - Location, Density, and Spatial Activity adjacent and within commuting distance of the city.Social - Attributes such as classes, races, and ethnicities of residents that distinguish cities and suburbs.A primary thrust of ‘High Modernism’ are found in those first two dimensions. ‘High Modernists’ seek to ease the ‘administrative’ costs through the reduction of ‘spatial’ complexity. There’s actually nothing modern about that, really. Unless you consider the 5th century BC Greek polymath Hippodamus ‘modern’. He is considered the ‘father of European urban planning’ beginning with his grid plan of the Greek port city Piraeus that remains today. But being a mathematician, he no doubt was seeking spatial parsimony for city administrators.The economist Herbert Simon (who studied decision making in large organizations) describes the ‘administrative man’ this way:“Administrative man recognizes that the world he perceives is a drastically simplified model of the buzzing, blooming confusion that constitutes the real world. He is content with the gross simplification because he believes that the real world is mostly empty – that most of the facts of the real world have no great relevance to any particular situation he is facing and that most significant chains of causes and consequences are short and simple.”Simon elucidates how the first two dimensions of the effects of ‘High Modernist’ urban sprawl, – ‘administrative boundaries’ and remote measures of ‘spatiality’ – are ‘gross simplifications’ of the ‘buzzing, blooming confusion that constitutes the real world.’ This ‘real world’ may be better evidenced in the third dimension of measures, ‘social attributes such as classes, races, and ethnicities of residents that distinguish cities and suburbs.’But even these attributes can remain removed the real world if viewed from a map or table of data. We need only look at Redlining as an example of how ‘social’ dimensions can be used to negate, subjugate, frustrate, dictate, alienate, arbitrate, automate, and attempt to eliminate certain classes, races, and ethnicities through actuated, calculated tax rates, interest rates, and loan rates through a slate of mandates from magistrates of the city-state, state-state, and nation-state.The French Philosopher, Michel de Certeau, observes in his book The Practice of Everyday Life how Walking in the City, despite its gridded plans, results in people defiantly deploying practical and tactical shortcuts despite attempts by centuries of ‘High Modernism’ to control them. He writes that ‘the City’,“provides a way of conceiving and constructing space on the basis of a finite number of stable, isolatable, and interconnected properties.”But he also wonders if this concept of the city is decaying. He reflects on the strength, resiliency, and tenacity of humanity despite the potential erosion of ‘High Modernism’ and asks,“Does that mean that the illness afflicting both the rationality that founded it and its professionals afflicts the urban populations as well?”He invites us to not turn our “bewilderment” of ‘High Modernism’ in ‘catastrophes’” of its undoing but instead,“analyse the microbe-like, singular and plural practices which an urbanistic system was supposed to administer or suppress, but which have outlived its decay…”As much as I like the ordered, gridded aesthetic, I’ve come to better appreciate the beauty in our ‘microbe-like’ natural world. Modernity may be defined by the analytical geometry of Descartes, but I can’t help but wonder if the work of another 17th century mathematician may come to shape our future.His name is Gottfried Wilhelm Leibniz, the German mathematician who invented, perhaps along with Isaac Newton, calculus. Leibniz is also credited with discovering self-similarity which forms the bases for Benoit Mandelbrot’s fractals. Mandelbrot’s geometry, his ‘Art of Roughness’, describes the mathematics behind branching systems found in fern leaves, cauliflower, trees, and coastlines as well as our circulatory system, nervous system, bronchial system, and maybe even Bilbo Baggin’s hobbit home in the hill. If it wasn’t for the fractal-like nature of the gray-matter of our brain, it wouldn’t be able fold upon itself to fit within the small cavity of our cranium. Even its network of neurons, and the synaptic patterns they form as we fawn over beauty, follow the mathematical laws of Leibniz and Mandelbrot. Our world may not need be ordained by Cartesian order because it’s already organized. We just need to understand it and follow its lead.As neuroscientists continue to map the brain in search of what draws us to order and balance in objects as well as cities, perhaps they could consider the conjecture of British physicist and distinguished professor of the Santa Fe Institute, Geoffrey West when he writes:“…because the geometry of white and gray matter in our brains, which forms the neural circuitry responsible for all of our cognitive functions, is itself a fractal-like hierarchical network, this suggests that the hidden fractal nature of social networks is actually a representation of the physical structure of our brains. This speculation can be taken one step further by invoking the idea that the structure and organization of cities are determined by the structure and dynamics of social networks……In a nutshell: cities are a representation of how people interact with one another and this is encoded in our neural networks and therefore in the structure and organization of our brains.” This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit interplace.io

In a banner episode for Canadian content adherents, Judas recounts an attempted coup d'état at his company and Dimes reviews Top 5 Worst Movie of Earth - Moonfall - and Jackass Forever. What follows is an in-depth discussion of the mechanics of alcoholism and insider reports from Alcoholics Anonymous (AA.) Finally, they discuss the role of fractal geometry in the financial market, discussing the book "The (Mis)behavior of Markets: A Fractal View of Financial Turbulence" by legendary mathematician Benoit Mandelbrot. In this investigation, they look at how we can take a macro view of economics irrespective of granular causes and map future volatility in both natural and human-created systems.

Rohit Krishnan is a VC and essayist who writes the ‘Strange Loop Canon' newsletter in which he tries to understand the ever increasing complexity of our world. You can follow Rohit on Twitter at https://twitter.com/krishnanrohit and subscribe to his newsletter at https://www.strangeloopcanon.com/ Show Notes: Douglas Hofstadter's Strange Loop Memory as an unreliable narrator Are we seeing a decline in eccentricity? The Great Reshuffle We need more Thiel-style patrons Why do big companies suck at innovation? Importance of failure Reducing the cost of failure Universal Basic Income/Dividend Maximizing EV vs. Maximizing hit rate Are governments inefficient? Fragility of jobs World in 2050 Books Recommended: Gödel, Escher, Bach; by Douglas Hofstadter I Am a Strange Loop; by Douglas Hofstadter The Misbehavior of Markets; by Benoit Mandelbrot and Richard L. Hudson

Fractales; Descubiertos por Benoit Mandelbrot. Son figuras complejas simétricas de forma intrincada sin deformidades: Cómo los fractales conectan la mente con la realidad de lo que se manifiesta como sustancia emocional y como estos son capaces de modificar la síntesis de la realidad con la compleja visión de querer cambiar a voluntad la visión tanto individual como colectiva en base a una conciencia colectiva cambiante y coherente con la creación de ideas que altera la función de las mismas en base al cambio voluntario fundamentado en el real-cambio.

“Ecology does not seek connections, but patterns” -Marshall McLuhan “There is no simple linear cause and effect relationship in the emergence of an emergent system as the components that make up the emergent system exert an upward effect on the composite system (the parts creating the whole), and vice versa the composite system exerts downward effects on its components, which form constraints on the behaviour of those components. The interactions of the components that lead to the self-organization of the emergent system are non-linear because of that upward and downward causation. The lateral non-linear causation of the components of the system among themselves actually creates the emergent system. The emergent system then in turn acts downward on those components of which it is composed.” -Robert Logan, 2017 "Technological change is neither additive nor subtractive. It is ecological. I mean ‘ecological' in the same sense as the word is used by environmental scientists. One significant change generates total change. If you remove the caterpillars from a given habitat, you are not left with the same environment minus caterpillars: you have a new environment, and you have reconstituted the conditions of survival; the same is true if you add caterpillars to an environment that has had none. This is how the ecology of media works as well. **A new technology does not add or subtract something. it changes everything.** In the year 1500, fifty years after the printing press was invented, we did not have the old Europe plus the printing press. We had a different Europe. After television, the United States was not America plus television; television gave a new coloration to every political campaign, to every home, to every school, to every church, to every industry.” -Neil Postman, 1992 “...there is a spiritual dimension to formal causality, as there is to all acts of creation. But for those who prefer a more scientific outlook, let me simply note that formal cause corresponds to the systems view of Gregory Bateson, to the dissipative structures of physicist Ilya Prigogine, to the fractal geometry of Benoit Mandelbrot and the metapatterns of Tyler Volk, to the autopoietic systems of biologists Humberto Maturana and Francisco Varela, and in general to the systems concept of emergence.” -Eric McLuhan, 2011 “From the very beginning of Western philosophy and science, there has been a tension between mechanism and holism, between the study of matter (or substance, structure, quantity) and the study of form (or pattern, order, quality). The study of matter was championed by Democritus, Galileo, Descartes, and Newton; the study of form by Pythagoras, Aristotle, Kant, and Goethe. Leonardo followed the tradition of Pythagoras and Aristotle, and he combined it with his rigorous empirical method to formulate a science of living forms, their patterns of organization, and their processes of growth and transformation. He was deeply aware of the fundamental interconnectedness of all phenomena and of the interdependence and mutual generation of all parts of an organic whole.” Fritjof Capra, 2008 “[McLuhan's formal causality and tetrad] enhances media ecology, obsolesces content analysis, retrieves Einstein's four-dimensional space time continuum and flips into the reversal of cause and effect.” -Lance Strate, 2017 Sources: https://old.reddit.com/r/DilettanteryPodcast/comments/s437w4/130_formal_cause_part_2_chairs_memes_graham/?

Neste terceiro episódio da Temporada sobre Empreendedorismo Fractal vamos falar um pouco sobre a teoria do caos e qual a sua relação com a Geometria Fractal. Qual a relação entre os estudos de Edward Lorenz no MIT, na década de 60, com os estudos de Benoit Mandelbrot, na IBM, na década de 70? De que maneira montanhas poderiam ser descritas por padrões geométricos e de que forma uma borboleta pode causar um tornado no Texas? Estas e outras questões serão discutidas e apresentadas neste episódio. A aleatoriedade característica de sistêmicas dinâmicos poderão enfim encontrar alguma ordem com a ajuda dos fractais. Acompanhe também o minicurso sobre Empreendedorismo Fractal, com aula de aproximadamente Pi minutos disponibilizadas no Canal Matematizoom no Youtube.

Neste segundo episódio da Temporada sobre Empreendedorismo Fractal vamos conhecer um pouco mais sobre os mistérios da Geometria Fractal. Como é possível termos estruturas geométricas com dimensões não inteiras? Onde foram parar os arquivos do primeiro fractal construídos por Benoit Mandelbrot, nos anos 70? Como podemos utilizar a definição de que o todo está na pequena parte e a pequena parte está no todo para nos conectarmos com o Universo? Algumas destas questões serão apresentadas neste episódio, definindo Fractais para compreendermos ainda mais a sua relação com ações empreendedoras.

Learn about evolutionary compromises; the fractals of Romanesco cauliflower; and dolphins that learn each other's names.  Conflict traits: when evolution and mating conflict with each other by Cameron Duke Experiments show natural selection opposes sexual selection. (2021). EurekAlert! https://www.eurekalert.org/pub_releases/2021-06/uoe-esn060721.php Mulder, M. B., & Rauch, K. L. (2009). Sexual conflict in humans: Variations and solutions. Evolutionary Anthropology: Issues, News, and Reviews, 18(5), 201–214. https://doi.org/10.1002/evan.20226 Okada, K., Katsuki, M., Sharma, M. D., Kiyose, K., Seko, T., Okada, Y., Wilson, A. J., & Hosken, D. J. (2021). Natural selection increases female fitness by reversing the exaggeration of a male sexually selected trait. Nature Communications, 12(1). https://doi.org/10.1038/s41467-021-23804-7 Here's why Romanesco cauliflower grows in a fractal pattern by Briana Brownell Ouellette, J. (2021, July 8). What fractals, Fibonacci, and the golden ratio have to do with cauliflower. Ars Technica; Ars Technica. https://arstechnica.com/science/2021/07/what-fractals-fibonacci-and-the-golden-ratio-have-to-do-with-cauliflower/  ‌Azpeitia, E., Tichtinsky, G., Le Masson, M., Serrano-Mislata, A., Lucas, J., Gregis, V., Gimenez, C., Prunet, N., Farcot, E., Kater, M. M., Bradley, D., Madueño, F., Godin, C., & Parcy, F. (2021). Cauliflower fractal forms arise from perturbations of floral gene networks. Science, 373(6551), 192–197. https://doi.org/10.1126/science.abg5999  Dolphins can learn each other's names by Grant Currin Morell, V. (2021, April 22). Dolphins learn the “names” of their friends to form teams—a first in animal kingdom. Science | AAAS. https://www.sciencemag.org/news/2021/04/dolphins-learn-names-their-friends-form-teams-first-animal-kingdom  ‌King, S. L., Connor, R. C., Krützen, M., & Allen, S. J. (2021). Cooperation-based concept formation in male bottlenose dolphins. Nature Communications, 12(1). https://doi.org/10.1038/s41467-021-22668-1  ‌Shyr, L. (2021, May 5). Dolphins Help Those Who've Helped Them Before, Even When They're Not Friends. Atlas Obscura; Atlas Obscura. https://www.atlasobscura.com/articles/dolphins-work-in-teams  Follow Curiosity Daily on your favorite podcast app to learn something new every day withCody Gough andAshley Hamer. Still curious? Get exclusive science shows, nature documentaries, and more real-life entertainment on discovery+! Go to https://discoveryplus.com/curiosity to start your 7-day free trial. discovery+ is currently only available for US subscribers. See omnystudio.com/listener for privacy information.

En el programa de esta semana, y en clave de tertulia, hablamos largo y tendido sobre los fractales, objetos geométricos con características sorprendentes, que aparecen en muchas estructuras naturales. A lo largo del programa descubrimos la figura de Benoit Mandelbrot, matemático que en los años 70 del siglo pasado dio nombre a estas estructuras y es considerado el principal responsable del auge de este campo de las matemáticas. Analizamos en profundidad qué son los fractales, cuáles son sus características, qué influencia han tenido en otras Ciencias, y sus principales aplicaciones en diferentes tecnologías. Todo ello de la mano de Ignacio Crespo, David Ibáñez, Anabel Forte y Pedro Daniel Pajares. Escucha el episodio completo en la app de iVoox, o descubre todo el catálogo de iVoox Originals

In honor of Will's birthday, this week we traveled back to the heady days of 1975 to see what was big in science and tech in the year of his birth. Our impromptu retrospective features everything from the Altair 8800 to Space Mountain, the Homebrew Computer Club, the Apollo/Soyuz handshake in space, Benoit Mandelbrot, Jaws, Betamax, and a little history-making company from Bill Gates and Paul Allen called... wait, does this say Traf-O-Data?Operating an Altair 8800 is not for the faint of heart: https://www.youtube.com/watch?v=wh_6DtwmQXsSupport the Pod! Contribute to the Tech Pod Patreon and get access to our booming Discord, your name in the credits, and other great benefits! You can support the show at: https://patreon.com/techpod

Today on Building Birmingham Together, I have Dr. Patrick J. Murphy. Dr Murphy is the Goodrich Chair, Professor and Director of Entrepreneurship at The University of Alabama at Birmingham's Collat School of business. He has 20 years of experience worldwide in entrepreneurial ventures, angel investing, and advising. If that does not keep him busy enough, he is also a published author in the Yale U. Press, Harvard Business Review, and many international journals. Dr. Murphy was brought to UAB to start the Entrepreneurship program which just launched last semester - during a pandemic no less. The program is already garnering national attention with 50 students enrolled after just one semester! We're thrilled to see how Dr. Murphy's work impacts the entrepreneurial ecosystem of the city and contributes to building Birmingham together! Follow Dr. Patrick J. Murphy and UAB Collat School of Business: Twitter: @profpjm LinkedIn: Patrick J. Murphy www.linkedin.com/in/profpjm UAB Collat School of Business Website: www.uab.edu/business Instagram: @uabcollatbusiness Facebook: @UABbusiness Twitter: @UABSchoolofBiz Dr. Patrick J. Murphy's Recommendations: The Misbehavior of Markets: A Fractal View of Financial Turbulence by Benoit Mandelbrot and Richard L. Hudson New Rules for the New Economy: 10 Radical Strategies for a Connected World by Kevin Kelly Favorite Birmingham Restaurants: DeVinci's Pizza Bamboo on Second Blue Pacific at Hoover Food Mart Mr. Chen's Authentic Chinese Authentic Chinese Cooking, Homewood, AL This Episode is Sponsored by Forge Forge is a thriving coworking space in the heart of downtown Birmingham at The Pizitz Building. If you are tired of working from home and are in need of a place to be productive as well as be surrounded by a community of entrepreneurs, schedule your tour of Forge today! Forge Availabilities: Open seating coworking, Dedicated Desk, Private Office, Conference Room Rentals, Event Space, Business Mailing Address Workatforge.com

Find out more on our website: https://bit.ly/32wgOJs Markets were primarily designed to help buyers and sellers discover prices and volumes of traded items. But, market deregulation, technological innovation and ideological changes, have led to an epic financialisation of stock and commodity trading. These developments have led to frequent booms and busts both at the local level and sometimes globally as well. With our age of nudging, framing, and fungibility, psychologists and computer professionals are creating market models where knowledge based on experience, codified as rules of thumb, outperforms sophisticated econometric models, and we have algorithmic trading where the reactions of the adversaries are anticipated like moves on a chess board. Decisions based on emotional intelligence, that is on working out the sentiment – hopes and fears - of others, appears to supplant decisions based on rational behaviour, so say the high priests of behavioural finance –including Nobel Laureates Daniel Kahneman, Robert Shiller, and Richard Thaler, inspired in different ways by Benoit Mandelbrot. Artificial intelligence systems now exist that can detect emotional language in reports and comments, and can detect leakage of ‘true' emotions in voice and facial expressions. These sentiments are quantified and used in conjunction with econometric models. The hybrid behavioural finance models have a 5-10 basis points advantage in stock and indices trading, and up to 10-15 basis advantage in commodity trading. These AI-based models do move the markets in laboratories, can these models survive in the hustle and bustle of the (virtual) trading floor? That is the question for you to ask and for me to speculate. Speaker: Professor Khurshid Ahmad is the Professor of Computer Science in the School of Statistics and Computer Science, Trinity College Dublin. His research areas include artificial intelligence, neural networks, fuzzy logic, social media analytics and behavioural finance. He was trained as a nuclear physicist and has worked in high-performance computing covering areas such as forecasting, computer-assisted learning, engineering design, and information extraction from continuous information streams comprising texts, images and numbers. His work seeks to maximise the potential of computing systems by enabling these systems to deal with different modalities of human communications, language, vision, symbolic including numerical information exchange. He has designed and implemented systems that learn to deal with the different modalities of communications. His work has been supported by research councils, EU Programmes, and venture capital funds. He is a former Visiting Professor at Copenhagen Business School and the University of Surrey, and has worked with UN FAO and UNDP. He has published over 200 research papers and his work has appeared in journals in AI and in corporate finance. His latest book is on the topic of Social Computing and the Law (Cambridge University Press). He is a Fellow of the British Computer Society and of Trinity College, Dublin. He is a member of the Board of Trinity College Dublin.

In this episode, Jonathan and Jeff continue their rambling and insufficiently informed discussion of capitalism by talking about language — and also two Jacqueses (Derrida and Lacan), Benoit Mandelbrot, the bullsh*t asymmetry principle, quantum mechanics, Zeno's paradox, and that's just in the first fifteen minutes! Want to chime in? Email us at: subjectsinprocesspodcast@gmail.com Show Notes: "Happiness" (https://youtu.be/e9dZQelULDk) Music: Theme Music: "What u Thinkin? (Instrumental)" by Wataboi on Pixabay Intermission Music: "Lazy Morning" by Tim Moor on Pixabay

3:27:21 – Frank in New Jersey, plus the Other Side. Topics include: Vegetarian hot dogs in 2007, day 253 of the crisis, new glasses, fireplace, the cats, Java House Cold Brew Liquid Pods – Sumatran, Gardein Stea’k & E’ggs Breakfast Bowl, Concourse Mope, Every City, circular, Benoit Mandelbrot’s 96th Birthday, Cyberpunk 2077, Paul is Dead, PEPs, The [&hellip

Benoit Mandelbrot. Listener Mailbag. Hildegard of Bingen. Physics gives rise to Metaphysics. LSD and the origins of technology. Do not uncover your father’s nakedness. 5th Generation Warfare. Works Cited: Who are the Proud Boys? (feat. Amy Cooter)Physica by Hildegard of BingenThe Net by Lutz Dammbeck (Documentary)The Mandelbrot Song by Jonathan Coulton

The “Lindy Effect”, a term coined by Benoit Mandelbrot and most recently studied by Nassim Taleb, says that the longer a concept has been around, the longer it is likely to stick around in the future. What are some Lindy ideas in Education? In this episode, we explore how education has evolved over the past…25 CENTURIES! And use the Lindy Effect to predict what educational methods are likely to stick around for the long run. ​Thanks for Listening!

Building Businesses From Data. In this episode, William Laitinen is joined by David Soloff, California Entrepreneur and Founder of OTTRSK & Premise Data about building businesses based on data, and his foray into insurance and parametric products. Subscribe to our YouTube channel and follow us on LinkedIn to keep up to date with all the Fintech and Insurtech news.William LaitinenLinkedIn: https://www.linkedin.com/showcase/sea...​ LinkedIn: https://www.linkedin.com/in/william-l...​ Website: https://www.exigeinternational.com/​David SoloffLinkedIn: https://www.linkedin.com/in/davidsoloff/​ Website Premise Data: http://www.premise.com/​ Website OTTRSK: https://www.ottrisk.co/​David Soloff's recommended reads- Narrative Economics: How Stories Go Viral and Drive Major Economic Events, by Robert J. Shiller - The (mis)behaviour of markets: a fractal view of risk, ruin, and reward, by Benoit Mandelbrot and Richard L. Hudson - Stranger in a Strange Land, by Robert A. Heinleingrok See acast.com/privacy for privacy and opt-out information.

Science has always been about improving human understanding of our universe…but scientists have not always prioritized accessibility of their hard-won results. The deeper research digs into specialized sub-fields and daunting data sets, the greater the divide a team must cross to help communicate their findings not just to the public, but to other scientists.It is cliché: “A picture’s worth a thousand words.” But it’s the truth: strong visual communication helps readers make the choice to dig into dense manuscripts, and helps journal editors decide whose work gets published in the first place. Good dataviz can get complexity across in less time and with less effort, help public audiences grasp science better and appreciate the beauty that inspired the research to start with.Deciding how to represent research in graphic form is both a little science and a little art: it takes developing an understanding of what information matters and what doesn’t, and how other people will absorb it. Thus it should come as no surprise that in our noisy era, the data artist rises as a hero of both fields: empowered by technology to bridge dissociated disciplines and help us all learn more and better.This week’s episode is with Kirell Benzi, a data artist and data visualization lecturer who holds a PhD in Data Science from EPFL (Ecole Polytechnique Fédérale de Lausanne). Kirell’s work has been shown in outlets as diverse as the Swiss National Museum, Gizmodo, VICE, and Phys.org. In this recording, we discuss his projects mapping the Montreaux Jazz Festival and the Star Wars Extended Universe, the future of neural-network assisted data visualization, and how data art helps with the technical and ethical challenges facing science communication in the 21st Century.If you enjoy this podcast, please help us reach a wider audience by leaving a review at Apple Podcasts, or sharing the show on social media. Thank you for listening!Kirell Benzi’s WebsiteKirell’s InstagramKirell’s SFI seminar on Data Art (video)“Useful Junk? The Effects of Visual Embellishment on Comprehension and Memorability of Charts” by Scott Bateman, Regan L. Mandryk, Carl Gutwin, Aaron Genest, & David McDine, University of SaskatchewanVisit our website for more information or to support our science and communication efforts.Join our Facebook discussion group to meet like minds and talk about each episode.Podcast Theme Music by Mitch Mignano.Follow us on social media:Twitter • YouTube • Facebook • Instagram • LinkedIn

In the 1980s, IBM mathematician Benoit Mandelbrot gazed for the first time upon his famous fractal. What resulted was a revolution in math and geometry and our understanding of the infinite, not to mention how we see Star Trek II. Get blown away by fractals in this classic episode. Learn more about your ad-choices at https://news.iheart.com/podcast-advertisers

In the 1980s, IBM mathematician Benoit Mandelbrot gazed for the first time upon his famous fractal. What resulted was a revolution in math and geometry and our understanding of the infinite, not to mention how we see Star Trek II. Get blown away by fractals in this classic episode. Learn more about your ad-choices at https://news.iheart.com/podcast-advertisers

Tommy shares a quote from Benoit Mandelbrot.

I feel like the title of this episode really bottom-lines what’s happening here.  Clement Greenberg takes a stand at Jackson’s funeral, Lee doesn’t stand near anyone, and I can’t stand math.  We finally get to talk about what Jackson Pollock’s drip paintings are. And for that, we need the assistance of nerds. So let's watch some ocean waves crash, talk about D ratio with Benoit Mandelbrot, and try to measure a coastline before our brains melt.  A full series is now officially in the books.  I hope everyone had a blast and learned tons of useless information! @artholespodcast artholespodcast@gmail.com

Die 10 Großmeister der Börse (Teil 5) Höre einfach rein, Du kannst davon nur profitieren. Heute: Was kannst Du von James O´Shaughnessy und Benoit Mandelbrot lernen? Viel Spaß beim Reinhören, Dein Matthias Krapp Ab sofort kann ich Euch meine Lösung für eine langfristig, sicher und erfolgreiche Kapitalanlage anbieten. ---> https://www.werte-strategie.de Du hast Fragen oder möchtest Kontakt zu mir aufnehmen? Du findest mich bei Facebook: https://www.facebook.com/krapp.matthias?fref=ts oder bei Twitter: https://twitter.com/MatthiasKrapp Gerne kannst Du mir auch eine E-Mail schreiben an: krapp@a-vm.de Oder Du rufst mich einfach an: 0160 94195454 Folge meinem Podcast auch bei Itunes: https://itunes.apple.com/us/podcast/die-werte-strategie-geld-clever/id1171644287 Wenn Dir mein Podcast gefällt, freue ich mich sehr über eine tolle Bewertung bei Itunes. Vielen Dank Dein Matthias Krapp

In Episode 7 of Hidden Forces, host Demetri Kofinas speaks with one of the pioneers in complexity science, W. Brian Arthur. Brian Arthur has long been associated with the Santa Fe Institute, having served on its board of trustees and its board of science. He has been described by Fortune Magazine, as “one of the country’s leading economic thinkers,” and he is best known for his pioneering work on the operation of high-technology markets. He is the author of numerous papers and books, including The Nature of Technology: What it is and How It Evolves, and Complexity and the Economy, a collection of papers on economics and financial markets examined from the perspective of complexity theory. In this episode, Brian Arthur educates us on the emerging fields of complexity science and chaos theory. The history of complexity science is replete with the works of mathematicians, physicists, philosophers, ecologists, and biologists. It is a field defined by the imperfections of the natural world. In this conversation, Demetri and Brian Arthur stray far from equilibrium. They cover the booms and the busts of Joseph Schumpeter. They examine the information-laden price signals of Friedrich Hayek. They circle the chaotic orbits of Joseph Ford. They scale the infinite fractals of Benoit Mandelbrot. Demetri asks Brian Arthur about information theory, cryptography, and quantum potentiality, while examining the mystery of why markets and life are so volatile. Producer & Host: Demetri Kofinas Editor: Connor Lynch Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

Are markets efficient? Can you beat the market? Is the market the right price? These are questions Michael answers today. Michael brings in Benoit Mandelbrot to help explain the efficient market hypothesis and where we have all gone wrong in our thinking over the years. Next, he goes to Richard Feynman to explain the scientific method and how one goes about comparing and contrasting. Lastly, Michael lets Gerd Gigerenzer elaborate on the concept of heuristics. In this episode of Trend Following Radio: Efficient market hypothesis Scientific method What is a heuristic? The market price What if money was no object?

Michael Covel opens up by discussing a piece about Benoit Mandelbrot and fractals. Covel notes the importance of taking a look at the complexity we see and taking a step back--an inspiration from Mandelbrot. Next, how are trend following returns produced? It’s important to be inspired by them, but it’s also important to understand other aspects of trend following like correlation. Today, Covel discusses the combination of a trend following investment (in this case Bernard Drury) and Warren Buffett into one portfolio. Covel discusses the two strategies and what happens specifically when you combine the two. Covel concludes by sharing a clip from David Harding regarding the importance of strategy. Want a free trend following DVD? Go to trendfollowing.com/win.

Michael Covel starts today’s podcast by talking about “robot traders” and major misconceptions. Covel discusses machine learning v. automation and moves into a series of clips that outline trend following philosophy. First, Covel plays a clip from Benoit Mandelbrot to illustrate problems with the Efficient Market Hypothesis. Next, Covel plays two clips from Jim Simons, CEO of Renaissance Technologies, about his experiences as a new trader and on 'luck' (Simons is not a fan of fundamental trading). Building on Jim Simons comes a clip from David Harding of Winton Capital, a multi-billion dollar fund with trend following models at the core. Harding talks about his start, models, math, probabilities, and betting. Next, Covel plays a clip from Salem Abraham. Abraham talks about the markets he trades, and why it doesn’t really make a difference where the money comes from. Covel adds clips from Jean-Philippe Bouchaud, the Co-Founder, Chairman & Chief Scientist of CFM. Covel also plays clips from Svante Bergstrom, Ewan Kirk and trend trading legends William Eckhardt and Ed Seykota. These all tie together to attempt to give a trend trading/quant philosophical stance--the attitude and benefits. Want a free trend following DVD? Go to trendfollowing.com/win.

In the 1980s, IBM mathematician Benoit Mandelbrot gazed for the first time upon his famous fractal. What resulted was a revolution in math and geometry and our understanding of the infinite, not to mention how we see Star Trek II. Learn more about your ad-choices at https://news.iheart.com/podcast-advertisers

In the 1980s, IBM mathematician Benoit Mandelbrot gazed for the first time upon his famous fractal. What resulted was a revolution in math and geometry and our understanding of the infinite, not to mention how we see Star Trek II. Learn more about your ad-choices at https://news.iheart.com/podcast-advertisers

Our first-ever completely unedited episode! In this episode: Michael Caine skips out on his book signing!, The Muppet Christmas Carol (1992) starring Michael Caine, the song Michael Caine (1984) by Madness, celebrity deaths (Tom Bosley of Happy Days and David the Gnome, and the inventor of fractals Benoit Mandelbrot), the new emo inspired Superman redesign (http://www.popcrunch.com/superman-makeover-for-superman-earth-one/), Jean-Claude Van Damme denies having a heart attack while doing split, the Back to the Future teaser trailer redone for the Spike Scream Awards (http://www.spike.com/event/scream/page/highlights?video=3483118), Michael J. Fox and Christopher Lloyd celebrate the BTTF 25th anniversary (http://www.spike.com/event/scream/page/highlights?video=3486241), Bill Murray appears at the awards in his Ghostbusters costume!, once again the upcoming movie Ghostbusters III (2012), AMC Theaters re-release of Back to the Future (1985), fan customized DeLorean DMC-12's to look like the movie versions, The Heartbreak Kid (2007) starring Ben Stiller, the upcoming movie Gulliver's Travels (2010) starring Jack Black, Fleischer Studios' Gulliver's Travels (1939) animated feature film, the HBO series Bored to Death starring Ted Danson and Jason Schwartzman, the new Huey Lewis and the News album Soulsville (2010), the perfect length of a pop or rock and roll song, Taylor Swift and her obnoxiously long and bad songs, past oldies-inspired Huey Lewis albums Plan B (2001) and Four Chords and Several Years Ago (1994), Will Smith's daughter Willow Smith and her new song Whip My Hair Kid Rock's new song Born Free - inspired by Bob Seger or ripped off from Simon and Garfunkel?, Randy Quaid and his wife arrested and afraid of the Hollywood Star Whackers, the new American Idol judges, our rapid fire movie review of The Social Network (2010) starring Jesse Eisenberg, and Facebook's controversial advertising scheme. 96 minutes - http://www.paunchstevenson.com

This episode is in memory of mathematician Benoit Mandelbrot. Although it's not about his research it does briefly explore what happens if you follow the effect of a function.

We've all read in the Bible that creation displays God's character and glory. Finding out exactly how is a like wrapping your arms around the universe. Fractals enable us to accomplish this in micro bites.

We've all read in the Bible that creation displays God's character and glory. Finding out exactly how is a like wrapping your arms around the universe. Fractals enable us to accomplish this in micro bites.

We've all read in the Bible that creation displays God's character and glory. Finding out exactly how is a like wrapping your arms around the universe. Fractals enable us to accomplish this in micro bites.

We've all read in the Bible that creation displays God's character and glory. Finding out exactly how is a like wrapping your arms around the universe. Fractals enable us to accomplish this in micro bites.

Fractal geometry, mathematics, education, economics. Dr. Benoit Mandelbrot originated the field of fractal geometry. Dr. Mandelbrot has authored more than 180 research publications and nearly a dozen books. He has been cited more than 20,000 times for his journal publications and conferences.

Fractal geometry, mathematics, education, economics. Dr. Benoit Mandelbrot originated the field of fractal geometry. Dr. Mandelbrot has authored more than 180 research publications and nearly a dozen books. He has been cited more than 20,000 times for his journal publications and conferences.