Mark Kamstra
@markkamstra.com
Economist, econometrician, empirical finance focused, photographer.
Occasionally I notice youtube photographers complaining about extenders for telephoto lenses. But telephoto lenses have a rear set of glass elements which spread the light out, just like extenders. A bad extender degrades quality, sure, just like a bad telephoto lens produces poor images.
January 9, 2026 at 4:55 PM
Occasionally I notice youtube photographers complaining about extenders for telephoto lenses. But telephoto lenses have a rear set of glass elements which spread the light out, just like extenders. A bad extender degrades quality, sure, just like a bad telephoto lens produces poor images.
We are deep into the academic econ and finance recruiting season, with schools starting to send out invitations for job talks (full day interview). A great, fairly new resource, free from strategic manipulation from job-seekers, lists most schools looking for recruits: www.aeaweb.org/econtrack/po...
American Economic Association
www.aeaweb.org
January 8, 2026 at 11:04 PM
We are deep into the academic econ and finance recruiting season, with schools starting to send out invitations for job talks (full day interview). A great, fairly new resource, free from strategic manipulation from job-seekers, lists most schools looking for recruits: www.aeaweb.org/econtrack/po...
Reposted by Mark Kamstra
Hey #Toronto, the @utoronto.ca medical bookstore appears to have over 3000 boxes of KN95 masks (20 masks/box) available for $0.01/box. Good time to stock up!
www.uoftmedstore.com/catalog.sz?p...
HT @cathycrowe.bsky.social who provides bookstore contact into here: bsky.app/profile/cath...
www.uoftmedstore.com/catalog.sz?p...
HT @cathycrowe.bsky.social who provides bookstore contact into here: bsky.app/profile/cath...
January 8, 2026 at 12:03 AM
Hey #Toronto, the @utoronto.ca medical bookstore appears to have over 3000 boxes of KN95 masks (20 masks/box) available for $0.01/box. Good time to stock up!
www.uoftmedstore.com/catalog.sz?p...
HT @cathycrowe.bsky.social who provides bookstore contact into here: bsky.app/profile/cath...
www.uoftmedstore.com/catalog.sz?p...
HT @cathycrowe.bsky.social who provides bookstore contact into here: bsky.app/profile/cath...
#ASSA2026 Proud of my student Elham Tabatabaei, on the job market, who was part of the AFA poster session with her great paper Mixed Messages by Firms’ Managers: An Exploration into the Strategic Use of Tonal Inconsistency across
Managerial Financial Communications papers.ssrn.com/sol3/papers....
Managerial Financial Communications papers.ssrn.com/sol3/papers....
Mixed Messages: Strategic Tonal Inconsistency and Recovery of the PEAD Anomaly
<div>
Using conference call transcripts and contemporaneous press releases, I document that inconsistent managerial tone across these communication channels re
papers.ssrn.com
January 5, 2026 at 2:48 PM
#ASSA2026 Proud of my student Elham Tabatabaei, on the job market, who was part of the AFA poster session with her great paper Mixed Messages by Firms’ Managers: An Exploration into the Strategic Use of Tonal Inconsistency across
Managerial Financial Communications papers.ssrn.com/sol3/papers....
Managerial Financial Communications papers.ssrn.com/sol3/papers....
#assa2026 Lots of interesting AI and LLM papers - these tools are opening up the quantification of qualitative information. “Mental models and … “ by Bastianello et al was a good example, using analysts valuation reports to find impacts from biases (and more). papers.ssrn.com/sol3/papers....
Mental Models and Financial Forecasts
<p><span>We uncover the mental models financial professionals use to explain their quantitative forecasts, and show how they shape beliefs and return predictabi
papers.ssrn.com
January 5, 2026 at 2:32 PM
#assa2026 Lots of interesting AI and LLM papers - these tools are opening up the quantification of qualitative information. “Mental models and … “ by Bastianello et al was a good example, using analysts valuation reports to find impacts from biases (and more). papers.ssrn.com/sol3/papers....
Reposted by Mark Kamstra
Tomorrow my co-author Vicki Bogan will present our paper “Intergenerational Race-Based Trauma and Financial Market Participation” at #ASSA2026 in a session she is chairing: “Investigating Racial Inequality through Historical Data and Events”
Sun. Jan. 4, 2:30-4:30
www.aeaweb.org/conference/2...,
Sun. Jan. 4, 2:30-4:30
www.aeaweb.org/conference/2...,
January 3, 2026 at 6:13 PM
Tomorrow my co-author Vicki Bogan will present our paper “Intergenerational Race-Based Trauma and Financial Market Participation” at #ASSA2026 in a session she is chairing: “Investigating Racial Inequality through Historical Data and Events”
Sun. Jan. 4, 2:30-4:30
www.aeaweb.org/conference/2...,
Sun. Jan. 4, 2:30-4:30
www.aeaweb.org/conference/2...,
Year-end round-ups have been unkind to crypto bros, with caveats like Wall Street has joined in lending legitimacy. But all that confirms is pros know how to make money off of rubes. Upsides? It is as likely to go up as down next year as crypto has no intrinsic value. Until it fades into obscurity.
January 2, 2026 at 1:28 PM
Year-end round-ups have been unkind to crypto bros, with caveats like Wall Street has joined in lending legitimacy. But all that confirms is pros know how to make money off of rubes. Upsides? It is as likely to go up as down next year as crypto has no intrinsic value. Until it fades into obscurity.
Travelling today and reminded of the trouble people with food allergies have. I am celiac and, by choice, vegan (I should probably say plant-based to avoid haters - vegans are almost as hated as atheists). I can get gluten free meals and I can get vegan on AC but not both. Would it be so hard?
January 1, 2026 at 5:31 PM
Travelling today and reminded of the trouble people with food allergies have. I am celiac and, by choice, vegan (I should probably say plant-based to avoid haters - vegans are almost as hated as atheists). I can get gluten free meals and I can get vegan on AC but not both. Would it be so hard?
Thinking about the declining supply of movies for theatres, with Netflix, Apple, Disney, etc., not having an incentive to distribute. I think they will take equity stakes in theatre chains and have parallel releases with discounts for subscribers.
January 1, 2026 at 4:44 PM
Thinking about the declining supply of movies for theatres, with Netflix, Apple, Disney, etc., not having an incentive to distribute. I think they will take equity stakes in theatre chains and have parallel releases with discounts for subscribers.
During this lull between Xmas and New Years I am reminded of the first few American Economic meetings I went to, an annual conference that was held between Xmas and New Year's until the 1990s, because it was cheaper and hey, what else do we have to do? Now we wait until the weekend after New Year's.
December 31, 2025 at 1:54 PM
During this lull between Xmas and New Years I am reminded of the first few American Economic meetings I went to, an annual conference that was held between Xmas and New Year's until the 1990s, because it was cheaper and hey, what else do we have to do? Now we wait until the weekend after New Year's.
The city of Toronto is appointing a traffic czar to handle congestion. I am unsure why, as recent increases in congestion are by design, eliminating traffic lanes, making key east-west routes single lane or restricted to public transit. I thought the point was to encourage bicycling/public transit.
December 30, 2025 at 9:07 PM
The city of Toronto is appointing a traffic czar to handle congestion. I am unsure why, as recent increases in congestion are by design, eliminating traffic lanes, making key east-west routes single lane or restricted to public transit. I thought the point was to encourage bicycling/public transit.
If you love photography, you will love this new youtube channel "The 20x24 Project" www.youtube.com/@PolaroidFou...
The 20x24 Project
We’re taking the world’s largest instant camera on a round-the-world adventure to work with some of today’s most fascinating artists—and you’re coming with us.
Fast-paced, audacious, sometimes outrag...
www.youtube.com
December 19, 2025 at 9:48 PM
If you love photography, you will love this new youtube channel "The 20x24 Project" www.youtube.com/@PolaroidFou...
I am not making too much of this, but lately Berkshire-Hathaway's price has been negatively correlated with the market, at least to casual inspection; big moves in the market are mirror-imaged with opposite-signed BRK moves. Seems stronger than before Buffet announced his departure. Funny.
December 19, 2025 at 7:19 PM
I am not making too much of this, but lately Berkshire-Hathaway's price has been negatively correlated with the market, at least to casual inspection; big moves in the market are mirror-imaged with opposite-signed BRK moves. Seems stronger than before Buffet announced his departure. Funny.
@markjkamstra.bsky.social Winter does bring remarkable sunsets.
December 17, 2025 at 2:33 AM
@markjkamstra.bsky.social Winter does bring remarkable sunsets.
Got ticketed for changing lanes without signaling. Dashcam recording shows my flashing turn signal. I hope that exonerates me. But who gets a ticket for this? The officer came in hot when he handed me the ticket, called me arrogant before I spoke, gave me a 5 minute lecture. 😑I know, could be worse.
December 16, 2025 at 8:19 PM
Got ticketed for changing lanes without signaling. Dashcam recording shows my flashing turn signal. I hope that exonerates me. But who gets a ticket for this? The officer came in hot when he handed me the ticket, called me arrogant before I spoke, gave me a 5 minute lecture. 😑I know, could be worse.
A holy grail for agriculture: nitrogen-fixing crops. www.sciencedaily.com/releases/202...
Small root mutation could make crops fertilize themselves
Scientists discovered a small protein region that determines whether plants reject or welcome nitrogen-fixing bacteria. By tweaking only two amino acids, they converted a defensive receptor into one t...
www.sciencedaily.com
December 9, 2025 at 4:52 PM
A holy grail for agriculture: nitrogen-fixing crops. www.sciencedaily.com/releases/202...
A terrible headline in the WSJ (for Birders)
"What’s Eating the Eagles?"
which was followed by
"Struggling Super Bowl Champ Is in a ‘Funk'"
Panic followed by relief. (I am not a particular fan of American football).
"What’s Eating the Eagles?"
which was followed by
"Struggling Super Bowl Champ Is in a ‘Funk'"
Panic followed by relief. (I am not a particular fan of American football).
November 27, 2025 at 3:16 AM
A terrible headline in the WSJ (for Birders)
"What’s Eating the Eagles?"
which was followed by
"Struggling Super Bowl Champ Is in a ‘Funk'"
Panic followed by relief. (I am not a particular fan of American football).
"What’s Eating the Eagles?"
which was followed by
"Struggling Super Bowl Champ Is in a ‘Funk'"
Panic followed by relief. (I am not a particular fan of American football).
Remembrance Day, Queen's Park Toronto. The soldiers represent lost souls from WWI, ghosts who don't interact with us but remain.
November 23, 2025 at 4:00 AM
Remembrance Day, Queen's Park Toronto. The soldiers represent lost souls from WWI, ghosts who don't interact with us but remain.
Toronto's Distillery District, with the annual holiday season celebration already in full swing. We thought we might have less trouble parking and smaller crowds last Sunday with the Grey Cup championship game on, but with the Argos on the sidelines, no such luck.
November 23, 2025 at 3:47 AM
Toronto's Distillery District, with the annual holiday season celebration already in full swing. We thought we might have less trouble parking and smaller crowds last Sunday with the Grey Cup championship game on, but with the Argos on the sidelines, no such luck.
Mmm - fungus www.sciencedaily.com/releases/202...
This engineered fungus cuts emissions and tastes like meat
Scientists used CRISPR to boost the efficiency and digestibility of a fungus already known for its meatlike qualities. The modified strain grows protein far more quickly and with much less sugar while...
www.sciencedaily.com
November 21, 2025 at 8:25 PM
Mmm - fungus www.sciencedaily.com/releases/202...
Noticing Bitcoin's recent decline (so much volatility - what goes down must come up?). Wondering if the bubble is popping. That won't happen until people need cash for real things, or panic. Looking at Google Trends data on searches for bitcoin and "bitcoin crash" I don't see anything developing.
November 21, 2025 at 3:02 PM
Noticing Bitcoin's recent decline (so much volatility - what goes down must come up?). Wondering if the bubble is popping. That won't happen until people need cash for real things, or panic. Looking at Google Trends data on searches for bitcoin and "bitcoin crash" I don't see anything developing.
Reposted by Mark Kamstra
How does gender identity relate to pension plans?
0.33% of the Canadian population aged 15+ identified as transgender or non-binary in 2021.
This article discusses implications for actuarial considerations like life expectancy and commuted value in pensions.
www.benefitscanada.com/archives_/be...
0.33% of the Canadian population aged 15+ identified as transgender or non-binary in 2021.
This article discusses implications for actuarial considerations like life expectancy and commuted value in pensions.
www.benefitscanada.com/archives_/be...
November 12, 2025 at 4:20 PM
How does gender identity relate to pension plans?
0.33% of the Canadian population aged 15+ identified as transgender or non-binary in 2021.
This article discusses implications for actuarial considerations like life expectancy and commuted value in pensions.
www.benefitscanada.com/archives_/be...
0.33% of the Canadian population aged 15+ identified as transgender or non-binary in 2021.
This article discusses implications for actuarial considerations like life expectancy and commuted value in pensions.
www.benefitscanada.com/archives_/be...
Reposted by Mark Kamstra
In case you missed it, the recording of Meera Paleja's webinar, which I moderated, is now available.
Topic: Enhancing the Investor Experience: A Behavioural Science Perspective
youtu.be/_O1X90byftE?...
Topic: Enhancing the Investor Experience: A Behavioural Science Perspective
youtu.be/_O1X90byftE?...
BEAR Webinar: Meera Paleja (Ontario Securities Commission)
YouTube video by BEAR - Behavioural Economics in Action at Rotman
youtu.be
November 14, 2025 at 5:14 PM
In case you missed it, the recording of Meera Paleja's webinar, which I moderated, is now available.
Topic: Enhancing the Investor Experience: A Behavioural Science Perspective
youtu.be/_O1X90byftE?...
Topic: Enhancing the Investor Experience: A Behavioural Science Perspective
youtu.be/_O1X90byftE?...
I ran the same Python program on two different PCs. Got mostly the same output (I generated random numbers to swap out an estimate, which vary every time the program runs, so it was not going to be identical) but 0.1% of the time it failed on one and not the other. I hate puzzles like this.
November 6, 2025 at 2:08 PM
I ran the same Python program on two different PCs. Got mostly the same output (I generated random numbers to swap out an estimate, which vary every time the program runs, so it was not going to be identical) but 0.1% of the time it failed on one and not the other. I hate puzzles like this.
I don't know why we have so many bushes and grasses growing on rooftops and gutters in the neighborhood, but here is the proof. Most weirdly, the bush/tree on the roof below us was dug up, roots exposed, then repotted. Is this a "green" roof initiative? I kid, but someone help me understand this.
November 5, 2025 at 3:18 AM
I don't know why we have so many bushes and grasses growing on rooftops and gutters in the neighborhood, but here is the proof. Most weirdly, the bush/tree on the roof below us was dug up, roots exposed, then repotted. Is this a "green" roof initiative? I kid, but someone help me understand this.