Thứ Sáu, 30 tháng 6, 2017

Youtube daily so Jun 30 2017

In my last video, I talked about some of the challenges that active managers face in outperforming

the market.

It boils down to their relatively high fees, and intense competition from other managers.

There is another, less obvious reason that active managers have so much trouble beating

the market.

We know empirically that a small number of stocks in an index tend to drive the performance

of that index.

So trying to select stocks in an index, dramatically increases the probability of underperforming that index.

When trying to pick stocks in an index in an effort to beat the index, the likelihood

of underperforming is much greater than the likelihood of outperforming.

This research was published in a 2017 paper by Heaton, Polson, and Witte titled "Why Indexing

Works" and it is yet another blow to active management.

I'm Ben Felix of PWL Capital and this is Common Sense Investing...

If we look at data on market returns, the basis of this research is clear.

Most of the market's returns come from a small number of stocks.

Let's look at an example using data from global stock markets between 1994 and 2016.

Over that time period, global stocks returned an average of 7.3% per year.

Not bad.

If we remove the top 10% of stocks in that global market portfolio, the average annual

return drops to 2.9%.

Excluding the top 25% results in the average annual return dropping to a much less exciting

-5.2%.

Of course, it would be great if active managers could identify those top performing stocks ahead of time

but we have seen the data around their ability to do so - it doesn't look very good.

We know that, in most cases, active managers' performance can be attributed to luck rather

than skill.

A lucky manager has been fortunate to randomly select stocks that have done well.

In their paper, Heaton, Polson, and Witte lay out a very simple example explaining the

challenge that active managers face based on what we know about market returns.

If we have an index consisting of five stocks, and assume that four of them will return 10%

and one will return 50% over a given time period, and we then suppose that active managers

are going to create portfolios using either one or two of those stocks, in equal weights

there will be a set of fifteen possible actively managed portfolios from stocks in that index.

Ten of the fifteen portfolios will earn a 10% return due to omitting the 50% returning stock,

and five of the fifteen portfolios will earn either a 30% or a 50% return due to

holding the 50% stock, depending on whether it is a one or two stock portfolio.

In this example, the average return of the stocks in the index, and all active fund managers,

is 18% (before fees).

Just like we would expect, all active managers together get the return of the market.

But when we look at each portfolio individually, two-thirds of the actively managed portfolios

will underperform the index due to their not holding the 50% returning stock, which is

always included in the index.

Closet indexing is the result of active managers owning the market like an index fund, but

charging active management level fees. A strategy that is guaranteed to lose.

To differentiate themselves from closet-indexers

Some active managers will pitch themselves as having high conviction, or high active

share, meaning that they are very different from the index.

The research that we have discussed in this video shows that even if you are able to find

a manager that is truly active and has low fees, there is a relatively low probability that they

will be able to deliver market beating performance.

With this high probability of underperformance, finding a skilled manager, which we already

know to be beyond challenging, becomes increasingly important.

Fees typically take the blame for the systematic underperformance of active managers, but this

research demonstrates another big hurdle that needs to be overcome to beat the market.

If active managers miss out on the relatively small proportion of top performing stocks,

they are at significant risk of trailing the market.

In my next video, I will be talking about downside protection, one of the most prolific

sales pitches in the investment management industry.

Do index funds protect your downside?

Join me to find out.

My name is Ben Felix of PWL Capital and this is Common Sense Investing.

I'll be talking about this and many other common sense investing topics in this series,

so subscribe and click the bell for updates.

I'd also love to hear from you as to what topics you'd like me to cover.

For more infomation >> Why It's So Hard to Beat the Market pt 2 | Common Sense Investing with Ben Felix - Duration: 4:39.

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Giftige Stickoxide: So funktionieren die Abgasmessungen der Deutschen Umwelthilfe - Duration: 3:25.

For more infomation >> Giftige Stickoxide: So funktionieren die Abgasmessungen der Deutschen Umwelthilfe - Duration: 3:25.

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MMD Meme Compilation (Thank you so much for 100+ subs) - Duration: 25:55.

Ah...What a day...

The next competition...

You will do your best, Shizuo.

Talk seriously.

You'll find yourself at the edge of ice.

Piko!

Congrats on qualifying for The Grand Prix Final.

I knew you'd make it.

MIZANO!!!

Thank you.

What are you doing?

Was that Shizuo screaming?

What's this? A hugging competition?

JJ is-- Uh-

Huh?!?! Stay away from me!!!

Alright. I guess I'll let you off with that.

It's always good to settle a score.

Hey! Why aren't you injured anyway?

Because I parried your whole attack.

I thought I could singe you a little...

So, is it safe to assume your the same again?

Oh, I was the same the whole time.

I can't believe you got the nerve to say that after all this time.

My feelings for you are still in my heart.

But it looks like I have one more thing to treasure now.

That's all good, right, CND?

What?

W-wait--

Wh-What did you do that for?

You better get ready. I am greedy and selfish you know.

Hey...

I'm really glad... I fell in love with you...

...Emra...

Don't die... Don't you dare die...

You're gonna stand on the winning side, are you?

What are you saying? I'm already on the winning side.

I love you, John...

Hey, Gakupo, It's your turn now!

Coming~

Say "cheese"

Well?

Don't look.

For more infomation >> MMD Meme Compilation (Thank you so much for 100+ subs) - Duration: 25:55.

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So Far Away (SUGA, 진, 정국 Ver.) Fan MV - Duration: 5:35.

It sucks when you don't have anything you want to do (You don't have)

I know it's pathetic to not have something as common as a dream, I know

"You said to do as I'm told, that it would all be fine when I go to university"

I'm the asshole for believing those words

I live because I can't die

Give me some drinks (Give me some drinks)

I want to get drunk today

Please don't stop me

Anything will be fine (Anything will be fine)

Alcohol is a luxury for person with no job to have a drink

I can't stand being sober

Everyone else is running, why am I the only one here?

So far away

If I have a dream

If I have a dream that flies away

Don't fall away

Yeah

If I have a dream

If I have a dream that flies away

Oh oh oh

Dream

I will be there for your creation until the end of your life

Dream

Wherever you might be, it will be lenient

Dream

You will fully bloom after all the hardships

Dream

Though your beginnings may be humble, may the end be prosperous

Yeah, fuck, I live because I can't die (Live)

Nothing is more miserable and lonely than not having something you want to do (Something)

The only thing everyone around me says

Is to come to my senses

I try to vent out my anger but the only one here with me is me

So what's the point of venting?

Every morning, it's terrifying to open my eyes, (It's terrifying) to breathe

My friends, even my family are getting further away

As time goes by, I'm becoming more impatient

The feeling of being alone

I am on my own right now

I want everything to disappear

I want it to disappear like a mirage

Want it to disappear

I want my damn self to disappear

Like this, the world throws me away

In that moment I'm getting farther away from the sky

I'm falling

So far away

If I have a dream

If I have a dream that flies away

Don't fall away

If I have a dream

If I have a dream that flies away

Oh oh oh

Dream

I will be there for your creation until the end of your life

Dream

Wherever you might be, it will be lenient

Dream

You will fully bloom after all the hardships

Dream

Though your beginnings may be humble, may the end be prosperous

So far away

If I have a dream

If I have a dream that flies away

Don't fall away

Yeah

If I have a dream

If I have a dream that flies away

Oh oh oh

Dream

I will be there for your creation until the end of your life

Dream

Wherever you might be, it will be lenient

Dream

You will fully bloom after all the hardships

Dream

Though your beginnings may be humble, may the end be prosperous

I will be there for your creation until the end of your life (First love)

Wherever you might be, it will be lenient

First love

You will fully bloom after all the hardships

Though your beginnings may be humble, may the end be prosperous

So far away

First love

So far away

First love

So far away

First love

So far away

First love

So far away

Don't fall away

So far away

Don't fall away

"Teamwork makes the dream work"

For more infomation >> So Far Away (SUGA, 진, 정국 Ver.) Fan MV - Duration: 5:35.

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MÈO hài hước,tinh nghịch nhất thế giới(Funny cat_Cats are so funny you will laughing)p7 - Duration: 17:53.

For more infomation >> MÈO hài hước,tinh nghịch nhất thế giới(Funny cat_Cats are so funny you will laughing)p7 - Duration: 17:53.

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🌲🌲How to draw MINIONS so cute step by step easy for kids children - Duration: 1:34.

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For more infomation >> How to draw MINIONS so cute step by step easy for kids children - Duration: 1:06.

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So you thing you're going to beat the traffic? - Duration: 1:44.

For more infomation >> So you thing you're going to beat the traffic? - Duration: 1:44.

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[繁中/ENG]20170629蘇志燮mise-en-scene開幕式 So Jisub at mise-en-scene opening ceremoony - Duration: 1:24.

subtitle by sojisubar

Congrat to the opening of mise-en-scène short film festival

It's my first time being a judge

Although I still have a lot to improve

I'll try my best and discuss with other judges

Thanks

For more infomation >> [繁中/ENG]20170629蘇志燮mise-en-scene開幕式 So Jisub at mise-en-scene opening ceremoony - Duration: 1:24.

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How to draw MINIONS so cute step by step easy for kids children - Duration: 1:14.

For more infomation >> How to draw MINIONS so cute step by step easy for kids children - Duration: 1:14.

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"I was so relieved - Queen's was the place for me" - Duration: 2:28.

For more infomation >> "I was so relieved - Queen's was the place for me" - Duration: 2:28.

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What The Supreme Court Is About To Do Is So EXCITING, Trump Will Jump For Joy! - Duration: 2:12.

What The Supreme Court Is About To Do Is So EXCITING, Trump Will Jump For Joy!

By Stacy Law

The Highest Court in the country has spent over year doing very little.

Ever since Justice Scalia passed, in February 2016, they�ve been somewhat crippled, unable

to do much.

But no longer!

President Trump fixed that, with his almost immediate appointment of Justice Gorsuch to

the Court.

And thank goodness for that!

We need the SCOTUS to operate at full force, to move our country forward related to some

of our biggest controversies.

Here is what they have set to consider during their next term:

President Trump�s Travel Ban.

They�ve already started that one:

2.

Whether a Business Owner Can Religiously Object to Doing Business With a LGBT

3.

Whether Partisan Gerrymandering is Unlawful

4.

Whether Our Cell Phone Data May Be Seized By Police Without a Warrant

These are all very big issues, ya�ll, and they could affect all of our lives, in some

way.

For example, whether Trump�s travel ban is upheld could affect whether/how ISIS is

able to spread into our country.

Will your local baker go out of business because he/she can�t express his religious liberty,

and must bake a cake against his religious beliefs?

Will the GOP lose its advantage based upon how legislative district lines are drawn?

If you�re accused of a crime, will the prosecutor continue to be able to get your cell phone

data without a warrant?

Remember, you�re innocent until proven guilty!

As you can see, this is big stuff!

I�m glad the Supreme Court is back at full force, set to make big decisions.

If you are, too, please SHARE this article and add your comments!

For more infomation >> What The Supreme Court Is About To Do Is So EXCITING, Trump Will Jump For Joy! - Duration: 2:12.

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For more infomation >> Lilly & Boris Becker in der Ehekrise: So begann ihre Liebe - Duration: 1:52.

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For more infomation >> "So ein Quatsch": Jana Ina über Stress um Sarah Lombardi! - Duration: 0:50.

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Top 10 Best iOS Games of 2017 So Far - Duration: 14:25.

10.

Opening our list of the Top 10 iOS Games during the first and second quarter of 2017 is Transformers:

Forged to Fight

With the release of their latest Transformers movie, Hasbro Entertainment dishes out their

big robotic guns to the iOS.

Follow the Autobots, Decepticons, Predacons and Maximals in an interplanetary battle that

holds the future of Cybertron.

Similar to Warner Brothers' Injustice 2 and Arkham Origins, it's a fighting game

where players use their fingers to swipe, tap and flick the screen to defeat their opponent.

Unleash your powerful special attacks and roll out to deal devastating damage.

Choose from a wide variety of iconic Transformers such as Optimus Prime, Bumblebee, Starscream,

Megatron and more in a fight for the future.

This is the biggest Transformers mobile game that caters all the characters from their

universe.

Team up with your friends and forge alliances to eliminate threats.

Players can also deploy their robots to gather some sweet loot for future uses.

Critics lauded this game for being a moderately good fighting game, however, the lack of characters

from the movie makes it incomplete.

If you're in it for the fun, then this game is always a good try.

Plus, it's free.

It has a PlayScore of 8.63

9.

Monument Valley 2

Garnering critical and market success with their debut in 2014, ustwo's Monument Valley

has had millions of fans fawning over their cute visuals, well-thought levels, impeccable

design.

While it's been three years, the surprise unveiling of their newest sequel just shows

how much love there still is for the game--and they're gonna get a whole lot more, now that

there's a touching new story to unravel.

Play as Ro, as she guides her daughter through the the various mazes of their mysterious

valley.

Feast your eyes anew as you explore a whole new world of vibrant landscapes and mesmerizing

architecture.

The game oozes with style, emanating an atmosphere of brilliance that's completed with a collection

of inviting and immersive music.

This tale of family and motherhood is exactly what it needed, giving players the necessary

drive to push through what used to be a fresh, but somehow lacking journey.

A masterpiece lives on, and it has a PlayScore of 8.65.

8.

MUL.MASH.TAB.BA.GAL.GAL

Pong makes its way to the modern generations as a stylish, frenetic underwater adventure.

From the creators of two distinctly successful games, comes a title no one ever expected--literally.

Despite the protests of their marketing team, the game is named after a constellation in

a language nobody understands.

It really doesn't take itself too seriously, and yet it manages to deliver in all fronts.

This game is fun as balls!

And these balls, especially, are very fun.

Just take joyful splash into their wonderful aquatic world, and use both of your hands

to ricochet said balls against turtles, clams, fossils, and so much more.

With their array of paddles to unlock, unleash your potential with bonuses and new offensive

abilities.

As a premium game, it promises to have zero ads after purchase which is always a plus.

While it's been criticized for the lack of autosave function, it's a perfectly good game

for your lazing needs.

It has a PlayScore of 8.67.

7.

KAMI 2

Get caught in a struggle for perfection in this sequel to the serene yet challenging

puzzler from State of Play Games.

Its design is based on japanese paper designs, taking inspiration from the graceful paper-folding

of the art of Origami.

Minimalistic as it is, it packs a ton of content, with over 100 hand-crafted puzzles and a whole

lot more from player contributions.

Like most minimalist games, the goal is simple.

Fill the board with a singular color in the fewest moves possible.

Here's the rub, just like the Japanese art form it was based on, it won't take anything

other than perfection.

But with a helpful hint system, nothing is impossible.

Unlock more puzzles by completing each page, explore creations made by other users, and

make your own with their built in editor.

All of that for the price of absolutely nothing.

It's smooth, challenging, but not without its flaws, with a few hints to a pay to win

system and a slightly repetitive gameplay.

It has a PlayScore of 8.73.

6.

Hidden Folks

Now this one is different.

Created by two hardworking dudes, use the power of sight and solve innumerables puzzles

in this adorable hidden object game.

Plastered with a simple white backdrop, find hidden folks lurking around each location.

It's vivid details and mouth-originated sound effects make it so interesting, and

fun.

If you're into for the details, the game has over 17 hand-drawn maps, 150 targets to

find, 250 unique interactions, and over a thousand vocally-produced sound effects.

Hear every pop, twang, zoop and other ridiculous sounds in every click.

Aside from that, players are safe with their progress with the presence of iCloud.

So sync it anywhere at anytime.

The game was widely praised due to its interesting level designs and odd take on the hidden object

genre.

It's so interesting you feel like you're part of their white, picturesque world.

Just recently, they updated the game with more content for the fans.

It has a PlayScore of 8.77

5.

Yu-Gi-Oh!

Duel Links

Yu Gi Oh fans unite because this year has brought in the most awaited return of the

beloved manga and anime.

Digitized and ported to the mobile world, it's finally time to D-D-D-Duel!

Play as and against your favorite characters from the hit anime, from Yugi, Kaiba, Joey

Mai and more--and use their trademark legendaries to level the playing field.

With their original voice actors, this game takes you right back to where it all began.

With an optimized multiplayer, it's the perfect channel for your latent duelling skills.

But you can't win tournaments with just any cards.

Use their generous starter rewards, and take your chances amongst a collection of cool

decks.

Purchase a few packs, build yourself the ultimate deck, and fight against iconic characters,

your very own friends, and strangers from all around the globe.

It's easy user interface, spectacular visuals, and friendly gameplay, makes it an awesome

game for both the trading card veterans, and clueless first timers.

Submit yourself to nostalgia, and begin your journey to the top.

It has a PlayScore of 8.85.

4.

Trailer Park Boys: Greasy Money

From the hit comedy TV show, join Bubbles, Ricky and Julian on an adventure to manage

the town of Sunnydale.

As fun as the TV show may be, this idle-clicker expects you to amass a buttload of liquor,

hash and cash in a span of minutes.

So plan ahead and use your rural infrastructures to create a thriving community.

Hire workers and upgrade your businesses to earn that quick buck.

Want to build casino?

Or how about a strip club?

Go for it as long as it keeps the game growing.

Just don't get busted or you get sent to jail.

For the lazy, you could hire more workers to automate the clicking for you.

Talk about efficiency.

There isn't much to do when you're in an idle clicker, but its boss-fights require

maximum tapping powers for you take it down.

Players are loving the simplicity of its upgrade system, while others are giving it less stars

due to its unintended crashes.

Nevertheless, it's a fun game and a good time-killer.

It has a PlayScore of 8.90

3.

OXENFREE

A supernatural thriller game that doesn't rely too much on cheap jumpscares.

Powered with its gorgeous artstyle, and 80's atmosphere, this 2.5D puzzle game takes you

to the shoes of Alex.

A young man attending an overnight party with his friends in an abandoned island.

Things go haywire when they encounter strange anomalies in their late-night partying.

The gameplay isn't as complicated compared to most horror games.

Just scroll your way through various platforms with your friends and unlock story details

with the game's unique "Radio System".

This enables the player to determine the source of distortions and anomaly that haunt the

island.

Aside from that, players can make a choice during narrative sequences.

Opting players a chance to replay the game again if they want a different outcome.

The game's atmospheric level designs, synth music, and deep story makes it one of the

finest horror games to come out this year.

However, it was criticized for its lack of exposition and satisfaction.

Well, it's not for everyone.

It's the Stranger Things of videogames.

It has a PlayScore of 8.95

2.

Guns Of Boom

If you want some explosive first person shooter on your mobile device, then Game Insight's

exhilarating entry would take you by surprise.

Think of it as budget Overwatch.

Team up with your friends as you go in an all-out firefight with the enemy team.

For a mobile game, it's packed with finely detailed environment and immersive 3D visuals.

Not to mention it's smooth and intuitive controls make it worth your time.

Don't worry about aiming because once your crosshair hits, it'll automatically lock.

Also one of the best things about this game is that players can choose from its wide variety

of weapons ranging from sniper rifles, grenade launchers, pistols and more.

Pick your ideal loadout and blow things up.

Set out in fun PvP battles across the world with online mode and test your mettle to dominate

the leaderboards.

Experience fps at its finest.

It has a PlayScore of 8.97

Here are the runners-up before we reveal the number one:

11.

SWORD ART ONLINE: Memory Defrag.

Join Kirita, Asuna, and Leafa as they embark on a brand new journey into the digital cyberspace.

Relive iconic moments, and take on new adventures!

It has a PlayScore of 8.5.

12.

Causality.

Help an adorable bunch of time travelers find their way to their color-coded destinations.

Almost as hard as actual time travel, and it has a PlayScore of 8.49.

13.

Cube Escape: The Cave.

The Rusty Lake Saga gets a whole new chapter.

Venture to the dark caverns of the mountain, and uncover the secrets of a mysterious family.

It has a PlayScore of 8.47.

14.

Card Thief.

Master the art of stealth and sleight of hand as you pickpocket guards and blow out torches

in this satisfying card-based dungeon crawler.

It has a PlayScore of 8.44.

15.

Ticket to Earth.

A unique take on puzzle RPG, go on an isometric adventure with Rose, navigating through the

battlefield in same-colored tiles, and killing off monsters with her deadly combos.

It has a PlayScore of 8.43.

16.

The Big Journey.

Roll around in Mr. Whisker's dizzying world, as goes on a quest for gastronomic delights.

Bounce through deserts and valleys, along with cutesy visuals and catchy tunes.

It has a PlayScore of 8.39.

17.

Art of Conquest (AoC).

Command your very own medieval troop, and go against towering dragons and fortified

strongholds in this fantastical mobile RTS.

It has a PlayScore of 8.37.

18.

Battle Bay.

Rovio's newest IP since their critically acclaimed band of frustrated fowls.

Take to the seas in this mobile friendly MOBA, with a PlayScore of 8.35.

19.

Death Road to Canada.

This is how Canada really is.

Don't be fooled by the news.

This randomly generated road-trip simulator puts you in the middle of a zombie apocalypse.

The game doesn't take itself seriously, and you should too.

It has a PlayScore of 8.34 20.

Chroma Squad.

No, it's not a licensed Power Rangers game.

But it's a mouthful, combining the sentai icons with the Game Dev Story's management,

and the tactical whims of XCOM.

It has a PlayScore of 8.33.

1.

And the best iOS game of 2017 so far is Flipping Legends

From one of the most popular studios for the best mobile games on the market, Noodlecake

makes a move towards 3D pixels in this action game full of brawls, swordfights, and spell-filled

duels.

In something that resembles a cross between pixel and polygons, flip around its limited

playing field and survive a barrage of scary spikes and deadly traps while collecting coins

and killing off enemies along the way.

Flipping Legends differentiates itself from the many clones of the tired endless runner

genre.

It veers away from the traditional sidescrolling format, and opts for vertical navigation,

that's reminiscent of most music games.

While sound plays no part in the gameplay, it still requires a fair amount of rhythm.

Choose from Ninja, Warlock, Ranger, and more, and steer your character diagonally and backwards

through the map.

It's unique innovative, and so, so addicting.

Beat your own highscores in this one of a kind, free-to-play action game.

No wonder it's the year's highest rated iOS game, with an impressive PlayScore of 9.31.

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