The Fidenza Macro digest, Monday April 10
Gentle reminder that the 33% discount ends on April 15, and the subscription price will go up permanently.
Eight things I’ve been reading and listening to
Episode #36 of the AlphaMind Podcast
An interview with David Tait, my former boss at Credit Suisse. In this episode he talks about fear in trading and in life.
Funny anecdote - The last time he climbed the summit of Mt Everest, he called me via satellite phone in an attempt to be the first person to do an FX trade from the top of Everest. I was the trader on the desk who picked up, but I couldn’t hear anything on the other end of the line. I had feeling in my gut that it was an important phone call so I stayed on to see if the connection got any better. Eventually we got cut off, and the trade was never executed.
Episode #256 of the Chat With Traders Podcast
An interview with Louisa Nicola - Supercharging the Brain and Body with Peak Performance Habits
Episode #367 of the Lex Fridman Podcast
An interview with Sam Altman - the CEO of OpenAI, the company behind GPT-4, ChatGPT, DALL-E, Codex, and many other state-of-the-art AI technologies.
Natural Selection Favors AIs over Humans, by Dan Hendrycksby
Leading AI researcher Geoffrey E. Hinton noted “there is not a good track record of less intelligent things controlling things of greater intelligence”—despite this, he continues research towards making AI more powerful because “the prospect of discovery is too sweet.”
What I learnt from three banking crisis, by Gillian Tett at the FT (paywalled)
In Japan in the 1990s, the moment of most panic (the collapse of LTCB) came months after the first ructions around Nippon Credit Bank. In the global financial crisis, Lehman Brothers collapsed more than a year after the first subprime mortgage dramas.
Money Can Buy Happiness - by Brent Donnelly
Thank God, because otherwise what are we doing as traders?
The Gambler Who Beat Roulette, by Kit Chellel on Bloomberg Markets
I was always curious about whether roulette could be beaten. Looks like some have found a way!
Chip War - The Fight For the World's Most Critical Technology, by Christopher Miller
One of those must-read books for understanding the world we live in.