Reg FD
topic on 2 shows · 5 statements across 3 episodes
5 statements about Reg FD, every show
Chamath notes Warren Buffett's returns dropped significantly after Regulation Fair Disclosure
“His returns are bimodally distributed pre and post Reg FD. When you have to follow the rules of disclosure, everybody's returns got kneecapped. When there was no disclosure rules. His returns were off the charts.”
Chamath states Regulation Fair Disclosure does not apply to Congress members
“The reason why Nancy Pelosi's returns are so consistently good is Reg FD does not apply to people in Congress.”
Chamath: Warren Buffett generated zero alpha after Regulation FD was enacted
“His returns were double the market returns when this kind of information sharing was legal. And the minute that it became illegal and you had to basically act on the same edge as everybody else, his returns went to the market return. He generated zero alpha.”
Chamath: Prediction markets will be dominated by informed traders taking advantage of retail
“The prediction markets today, unless they are regulated out of existence or shut down, Will look like the stock market free Reg FD. And there's nothing we can do except choose not to bet it. Because otherwise, what you're going to have are a ton of sharps taki…”
Gleich: Investment edge comes from either interpretational skill or mosaic-theory data
“Generally, I think there's two different camps that skill or edge fall into. You either, number one, have an interpretational edge, which is where you're privy to the same information as everybody else, but you interpret it in a different way and are on averag…”