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  1. I have sold my long positions in the QLD and initiated market neutral strategies.

    (Butterflies – no relation to Rob)

    QOTD: Has fear just gone out of the market after 4 years?

    Don’t know the answer and will convert neutral position to long or short as the future unfolds.

  2. Ditto – I thought I had packaged it all up pretty efficiently but I guess I need to unpack it for you.

    1. A snapshot of today is just that.

    2. It is in vogue among those who declare themselves to be intellectuals to be anti-religion to varying degrees.

    3. The types identified in 2 are notoriously uniform in their thinking, just like any self-enforcing cluster of humans.

    4. Things have not always been like they are today.

    5. Some of the greatest thinkers in history have been devoutly religious. Immanuel Kant springs to mind, just as an example. Even some great thinkers who had a falling out with the church were very religious (eg Copernicus).

    6. Your implicit claim that there is a positive correlation between high intelligence and not being particularly religious is nothing more than an observation of the state of affairs noted in #2.

    7. Thus, there is no inherent correlation between lack of religiosity and intelligence. Rather, there is just a correlation between being a self-identified intellectual in the 20th / 21st century and lack of religiosity.

    Let me know if this helps. I can unpack it more if needed.

    As for the “sociological studies” you are referring to, if they simply confirm what I said in #2, no need to cite them. I think we can just take them as read.

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