The Daily View 12/5/2021

It looks like Mr. Butthead has devised a new way for his clients to lose money:

This morning we launched the first ever crypto index separately managed account (SMA) strategy. It’s currently only available for Ritholtz Wealth Management clients but that will change in Q1. You can add yourself to the wait list here and be the first to find out when we open it up to other financial advisors and individual investors.

Yeah as if they need his services, but I’m sure he will be happy collecting his commission nevertheless. There are endless ways to buy crypto, some examples being:

Coinbase, Binance, Bitstamp, ETFs and proxies (such as BITO, MSTR, and GBTC), Bitcoin futures, Bitcoin ATMs, and so on. There are no shortage of ways for people to lose money with crypto…they make it very easy. Some exchanges will even provide up to 50-1 leverage to speed up the money-losing process.

If I were in his position and a client asked for a crypto/Bitcoin product, I would politely respond “Sorry, I cannot in good conscience provide the service you are seeking. Our goal is to help our clients make money, not enable gambling.”

Scott discuses the University of Austin (UATX), a proposed non-woke alternative to higher ed:

I expect U of A can get buildings, fancy gowns, etc, but can they get respect? The hard part about founding a new top-tier university isn’t just getting lots of nice buildings and brilliant professors, it’s getting people to respect you when they’re used to not respecting any university that doesn’t have a hundred year record of excellence or powerful establishment backers. I don’t know, maybe their strategy is to hope everyone will confuse them with the University of Texas in Austin – in which case, good strategy.

This is an easy problem to fix. A university’s prestige is inversely proportional to its acceptance rate. So all it has to do is copy the Ivy League or Caltech/MIT model of being reaaalllly exclusive, by screening for high IQ. This would make a degree from UATX a very reliable signal for competence in the eyes of employers, bosting the prestige of the institution and value of the degree. It would not have to be an actual IQ test but a proxy that is highly correlated with IQ– it could even produce its own test (and I’m sure the IDW knows a bit about IQ tests anyway, so that would not be a problem). Second, by having a strong STEM and or computer science department. ‘The humanities’ are a dime a dozen, but a reason why top universities command the prestige the do is, is by having competitive math , economics, science and or physics departments , some examples being the University of Chicago economics department, Harvard’s math 55, MIT’s AI lab, and so on.