Corey Hoffstein 🏴‍☠️ ✓

@choffstein · 🎙 www.flirtingwithmodels.com · joined 14 Oct 2009

CEO & CIO, Newfound Research | 🥞 Return Stacked® ETFs | 🌊 Liquidity Cascades | 📆 Rebalance Timing Luck | ⚡️ Risk cannot be destroyed, only transformed.

85 560Followers

1 248Following

42 019Posts total

1.7MViews on collected posts

Against accounts of the same size

6 posts from the last 90 days, next to the 10K–100K follower range. shown widely, but few of those viewers react.

Median views14 186this account2 578median for 10K–100K

Reach, %16.58%this account7.77%median for 10K–100K

Engagement, %0.37%this account1.47%median for 10K–100K

Metric	This account	Median for 10K–100K	Ratio
Median views per post	14 186	2 578	5.50×
Reach (views ÷ followers)	16.58%	7.77%	2.13×
Engagement rate	0.37%	1.47%	0.25×

Others in this range → Compare with another account → How these benchmarks are built →

Growth & engagement

How the posts we collected actually performed: views and reaction rate post by post, what the audience did with them, and where the follower count goes.

Views per post

25.2K28 Aug

15.9K

14.8K

14.2K

41.2K

14.4K

13.2K

1.1K29 Aug

476.4K1 Sep

9.7K

14.6K2 Sep

54.5K

13.7K

7.1K3 Sep

Last 14 collected posts, oldest on the left. The scale is logarithmic: one post can outrun the rest a hundred times over.

Engagement rate per post

0.44%28 Aug

0.50%

0.61%

0.50%

0.31%

0.70%

1.77%

0.37%29 Aug

0.25%1 Sep

0.94%

0.40%2 Sep

0.14%

0.35%

1.75%3 Sep

Reactions — likes, reposts, replies and quotes — divided by views. Median for 10K–100K accounts is 1.47%.

What the audience does

Likes53.5%4 670 in total

Reposts6.2%538 in total

Replies3.6%317 in total

Quotes3.9%339 in total

Bookmarks32.9%2 870 in total

Share of every reaction we collected for this account. Replies mean argument, reposts mean endorsement, bookmarks mean the post was worth keeping.

The follower curve appears once this account has two daily snapshots — we take one a day, and this one is on its first.

Latest posts

manifesting https://t.co/eodZ7bVjyC 7.1K views · 112 likes · 3 reposts · 9 replies 03 Sep 2026 https://t.co/76SOt0fG68 13.7K views · 42 likes · 1 reposts · 5 replies 02 Sep 2026 State Street w/ largest seeded ETF launch *ever* today… State Street SPDR UC Investments 90/10 Endowment Strategy Index ETF (UCBG) Launched w/ *$2.5bil* UC Investments manages University of California’s retirement, endowment, etc. https://t.co/NnAt44EcxM 54.5K views · 49 likes · 6 reposts · 15 replies 02 Sep 2026 Taking "buy, borrow, die" to a new level. 14.6K views · 49 likes · 0 reposts · 7 replies 02 Sep 2026 I've got a podcast with @variational_lvs coming out soon about Variational's on-chain RWA swaps. It's a really interesting model. The OLP can segregate flow, aggregate risk, and then hedge via tradfi dealer relationships (over $1bn in capacity at the moment). Right now, long h 9.7K views · 82 likes · 1 reposts · 8 replies 01 Sep 2026 https://t.co/ahcjhZquya 476.4K views · 754 likes · 141 reposts · 108 replies 01 Sep 2026 @choffstein Congrats & great thread Corey. Also, don’t think I’ve ever seen a bookmark/like ratio > 1 1.1K views · 4 likes · 0 reposts · 0 replies 29 Aug 2023 @MebFaber @CliffordAsness If you made it this far, thank you. I appreciate the generosity of your time. I hope some of these ideas or lessons resonated with you. It will be fun for me to look back in another 15 and see how many of these stood the test of time. Until then, 13.2K views · 218 likes · 1 reposts · 16 replies 28 Aug 2023 @MebFaber @CliffordAsness 16. The Market is Usually Right Did I say 15 ideas and lessons? Here’s a bonus lesson that’s taken me far longer to learn than I’d care to admit. The market is, for the most part, usually right. It took me applying Lesson #11 – “What’s the Trade” – 14.4K views · 92 likes · 6 reposts · 1 replies 28 Aug 2023 @MebFaber @CliffordAsness 15. A backtest is just a single draw of a stochastic process. As the saying goes, nobody has ever seen a bad backtest. And our industry, as a whole, has every right to be skeptical about backtests. Just about every seasoned quant can tell you a stor 41.2K views · 108 likes · 12 reposts · 5 replies 28 Aug 2023 @MebFaber @CliffordAsness 14. Jensen’s Inequality Jensen’s inequality basically says, “a function applied to a mean does not necessarily equal the mean applied after the function.” What does that mean and how is it useful? Consider this example. You’re building a simple mo 14.2K views · 63 likes · 6 reposts · 1 replies 28 Aug 2023 @MebFaber 13. Behavioral Time is decades longer than Statistical Time I recently stole this one from @CliffordAsness. This point has less to do with any practical portfolio construction thoughts or useful mental models. It’s just simply acknowledging that managing money in 14.8K views · 86 likes · 2 reposts · 2 replies 28 Aug 2023 @MebFaber 12. The trade-off between Type I and Type II errors is asymmetric Academic finance is obsessed with Type I errors. The literature is littered with strategies exhibiting alphas significant at a 5% level. The literature wants to avoid reporting false positives. In pra 15.9K views · 70 likes · 5 reposts · 3 replies 28 Aug 2023 @MebFaber 11. Always ask: “What’s the trade?” In July 2019, Greek 10-Year Bonds were trading with a yield that was nearly identical to US 10-Year Bonds. By December, the yield on Greek 10-year bonds was 40 basis points under US 10-year bonds. How could that make any sense? 25.2K views · 104 likes · 4 reposts · 1 replies 28 Aug 2023 @MebFaber 10. Under strong uncertainty, “halvsies” can be an optimal decision. During the factor wars of the mid-2010s, a war raged between firms as to what the best portfolio construction approach was: mixed or integrated. The mixed approach said that each factor should be c 31.3K views · 80 likes · 3 reposts · 3 replies 28 Aug 2023 @MebFaber 9. Certain signals are only valuable at extremes. I was sent a chart recently with a plot of valuations for U.S. large-cap, mid-cap, and small-cap stocks. The valuations were represented as an average composite of price-to-earnings, price-to-book, and price-to-sale 22.9K views · 60 likes · 1 reposts · 1 replies 28 Aug 2023 @MebFaber 8. The more diversified a portfolio is, the higher the hurdle rate for market timing. Market timing is probably finance’s most alluring siren’s song. It sounds so simple. Whether it’s market beta or some investment strategy, we all want to say: “just don’t do the 20.8K views · 73 likes · 3 reposts · 3 replies 28 Aug 2023 @MebFaber 7. It’s long/short portfolios all the way down. I don’t remember when this one came to me, but it’s one of my favorite mental models. The phrase is a play off of the “Turtles all the way down” expression. Every portfolio, and every portfolio decision, can be decompos 38.3K views · 93 likes · 2 reposts · 2 replies 28 Aug 2023 @MebFaber 6. It’s usually the unintended bets that blow you up. I once read a comic – I think it was Farside, but I haven’t been able to find it – that joked that the end of the world would come right after a bunch of scientists in a lab said, “Neat, it worked!” It’s very ra 23.3K views · 92 likes · 3 reposts · 3 replies 28 Aug 2023 @MebFaber 5. The philosophical limits of diversification: if you diversify away all the risk, you shouldn’t expect any reward. One of the most common due diligence questions is, “when doesn’t this strategy work?” It’s an important question to ask for making sure you understa 22.7K views · 94 likes · 6 reposts · 3 replies 28 Aug 2023 4. Diversification has multiple forms. In 2007, @MebFaber published his paper A Quantitative Approach to Tactical Asset Allocation where he explored the application of a 10-month moving average as a timing model on a variety of asset classes. It will likely go down in 23.9K views · 82 likes · 3 reposts · 1 replies 28 Aug 2023 3. Diversifying, cheap beta is worth just as much as equally diversifying, expensive alpha. I’ll put this lesson in the category of, “things that are obvious but might need to be said anyway.” Our industry is obsessed with finding alpha. But, for the most part, a portfolio 26.9K views · 108 likes · 7 reposts · 1 replies 28 Aug 2023 2. No Pain, No Premium The philosophy of “no pain, no premium” is just a reminder that over the long run, we get paid to bear risk. And, eventually, risk is likely going to manifest and create losses in our portfolio. After all, if there were no risk of losses, then why 40.7K views · 139 likes · 14 reposts · 5 replies 28 Aug 2023 1. "Risk cannot be destroyed, only transformed." For graduate school, I pursued my MS in Computational Finance at Carnegie Mellon University. This financial engineering program is a cross-disciplinary collaboration between the finance, mathematics, statistics, and 31.8K views · 141 likes · 11 reposts · 2 replies 28 Aug 2023 This is going to be an obnoxiously long thread, with obnoxiously long posts, so if you'd rather read it as a blog or listen to an audio version, here are the links: 📝 https://t.co/UDkJl4WnjW 🎙️ Spotify: https://t.co/RGo9SK3Xqo 41.1K views · 171 likes · 22 reposts · 10 replies 28 Aug 2023 My company, Newfound Research, turned 15 today. Coming up on this anniversary, I reflected quite a bit on my career. I’m not sure why, but this milestone feels larger than I would've expected. So I decided to write something. 15 Ideas, Frameworks, and Lessons from 15 Years 673.4K views · 1.7K likes · 275 reposts · 102 replies 28 Aug 2023

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