Prior to 1948 when they were all nationalized into British Rail, there were various railroad companies operating across the country. One of these was the Southern Railway, which, well, operated in the South. They started electrifying very aggressively in the mid 1920's. At the time most of what little electrification there was was in London on the Underground.
Compared to AC, 3rd Rail DC is cheaper to install, especially as a retrofit (Overhead wires require bigger tunnels, and increased spacing around tracks for the masts). Downside is that it's not really great for speeds above about 60-70mph, as well as being a bit of a pedestrian hazard. (Ever the one about not peeing on the rails so you don't get shocked? That's 3rd rail DC.)
For the Southern, with it's mostly short routes with many stops, electricfiation was a pretty obvious win, and doing 3rd rail made sense because they could do it quickly and cheaply.
In contrast, the northern routes were electrified muuuch later, after steam had gone away. The main East Coast Mainline from London up to Newscastle and on to Edinburgh wasn't fully electrified until 1991. By the '60s and '70s, with train speeds increasing to 80mph and up, overhead AC was the clear winner.
If you look closely there are a few exceptions - the Merseyrail network in Liverpool is DC. Built 1970s, but using some existing underwater tunnels, and slow speed commuter. Then running ESE from London you have the high speed AC lines leading to the Channel tunnel. Well spotted, the trend generally is quite distinct.
Can you share an example? I've been happily using Fable this afternoon and it just seems like the usual upgrade so far with no interruption to my (fairly standard) SWENG problems.
Basically anything that could potentially make money besides software work seems to be banned.
Software work has actual competitors, and the biggest hypemakers for Anthropic are part of this group so it makes sense to allow it despite them losing money from it.
I've got experience in medicine and finance so I've tried even the mildest biology/medicine and it doesn't give anything, math heavy finance seems to be included in the cybersecurity?
In any case, it's been only in the last years that we have had an explosion of a huge variety of funds with low fees, so some of these product strategies need to be retro fitted for a time they did not exist.
Your question is still not what you're asking. Passive funds do nothing but follow indexes, so what you're really asking is "have value indexes ever beaten the general sp500 index?".
And the answer is yes, e.g. both the S&P 500 Value Index and S&P 500 Pure Value Index have beaten the S&P 500 historically.
Small Cap indexes, have also *significantly* outperformed the S&P 500 from 1927 till today (a compounded 13.1% annual growth).
Value stocks represent companies whose price-to-book is particularly attractive compared to the underlying business, and since investing is tied by the sell/buy ratio, buying at a discount improves it. Needless to say, value stocks require more risk, and risk is directly related to potential growth.
Small caps, are both riskier and have a much larger room to grow, they have significantly outperformed the SP500 since 1927.
Neither value nor small caps have done well, in the last decade, as the financial markets have multiple times provided better returns to a small but heavy portion of the market that was neither risky nor at any point had particularly attractive price-to-book ratios.
No you’re just assuming what I am asking. You have proven my point so thank you. No examples and lots of buts and exceptions. We are probably talking around each other to some degree but that’s ok!
I gave you numbers and names of indexes that have historically beaten the S&P 500 index in the value category.
All of those have one or more ETFs that replicate that index.
There's an extensive amount of scientific literature talking about the outperformance of value and small caps to the broader market, starting from Nobel price winning Eugene Fama.
One capability that I see is missing from opus is this ability to understand an entire system. My hope is that a mythos class model will be able to comprehend even something as complicated as an IOT system with a hardware and firmware layer multiple API’s backend and different kinds of API and web clients.
The main limitation we’ve had to agentic coding is an understanding of this system that spans processes running on different machines and architectures.
I was surprised because the writing _seemed_ focused and It at least credits what they copied from "nohello.com" ... but when you compare the 2 sites it becomes obvious that the AI was definitely prompted something like "make a copy of nohello.com but for people posting AI slop" and that's all the actual human thought that went into this. The structure is the same as the source and has just been LLM-ified so it kept some of the same source tone.
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