AdamISZ

So, why the current narrative around ETFs, futures and similar is wrong, I believe:

Start with the idea of Darwinian natural selection. People say "evolution is a theory, it isn't proven", now you may think they're stupid because the theory is proven, but the error is much more fundamental: natural selection is not really a theory at all. It's an inevitable logical consequence of a simple set of conditions: basically, reproduction through encoding along with random variation. Natural selection has to happen in this case.

There is a similar story around the famous "Efficient Market Hypothesis". People love to say that this theory is wrong, in fact I get the impression many think they're very smart for realizing that this is

jboner

Latency Comparison Numbers (~2012)
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L1 cache reference                           0.5 ns
Branch mispredict                            5   ns
L2 cache reference                           7   ns                      14x L1 cache
Mutex lock/unlock                           25   ns
Main memory reference                      100   ns                      20x L2 cache, 200x L1 cache
Compress 1K bytes with Zippy             3,000   ns        3 us
Send 1K bytes over 1 Gbps network       10,000   ns       10 us
Read 4K randomly from SSD*             150,000   ns      150 us          ~1GB/sec SSD