Shaxson - Inequality, You Dont Know the Half of It

  • Published on
    02-Apr-2018

  • View
    221

  • Download
    0

Embed Size (px)

Transcript

  • 7/27/2019 Shaxson - Inequality, You Dont Know the Half of It

    1/21

  • 7/27/2019 Shaxson - Inequality, You Dont Know the Half of It

    2/21

    J ! !"#$%&'()*+,-.%,/." ),0".1,)2#,2&'3,.3,(), ,45 )2,6%'*,7847,"

    G+5)*=E)";,0%"-5=7'6-"7*"54%"5*"(*;>60-,56"A*4";'--'0E"*AA-)*46"7,5,1"%//!)EF)&-G!.,-)&H.)@)*!B(&!-2.G!&)F(&-!%'&))*!-2%-!,(!G-+*7!D(#)G!)H),!D/(G)!-(!D(#F),G%-.,'!G+BB.D.),-/7 ?"#.66"F.?,4 "A*4"@4'6A"6/>645"(*;;605-O?""""""""""""""""""""""""""

    """""""""""

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

    V6C6+*>;605":(*0*;'(-1"U*4+7"$,08"">2#:#,(;,&J;.'%)#'*,".,/.%J),&),&'',)2&),)2#,;)&)(;)(N;,.",("N.M#,&"/,1#&')2,&),)2#,).L,%"/#:;)&)#,)2#,L:.J'#ME,3.:,)2#,:#&;.";,)2&),*.%,;&*G,,S"4-)@%&-!P%,G/)71",=5)*4"*A">2#,O.;),.3,!"#$%&'()*+,D2*,PN.".M(N,P$%&'()*,(;,P;;#")(&',3.:,Q#N.A#:*G,,>2#,1#&')2,.3,)2#,A#:*,:(N2,(;,M&;;(A#'*,%"/#:H:#L.:)#/,(",2.%;#2.'/;,;%:A#*;,&"/,RL:.J&J'*,;'(

  • 7/27/2019 Shaxson - Inequality, You Dont Know the Half of It

    3/21

    Z! !"#$%&'()*+,-.%,/." ),0".1,)2#,2&'3,.3,(), ,45 )2 ,6%'*,7847,"

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aa@'5?+%a>GI(*,""

  • 7/27/2019 Shaxson - Inequality, You Dont Know the Half of It

    4/21

    ^ ! !"#$%&'()*+,-.%,/." ),0".1,)2#,2&'3,.3,(), ,45 )2,6%'*,7847,"

    D)'-">,>64"'-","A'4-5",556;>5"5*"+,%"*=5"5)6"0,5=46"*A")*B"=046(*4767"*AA-)*46",--65-",07"'0(*;6"A667"5)4*=E)"5*"*=4"=0764-5,07'0E"*A"'06645-1"'5"(*05,'0-"46+,5'C6+%"+'55+6"'0"5)6"B,%"*A"6(*0*;654'(",0,+%-'-1",07"'5"7*6-"0*5"-668"5*"@6"(*;>46)60-'C6P"'5"-)*=+7"@6"C'6B67",-","-5,45'0E">*'05?"W=4",';"'-"5*"A*(=-",55605'*0"*0"5)6">4*@+6;",07"5*"->=4"*5)64-"5*"46-6,4()"5)'-"A'6+7"'0";*46"76>5)?""!!!!!!!!

    !!!!!!!!

    !!!!!!!!!!!!!!!!

    !3(E!84*@+6;-?"R64),>-"5)6"@6-5"80*B0"'-" >2#,CL(:(),T#A#' "@%"M,56"R'(8655",07"H'(),47"U'+8'0-*0?"D)6%"A*=07"5),5">6*>+6"'0";*46"6,55640-"*A"+*BS'0(*;6")*=-6)*+7-1"A*4"'0-5,0(61"B,-"74'C60"@%"6(*0*;'("'062#,#A(/#"N#,(",)2#,UGCG,;2.1;,)2&),)2#,:(;#,(",("#$%&'()*,(;,

    &;;.N(&)#/,1()2,N:#/(),J..M;E,12(N2,&:#,.3)#",L#:(./;,.3,;.M#)(M#;,

  • 7/27/2019 Shaxson - Inequality, You Dont Know the Half of It

    5/21

    _! !"#$%&'()*+,-.%,/." ),0".1,)2#,2&'3,.3,(), ,45 )2,6%'*,7847,"

    !!!!

    !!!!!!!!!!!!!!!!!!!!!!!!!

    8C!52)!#.GG.,'!@)%/-22#,K:(N#,.3,933;2.:#,Q#A(;()#/ V E"6-5';,56-"5),5"5)646"'-"@65B660"[J!",07"[ZJ"54'++'*0"*A"=046(*4767"*AA-)*46"A'0,0(',+"B6,+5)"'0"5)6"B*4+71"(*0-64C,5'C6+%"6-5';,567?""

    """""""""""""""""""""""""""""""""""""""" """"""""""""""""Z"D)'-",07"*5)64"46+,567"7*(=;605-"(,0"@6"A*=07")646P")55>PaaBBB?5,/F=-5'(6?065a(;-aA4*05e(*05605?>)>Q'7(,5f!^] ""

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

  • 7/27/2019 Shaxson - Inequality, You Dont Know the Half of It

    6/21

    g! !"#$%&'()*+,-.%,/." ),0".1,)2#,2&'3,.3,(), ,45 )2,6%'*,7847,"

    G+;*-5",++"5)'-"=046(*4767"B6,+5)",07"'0(*;6"B'++"@6"60F*%67"@%"5)6"5*>"!\"*A"5)6"B*4+7-">*>=+,5'*01"74,;,5'(,++%"-86B'0E"5)6"'0(*;6",07"B6,+5)"7'-54'@=5'*0"'0"5),5">*+'5'(,++%"';>*45,05"-6E;605"*A"5)6"B*4+7-">*>=+,5'*01",07"),C'0E",";,F*4"';>,(5"*0"5)6" d'0'"(*6AA'('605 "A*4"6,()"(*=054%?""I604%1","A*4;64"()'6A"6(*0*;'-5"A*4"5)6"(*0-=+5,0(%"9(M'0-6%1"74,B-"*0"7,5,"A4*;"5)6"U*4+7"$,081"5)6"N05640,5'*0,+"9*065,4%"T=071"5)6"L0'567"&,5'*0-1"(6054,+"@,08-1"5)6"$,08"A*4"N05640,5'*0,+".655+6;605-1",07"0,5'*0,+",((*=05-?"I6"=-6-"5)6-6"-*=4(6-" ";,0%"*A"B)'()"),C6"06C64"@6A*46"@660"76>+*%67"'0"5)'-"B,%" "5*"(*0-54=(5","4,0E6"*A"7'AA64605"6-5';,56-"*A"5)6"-'b6"*A"=046(*4767"*AA-)*46"B6,+5)1"'0"5)6";*-5"765,'+67"-5=7%"*A"'5-"8'07"6C64"(*07=(567?""D)'-"E4*=07@46,8'0E"46-6,4()"),-"6-5,@+'-)67"5),5"A*4","A*(=-"E4*=>"*A"!Zc";*-5+%"+*B"S";'77+6"'0(*;6"(*=054'6-1"5)6-6">4'C,56"*AA-)*46")*+7'0E-"*A"L.["`?ZSc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

    D#,2&A#,&,2%

  • 7/27/2019 Shaxson - Inequality, You Dont Know the Half of It

    7/21

    ` ! !"#$%&'()*+,-.%,/." ),0".1,)2#,2&'3,.3,(), ,45 )2,6%'*,7847,"

    -2)!-(F!1C10V!#(&)!-2%,!;+%*&+F/)*C! WC64"5)6"-,;6">64'*7"5)6"'0(*;6-"*A"5)6"@*55*;"cK\"A6++"@%"06,4+%"A'C6">64(605?!!!D)6-6"54607-">4*7=(6"-*;6"-5,48"A,(5-1"-=()",-"6-5';,56-"5),5"F=-5"-'/";6;@64-"*A"5)6"U,+5*0"A,;'+%"#*A"U,+;,45"A,;6O",46"B*45) ",-";=()",-"5)6">**46-5"ZK\"*A",++"G;64'(,0-?O"!5%$/)!8

    Y^6^1[6\^[!#!?J]\O !

    )*+*! Y8W6X\1"#_J?!\O"

    Y0610W6!1XW"#!c?]\O"

    Y\6W1]6^0Z"#c?_J\O"

    Y8Z6X\]6W^1!#^?gZ\O"

    "#$3'20'!(#!(#$%&'!+9=*!>!)*+*!

    "^?]"\" J?Zg"/" Z?Z^"h" ^?ZJ"/"

    !"N.M#,("N'%/#;,N&L()&',&J\(+,0,5'*0-"'-"5),5"

    )2#*,)&0#,)2&),("N.M#,&"/,J'.1,(),.",_`E888,/(""#:;,#A#:*,"(2&),/.#;" ),M&0#,;#";#G,-.%,;(ML'*,N&"".),N.";%M#,&1&*,)2&),3&")&;)(N,&M.%"),.3,M."#*,)2&),("N.M#,("#$%&'()*,2&;,L%),(").,)2#(:,L.N0#);G ""R'bb'E,5'"(*0-'76467"'5"=0+'86+%"5),5"5)6"B6,+5)"7,5,",0*;,+%"46A+6(567";,F*4"(),0E6-"'0"5)6"B,%">6*>+6"46->*0767"5*"-=4C6%"7,5,P"5)6"L?.?"T6764,+"H6-64C6"-=4C6%-",46")'E)+%"765,'+671"B'5)"-6--'*0-"+,-5'0E"A4*;"cK";'0=56-"5*"-6C64,+""""""""""""""""""""""""""""""""""""""""" """"""""""""""""_".66"D,@+6"J"'0":RN"$4'6A'0E"R,>64P"D)6"-5,56"*A"B*48'0E"G;64'(,-"B6,+5)1"JK!!P"D)4*=E)"C*+,5'+'5%",07"5=4;*'+1"5)6"E,>"B'760-1"$%".%+C',"G?"G++6E4655*"i"9,4()"J^1"JK!!")55>PaaBBB?6>'?*4Ea>=@+'(,5'*0a5)6e-5,56e*AeB*48'0Ee,;64'(,-eB6,+5)eJK!!a ""

  • 7/27/2019 Shaxson - Inequality, You Dont Know the Half of It

    8/21

    ] ! !"#$%&'()*+,-.%,/." ),0".1,)2#,2&'3,.3,(), ,45 )2,6%'*,7847,"

    )*=4-"A*4"6,()"46->*07605?""I6"-,%-"5),5"*06";'0*4">,45"*A"5)6"6/>+,0,5'*0"'-"5),5"5)6"T6764,+"H6-64C6"7,5,1"*0"B)'()"G++6E4655*-"B*48"46+'6-1">=4>*-6A=++%"6/(+=76-"5)6"B6,+5)'6-5"^KK"G;64'(,0-" "@=5"6C60"5)601")6"6-5';,567"5),5"'0(+=7'0E"5)6;";'E)5";,86","7'AA6460(6"664),>-"@6"5)6";*46",((=4,56";6,-=46?"#I*B6C64"-*;6"-=4C6%-"),C6",7C,05,E6-"*C64"5,/"7,5,"5**P".6(5'*0"Z"@6+*B"6/>+*46-">4*@+6;-"B'5)"5,/",07"-=4C6%"7,5,?O"":,D(#)!D2%,')G

    ""G+5)*=E)"5)6"-=4C6%"7,5,",>>6,4-"5*"=07646-5';,56"5)6"-(,+6"*A"5)6">4*@+6;1"5)6"'0(*;6"7,5,",+-*")6,C'+%"=0764S6-5';,56-"5)6"'0(*;6",5"5)6"5*>"*A"5)6"-(,+6?"G-"G05)*0%"G58'0-*01"D)*;,-"R'8655%",07":;;,0=6+".,6b",4E=6"'0"5)6'4"B'76+%">=@+'('-67"JK!!",45'(+6">.L,!"N.M#;,(",)2#,T.".L,!"N.M#;,(",)2#,,T."!c")55>Paa>'8655%?>-6?60-?A4aA'()'64-aG58'0-*0R'8655%.,6bJK!!?>7A ""

  • 7/27/2019 Shaxson - Inequality, You Dont Know the Half of It

    9/21

    c ! !"#$%&'()*+,-.%,/." ),0".1,)2#,2&'3,.3,(), ,45 )2,6%'*,7847,"

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b#J);+,@.1,\.:#('5,+"A4*;"ZZ"GA4'(,0"(*=054'6-"'0"!c`KSJKK]1"(*;>,467"5*" F=-5 "[!``"@0"'0"6/5640,+"76@5-1";,8'0E"GA4'(,","065"(467'5*4"5*"5)6"B*4+7?""D)'-"()';6-"(+6,4+%"B'5)"2,;6-"I604%-"46-6,4()",((*;>,0%'0E"5)'-">,>64?"D)6"@'E">4*@+6;")646"'-"5),5P""

    )2#,&;;#);,&NN%M%'&)#/,J*,M#&";,.3,N&L()&',3'('(5=46?"D)6-6"GA4'(,0">4'C,56",--65-1",07"5)6"'0(*;6"6,4067"@%"5)6-6",--65-"#B)'()"'-"*A560",((=;=+,5671",07"->6051"C',"*AA-)*46"('4(='5-"5**O"B'++"E6064,++%"0*5"@6",((*=0567"A*4"'0"5)6"'06"'0(*;6-1"@=5">*5605',++%","(,5,-54*>)'("*06?""M.GG.,'!Q)%/-2!\

    "d655'0E","),07+6"*0"5)6"*B064-)'>">,55640-"*A"5)6"B6,+5)%"'-"6/546;6+%"),47?"

    G06(7*5,+"6C'760(61")*B6C641"-=EE6-5-"5),5"*AA-)*46"*B064-)'>"'-"6/546;6+%">64C,-'C61"6->6(',++%"'0"(645,'0",46,-"-=()",-"5)6"A'0,0(',+"(60546"*A"X*07*0?"""""""""""""""""""""""""""""""""""""""""" """"""""""""""""` " I3:(N& ;,9/(.%;,b#J);+,@.1,\.:#(564"J?"D)6",=5)*4-"(*0(676"5),5"B)'+6";=()"*A"5)'-";*06%"B'++"),C6"@660"7'--'>,567"'0"R,4'-',0"-)*>>'0E"->466- 1"5)6"(=;=+,5'C6"-5*(8"B'5)"';>=567"'05646-5"6,40'0E-"'-","46,-*0,@+6"'07'(,5*4"*A"5)6"*>>*45=0'5%"(*-5"*A"5)6"A,'+=46"5*"'0C6-5"5)6-6"A=07-">4*7=(5'C6+%"'0"GA4'(,?"ND",+-*">4*C('76-"5)6";*-5",>>4*>4',56";6,-=46"A*4"(*;>,4'-*0"5*"GA4'(, -"6/5640,+"76@5-1"-'0(6"5)6-6",((4=6"'05646-5"46E,47+6--"*A")*B"5)6"@*44*B67";*06%"B,-"=-67? ""D)6%",+-*"0*56"#>^`O"5),5"5)6'4",((=;=+,567"(,>'5,+"A+'E)5"A'E=46"'-"(+*-6"5*","9644'++"X%0()"6-5';,56"A*4"5)6"5*5,+"B6,+5)")6+7"@%"GA4'(,0"I'E)"&65"U*45)"N07'C'7=,+-"#I&UN-O"*A",>>4*/';,56+%"[!"54'++'*0"'0"JKK`?"

  • 7/27/2019 Shaxson - Inequality, You Dont Know the Half of It

    10/21

    !K! !"#$%&'()*+,-.%,/." ),0".1,)2#,2&'3,.3,(), ,45 )2,6%'*,7847,"

    "H6>*45'0E"@%"$4'5,'0-"C%"/&*,>(M#;"06B->,>64"'0"&*C6;@64"JK!! ] 1")*B6C641">4*C'76-","A,-('0,5'0E"B'07*B"'05*"5)6"5*>'(?"D)6"06B->,>64"(*;@67"+,07"46E'-54%"46(*47-"5*"*@5,'0"*B064-)'>"765,'+-"A*4"5)6"_g",>,45;605-"5),5"),7"@660">=4(),-67"'0"5)6"X*07*0"46-'7605',+"@='+7'0E"W061"I%76"R,481"B)'()"5)6"06B->,>64"76-(4'@67",-" )2#,M.;),#?L#";(A#,&L&:)M#"),J'.N0,#A#:,J%('),&"*12#:#,.",P&:)2G ""D)6"_g",>,45;605-"B646"+'-567",-"),C'0E","C,+=6"*A","5*5,+"l!1J`]";'++'*0"#L.["J?K"@0O"@=5"*A"5)6-61"*0+%"A*=4",>,45;605-1"B'5)","(*;@'067"C,+=6"*A"lg_?`";'++'*01"B646"+'-567"'0"5)6"0,;6"*A"B,4;S@+**767">6*>+6?"D)6"46-51"46>46-605'0E"06,4+%"c_">64(605"*A"5)6"+'-567"C,+=6"*A"5)6">4*>645'6-1"B646"*B067",0*0%;*=-+%"5)4*=E)"(*4>*4,5'*0-"*4"54=-5-1";*-5+%"'0"54,7'5'*0,+"-;,++S'-+,07"*AA-)*46"F=4'-7'(5'*0-?"J_"B646"*B067"C',"5)6"$4'5'-)"Y'4E'0"N-+,07-1"-'/"B646"*B067"C',"5)6"N-+6"*A"9,01"-'/";*46"A4*;"5)6"LM1"A*=4"A4*;"6,()"*A"d=640-6%",07"5)6"3,%;,0"N-+,07-1"5B*"A4*;"X'6()560-56'01",07"*06"6,()"A4*;"".B'5b64+,071"9*0,(*1"9,=4'5'=-1".5"Y'0(605"m"d460,7'06-1"$,),;,-1"D),'+,071"5)6"L0'567".5,56-1"X'@64',",07"$6+'b6?"""G"-=@-6,>64 c"#@%"B)'()"5';6"gJ",>,45;605-"),7"@660"-*+7O"46>*4567"5),5"*0+%"0'06"),7"@660"46E'-56467"5*">,%"LM"3*=0('+"D,/n"*0+%"A*=4"B646">,%'0E"5)6"A=++"(*=0('+"5,/1"B)'+6"A'C6",46">,%'0E"5)6"_K\"7'-(*=0567"(*=0('+"5,/"*B67"*0","-6(*07")*;6?"D,/"*AA'(',+-"B646"-6,4()'0E"46(*47-"5*"A'07"5)6",>,45;605- "*B064-1"5)6"S%&:/(&""46>*45671"@=5" )2#,M*:(&/,.33;2.:#,N.ML&"(#;,L:.)#N)("4*@,@+%"0*5"(,>5=467"'0",0%"5,/"065"

    ,0%B)646"'0"5)6"B*4+7?O""WB0'0E"5)6",>,45;605-"*AA-)*46"(,0")6+>"5)6"*B064-",C*'7"C,4'*=-"7'AA64605"5,/6-P"0*5"F=-5"(*=0('+"5,/1"@=5"-5,;>"7=5%"*0"5)6"-,+6"*A"5)6",>,45;605 !Kn"4605,+"'0(*;6"5,/6-"'A"5)*-6",46"6,4067"*AA-)*46n"'0)64'5,0(6"5,/6-1",07";*46?""D)'-",06(7*56"-=EE6-5-"(+6,4+%"5),5"A*4",5"+6,-5"-*;6"(+,--6-"*A",--65"'0"-*;6"F=4'-7'(5'*0-1"5)6"4,5'*"*A")'E)SB*45)",--65-")6+7"C',"-6(465"*AA-)*46"-54=(5=46-"'-"6/(6>5'*0,++%")'E)?""""

    M.GG.,'!@)%/-2!^"N0(*;6-"V,5,@,-6 1"-,%-P"

    """""""""""""""""""""""""""""""""""""""" """"""""""""""""] "2*)0"G4+'7E61" I"*J./*,@.M#dE,C%"/&*,>(M#;E"&*C6;@64"JK1"JK!!"c"V,0'6+"$*AA6%1"9"'*,"("#,L&*,N.%"N(',)&?,(",#"N'&A#,3.:,;%L#:H:(N2E,">2#,S%&:/(&"1"&*C"Jg1"JK!!"!K".5,;>"7=5%"'-">,%,@+6"5*"5)6"LM"*0"5)6"-,+6"*A"5)6",>,45;605?"I*B6C641"'A"5)6",>,45;605"'-"*B067"@%",0"*AA-)*46"(*;>,0%1"5)60"-5,;>"7=5%"(*=+7"@6",C*'767"'A"5)6"*AA-)*46"(*;>,0%"B,-"'5-6+A"54,0-A64467"A4*;"*06"*B064"5*"5)6"*5)641"4,5)64"5),0"),C'0E"5)6"*=54'E)5"*B064-)'>"*A"5)6",>,45;605"'5-6+A"54,0-A64467?"

  • 7/27/2019 Shaxson - Inequality, You Dont Know the Half of It

    11/21

  • 7/27/2019 Shaxson - Inequality, You Dont Know the Half of It

    12/21

  • 7/27/2019 Shaxson - Inequality, You Dont Know the Half of It

    13/21

    !Z ! !"#$%&'()*+,-.%,/." ),0".1,)2#,2&'3,.3,(), ,45 )2,6%'*,7847,"

    "9'+*4,7"M*C,(6C'(1"3)'6A".5,5'-5'(',0"A*4"5)6"L?&?"I=;,0"V6C6+*>;605"H6>*45"WAA'(61",77-P""

    K#.L'#,)2&),&:#,(",N2&:2#*,:#3%;#,).,L&:)(N(L&)#G,G,G,,,D#,0".1,L#.L'#,(",;%:A#*,12.,&:#,%"/#:H:#L:#;#")#/G,>2#* :#,(",)2#,J.)).M,.:,)2#,).LG,>2#,48H5`,L#:N#")R('#;=,&:#,:#&;."&J'*,("N'%/#/G,>2#,`W,&),)2#,).L,&"/,)2#,J.)).M,&:#,%"/#::#L:#;#")#/,;.,N'#&:'*,)2#,5=46"5)6">*5605',++%")=E6"7'-54'@=5'*0"*A"B6,+5)"B'5)'0"5),5"5*>"(*76?".*;6"-5=7'6-"7*"54%"5*"(*;>60-,56"A*4"5)'-1"@=5"6C60"-*"0*06"),C6"),7",((6--"5*"5)6"=0>46(6760567"7,5,"46C6,+67"@%"2,;6-"I604%?""W06";'E)5",4E=6"5),5"5)6" ;'--'0E"B6,+5)",07"'0(*;6 ",5"5)6"@*55*;"607"*A"5)6"'0(*;6"-(,+6";'E)5"6C60"*=5"5)6"E,>",5"5)6"5*>1"@=5"X,0-+6%1"'0"5)6"(*056/5"*A","7'-(=--'*0",@*=5"5)6"L0'567"M'0E7*;1"6/>+,'0-"B)%"-=()",0",4E=;605")*+7-"+'55+6"

    B,564P" I),)2#,...

Recommended

View more >