This page has been archived and commenting is disabled.

Introducing DARPA

Tyler Durden's picture


Dear Readers,

Today is Zero Hedge's ten month anniversary.  What started off as an experiment in focused distributed content has become a site which has clocked over 30 million hits, has over five hundred thousand recurring monthly readers, and touches on virtually every aspect of economics, finance and capital markets. Having some modest influence on broader policy through our objective and systematic unmasking of complex "behind the scenes" issues has been merely frosting on the cake for us, as well as some degree of validation that our pursuit of the unvarnished truth is the right approach. We are happy that we now have the support of over 50 contributors (and many more waiting to be unleashed) as we grow and as topics we could never hope to cover alone but deserving of a detailed examination appear.

If we have learned one thing in these ten months, is that the old "soapbox" media model is dead.  The future belongs exclusively to distributed content, where constant reader feedback is critical to fine-tuning and expanding any given theme or topic. This realization is why we are happy to present to you our latest product: the Distributed Analysis and Research Portfolio Aggregator page, or “DARPA.”

For many of you DARPA will not be a novel idea: leveraging on the concept developed originally by the somewhat secretive Value Investor Club, if not its various and less-secret offshoots.  We will provide a platform where anyone and everyone will be able to present sophisticated, bottom-up, fundamentally driven theses, analyses and write-ups, in very much the same way that traditional analysts present research ideas. While the focus at present is predominantly on credit ideas, the modular interface permits virtually any product to be presented as an investment idea, including equity, convert, cash and derivative credit, preferred, stub and merger arb. However, where Zero Hedge will differ materially from the prevailing trope of secretive investment clubs that limit author participation to 250 or so members annually.  Zero Hedge will have no such limitations. In fact, we hope to make DARPA the most democratic, distributed, open research platform available, and eventually convert it to a fully-blown untethered "ratings agency" where content is provided exclusively by readers, and, more importantly, evaluated, and commented on exclusively by readers. Each research piece will be rated purely on its merit by other DAPRA members, with the top research pieces and top authors prominently featured.

As noted, Zero Hedge is read monthly by over half a million people. Of these, about 30% originate from major financial institutions: investment banks, traditional asset managers, hedge funds, and others. Therefore the attraction of a DAPRA concept will be twofold:

i) to share one's top ideas with the key decision-makers of the financial community, and

ii) to have one's analytical talents noticed by the key portfolio managers. Expanding on this idea, we will soon develop a "marketplace" for research ideas, where research requests can be targeted to specific authors, and where DARPA analysts with established reputations can offer their analytical services to assorted portfolio managers.

Once we have a sizable cadre of DARPA members, we will streamline the rolodex and open it up to consultancy requests by asset managers for any of the thousands of registered Zero Hedge users who have proven their analytical skills on DARPA.

In essence, we have two main goals with DARPA:

i) to make obsolete the traditional rating agency model, by replacing it with a fully distributed, peer-rated, democratic research platform, and

ii) to provide an a la carte analyst/portfolio manager/trader talent retention service.  If, for example, fund manager X wants a research write up on any number of ideas in, i.e., the energy space, DARPA will provide an existing inventory of top rated energy industry contributors. Such retention could be either temporary, in the form of a consultancy agreement, or permanent, as a full-time hire.

We are confident that the over ten thousand unemployed hedge fund workers who are currently presenting their various investment theses (if their headhunters deign so) to money managers who use the recruiting process merely to "fish" for ideas, will be very happy to present their ideas to DARPA, and the over 100,000 dedicated professional asset management executives and decision makers who read Zero Hedge hourly.

As part of DARPA, it gives us great pleasure to present to you nearly 1,000 full credit tearsheets developed in collaboration with our partners at High Yield Blog. By presenting detailed, in-depth quantitative financial information, usually reserved for clients of much more expensive databases, these reports will facilitate much of the distributed analysis presented on Zero Hedge, as well as a serve as a quick reference on virtually any 'on the run' global High Yield name for the convenience of our fixed income-focused readers.  And as the representative universe consists of both American and European companies, our readers on both sides of the Atlantic will find this a most useful service.

Zero Hedge is also in discussions with several strategic partners with whom we hope to provide even more core research content as we build out DARPA into what we hope becomes the "go to" portal for not just objective, sophisticated credit analysis, but for distributed, comprehensive, unbiased research across all product classes.

We will run the DARPA service for free during its initial beta test. Subsequently, eventually a modest fee will be assessed, although authors of the top 20% highest rated ideas will have free access to the site. As for broader access to Zero Hedge, we are committed to maintaining free access the blog in its current format. Though we may launch certain add-on premium services in the future, what you see on the blog today will continue, free of charge.

And as any service is only as good as its content, we hope that our readers will immediately realize the benefits of presenting their sophisticated research ideas to the platform that addresses the broadest range of finance professionals. Therefore, any registered Zero Hedge member who wishes to be able to submit content to DARPA on an ongoing basis should contact with an attached representative sample or submission proposal.

We hope that DARPA will be useful to not just our professional financial followers, but will serve to educate, enlighten and reach our entire readership.

The DARPA portal page can be accessed here.


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Mon, 11/09/2009 - 23:53 | 125481 TheGoodDoctor
TheGoodDoctor's picture

Interesting. Hmmmmm. So, is this kind of like helping out the little guy?

Tue, 11/10/2009 - 00:08 | 125495 alien-IQ
alien-IQ's picture

I've known about DARPA for many years now. There is one thing you can be absolutely 1000% certain of: Helping out the "little guy" NOT part of the program. But they have been quite effective is helping create the means with which to spy on and kill the little guy. At that they have been quite effective and successful.

Of course I must have this DARPA confused with this DARPA
Defense Advanced Research Projects Agency

We're not talking about the same place right? Are we? (please tell me I have them confused and the name is a coincidence)

Tue, 11/10/2009 - 00:32 | 125530 Anonymous
Anonymous's picture

you beat me to the punch...i was going to raise
a red flag with the acronym....

and yes the military kills the people it is supposed
to protect....

Tue, 11/10/2009 - 01:42 | 125583 Pedro
Pedro's picture

You seem to be alive and well.

Tue, 11/10/2009 - 16:40 | 126283 Anonymous
Anonymous's picture

i am but john kennedy, robert kennedy, malcolm x,
martin luther king jr, john lennon, plus 13
soliders at ft hood are not.....nor are the victims
of the world trade center or oklahoma's murrah

that's just for starters....

Tue, 11/10/2009 - 17:37 | 126369 Anonymous
Anonymous's picture

ps. in case the point was not clear i am implicating
the cia and their plutocrat masters in the deeds
to destroy.

Mon, 08/23/2010 - 02:22 | 537068 qrs521
qrs521's picture

Women in summer would like to become beautiful. Everything can grab other's eyes is their best friends.Products make them beauty and confident is their favourite. Look in the street,you can see many different types of make up to show women's personality.

Welcome to the shop, the following is our products, free shipping.

Soccer Shoes Cheap Soccer Shoes Nike Soccer Shoes Adidas Soccer Shoes Nike Soccer Shoes sale Adidas Soccer Shoes sale UGG UGGs UGG Boot UGG Boots UGG Boots Sale Cheap UGG Boots UGG Boots Cheap Women UGG boots ugg boots cardy ugg cardy boots Nike Air Nike Air Max Nike Air Max Shoes Nike SB Nike Dunk Nike Dunk SB Nike Dunk SB Shoes Nike Shox Nike Shox Shoes Timberland Timberland sale Timberland boots Timberland boots online Timberland on sale New timberland boots Women Bags Women Bags Sale Women Handbags Women Handbags Sale Women New Bags Cheap Bags Cheap Bags On Sale UGG UGG boots UGG boots sale UGG boots short Short ugg Short ugg boots Ugg boots tall New women bags New women bags sale New women bags sale online Louis Vuitton Handbags Gucci bags Nike Nike Shoes Nike Shoes Sale Nike running Nike running shoes Nike trainers Nike trainers shoes Timberland Timberland boots Timberland boots sale Timberland boot Timberland boot sale Timberland boots cheap Men timberlands MBT MBT Shoes MBT Chapa GTX MBT Men Shoes MBT Women Shoes Discount MBT Shoes LV Handbags Gucci Handbags Chanel Handbags Chloe Handbags D&G Handbags Dior Handbags Fendi Handbags Hermes Handbags Jimmy Choo Bags Marc Jacobs Bags Miu Miu Handbags Mulberry Bags Prada Handbags Versace Handbags Yves Saint Laurent Balenciaga Bags Burberry Handbags LV Handbags Gucci Handbags Chanel Handbags Chloe Handbags D&G Handbags Dior Handbags Fendi Handbags Hermes Handbags Jimmy Choo Bags Marc Jacobs Bags Miu Miu Handbags Mulberry Bags Prada Handbags Versace Handbags Yves Saint Laurent Balenciaga Bags Burberry Handbags

Those who want to become most beautiful in the world should try them. Just ones can make you different. Girls who want to grab your boyfriends's heart is necessary to use them.

Tue, 11/10/2009 - 00:34 | 125531 Marla Singer
Marla Singer's picture

We are taking back the acronym.

Tue, 11/10/2009 - 01:19 | 125563 Anonymous
Anonymous's picture

Make an offer to sell your site.

Its obvious you cannot run it to its fullest potential.

Beautiful creation, Mr. Yang, however its time that its turned over to people who can handle the next level.

Tue, 11/10/2009 - 01:42 | 125586 Marla Singer
Marla Singer's picture

But what would we do in the afternoons then?

Tue, 11/10/2009 - 11:11 | 125757 Anonymous
Tue, 11/10/2009 - 11:34 | 125777 WaterWings
WaterWings's picture

"This is your life and it's ending one minute at a time."


This is freaking awesome! I joined yesterday and we're moving outta Lou's basement!

Tue, 11/10/2009 - 11:49 | 125803 rr_
rr_'s picture

Is that a movie quote?

Tue, 11/10/2009 - 13:42 | 125981 WaterWings
WaterWings's picture

Fight Club

Tue, 11/10/2009 - 01:42 | 125584 Anonymous
Anonymous's picture

Hey, I worked for DARPA! Best bang for buck of any government spending program, bar none! Reputation tainted by Bush, Poindexter and Total Information Awareness program.

Tue, 11/10/2009 - 12:31 | 125873 alien-IQ
alien-IQ's picture

DARPA + best "bang" for the buck = the irony of the phrasing is just...gorgeous.

Wed, 11/11/2009 - 19:31 | 127717 ToNYC
ToNYC's picture

We love you, but indeed it was a crapronym. let's press on...

now arpanet was father to the internet, not so bad.

Wed, 11/11/2009 - 19:34 | 127718 ToNYC
ToNYC's picture

edit..fat finger

Tue, 11/10/2009 - 12:59 | 125922 KevinB
KevinB's picture

Oh please. So much technology came out of DARPA, it's not funny. This internet thingy, for example. That item has literally changed the world. Tyler's proposal would have been impossible twenty years ago. VLSI technology, the computer mouse, AI software - all were created at DARPA, or by DARPA grants to outside firms. They probably waste a lot of money (what government agency doesn't?), and they have a long list of failures as well, but overall, they have created things that have benefited everyone's lives.

Tue, 11/10/2009 - 19:42 | 126560 gmrpeabody
gmrpeabody's picture


Wed, 11/11/2009 - 20:43 | 127803 Anonymous
Anonymous's picture

Huh? Computer mouse was Xerox, AI software has been around much longer (LISA anyone?) and as for the internet thingy, well the TCP/IP protocols were started by founding from DARPA to a small group of Stanford graduates, but with the Unix operating system University research is what really drove and propelled the "internet thingy" - the first true TCP/IP network WAS NOT military owned.

And besides DARPA is now just ARPA, and if you really want to see what nice things these guys get up to try HAARP on for size.

On the financials side, I think this new DARPA could become big enough to take on GS - would love to see distributed analysis p0wning the big hegemons

Tue, 11/10/2009 - 13:21 | 125956 E Thomas St.
E Thomas St.'s picture

You're pretending to be thick right?

It was chosen for hilarious name confusion purposes.

Wed, 11/11/2009 - 18:15 | 127614 Anonymous
Anonymous's picture

Black Thursday...

Wed, 11/11/2009 - 21:25 | 127852 albion402
albion402's picture

Sounds a lot like an automated valuation model for the mortgage brokers..... Just look at the results at Fannie Mae.... DARPA wants your input, so DARPA can suck all of the water out of the lake.

Wed, 11/11/2009 - 21:26 | 127853 albion402
albion402's picture

Sounds a lot like an automated valuation model for the mortgage brokers..... Just look at the results at Fannie Mae.... DARPA wants your input, so DARPA can suck all of the water out of the lake.

Tue, 11/10/2009 - 00:00 | 125491 lsbumblebee
lsbumblebee's picture

Come on you lugs! No more DIAPERS. Get into your DARPA!

Tue, 11/10/2009 - 00:54 | 125546 lsbumblebee
lsbumblebee's picture

Wow. I've never been this close to Marla before. She smells good. I mean nice. Should  I say something? Maybe I could impress her with my knowledge of DARPA.

Tue, 11/10/2009 - 01:14 | 125558 Marla Singer
Marla Singer's picture

Excuse me, did you just SMELL my hair?

Tue, 11/10/2009 - 01:19 | 125565 lsbumblebee
lsbumblebee's picture

Uh sorry. I got a cold.

Tue, 11/10/2009 - 00:00 | 125492 spekulatn
spekulatn's picture




Tue, 11/10/2009 - 06:10 | 125662 Fibozachi
Fibozachi's picture

Much kudos to Zero Hedge, yet again, for undertaking this latest venture!  Truly a great day for McGraw-Hill and Morningstar.

Tue, 11/10/2009 - 00:08 | 125502 RobotTrader
RobotTrader's picture

I'll volunteer to be in charge of the annual DARPA swimsuit calendar.



Tue, 11/10/2009 - 00:15 | 125513 brandy night rocks
brandy night rocks's picture

Dang, Robo, I was hoping for a pic of Darpa Conger.


"Who Wants To Annul An Idiotic Marriage To A Millionaire?"

Tue, 11/10/2009 - 02:04 | 125597 Cheeky Bastard
Cheeky Bastard's picture

More. Meat.

Tue, 11/10/2009 - 03:02 | 125623 MsCreant
MsCreant's picture

Is this a request for a curvier woman, or for more women. Your post is not clear to me.

Tue, 11/10/2009 - 07:31 | 125680 Artful_Dodger
Artful_Dodger's picture

Agreed...painfully thin.

Tue, 11/10/2009 - 10:18 | 125720 FreddyInBangkok
FreddyInBangkok's picture

tragically thin

Tue, 11/10/2009 - 12:37 | 125883 Anonymous
Anonymous's picture

Thin? Not where I'm looking...

Tue, 11/10/2009 - 15:31 | 126159 Anonymous
Anonymous's picture


Is that a reference to the SyFy original movie Cyclops because damnit i hope it is

Tue, 11/10/2009 - 22:53 | 126732 milbank
milbank's picture

Fascinating. . .

A bikini with a gripper surface.

What will DARPA inspire next?

Wed, 11/11/2009 - 19:38 | 127728 ToNYC
ToNYC's picture

it's a grip her surface, but not so much meat on the bones

Wed, 11/11/2009 - 21:59 | 127883 milbank
milbank's picture

Oh I dunno. There appears to be enough cracks and crevices for me to hook my belaying device into. ;-)

Wed, 11/11/2009 - 19:40 | 127730 ToNYC
ToNYC's picture

edit..deadish "save" button

Tue, 11/10/2009 - 00:13 | 125512 Bolweevil
Bolweevil's picture

don't f@#k with the music


Tue, 11/10/2009 - 00:25 | 125519 ShankyS
ShankyS's picture

Bringing about a better world on a timeline that leads to zero. Not sure why, but best to make it as comfortable ride to the end as possible.

Tue, 11/10/2009 - 00:36 | 125536 Cursive
Cursive's picture

Shanky, now that 1090 is history, where are you looking?

Tue, 11/10/2009 - 11:12 | 125759 ShankyS
ShankyS's picture

1121 my original upper target - minis have a gap from 1104 to 1109 that may need filling - watch the upper trendline on SPX RSI for possible reversal point - follow the daily indicators on your fav index, they are the only things that have not lied all the way up. The IH&S played out to the number (luckily). The dollar is key as well.

Wed, 11/11/2009 - 18:17 | 127620 Anonymous
Anonymous's picture

Shanghai peaked at 3478.01 on 8/4/9...

Tue, 11/10/2009 - 01:19 | 125562 TomJoad
TomJoad's picture

I was just going to say, this should be mildly entertaining, until the lights go out. All my thoughts seem derivative these days.

Tue, 11/10/2009 - 00:31 | 125528 SV
SV's picture

Saw that earlier before your post - was wondering what it was...

Diggin it.

Tue, 11/10/2009 - 00:35 | 125532 Cursive
Cursive's picture

Has it only been 10 months?  Feels like 10 years.  DARPA?  I'm not sure there will be much interest in equities after what I expect we'll see over the next two years.  2012 may not be the end of the civilized world, but I doubt most Americans will be worried about their 401(k)'s.

Tue, 11/10/2009 - 00:36 | 125535 Tyler Durden
Tyler Durden's picture

which is why our core focus is on credit.

Tue, 11/10/2009 - 00:39 | 125537 Cursive
Cursive's picture

Thanks.  I realize that there are several TD's, but I love the blog.  Please share my appreciation with everyone in Project Mayhem.

Wed, 11/11/2009 - 19:41 | 127737 ToNYC
ToNYC's picture

I give you a lot of credit, and the bond market rules

Tue, 11/10/2009 - 00:36 | 125534 chumbawamba
chumbawamba's picture

Hmmm, so I have to figure out how to put "GOLD BITCHES!!!" in an analytical write-up.

I'll get on it.

I am Chumbawamba.

Tue, 11/10/2009 - 00:51 | 125545 duckweed
duckweed's picture

Yo! Chumbawamba, might you perform "Dutiful Servants and Political Masters" from your "Pictures of Starving Children Sell Records" LP? Or even better, "Three Years Later" from the "Bullshit Detector 2" compilation?

Tue, 11/10/2009 - 00:40 | 125538 duckweed
duckweed's picture

T.D. - I love your sense of humor. Maybe we can have a little sub-category called PAM within the framework of DARPA.

"Tyler Durden - Man, I see in fight club the strongest and smartest men(women) who've ever lived. I see all this potential, and I see squandering. God damn it, an entire generation pumping gas, waiting tables; slaves with white collars. Advertising has us chasing cars and clothes, working jobs we hate so we can buy shit we don't need. We're the middle children of history, man. No purpose or place. We have no Great War. No Great Depression. Our Great War's a spiritual war... our Great Depression is our lives. We've all been raised on television to believe that one day we'd all be millionaires, and movie gods, and rock stars. But we won't. And we're slowly learning that fact. And we're very, very pissed off."

We have got our Great Depression Now...

Tue, 11/10/2009 - 00:45 | 125541 CD
CD's picture

Congratulations on the evolutionary leap; this looks/sounds fascinating. You may be slightly optimistically estimating the readership numbers (unless the mirror sites really add that much), but kudos on a most imaginative development.

Tue, 11/10/2009 - 11:25 | 125769 Anonymous
Anonymous's picture

Well I check ZH about 20 times a day, so I think the numbers are accurate, and if stupid a$$ YHOO keeps messing with their homepage throwing all sorts of stupid popups all over the place, ZH will be by homepage...

Wed, 11/11/2009 - 20:34 | 127789 cbxer55
cbxer55's picture

I gave up YAHOO and went back to Google exactly because of this reason.

That, and I do not like the new look. preferred the old look.

At least Google gives me options of what I want showing on my home page.

Wed, 11/11/2009 - 21:28 | 127854 albion402
albion402's picture

Dear Yahoo.... I paid for my account, quit screwing with the view.

Tue, 11/10/2009 - 00:47 | 125542 Anonymous
Anonymous's picture

Some might be skeptical of the value of research or investment ideas published online. Here's a study of the value of investment ideas offered at the referenced Value Investors Club site.

In sum, the author finds that the ideas on the VIC site from January 2000 to December 2008 do have value, relative to a benchmark, though more value on the long side, than short side, and more value in small caps rather than large caps.

Tue, 11/10/2009 - 00:49 | 125543 FischerBlack
FischerBlack's picture

Way to step on DoD toes!

Great idea. Looking forward to seeing how you execute this.

Tue, 11/10/2009 - 00:54 | 125548 Anonymous
Anonymous's picture


If DARPA is successful, and actually "helps out the little guy" one should ask themselves who controls the DNS servers on this small planet?

It's a noble cause -soon to be captured by the elite.

Fight like hell Zero Hedge...the little guy can't handle the truth if it exposes the pigmen. And they are not to be exposed...or are they...


Tue, 11/10/2009 - 13:07 | 125934 rr_
rr_'s picture

People can use alternative root servers

Sat, 11/06/2010 - 17:42 | 705576 sohbetme
sohbetme's picture

I like your ideas and thoughts. While chat with my friends talking about it.

Tue, 11/10/2009 - 01:04 | 125552 Anonymous
Anonymous's picture

Thanks for another great addition to an already awesome website. I just want you to know that if you ever try to leave me.......I'll kill you.

Tue, 11/10/2009 - 02:21 | 125608 Herd Redirectio...
Herd Redirection Committee's picture

Yeah, you think people want to know your identity now, wait until you try to shut down the site!  We don't care if they have threatened your unborn children, damn it, the site stays up!

Tue, 11/10/2009 - 01:04 | 125554 Anonymous
Anonymous's picture

Great Idea. I'm unemployed but I have credit and equity buyside experience. I'll contribute. One thing I wonder about, if someone becomes relatively influential and they are employed at a fund and their research is able to move the market does a subpoena show up at their desk one day from the SEC?

Seems like a risk most employed people will be unwilling to take these days as I assume posting investment ideas with great detail is probably a cause to be fired at most funds (even if those investments aren't implemented at the fund).

Cool idea, it could be great.

Tue, 11/10/2009 - 01:32 | 125575 Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

gosh, what a sexy concept. Luv it.

Tue, 11/10/2009 - 12:57 | 125919 edios624
edios624's picture

"Pump and Dump"... filtering out propaganda may be a daunting task if this really catches fire...

Tue, 11/10/2009 - 01:27 | 125571 Anonymous
Anonymous's picture

ZH's naming this DARPA is their way of playing psy-ops on the feds

Tue, 11/10/2009 - 01:31 | 125573 Miyagi_san
Miyagi_san's picture

whats andy say on buildout

Tue, 11/10/2009 - 01:33 | 125577 andy55
andy55's picture

Hm, interesting. Bold.

My, this next year got even more interesting.

Tue, 11/10/2009 - 02:03 | 125581 TomJoad
TomJoad's picture

I have a friend, a really brilliant guy. Disappeared off the face of the earth for about 18 years. Surfaced in Australia. He had been recruited by DARPA out of grad school and worked on things he cannot talk about, ever. The fact that he moved to the furthest available place on the planet, into the middle of the W. Desert (underground dwelling) and to this day will not say a word about what he did for 18 years to anyone would scare the bejeezus out of me, if I hadn't already come to terms with the fact that on a long enough timeline...

On an unrelated note, I just interviewed for a PM position with a Pertobas subsidiary (lost my US job 2 weeks ago) and Brazil is really hopping. Haven't decided about the job yet, I have to go to Malaysia in December for another (short-term) project, but I am seriously considering permanent relocation. Did get mildly robbed while I was there (Recife) though. Wasn't as bad as the average dental appointment. My mugger was rather lackadaisical about the whole thing. Certainly cost me a lot less than Whirlybird Ben has recently.

Best of luck on the next phase of ZH's evolution. I truly appreciate this site and everyone who contributes to it.

Tue, 11/10/2009 - 02:19 | 125606 Anonymous
Anonymous's picture

"The fact that he moved to the furthest available place on the planet"

Say what?

Tue, 11/10/2009 - 09:41 | 125706 TomJoad
TomJoad's picture

Furthest available from the USA. The Western Desert of Australia. Slightly more hospitable than Antarctica.

Tue, 11/10/2009 - 12:30 | 125870 thegreatsatan
thegreatsatan's picture

2012 skynet goes active.

Tue, 11/10/2009 - 12:35 | 125878 John Self
John Self's picture

A Project Mayhem position with a Petrobas subsidiary: suffice it to say I'm intrigued.

Tue, 11/10/2009 - 17:33 | 126360 TomJoad
TomJoad's picture

Project 'Management' position unfortunately, though any project I run always involves plenty of Mayhem. I will keep my handlers at ZH informed of any relevant intelligence. 

Wed, 11/11/2009 - 01:34 | 126831 Daedal
Daedal's picture

I have a friend, a really brilliant guy. Disappeared off the face of the earth for about 18 years. Surfaced in Australia. He had been recruited by DARPA out of grad school and worked on things he cannot talk about, ever.

So he disappears for 18 years, refuses to talk about what he's been doing during that time, and he's a friend? You sure you're not talking about an ex-wife?

Wed, 11/11/2009 - 18:21 | 127629 Anonymous
Anonymous's picture

Hypersonic flight...

Tue, 11/10/2009 - 01:43 | 125587 Silver Bullet
Silver Bullet's picture

Thanks for all the hard work guys, much appreciated .

Can't wait to pay for the upgrade to the new site!

You guys deserve it.

Tue, 11/10/2009 - 02:07 | 125599 Cheeky Bastard
Cheeky Bastard's picture

*applause* and many years more ...

Tue, 11/10/2009 - 02:10 | 125602 Pizza Delivery Man
Pizza Delivery Man's picture




Tue, 11/10/2009 - 02:47 | 125618 loup garou
loup garou's picture

Of these, about 30% originate from major financial institutions: investment banks, traditional asset managers, hedge funds, and others.” 

And, …“over 100,000 dedicated professional asset management executives and decision makers who read Zero Hedge hourly.

How were these numbers determined?

Tue, 11/10/2009 - 08:03 | 125684 Anonymous
Anonymous's picture

Yeah, interesting right? Unless they divulge that info on their own.

In concept the idea is amazing. But how am I to trust the "30% that originate from financial institutions?"

Again, conceptually love the idea.

Tue, 11/10/2009 - 11:33 | 125776 Anonymous
Anonymous's picture

rather basic questions for anyone who runs a website

Biff Malibu

Tue, 11/10/2009 - 16:12 | 126222 Stink_Pickle
Stink_Pickle's picture

Financial institution originations could be determined by IP address tracked by any suite of web analytics software (or even using the most basic Google Analytics for free).

However, in the realm of web analytics, it looks like ZH need some work.  No one uses the term "hits" anymore, it's traffic, as a hit is really a request for anything from a page to be loaded.  Stick with visits (sessions) to measure traffic.  If anyone has questions feel free to reach out to me.

Tue, 11/10/2009 - 02:53 | 125620 MsCreant
MsCreant's picture

This is real and substantial revolution. I am excited for you.

You can seize the means of production, or you can ignore them and become the means of production.

Holy fuck, I hope it works. I'm not sure you have enough time, but its cool to go down trying.

Watch your six. Don't get coopted.

Tue, 11/10/2009 - 02:58 | 125621 Mark Beck
Mark Beck's picture

If you make money, you should permanently rent a huge big screen display in times square and sequentially show each legislator's face and caption describing the latest stupid thing he or she did in the past week. Just continually scroll through the house, the senate, the executive branch, the FED and advertise all the dirty laundry 24/7 365 day a year. Votes, corruption, bribes, stupidity, failure to read legislation. Make the captions into a nice rhyme so every one will remember. 

Better yet, pay for it through an Obama stimulus grant.

Make each member so recognizable that they have no where to hide. Kids will point as they pass on the street and say, "daddy he's a bad man for passing TARP", and the dad will say, "son what do you expect from somebody who doesn't read legislation", and the son will say, "daddy, even I can read".

You get the idea. 

Tue, 11/10/2009 - 03:15 | 125627 agrotera
agrotera's picture

This is brilliant, and i hope an actionable idea Mark Beck!

Tue, 11/10/2009 - 05:23 | 125650 Cognitive Dissonance
Cognitive Dissonance's picture

Brilliant.........and legally actionable by anyone whose face is on the billboard. There is a very good reason ZH is not based, not even the servers, in the US.

But, there are plenty of ways to skin a Congressperson. Keep thinking and posting.

Tue, 11/10/2009 - 05:36 | 125655 agrotera
agrotera's picture

I thought truth was a defense?

Tue, 11/10/2009 - 11:14 | 125670 Cognitive Dissonance
Cognitive Dissonance's picture

What's that legal saying? There is truth, there is legal truth and then there is legally provable truth.

The evil ones obscure in order to destroy. But there's always another way over the flooded river as soon as you accept the bridge in front of you is destroyed. They may be smart but we are smarter once we give up playing their rigged game by their rules.

They own the legal system. Short circuit the system. Go around it. I find it interesting that a new movie called "Pirate radio" is just coming out. Pirates don't respect the old rules but neither do they sit around waiting to be caught by the old rules.

ZH is an example of the new rules.

Tue, 11/10/2009 - 12:08 | 125827 nicholsong
nicholsong's picture

I hear what you are saying. I do. We are in strange territory nowadays.

But I fail to see how showing someone on camera--someone talking on camera in a public venue making public laws--could ever be possibly construed as actionable slander.  If what you say is as bad as it is, C-SPAN would have been sued into oblivion ages ago.

To your larger part about routing your message around the system barriers, I totally agree. I did it way back in the day when I hand-edited a photocopied conspira-fanzine and mailed it around the country to my reader base of five.  Rules should always be tested.  Back in the 90s William Cooper was trying hard to get people all over interested in local FM radio below the FCC enforcement threshhold.  He was a decade or so too early; nowadays we could all stream content to each other across a city if we configure the net well enough and anyone with a transistor radio could swim in alternative viewpoints.

Tue, 11/10/2009 - 13:03 | 125929 Cognitive Dissonance
Cognitive Dissonance's picture

Desperate men do desperate things. We must move beyond considering how sane and reasonable people will respond to irritation or outright assaults.

If a message as described is placed on the billboard, the powers that be (assuming they don't like it) will find many different ways to pull it down, including personal pressure on the owner of the billboard and nuisance law suits against the billboard owner and the person/entity with the message.

If the only thing that's put up is video or pictures of various law makers without editorial comment underneath, what exactly is the message and who will pay attention? It's the comments that will burn their asses. C-Span makes no direct judgement nor offers their own commentary on what they broadcast. C-Span invented PC. Besides, the counter attack against the message and billboard will not come directly from the lawmakers but instead from their minions.

All I'm saying is there are much more effective ways of accomplishing this than to waste time and money on something that will get quickly pulled down. Don't rely on the legal system to protect any of our rights because we have none if they decide it's no longer convenient for us to believe we do.

Please remember this. The only reason we're even tolerated at this time is because they're winning. It's as simple as that. Get their backs against the wall and there will be blood. Mostly ours in fact.

Tue, 11/10/2009 - 14:08 | 126012 nicholsong
nicholsong's picture

I've said for a long time--more years than I wish were true--that all this will end with blood in the streets.


Tue, 11/10/2009 - 17:29 | 126351 gezza65
gezza65's picture

If you listen to Fiat Lux on Haus der Luege you will hear the blood hitting the streets.



Tue, 11/10/2009 - 19:29 | 126550 Miles Kendig
Miles Kendig's picture

CD - One cannot be rational with the irrational. You know this.  Fear begets fear and the rule of law is THE prophylaxis for a self governing society.  This is why our society is failing.  There is a process of judicial exclusion that is destroying the very substance of our society.  And substance can never be completely replaced with myth.

Wed, 11/11/2009 - 01:50 | 126834 Daedal
Daedal's picture

I think the problem stems is not just from irrationality but from ignorance; at least on the part of the public. I take the subway to work, and I often find myself looking around at the people on the train --- reading, listening to music, doing crosswords, sleeping, etc. I can't help but think to myself how many of these poor saps understand what's going on around them? They go to work, get their paychecks, they do their thing, and the believe that government is acting in their best interests. Blanket statements coming out from compassionate-sounding politicians sound soothing, "We must do the right thing." "Failure is not an option" "yes, we can" etc...

People start waking up when they start losing their jobs, when gas goes to $4/gallon. What we see as inevitable, inevitably will occur only when enough people see the effects of the problems first hand -- and even then the problems must cascade ceaselessly, for government is really good at deflecting responsibility by finding scape goats.

Wed, 11/11/2009 - 21:00 | 127819 Fibozachi
Fibozachi's picture

Very well put Daedal .. but wouldn't it be nice to enjoy that very ignorance, if only but for a few moments of each passing day?

Tue, 11/10/2009 - 14:44 | 126059 Anonymous
Anonymous's picture

As 125842 noted, truth is not a defense. In the USA, falsity is an element of the tort. (That means that the plantiff must prove that the statement was false. If truth were merely a defense, the defendant would have to prove the statement was true, something that can be difficult to do.)

More importantly, because the people mentioned are public figures, one must also prove _NY Times_ malice in order to successfully sue for defamation or libel. I.e., the publisher of the alleged defamation must have acted with "reckless disregard of whether [the statement or publication] was true or false." NY Times v. Sullivan,;"

NY Times malice" has been a very important 1st Amendment protection for journalists and bloggers in the USA since the 1960s. It makes it very difficult for public figures to recover for defamation or libel; it's one of the few cases that every American (especially bloggers or those commenting in a public forum) should know about.

That said, those criticised could bring nuisance defamation lawsuits against ZH in order to run up fees in the hope of shutting down the ongoing negative publicity for themselves and other public figures.

Tue, 11/10/2009 - 18:07 | 126419 Anonymous
Anonymous's picture

If they cant get past ZH motion to dismiss, which would be filed instantly, how are they going to run up their costs? Especially in this legal market -- I bet I could construct a pretty good law firm right now in any major city just from all the unemployed and soon to be unemployed attorneys.

Tue, 11/10/2009 - 16:25 | 126252 Marley
Marley's picture

Wouldn't wish it on my enemies but you've never been divorced?

Tue, 11/10/2009 - 12:19 | 125842 Anonymous
Anonymous's picture

No, actually it is not.

Defamation is a tort which involves the invasion of a person's interest in his or her reputation and good name. Costello v. Hardy, 2003-1146 (La.1/21/04), 864 So.2d 129; Fitzgerald v. Tucker, 98-2313 (La.6/29/99), 737 So.2d 706, 715.

A successful claimant in a defamation action must establish the following elements: (1) defamatory words; (2) publication; (3) falsity; (4) malice; and (5) injury. Rogers, supra.

If even one of the required elements of the tort is lacking, the cause of action fails. Costello, supra; Douglas v. Thomas, 31,470 (La.App. 2 Cir. 2/24/99), 728 So.2d 560, writ denied, 99-0835 (La.5/14/99), 741 So.2d 661; Kosmitis v. Bailey, 28,585 (La.App. 2d Cir.12/20/96), 685 So.2d 1177.

Even when a plaintiff makes a prima facie showing of the essential elements of defamation, recovery may be precluded if the defendant shows either (1) the statement was true, or (2) the statement was protected by a privilege, absolute or qualified.
Costello, supra; *1210 Doe v. Grant, 2001-0175 (La.App. 4 Cir. 1/29/03), 839 So.2d 408, writ denied, 2003-0604 (La.5/2/03), 842 So.2d 1102.

Tue, 11/10/2009 - 14:52 | 126069 Cognitive Dissonance
Cognitive Dissonance's picture

Great response. Nice to see the legal eagles reading this site. Welcome.

You demonstrate exactly what I'm talking about. Very difficult to do much in the legal system that can't be done much more quickly with some muscle and special ops.

I always remember the golden rule. There is little doubt who is exercising that rule over the past few years. While I agree the legal system can be a refuge, we were shown how the Chrysler bond holders fared in the legal system. I believe that was just the first shot across the bow.

If the powers that be want us crushed in the legal system, they'll either find a way or change the rules. Either way, valuable time will be lost fighting a rigged game by their rules. Of this I'm certain.

Tue, 11/10/2009 - 20:00 | 126572 gmrpeabody
gmrpeabody's picture


Wed, 11/11/2009 - 00:37 | 126800 Anonymous
Anonymous's picture

So, what do you do when the govt. defames you?

Thu, 11/12/2009 - 10:16 | 128376 Cognitive Dissonance
Cognitive Dissonance's picture

Use K-Y and smile smile smile.

Wed, 11/11/2009 - 15:05 | 126334 mitack
mitack's picture

WOW- never bothered to check where ZH's server(s) are. Never it even crossed my mind one may actually need to host in Sweden! Are we so close as Orwell says "In times of mass deceit telling the truth is a revolutionary act" ? Are we ? Holly smokes!

BTW, clicking around ZH's hosting provider, they have a great (as both bandwidth and price)

Tunnel service (OpenVPN) here:

And here is a great, and I mean GREAT (as price and as in "blows

the socks off of a 10 times more-expensive cisco") with very easy

and powerful user interface, and yes- it does support OpenVPN.

You may have to find it on the "resellers" link or

ebay as this site is wholesale and has minimum order

in the hundreds.

Disclosure: I am happy user of RB750 and soon PRQ, but

have no interest of any kind in promoting either.


Tue, 11/10/2009 - 03:12 | 125626 carbonmutant
carbonmutant's picture

I like research, I like distributed content and I like Zerohedge.

This move is a "Good Thing".

Tue, 11/10/2009 - 03:20 | 125628 Eduardo
Eduardo's picture

Not cool, ultra cool ! Thank You again zero hedge !

Whatever it helps putting a nail in GS coffin by empowering the little guy sounds like a great idea.

Not commenting much lately (as I am not an expert) but still reading you several times a day.

Tue, 11/10/2009 - 04:12 | 125637 steveo
Tue, 11/10/2009 - 04:12 | 125638 Ruth
Ruth's picture

Zerohedge continues to amaze me as to the great length they sacrifice themselves, in efforts to spread the word, reach the unreachable, explain to the masses that WE WILL NOT BE TAKING THIS SHIT ANY LONGER! 

And now this...exposing brilliant minds to the masses, sicking every last drop of ideas of others to such a high level opportunity as research analysis.  OPENING IDEAS IN THE WAKE OF DESTRUCTION IS MADDENINGLY INSANE AND I LOVE IT.  DID YOU GET THAT WASHINGTON? HEY GS...IS ANYBODY THERE OR DID YOU BITE YOUR HEADOFF YET TO SPITE YOUR FACE!

As you will see, in the pages and pages of Zerohedge, history in the making and stories within stories, that bring new insight and speak of our darkest fears.  I applaud you and pray protection over we who know between right and wrong and are willing to take the path less taken.  Thanks again, for bringing us together to learn from each other continually.  I will be forever greatful for the bit of sanity you have given me, NOT TO MENTION ALL THE SHIT I'VE LEARNED I DIDN'T KNOW AND HAD TO RESEARCH!  So power on DARPA! Tyler(s) and Marla(s) we salute you!

Tue, 11/10/2009 - 06:53 | 125672 Anonymous
Anonymous's picture

What sacrifice?? On the contrary i think they are making good money out of this site and would be making it paid site soon to mint more money.

Tue, 11/10/2009 - 09:59 | 125713 Invisible Hand
Invisible Hand's picture

Why shouldn't they make money out of this site.  You don't think Cramer gets paid for lying to you (along with the rest of Big Media).  It took a lot of courage (and work) to build this site with no guarantee of any reward.  Anyone who provides a valuable service should be paid and the more valuable the service the better the pay should be (at least in a rational market).  Thanks, ZeroHedge and I, for one, hope you make a bundle for your hard work.

Tue, 11/10/2009 - 10:54 | 125741 fil
fil's picture

What's up with you? I guess people should work their asses off so an anonymous ungreatful asshole should resent their efforts. People have to eat! You my friend should eat shit and die.

Tue, 11/10/2009 - 12:14 | 125833 nicholsong
nicholsong's picture

Hey shitbird,

When you are emitting as much content--useful content--that ZH does, and you have to float the costs of production associated with all that content (time, hardware, bandwidth, cigarettes, inflatable dolls, etc) I think you will sing a whole different tune.

But you never will make such content will you? Nope, you'll just come here and snipe.

Like a shitbird.

Tue, 11/10/2009 - 13:07 | 125935 Cognitive Dissonance
Cognitive Dissonance's picture

Inflatable dolls? You mean Marla is an inflatable doll?

Say it ain't so, Marla. Say it ain't so.

Tue, 11/10/2009 - 14:11 | 126015 nicholsong
nicholsong's picture

Marla is no inflatable doll. She is an erudite and tenacious character, good to have on our side.

that I named my own inflatable doll Marla is another matter completely, mere coincidence.

Tue, 11/10/2009 - 14:53 | 126074 Cognitive Dissonance
Cognitive Dissonance's picture

Anatomically correct I assume?

Wed, 11/11/2009 - 19:14 | 127691 Doug
Doug's picture

Nicholsong, absolutely laugh-out-loud funny.  Thank you!

Tue, 11/10/2009 - 12:28 | 125867 Marla Singer
Marla Singer's picture

Let me just set the record straight here. Zero Hedge enjoys the time, effort and (most importantly right now) capital of its senior staff, without which there would be no Zero Hedge. Zero Hedge is not cheap to run and no one, even near the top, is getting rich off the site at this point.

I'm obviously not going to get into specifics on finances, but one only needs the most passing command of basic math to see that it's difficult to construct a "making good money" model for Zero Hedge right now.

Obviously, we hope this changes, but most of the senior staff aren't in it for the bucks. Rather, we'd like to have more resources to pour into the site, and thereby expand functionality and content for its users. For starters, we'd LOVE to double our FOIA budget.

Finally, the day we start to see the kind of funds coming into Zero Hedge that will sustain it and provide for a bit of growth, we'll yank the donate link you see on your left there.

Wed, 11/11/2009 - 19:17 | 127696 Doug
Doug's picture

Good luck and God bless.  Your efforts are sincerely appreciated.

Thu, 11/12/2009 - 00:53 | 128011 Chignos
Chignos's picture

hey marla.................... fogettaboutit

Thu, 11/12/2009 - 00:55 | 128014 Chignos
Chignos's picture

hey marla...................fogetaboutit

Thu, 11/12/2009 - 00:56 | 128017 Chignos
Chignos's picture


Thu, 11/12/2009 - 00:57 | 128018 Chignos
Chignos's picture

Forget about it.

Tue, 11/10/2009 - 04:39 | 125642 phaesed
phaesed's picture

Amazing... Zero Hedge is taking it to the next level. Awesome. I will be contributing soon.

Thu, 11/12/2009 - 00:59 | 128023 Chignos
Chignos's picture

soon?         yeah-----------right

Tue, 11/10/2009 - 04:54 | 125645 Reggie Middleton
Reggie Middleton's picture

This is a very good idea, and actually made me realize that I never submitted a single full research report to this site. I will share some of what I am working on currently, in detail.

Kudos from someone who has perpetually worked outside of the establishment. I am sure all realize how much of a threat this is to the status quo as well as an opportunity to truly change the modus operandi.

Tue, 11/10/2009 - 05:54 | 125659 Anonymous
Anonymous's picture

Reggie. I love your work. How bad did you get hit today. I'm demoralized. I've been trying to short REv everyday. Finally did. It went up $2 right after. I'm scared what these fucks have up their sleeves.

Tue, 11/10/2009 - 10:45 | 125736 gjervis
gjervis's picture

As i read this, i thought that you would like this. This is definitely your area of expertise, i believe you will have a field day in this area.

Tue, 11/10/2009 - 14:12 | 126017 nicholsong
nicholsong's picture

Were you intending to post a link with that seemingly unfinished comment?

Tue, 11/10/2009 - 06:22 | 125664 Anonymous
Anonymous's picture

Best luck with that!
I am no investor, at least while I can keep surviving as R/D engineer. Yet I spend some excellent time here.
BTW, keep in mind some of us use ad-blockers and just prefer directly supporting worthy sites.

Tue, 11/10/2009 - 14:16 | 126026 nicholsong
nicholsong's picture

Are there ads on ZH? I've been using ad blockers for so long now (predating my ZH lurking) that I don't think I've ever seen one here.

Tue, 11/10/2009 - 07:37 | 125665 brodix
brodix's picture

Uh... Isn't any trading in this environment just contibuting to the bubble? Wouldn't a longer term project be proposing the next model? It seems one's either a soldier, or a target.

 Here's I point I'd like to offer on that;

 A major part of the problem is the system of public financing, where enormous bills, stuffed with enough goodies to gain sufficient support, are rammed through the system. That's not budgeting. The process of budgeting is to prioritize needs and desires, then decide where to draw the line between what can be afforded and what cannot. In the US, some years ago, there was a discussion about the "line item veto," where the president could delete any item he wished from spending bills. Obviously this would remove all power of the purse from the legislature and likely be unconstitutional. In the spirit of actual budgeting, a possible solution would be to break these bills down to their constituent lines and then have every legislator assign a percentage value to each line and then re-assemble them in order of preference. The president would then draw the line at what would be funded. This would divide responsibility, allowing the legislature to prioritize, while giving the president final authority over total spending. Since making the cut would be graded on a curve, there would be much less incentive to trade favors and the percentage system would allow legislators to fine tune their granting of favors to other legislators and lobbyists. Since local spending by the national government would be reduced, a local public banking system which recycled wealth back into local infrastructure would fill the hole.

Call it the Recovery After Potential Termination of Useless Resource Environment.



Tue, 11/10/2009 - 06:59 | 125674 Anonymous
Anonymous's picture

The credit snapshot report on DARPA is very very average. No insight in those repoerts.

Tue, 11/10/2009 - 12:54 | 125916 Green Sharts
Green Sharts's picture

I agree.  A handful of financial statistics constitutes credit analysis?  No schedules of debt maturities, no real analysis of cash flows and their sensitivity to changes in revenues, margins, etc.?  No word on covenants, pension obligations, corporate assets pledged as collateral against other debt, etc.?  No comparison of spreads versus treasuries to comparables?  

I don't get what the audience for credit analysis of individual corporate bonds is supposed to be. Individuals buying corporate bonds need to buy a diversified portfolio of them since the best you can do with a bond is get paid back at par and the worst you can do is lose most or all of your principal. To get competitive pricing on corporate bonds you need to buy them in pretty large quantities and even then you need access to a Bloomberg terminal or some other accurate source of bond pricing to ensure you don't get raped on the price.  If you don't have a few million $ to invest in corporate bonds you're probably better off buying a low expense corporate bond mutual fund managed by somebody with a good track record.  That's if you even want to buy corporate bonds now given that spreads on investment grade and junk debt are back below where they were prior to the Lehman collapse.

If the audience is hedge funds, the examples of analysis shown don't even begin to scratch the surface.  I have never worked in a hedge fund but would think a decent credit analysis has to be at least 10 or 15 pages just to cover the basics, albeit with an executive summary in front.

ZH has been saying the markets are unhooked from the underlying fundamentals (I agree with them) and now they're launching a service that offers fundamental analysis of corporate credit. 

Tue, 11/10/2009 - 07:05 | 125676 Anonymous
Anonymous's picture

Great idea.
How about exposing macro-ideas and long term trends?

Tue, 11/10/2009 - 08:29 | 125690 deadhead
deadhead's picture

Sometimes you get shown the light in the strangest of places if you look at it right"

The Grateful Dead

Tue, 11/10/2009 - 09:00 | 125692 Leo Kolivakis
Leo Kolivakis's picture

There are plenty of ideas for DARPA here:

If top hedge funds are buying or accumulating a stock, I track it and want to know why.


Tue, 11/10/2009 - 12:38 | 125884 Anonymous
Anonymous's picture

Is that your blog Leo?

Tue, 11/10/2009 - 21:49 | 126672 Leo Kolivakis
Leo Kolivakis's picture

Yes it is.

Tue, 11/10/2009 - 09:39 | 125704 CB
CB's picture

I like it.

Tue, 11/10/2009 - 09:53 | 125710 bugs_
bugs_'s picture

Far out!

Instead of a Disruptive Technologies Office (DTO) you
can have a Disruptive Discussions Office (DDO) :-)

Tue, 11/10/2009 - 10:12 | 125718 jules from aus
jules from aus's picture


zee giant begins to wake

congratulations Tyler et al

- you guys must make some great coffee


good luck

Tue, 11/10/2009 - 10:18 | 125719 trillion_dollar...
trillion_dollar_deficit's picture

Stuff like this is exactly why ZH continues to be my most read site. I literally have it opened on my screen at work all day long (and then for a couple hours when I get home). Keep up the great work guys.

Tue, 11/10/2009 - 12:48 | 125911 Slewburger
Slewburger's picture


I love Tyler (and Marla) like a fat kid loves cake.

Do NOT follow this link or you will be banned from the site!