It almost took us the same amount of time this year as it did last year. We think it's worth the wait. The results are in and we can't wait to share them with you! This year we've received a tremendous amount of help from u/gates0fdawn. She designed the whole infographic you'll see linked below, we're super grateful she took the time to create this, we think it looks super good. I would also like to shout out valuable community members who helped us out with both proofreading and giving valuable opinions. One of our Discord Mods: OldWhiskeyGuy from the subreddit discord server helped with proofreading a lot. u/SirBuckeye for valuable input and thoughts as well as industry officials who doesn't want to be named. Super thankful for all the help! Yet again we kept the age gate, so every account created after August 1st were not allowed to participate in the census.
Responses - We had a total of 5957 responses! That's 1977 less than last year's census. We started sticky commenting a link to the census in threads the final few days of the census which saw a large influx of participants taking the census.
Age - The 18-24 age group had the largest percentage of 51.5%. It declined from last years 56.7%. The 25-34 age group was the second largest with 33.4%, it has increased from 30.9% last year. The 13-17 age group increased from 8.7% to 9.9%. Yet again, it seems like we're getting older y'all.
Gender - Following last years gender identity change we've seen more users choosing more varied responses here. This one might be shocking to a few. 51.8% are Female, 43.6% are Male. Non Binary was the third largest with 1.7%.
Gender Part 2 - 91.9% are Cisgender. 1.9% are Transgender and 2.7% is an Other Gender Identity (Please let us know!) 3.5% didn't want to answer.
Sexuality - Last year about 62.5% chose Straight, this year it's lowered to 58%. 17.3% are Bisexual and 9.7% are Gay (6%) / Lesbian (3.7%).
Relationship Status - We kept the same options as last years census. We went from 76% Single to 75.6% Single! Let's keep the trend going! Last year 16.9% of users were in a relationship, this year it's at 16.5%. Married users increased from 4.7% to 5.3%
Ethnicity - 40.5% are White (Non-Hispanic), 16.6% are East Asian, 15.3% are Southeast Asian. 8.1% are Hispanic/Latino. 6% are mixed race.
Education - This question was first asked last year. This year we tried fixing this question because there were so many options that many users felt a little flabbergasted for what to choose. 34.5% are working on, or already have a Bachelor's Degree. 23.9% Are currently in Some College (No Degree) 8.3% are currently in High Scool and 13.1% are High School graduates. 8% have a Master's Degree. 1.3% has a Doctorate and 1% has a PhD.
Employment Status - With the current world situation we included the option "Covid-Related Uncertainty". 7.9% of you voted this. 34.1% are employed, 30% of students are employed and 13.8% of the students are unemployed. 6.8% are unemployed.
Employment Field - New question last year but updated a tiny amount this year. We see a majority of our users working with Computer Science and Maths, Healthcare, Financial Business, Engineering and Arts, Design & Entertainment.
Where Do You Currently Live?
World Region - 56.8% of the participants are based in North America, majority in the US. 22% are in Europe, majority in the UK. 10.3% in Asia, with most users in Philippines, Singapore and India.
Time Zones - Check the infographic for a better overview for this one. Majority of users are in UTC-05 and UTC-06.
K-Pop Engagement Questions
How were you first exposed to K-pop? - This first segment got divided into two questions this year. Most of our users had their first exposure to K-Pop through a friend, co-worker or classmate. A lot also had their first exposure to K-Pop through Youtube videos and recommendations. 10.6% were exposed to K-Pop through Gangnam Style.
What got you into K-pop? - 29.2% said that there were specific artists / groups that made you stay in the genre. 25.7% got into K-Pop from specific songs and MVs. 15.4 were interested in the songs and albums.
When did you start listening to K-Pop? - The users who started listening to K-pop 5-3 years ago was the largest % here at 19.5%. Last year, 7.8% of our users started listening to K-Pop less than a year ago, that's now gone down to 5.2%.
How do you listen to K-Pop? - Paid streaming rose from 62.2% last year to 63.8% this year. Piracy declined from 18.3% to 14.5%.
What other genres do you listen to? - New question this year. The largest three genres were Pop (80.5%), Hip-Hop / Rap (47.1%) and Rock (42.4%)
Do you know Korean? - 75.9% know very little to no Korean. This is roughly the same as last years census at 75.9%. 3.3% can speak conversational Korean.
Are you learning Korean? - 38.1% wants to learn but haven't taken it seriously yet. 13.5% are actively engaged in learning Korean.
Where do you get your K-Pop news? - 98.8% use kpop to get their news. Twitter, group subreddits, Youtube and Instagram also score high.
How often do you visit kpop? - 35.5% visit kpop multiple times a day. while 31.2% visit about once a day. 21.4% visit a few times per week.
What is your primary way to view kpop? - 44.5% use the official mobile app. This has decreased from last years 60%. 18.1% use Desktop Redesign (me included). This has now overtaken Desktop Old Design at 16.9%.
Is this your first kpop census? Not included as a question in the infographic. 50.8% said that this is their first census. 22.5% had their first census last year. 26.7% said that their first census was two or more years ago.
IU (2175 votes)
Chungha (2004 votes)
Sunmi (1782 votes)
Taeyeon (1442 votes)
Taemin (1080 votes)
Agust D / Suga (1046 votes)
Hwasa (1046 votes)
Baekhyun (900 votes)
Hyuna (879 votes)
Zico (700 votes)
IU (1st, 2175) reclaims the 1st place over Chungha (2nd, 2004). Sunmi (3rd, 1782), Taeyeon (4th, 1442) and Taemin (5th, 1080) keep their same position as last years census. Agust D (6th, 1046) has moved from last year's 8th place and moved up to a combined 6th place with newcomer Hwasa (6th, 1046) Hwasa was previously voted 17th place at last years census. Baekhyun (8th, 900) was placed at 16th place at last years census but now climbed up to 8th. Hyuna (9th, 879) was 7th place at last years census but is now at 9th place. Zico (10th, 700) was voted to 23rd place last year, he's now up to 10th place. Artists who dropped out of the top 10: RM (12th, 658), Heize (13th, 637), Dean (14th, 620).
Red Velvet (2857 votes)
TWICE (2410 votes)
BTS (1876 votes)
ITZY (1555 votes)
BLACKPINK (1550 votes)
MAMAMOO (1464 votes)
NCT (All Units) (1382 votes)
LOONA (All Units) (1345 votes)
(G)I-DLE (1334 votes)
EXO (1320 votes)
Red Velvet (1st, 2857) retakes their throne over TWICE (2nd, 2410) this year. BTS (3rd, 1876) is still topping the boy group vote. ITZY (4th, 1555) was placed 12th place last year. They have now moved up and taken the 4th place, they have pushed Girls' Generation (12th, 1155) out of the top 10. LOONA (8th, 1345) was 4th last year but has now been overtaken by NCT (7th, 1382), MAMAMOO (6th, 1464) and Blackpink (5th, 1550). EXO (10th, 1320) went from 8th last year to 10th this year. Artists who dropped out of the top 10: Girls' Generation (12th, 1155). I recommend checking the infographic for this one to see the differences in male and female voting in both favourite groups and favourite soloists.
Thank you all for participating in this years census! Sorry it took a little while for us to upload it, but we tried to do it as fast as possible. If there are any questions you'd like to see altered or improved for next years census then we're all ears. We think more data is better. Cheers, and stay safe during this crazy pandemic. Nish
No gods, no kings, only NOPE - or divining the future with options flows. [Part 3: Hedge Winding, Unwinding, and the NOPE]
Hello friends! We're on the last post of this series ("A Gentle Introduction to NOPE"), where we get to use all the Big Boy Concepts (TM) we've discussed in the prior posts and put them all together. Some words before we begin:
This post will be massively theoretical, in the sense that my own speculation and inferences will be largely peppered throughout the post. Are those speculations right? I think so, or I wouldn't be posting it, but they could also be incorrect.
I will briefly touch on using the NOPE this slide, but I will make a secondary post with much more interesting data and trends I've observed. This is primarily for explaining what NOPE is and why it potentially works, and what it potentially measures.
My advice before reading this is to glance at my prior posts, and either read those fully or at least make sure you understand the tl;drs: https://www.reddit.com/thecorporation/collection/27dc72ad-4e78-44cd-a788-811cd666e32a Depending on popular demand, I will also make a last-last post called FAQ, where I'll tabulate interesting questions you guys ask me in the comments! --- So a brief recap before we begin. Market Maker ("Mr. MM"): An individual or firm who makes money off the exchange fees and bid-ask spread for an asset, while usually trying to stay neutral about the direction the asset moves. Delta-gamma hedging: The process Mr. MM uses to stay neutral when selling you shitty OTM options, by buying/selling shares (usually) of the underlying as the price moves. Law of Surprise [Lily-ism]: Effectively, the expected profit of an options trade is zero for both the seller and the buyer. Random Walk: A special case of a deeper probability probability called a martingale, which basically models stocks or similar phenomena randomly moving every step they take (for stocks, roughly every millisecond). This is one of the most popular views of how stock prices move, especially on short timescales. Future Expected Payoff Function [Lily-ism]: This is some hidden function that every market participant has about an asset, which more or less models all the possible future probabilities/values of the assets to arrive at a "fair market price". This is a more generalized case of a pricing model like Black-Scholes, or DCF. Counter-party: The opposite side of your trade (if you sell an option, they buy it; if you buy an option, they sell it). Price decoherence ]Lily-ism]: A more generalized notion of IV Crush, price decoherence happens when instead of the FEPF changing gradually over time (price formation), the FEPF rapidly changes, due usually to new information being added to the system (e.g. Vermin Supreme winning the 2020 election). --- One of the most popular gambling events for option traders to play is earnings announcements, and I do owe the concept of NOPE to hypothesizing specifically about the behavior of stock prices at earnings. Much like a black hole in quantum mechanics, most conventional theories about how price should work rapidly break down briefly before, during, and after ER, and generally experienced traders tend to shy away from playing earnings, given their similar unpredictability. Before we start: what is NOPE? NOPE is a funny backronym from Net Options Pricing Effect, which in its most basic sense, measures the impact option delta has on the underlying price, as compared to share price. When I first started investigating NOPE, I called it OPE (options pricing effect), but NOPE sounds funnier. The formula for it is dead simple, but I also have no idea how to do LaTeX on reddit, so this is the best I have: https://preview.redd.it/ais37icfkwt51.png?width=826&format=png&auto=webp&s=3feb6960f15a336fa678e945d93b399a8e59bb49 Since I've already encountered this, put delta in this case is the absolute value (50 delta) to represent a put. If you represent put delta as a negative (the conventional way), do not subtract it; add it. To keep this simple for the non-mathematically minded: the NOPE today is equal to the weighted sum (weighted by volume) of the delta of every call minus the delta of every put for all options chains extending from today to infinity. Finally, we then divide that number by the # of shares traded today in the market session (ignoring pre-market and post-market, since options cannot trade during those times). Effectively, NOPE is a rough and dirty way to approximate the impact of delta-gamma hedging as a function of share volume, with us hand-waving the following factors:
To keep calculations simple, we assume that all counter-parties are hedged. This is obviously not true, especially for idiots who believe theta ganging is safe, but holds largely true especially for highly liquid tickers, or tickers will designated market makers (e.g. any ticker in the NASDAQ, for instance).
We assume that all hedging takes place via shares. For SPY and other products tracking the S&P, for instance, market makers can actually hedge via futures or other options. This has the benefit for large positions of not moving the underlying price, but still makes up a fairly small amount of hedges compared to shares.
Winding and Unwinding
I briefly touched on this in a past post, but two properties of NOPE seem to apply well to EER-like behavior (aka any binary catalyst event):
NOPE measures sentiment - In general, the options market is seen as better informed than share traders (e.g. insiders trade via options, because of leverage + easier to mask positions). Therefore, a heavy call/put skew is usually seen as a bullish sign, while the reverse is also true.
NOPE measures system stability
I'm not going to one-sentence explain #2, because why say in one sentence what I can write 1000 words on. In short, NOPE intends to measure sensitivity of the system (the ticker) to disruption. This makes sense, when you view it in the context of delta-gamma hedging. When we assume all counter-parties are hedged, this means an absolutely massive amount of shares get sold/purchased when the underlying price moves. This is because of the following: a) Assume I, Mr. MM sell 1000 call options for NKLA 25C 10/23 and 300 put options for NKLA 15p 10/23. I'm just going to make up deltas because it's too much effort to calculate them - 30 delta call, 20 delta put. This implies Mr. MM needs the following to delta hedge: (1000 call options * 30 shares to buy for each) [to balance out writing calls) - (300 put options * 20 shares to sell for each) = 24,000net shares Mr. MM needs to acquire to balance out his deltas/be fully neutral. b) This works well when NKLA is at $20. But what about when it hits $19 (because it only can go down, just like their trucks). Thanks to gamma, now we have to recompute the deltas, because they've changed for both the calls (they went down) and for the puts (they went up). Let's say to keep it simple that now my calls are 20 delta, and my puts are 30 delta. From the 24,000 net shares, Mr. MM has to now have: (1000 call options * 20 shares to have for each) - (300 put options * 30 shares to sell for each) = 11,000 shares. Therefore, with a $1 shift in price, now to hedge and be indifferent to direction, Mr. MM has to go from 24,000 shares to 11,000 shares, meaning he has to sell 13,000 shares ASAP, or take on increased risk. Now, you might be saying, "13,000 shares seems small. How would this disrupt the system?" (This process, by the way, is called hedge unwinding) It won't, in this example. But across thousands of MMs and millions of contracts, this can - especially in highly optioned tickers - make up a substantial fraction of the net flow of shares per day. And as we know from our desk example, the buying or selling of shares directly changes the price of the stock itself. This, by the way, is why the NOPE formula takes the shape it does. Some astute readers might notice it looks similar to GEX, which is not a coincidence. GEX however replaces daily volume with open interest, and measures gamma over delta, which I did not find good statistical evidence to support, especially for earnings. So, with our example above, why does NOPE measure system stability? We can assume for argument's sake that if someone buys a share of NKLA, they're fine with moderate price swings (+- $20 since it's NKLA, obviously), and in it for the long/medium haul. And in most cases this is fine - we can own stock and not worry about minor swings in price. But market makers can't* (they can, but it exposes them to risk), because of how delta works. In fact, for most institutional market makers, they have clearly defined delta limits by end of day, and even small price changes require them to rebalance their hedges. This over the whole market adds up to a lot shares moving, just to balance out your stupid Robinhood YOLOs. While there are some tricks (dark pools, block trades) to not impact the price of the underlying, the reality is that the more options contracts there are on a ticker, the more outsized influence it will have on the ticker's price. This can technically be exactly balanced, if option put delta is equal to option call delta, but never actually ends up being the case. And unlike shares traded, the shares representing the options are more unstable, meaning they will be sold/bought in response to small price shifts. And will end up magnifying those price shifts, accordingly.
NOPE and Earnings
So we have a new shiny indicator, NOPE. What does it actually mean and do? There's much literature going back to the 1980s that options markets do have some level of predictiveness towards earnings, which makes sense intuitively. Unlike shares markets, where you can continue to hold your share even if it dips 5%, in options you get access to expanded opportunity to make riches... and losses. An options trader betting on earnings is making a risky and therefore informed bet that he or she knows the outcome, versus a share trader who might be comfortable bagholding in the worst case scenario. As I've mentioned largely in comments on my prior posts, earnings is a special case because, unlike popular misconceptions, stocks do not go up and down solely due to analyst expectations being meet, beat, or missed. In fact, stock prices move according to the consensus market expectation, which is a function of all the participants' FEPF on that ticker. This is why the price moves so dramatically - even if a stock beats, it might not beat enough to justify the high price tag (FSLY); even if a stock misses, it might have spectacular guidance or maybe the market just was assuming it would go bankrupt instead. To look at the impact of NOPE and why it may play a role in post-earnings-announcement immediate price moves, let's review the following cases:
Stock Meets/Exceeds Market Expectations (aka price goes up) - In the general case, we would anticipate post-ER market participants value the stock at a higher price, pushing it up rapidly. If there's a high absolute value of NOPE on said ticker, this should end up magnifying the positive move since:
a) If NOPE is high negative - This means a ton of put buying, which means a lot of those puts are now worthless (due to price decoherence). This means that to stay delta neutral, market makers need to close out their sold/shorted shares, buying them, and pushing the stock price up. b) If NOPE is high positive - This means a ton of call buying, which means a lot of puts are now worthless (see a) but also a lot of calls are now worth more. This means that to stay delta neutral, market makers need to close out their sold/shorted shares AND also buy more shares to cover their calls, pushing the stock price up. 2) Stock Meets/Misses Market Expectations (aka price goes down)- Inversely to what I mentioned above, this should push to the stock price down, fairly immediately. If there's a high absolute value of NOPE on said ticker, this should end up magnifying the negative move since: a) If NOPE is high negative - This means a ton of put buying, which means a lot of those puts are now worth more, and a lot of calls are now worth less/worth less (due to price decoherence). This means that to stay delta neutral, market makers need to sell/short more shares, pushing the stock price down. b) If NOPE is high positive - This means a ton of call buying, which means a lot of calls are now worthless (see a) but also a lot of puts are now worth more. This means that to stay delta neutral, market makers need to sell even more shares to keep their calls and puts neutral, pushing the stock price down. --- Based on the above two cases, it should be a bit more clear why NOPE is a measure of sensitivity to system perturbation. While we previously discussed it in the context of magnifying directional move, the truth is it also provides a directional bias to our "random" walk. This is because given a price move in the direction predicted by NOPE, we expect it to be magnified, especially in situations of price decoherence. If a stock price goes up right after an ER report drops, even based on one participant deciding to value the stock higher, this provides a runaway reaction which boosts the stock price (due to hedging factors as well as other participants' behavior) and inures it to drops.
NOPE and NOPE_MAD
I'm going to gloss over this section because this is more statistical methods than anything interesting. In general, if you have enough data, I recommend using NOPE_MAD over NOPE. While NOPE in theory represents a "real" quantity (net option delta over net share delta), NOPE_MAD (the median absolute deviation of NOPE) does not. NOPE_MAD simply answecompare the following:
How exceptional is today's NOPE versus historic baseline (30 days prior)?
How do I compare two tickers' NOPEs effectively (since some tickers, like TSLA, have a baseline positive NOPE, because Elon memes)? In the initial stages, we used just a straight numerical threshold (let's say NOPE >= 20), but that quickly broke down. NOPE_MAD aims to detect anomalies, because anomalies in general give you tendies.
I might add the formula later in Mathenese, but simply put, to find NOPE_MAD you do the following:
Calculate today's NOPE score (this can be done end of day or intraday, with the true value being EOD of course)
Calculate the end of day NOPE scores on the ticker for the previous 30 trading days
Compute the median of the previous 30 trading days' NOPEs
Find today's deviation as compared to the MAD calculated by: [(today's NOPE) - (median NOPE of last 30 days)] / (median absolute deviation of last 30 days)
This is usually reported as sigma (σ), and has a few interesting properties:
The mean of NOPE_MAD for any ticker is almost exactly 0.
[Lily's Speculation's Speculation] NOPE_MAD acts like a spring, and has a tendency to reverse direction as a function of its magnitude. No proof on this yet, but exploring it!
Using the NOPE to predict ER
So the last section was a lot of words and theory, and a lot of what I'm mentioning here is empirically derived (aka I've tested it out, versus just blabbered). In general, the following holds true:
3 sigma NOPE_MAD tends to be "the threshold": For very low NOPE_MAD magnitudes (+- 1 sigma), it's effectively just noise, and directionality prediction is low, if not non-existent. It's not exactly like 3 sigma is a play and 2.9 sigma is not a play; NOPE_MAD accuracy increases as NOPE_MAD magnitude (either positive or negative) increases.
NOPE_MAD is only useful on highly optioned tickers: In general, I introduce another parameter for sifting through "candidate" ERs to play: option volume * 100/share volume. When this ends up over let's say 0.4, NOPE_MAD provides a fairly good window into predicting earnings behavior.
NOPE_MAD only predicts during the after-market/pre-market session: I also have no idea if this is true, but my hunch is that next day behavior is mostly random and driven by market movement versus earnings behavior. NOPE_MAD for now only predicts direction of price movements right between the release of the ER report (AH or PM) and the ending of that market session. This is why in general I recommend playing shares, not options for ER (since you can sell during the AH/PM).
NOPE_MAD only predicts direction of price movement: This isn't exactly true, but it's all I feel comfortable stating given the data I have. On observation of ~2700 data points of ER-ticker events since Mar 2019 (SPY 500), I only so far feel comfortable predicting whether stock price goes up (>0 percent difference) or down (<0 price difference). This is +1 for why I usually play with shares.
Some statistics: #0) As a baseline/null hypothesis, after ER on the SPY500 since Mar 2019, 50-51% price movements in the AH/PM are positive (>0) and ~46-47% are negative (<0). #1) For NOPE_MAD >= +3 sigma, roughly 68% of price movements are positive after earnings. #2) For NOPE_MAD <= -3 sigma, roughly 29% of price movements are positive after earnings. #3) When using a logistic model of only data including NOPE_MAD >= +3 sigma or NOPE_MAD <= -3 sigma, and option/share vol >= 0.4 (around 25% of all ERs observed), I was able to achieve 78% predictive accuracy on direction.
Like all models, NOPE is wrong, but perhaps useful. It's also fairly new (I started working on it around early August 2020), and in fact, my initial hypothesis was exactly incorrect (I thought the opposite would happen, actually). Similarly, as commenters have pointed out, the timeline of data I'm using is fairly compressed (since Mar 2019), and trends and models do change. In fact, I've noticed significantly lower accuracy since the coronavirus recession (when I measured it in early September), but I attribute this mostly to a smaller date range, more market volatility, and honestly, dumber option traders (~65% accuracy versus nearly 80%). My advice so far if you do play ER with the NOPE method is to use it as following:
Buy/short shares approximately right when the market closes before ER. Ideally even buying it right before the earnings report drops in the AH session is not a bad idea if you can.
Sell/buy to close said shares at the first sign of major weakness (e.g. if the NOPE predicted outcome is incorrect).
Sell/buy to close shares even if it is correct ideally before conference call, or by the end of the after-market/pre-market session.
Only play tickers with high NOPE as well as high option/share vol.
--- In my next post, which may be in a few days, I'll talk about potential use cases for SPY and intraday trends, but I wanted to make sure this wasn't like 7000 words by itself. Cheers. - Lily
Going to keep this simple. EDIT: this isn’t simple and I should write a short story on this. I am generally risk averse. I hate losing $100 at the casino, I hate paying extra for guac at chipotles, I will return something or price match an item for a few dollars of savings. I am generally frugal. But, I somehow had no issues losing 10k in options... How I started I remember my first trades like they were yesterday. I was trading the first hydrogen run-up in 2014 (FCEL, BLDP, PLUG) and made a few hundred dollars over a couple weeks. I quickly progressed to penny stocks / biotech binary events and general stock market gambling mid-2014. I was making a few % here and there but the trend was down in total account value. I was the king of buying the peak in run-ups. I managed to make it out of 2014 close to break-even to slightly down. WSB Era March 2015 was my first option trade. It was an AXP - American Express - monthly option trade. I saw one of the regular option traders/services post a block of 10,000 calls that had been bought for 1.3 and I followed the trade with 10 call options for a total of $1300. I woke up the next day to an analyst upgrade on AXP and was up 50% on my position. I was addicted! I day-dreamed for days about my AXP over night success. I think around that time there was some sort of Buffet buyout of Heinz and an option trade that was up a ridiculous amount of %%%. I wanted to hit it BIG. I came up with the idea that all I needed to reach my goal was a few 100% over night gains/ 1k>2k>4k>8k> etc. I convinced myself that I would have no problems being patient for the exact criteria that I had set and worked on some other trades. Remember, the first win is always free. I was trading options pretty regularly from March 2015 until August 2016. During my best week I was up 20k and could feel the milli within reach. I can remember the exact option trade (HTZ) and I was trading weeklies on it. For those who have been in the market long enough, you will remember the huge drawdown of August 2015. I lost half my account value on QCOM calls (100 of them) that I followed at the beginning of July and never materialized. I watched them eventually go to 0. It was another 10,000 block that was probably a hedge or sold. In August 2015 there were some issues with China and all of us woke up to stocks gapping down huge. Unfortunately my idea of buying far dated calls during the following days/weeks after the crash went sideways. I quickly learned that an increase in volatility causes a rise in option prices and I was paying a premium for calls that were going to lose value very quickly (the infamous IV crush). I kept trading options into the end of 2015 and managed to maintain my account value positive but the trading fees for the year amounted to $30,000+. My broker was loving it. I tried all the services, all the strategies. I created rules for my option plays: 1. No earnings 2. Only follow the big buys at a discount (10,000 blocks or more). 3. No weekly options 4. Take profit right away 5. Take losses quickly 6. etc. I had a whole note book of option plays that I was writing down and following. I was paying for option services that all of you know about - remember, they make money on the services and not trading. I even figured out a loop-hole with my broker: if I didn’t have enough money in my account, I could change my ask price to .01 and then change it to market buy and I would only need to accept a warning ⚠️ for the order to go through. I was able to day trade the option and make money, who cares if I didnt have enough? After a few months of this, I got a call from my broker that told me to stop and that I would be suspended if I continued with this. By the way, I was always able to satisfy the debit on the account - so it wasn’t an issue of lack of funds. Lost it all. Started taking money from lines of credits, every penny that I earned and losing it quicker and quicker. I was a full on gambler but I was convinced that 8 trades would offset all the losses. I kept getting drawn in to the idea that I could hit a homerun and make it out a hero. I eventually hit rock bottom on some weekly expiring FSLR options that I bought hours before expiration and said to myself - what the f are you doing? I resolved to invest for the long term and stop throwing tendies away. The feeling was reinforced during the birth of my first born and I thought - what a loser this kid will think of me if he knew how much I was gambling and wasting my life. It was a really powerful moment looking at my kid and reflecting on this idea. I decided at that point I was going to save every penny I had and invest it on new issues with potential. Fall 2016 TTD, COUP and NTNX IPO ‘ed I decided I was going to throw every dollar at these and did so for the next few months. I eventually started using margin (up to 215%) and buying these for the next 6 months. They paid out and managed to make it over 100k within the year. The first 100k was hard but once I crossed it, I never fell below this magic number. 2017 - I did some day trading but it was mostly obsessing over the above issues. I did gamble on a few options here and there but never more than 1k. 2018 - SFIX was my big winner, I bought a gap up in June 2018 and my combined account value had crossed 400k by August 2018. I was really struggling at crossing the 500k account value and experienced 3 x 30-40% drawdowns over the next 2 years before I finally crossed the 500k barrier and have never looked back. I still made some mistakes over the next few months - AKAO & GSUM come to mind. Both of these resulted in 20k+ losses. Fortunately my winners were much bigger than my losers. I thought about giving up and moving to index funds - but i was doing well - just experiencing large drawdowns because of leverage. 2019 big winners were CRON SWAV STNE. 2017 / 2018 / 2019 all had six digit capital gains on my tax returns. At the beginning of 2020 I was still day trading on margin (180-220%) and got a call from my broker that they were tightening up my margin as my account was analyzed by the risk department and deemed too risky. Believe it or not this was right before the covid crash. I brought my margin down to 100-110% of account value and even though the drawdown from covid hit hard, I wasn’t wiped out. I stayed the course and bought FSLY / RH during the big march drawdown and this resulted in some nice gains over the next few months. I am constantly changing and testing my investment strategy but let me tell you that obsessing over 1 or 2 ideas and throwing every penny at it and holding for a few years is the best strategy. It may not work at some point but right now it does. I still day trade but I trade with 10k or less on each individual position. It allows me minimize my losses and my winners are 1-7%. I am able to consistently make between 3-700$/ a day on day trades using the above strategy. I still take losses and still dream about hitting it big with an option trade but dont feel the need to put it all on the line every month / week. I finally crossed into the two , club. I know people are going to ask for proof or ban but I am not earning anything for posting and the details about some of the trades should be proof enough that I kept a detailed journal of it all. I have way more to write but these are the highlights. Eventually I will share how I build a position in a story I love. I still sell buy and sell to early but I am working on improving. TL:DR - I gambled, lost it all and gambled some more lost more. I made it out alive. I have only sold calls/puts lately. The one common denominator in all successful people is how much they obsess over 1 or 2 ideas. Do the same. All the winners on this sub have gone all in on one idea (FSLY / TSLA ). Stick with new stories or ones that are changing and go all in...wait a second, I didnt learn anything.
Modern Serialization and Star Trek: Re-imagining TNG to put Discovery and modern Trek in context
This is going to be one of those shower thought posts that exploded to be far larger than I originally hoped, so my apologies in advance. It's no secret or unspoken thing that Star Trek: Discovery differs largely in terms of presentation from previous Trek series, and that is due in large part to it being a 14-episode, serialized series, versus the majority of Trek, which has been almost entirely episodic. DS9 sort of bucks this trend with major serialized arcs, and continuity between episodes (characters actually change!), as does Voyager. Enterprise, too, takes a bigger step towards serialization, as events from past episodes frequently shape those of later episodes, and characters change both in relationship and attitude over the series (to the extent that the writing allowed). However, for Trek's 2017 return, DIS was brought to the screen in a radically different way-- instead of episodic seasons punctuated with serialized arcs and minor continuity threads sprinkled throughout, it was a tightly-woven story (insofar as it could be, given its original showrunner left midway through the development of the series) concentrated on one, continuing arc, following the trend of other prestige television shows that define the Golden Age of TV. This is attributable to a few likely things: preference by the writers, the demands of CBS, and wanting to use the show to launch All Access, which necessarily demanded a "Game of Thrones-style" flagship. The smaller episode count, too, enables more budget per episode-- in 1988, an episode of TNG cost ~$1.3 million USD, which, with inflation, equaled about $2 million USD in 2016, when Discovery was being developed; Discovery's first season ran a reported $8.5 million per episode. Even at only 14 episodes versus TNG's first 24 episode season, DIS S1 cost more than double the amount to produce. This level of cost and detail means playing it safer, but also, means reusing props, prosthetics, and CGI assets to make sure that bang-for-your-buck is ensured. Thus, a series with a relatively consistent setting. Season 1 of DIS tells a specific story, with distinct acts, a beginning, a middle, a climax, and a conclusion, and sets up plot points that are raised and resolved (along with others left dangling for future seasons). In terms of structure, it looks something like this:
"The Vulcan Hello" (beginning)
"Battle at the Binary Stars" (Act 1 concludes)
"Context Is for Kings"
"The Butcher's Knife Cares Not for the Lamb's Cry"
"Choose Your Pain"
"Magic to Make the Sanest Man Go Mad"
"Si Vis Pacem, Para Bellum"
"Into the Forest I Go" (middle) (Act 2 concludes)
"The Wolf Inside"
"What's Past is Prologue" (Act 3 concludes)
"The War Without, The War Within"
"Will You Take My Hand?" (Act 4 concludes, thematic climax)
And it follows a few core plot threads:
Burnham's coming to terms with her role in the war and losing Georgiou, proving herself as a Starfleet officer worthy of trust/redemption from her role in the war, and re-centering her relationship with her adoptive father (Sarek).
Saru learning to trust Burnham, and growing as an officer to eventually be a Captain.
Tilly growing into her role as an officer and a professional.
Stamets growing past his issues with people, and opening up to go beyond his work to see his with his friends.
Ash...uh...finding out he's a Klingon?
Lorca just kinda being a dick the whole time and just dying I guess?
Sarek learning that he can show the necessary affection to have a good relationship with his daughter, and recognizing how his dispassionate Vulcan attitude may cause issues for his family.
This is all a pretty large departure from previous Trek, where some character threads are sprinkled throughout the series, like Riker maturing as an officer, or Sisko growing into his role as the Emissary as well as a Captain. Some things are more contained, like Picard dealing with the trauma of his assimilation and being used to murder 15,000 people by fighting in the mud with his brother on their vineyard. This new structure has been received with mixed results by the Trek community (though the consensus seems to be it's working, considering we're at three seasons with two more on the books and two spinoffs on the way), and I think a large part of that is that, while serialization lets the writers tell longer, more detailed, and more complex stories, episodic shows enable writers to tell more varied, unique, and "special" shows. With DIS, we're not going to have a "Measure of a Man", unless the season is set up to support it. However, with the TNG model, we're not going to have characters change much over time, and the reset button is going to come into play at the end of every season (if not every episode...looking at you, Voyager). This leads me to the original shower thought that prompted this post: while rewatching The Neutral Zone in TNG S1, it made me wonder what TNG would've looked like had it adopted a similar model, where, presumably, the Borg would have been central to the plot, as would Q. So, I present to you below, my model for TNG S1, were it made in 2020 in an episodic, DIS-style, and leave it there for your consideration as to the future of the franchise, and what possibilities may come from coming series like Strange New Worlds, which may see a come-back of the episodic style. My presumption for this new S1 is that it would borrow elements from S2 and S3 of TNG, as it would, generally, have tighter writing (given far fewer hours of film). TNG Re-Imagined Season 1
S1E1 - The Trial: On its maiden voyage, the newly commissioned USS Enterprise sets out for Farpoint Station to pick up some of its senior staff, and investigate the mysteries of the station. Along the way, the crew is accosted by Q, an omnipotent entity that seeks to put humanity on trial, and ascertain its readiness to explore deeper into the galaxy. Captain Jean-Luc Picard, commander of the Enterprise, adapts to his new role as captain of a ship with families onboard-- including that of his old friend, lover, and Chief Medical Officer, Commander Beverly Crusher, and her son Wesley, fathered by Picard's deceased best friend and former XO, Jack. Meanwhile, Commander Will Riker, the maverick, young executive officer of the Enterprise, works to settle into his position alongside the generally thoughtful composed Captain Picard. Also introduced are: Lt. Commander Data, the Enterprise's operations officer, and an android who dreams of being human; Lt. Worf, the tactical officer, Starfleet's "first" Klingon officer who was raised by humans after being orphaned in a Romulan attack on his planet of birth; Lt. Commander Natasha Yar, the Enterprise's Chief of Security, raised on a former Federation colony world inhabited by humans that failed and fell into lawlessness and violence; Lt. Commander Geordi LaForge, a gifted warp physicist and Deputy Chief Engineer of the Enterprise; and Guinan, bartender and operator of the ship's lounge, who may or may not have superpowers. This episode follows the same general plot as Encounter at Farpoint, Part 1.
S1E2 - Encounter at Farpoint: The Enterprise uncovers the secrets of Farpoint station, and frees the space-dwelling jellyfish creatures of the station from slavery. Events occur much like Encounter at Farpoint, Part 2.
S1E3 - The Naked Now: The Enterprise is afflicted by a virus that causes crew members to lose their shit, as its predecessor was almost 100 years prior. Picard and Crusher are stuck together in sick-bay trying to figure out the situation, where, in their drunken state, they try to avoid their feelings for each other becoming apparent. Riker and Worf butt heads while under the influence of the virus, but come to a nice equilibrium. Yar and Data bone, which leaves Data wondering if he's actually more human than he thought. A cure is found, but before it is, the Enterprise's Chief Engineer, the man, the myth, the legend, Jim Shimoda, passes away while doing some dumb shit (RSVP Shimoda), and Picard asks LaForge to take over the Chief Engineer position. Picard goes to Guinan to inquire about Q, as it seems she and him have some prior relationship-- though dodgy, she warns that he is potentially dangerous, but likely would have gotten them killed by now had he truly wanted to mess with them. Notably, O'Brien gets to have fun.
S1E4 - The Battle: The Enterprise is confronted by a Ferengi marauder, whose commander is seeking revenge for the "murder" of his son by Picard as Captain of the Stargazer. Picard must overcome his guilt over the loss of the Stargazer, and defuse tensions with the Ferengi before the Enterprise suffers as similar fate. He and Crusher have a moment, and she convinces him to sit down with Wesley, finally, and have a talk with him as the only father figure in his life. Meanwhile, Geordi settles into his role as Chief Engineer, and learns to balance his new professional relationship with Commander Riker against their preexisting friendship from their days at the Academy. Worf and Data bond over their shared lack of a relationship with their parents. The episode ends with Q appearing to Guinan, and pestering her about her thoughts on humanity. She defends the species, and demands Q leave the Enterprise alone. Q fucks off doing his whole asshole thing, ominously saying we'll see about that. No racist shit in this one!
S1E5 - Empowered: Akin to Hide-and-Q, Q decides to test Guinan's defense of humanity by giving Riker the powers of a Q, and seeing what he does with them. Episode plays out fairly similarly to the original one, just with less dumb shit going down. Picard counsels Riker to be restrained, but he does the whole "giving everyone what they want" thing. Riker is settled down by Troi, who he realizes he still has feelings for (and, now able to read her mind, is able to see that she does, for him). Q removes Riker's powers, and concedes that Riker was harmless, and that of all the things he could have done, he chose to try to make his people happy, concluding that maybe Guinan is right. He appears to Guinan again, and gives an ominous message: "Maybe they are ready for what's coming."
S1E6 - Datalore: Data's twin brother Lore, another Soong android, is discovered, and is a dick. Data realizes that, though having the same architecture as Lore, he grew to be someone different. Picard, happily remarks to him that maybe he is more than just the machine he thinks himself to be. Worf and Riker get up to holodeck shenanigans, and introduce Badgey, an experimental training program that is not evil at all. Riker decides that Badgey is annoying, and puts the program on ice. This will never appear again, surely.
S1E7 - Skin of Evil: While exploring an anomalous planet on the fringes of Federation space, the Enterprise encounters a malevolent entity that takes down an Away Team shuttle, stranding Yar, Worf, Troi, and Data on the surface. Troi figures out how to defeat this entity, which is not a black puddle of evil, but not before Yar is severely wounded. Worf rescues her, and she is beamed back to the Enterprise, where Crusher is able to stabilize her, but she may be disabled her wounds, and will require a long recovery period. Data, in a fit of what seems to be rage, exploits the weakness identified by Troi, and kills Armus or whatever the bad-guy that's no longer a black puddle of evil is. Worf is promoted to Lt. Commander for his bravery, and named Acting Chief of Security and Tactical Operations while Yar is recovering. Q appears to Picard, and toys with him about the lengths to which the crew goes to save a single officer and avoid taking life, and that Data is perhaps the best of them, as he understood what needed to be done. Picard notes that Data was wrong for killing Armus when other options may have been available, but the circumstances called for aggressive actions. He counters, further, that the killing of Armus and the saving of Yar were two sides of the same coin - it's not Starfleet's mission to kill, but they're not just going into things blindly, and suicidally. Q smirks, noting that maybe the ship stands a chance. Before Picard can ask what that means, he blinks out. As the episode ends, Riker is sitting in Ten Forward, discussing with Geordi, Worf, and Data another loss of contact with a Federation outpost on the Neutral Zone, with the four wondering what this may mean.
S1E8 - The Neutral Zone: Picard is contacted by Starfleet Command, and is directed to take the Enterprise to the Romulan Neutral Zone. The episode plays out very similarly to the original, including with the presence of the 21st century cryo-folks: only, in this version, Q appears and insists that modern humanity is much the same as those of the 24th century. In dealing with the Romulans peacefully, and finding out that they, too, have lost colonies, Q is shocked to find that it's true that humanity has grown, and leaves. In the B-plot, Worf struggles with dealing with the Romulans, as his anger over their dishonor and murder of his parents overwhelms him. Yar, in recovery, begins doing exercises with Worf on the holodeck, and he learns from her how to deal with his anger and trauma by hearing of her experience with her homeworld.
S1E9 - Conspiracy: No nubbin bugs here, we're going straight to the Borg, so this failed attempt to introduce an adversary is being replaced! Great episode, though, so we're learning from it. Following the Neutral Zone incident, the Enterprise returns to Earth. On the way, the ship is intercepted by the USS Horatio, and two other Starfleet ships, who request an in-person meeting with Picard. They reveal to Picard that there is a group of Starfleet officers that do not trust the Romulans, and think they are behind the destruction of the colonies. They plan on striking Romulan colonies in retaliation, in order to force the Federation into a war, and end the century of tensions. Picard is disturbed, but cannot believe Starfleet officers would go to such an extent. As the Enterprise continues towards Earth, they receive a notice that the Horatio suffered a warp core breach, killing all aboard. Picard acknowledges the likelihood of a conspiracy, and reads in the senior staff, all of whom are in disbelief, save for Worf, who sympathizes with the conspirators, but believes they are simply misguided by fear. The crew comes up with a plan: they will have Worf stand out to be approached by the conspirators so they can be confronted. During the senior staff's testimony to Starfleet Command, Worf states his belief that regardless of what the Romulans say, they cannot be trusted, and are almost certainly responsible. Worf is then approached by the conspirators, headed by Commander Remmick, who reveals that their group is small, but positioned to take command of several ships throughout the fleet, including two other Galaxy-class ships. Worf tells them that Captain Picard will never go for this plan, and Remmick suggests Commander Riker. Worf returns to the ship, and informs Riker, and only Riker, and they meet with Remmick and the conspirators in San Francisco. Remmick reveals he knew they were investigating them, and takes the two prisoner. The episode ends on a cliffhanger.
S1E10 - Conspiracy, Part 2: Worf and Riker have been missing for a day, which puts Starfleet Security on alert. Picard suspects the conspirators. Remmick issues a directive via Starfleet Intelligence that the Romulans have begun making moves on senior Starfleet staff, including destroying the Horatio and kidnapping/interrogating Riker and Worf. Troi is able to sense Riker's presence in captivity, and pinpoints their location, where they are able to be rescued. Yar contacts friends at Starfleet Command, and is able to get access to communication logs, which Data can use to identify every conspirator in the fleet. Meanwhile, a conspirator onboard the Enterprise attempts to plant a tricobalt explosive on the warp core, and is stopped by LaForge, who identifies it as a Romulan design, but an older one, from the Tomed Incident-- not matching the energy signature of the Warbird they encountered only a few days prior. Picard and Riker beam down to Earth to apprehend Remmick, a firefight breaks out, Remmick is killed, and the conspiracy unravels. The crew presents the evidence to Starfleet Command, and tensions are defused. Starfleet assembles a task force to investigate the situation in the Neutral Zone, headed by newly-introduced Commander Shelby. Lt. Yar is offered a position with the task force, and she joins it, hoping to stay on Earth and still contribute while she recovers from her injury. The Enterprise heads back out.
S1E11 - Captain's Holiday: Literally the same episode from Season 3. Picard does Indiana Jones stuff. Lots of talk about jamaharon. Deanna and Beverly get drunk and talk about the men in charge. Data and Geordi fuck around on the holodeck, and ask Badgey to make a mystery challenging enough for Data. Badgey, being evil, makes Moriarty. Data and Geordi have a splendid time almost dying on the holodeck. Nice and light-hearted.
S1E12 - 11001001: Continuing on from Picard's shoreleave, the Enterprise is still in drydock for refit and repair. The ship is hijacked by the Binars, who it turns out, want to take advantage of the ship's empty space to rescue their colony, that is facing environmental destruction. Riker, Geordi, and Troi are the only two senior staff still onboard, and try to take the ship back with some lower decks officers, but when Troi realizes the point of the mission, they offer their help. Geordi, during the taking back of the ship, gets to do some John McClane stuff in the Jeffries tubes. The Binars say they were afraid to simply ask, because they had been rejected by others before. The Enterprise returns to spacedock, is repaired, and the colony is saved. Riker and Troi confess their affections Another light-ish episode.
S1E13 - Haven: There is no escape from Lwaxana Troi. Before the Enterprise leaves spacedock, Troi's mom boards the ship to warn her that her arranged marriage is still on. The episode is basically the same, except without the sick species. Instead, Troi's arranged husband realizes that she's truly in love with Riker, and doesn't wanna get stuck in a marriage with someone that can't love him. Lwaxana harasses Picard, and we watch him die inside. Geordi and Data shoot the shit in Ten Forward with Guinan, and Data reveals his tryst with Tasha to comedic/heartwarming effect.
S1E14 - Where No One Has Gone Before: Similar to the original plot, but without the Traveler and without going outside the galaxy. An experimental engineering team comes aboard the ship to conduct modifications that should allow the ship to maintain Warp 9 for longer periods of time. Geordi and O'Brien clash with the team, as they seem to be fairly careless with the systems. Wesley, now interning in engineering, becomes close with one of the engineers on the team (a stand-in for the Traveler), who encourages him to become more involved in the upgrade process. An engine malfunction happens and the ship warps into a stellar cluster, then loses maneuvering power. Wesley, Not-Traveler, and Geordi are able to restore power, and get the ship to sustain Warp 9.6 for up to two days, a huge improvement over previous designs which allowed only a few hours. Picard, impressed with Wesley's bravery and ingenuity in engineering, offers him to join the bridge crew as a cadet, and to apply to the Academy. Picard and Wesley actually hug, which, you know. Aww. The episode ends with Guinan cleaning up in Ten Forward after-hours, and sensing something unusual.
S1E15 - The Borg: The episode begins with the Enterprise doing its usual exploration thing, charting nebulae and such, when Q appears on the bridge. Simultaneously, Guinan gets out of the turbolift, and threatens him if he doesn't leave. Picard intervenes, but Q makes a statement: he and the crew have proven themselves ready for the trial to enter its next stage, and to see if they're really ready for what's out there. He snaps his fingers, and the Enterprise is flung 7,000ly deep into the Beta Quadrant, far outside of charted space. The events of "Q Who?" follow, basically, but the episode ends a bit differently. The Enterprise is able to hang in there longer because of the engine modifications in the last episode. Q sends the Enterprise back to the Alpha Quadrant and snaps Picard down to Ten Forward, and everyone but Guinan out, revealing that Guinan is immune to Q's powers. Q tells Picard that the Enterprise and her crew, along with the conduct of other Starfleet officers and Federation citizens that he has observed interacting with Picard and co. since the start of the "trial" at Farpoint, have demonstrated that they're on the path to readiness, but that they need to be prepared for what is coming. Guinan curses him, saying he knows what he has done, and that he's endangered the lives of trillions by introducing the Federation to the Borg. Q simply says: "What makes you think they weren't coming either way?", then leaves. Guinan explains her history with Q (the El-Aurians underwent a similar "trial"), how she came to be in the Alpha Quadrant, and offers her line: "Now that they know you're here..." - "...they will be coming", Picard finishes. The season ends with the prospect looming over their heads, and the Enterprise, battered from its near-death experience, returning to its mission.
And that's TNG S1! S2's theme would be more regular exploration with hints of Borg, and probably another plot or plot(s), and S3 would, of course, culminate in BoBW. Now, I could be way off the mark, but given how Trek is written now, and what it was back then, that's how I'd see something playing out in 2020. Note, though, that even in this format, one finds places to put in some semi-episodic episodes, not unlike Discovery S3 thus far. Hopefully, that means we get the chance for some truly unique, almost-standalone moments in the coming years.
RESULTS of the State of the Game Survey: September 2020
Hi all, It’s time for the results! Thank you to everyone who took the time to respond - we had over 1,750 responses, which is great! These insights wouldn’t be possible without your time and support. As always, neither myself nor this survey are associated with Intelligent Systems or Nintendo in any way. Please direct feedback about the game itself to the official channels. Now let’s get into it!
PreviousSurveyResults: April_2020_State_of_the_Game_Survey ~ Demographics ~ 53.8% began playing FE:H in February 2017, with 20.0% more joining during the first year of the game. 12.0% of respondents joined during the second year, 8.7% joined during the third, and 4.0% joined during the fourth year (the last ~7 months). The age range breakdown of respondents is as follows:
(2.6%) 12 – 15 years old
(15.0 %) 16 – 18 years old
(23.4 %) 19 – 21 years old
(21.8 %) 22 – 24 years old
(25.8 %) 25 – 30 years old
(8.2 %) 31 – 40 years old
(1.0 %) 40+ years old
75.8% of respondents identified as Male, 18.4% as Female, and 3.0% as Non-binary. 24.6% of respondents have never missed a daily login, while a further 38.8% have missed less than a month’s worth of logins, 11.7% missed 1-2 months, 9.9% missed 3-6 months, 5.8% missed 7-12 months, and 4.7% missed over a year’s worth. 33.5% report being F2P, while 28.7% have spent less than $100, 18.3% spent between $100 - $499, 7.3% spent between $500 - $999, and 8.7% have spent over $1000. 46.6% last spent money on FE:H during the fourth year of the game (the last 3 months), while 6.6% last spent money during the third year of the game, 5.8% last spent during the second year of the game, and 5.1% last spent money during the first year of the game. ~ Summoning ~ “Which of the following banners have you used orbs on at least once?”
~ Summoning Mechanics ~ 33.7% spent orbs on the Hero Fest banner AFTER Intelligent Systems announced how they would be compensating players for the Hero Fest banner glitch, compared to 61.7% who did not. 30.5% say that knowing about the compensation for the Hero Fest banner glitch caused them to spend more orbs on the banner than they would have otherwise, compared to 41.5% who say it did not. 28.0% did not spend orbs on the Hero Fest banner. 34.3% feel positively or very positively about the quality of 4* focuses on regular banners, compared to 26.9% who feel negatively or very negatively. 69.7% feel positively or very positively about the quality of 4* focuses on seasonal banners, compared to 7.8% who feel negatively or very negatively. 53.8% report that the system guaranteeing a free 5* after 40 summons generally makes them summon more, while 5.4% report that it generally makes them summon less and 36.1% report no change in their summoning habits on New Heroes banners. “If all New Heroes Banners used the permanent 40-summons-for-a-guaranteed-5* system that CYL4 used, how would your orb-spending habits on New Heroes banners change?”
(1.8%) I would spend fewer orbs than I did before
(22.3%) I would spend the same amount of orbs I usually do
(10.3%) I would spend more orbs than I did before
(62.2%) My spending would depend more on the Heroes offered
~ Choose Your Legends IV ~ “Which CYL4 Brave Heroes have you summoned, whether from the guaranteed choice banner or the regular banner?”
Of the summoning milestones on the CYL4 banner:
(20.2%) did not reach any of these summoning milestones
(79.7%) reached 40 summons
(41.0%) reached 80 summons
(19.8%) reached 120 summons
(11.1%) reached 160 summons
45.7% say that the free 5* hero at 40, 80, 120 and 160 summons caused them to spend more on CYL4 than they would have otherwise, while 50.3% say it did not. 22.8% say that the potential use of a new Brave Hero in future F2P Guides for content such as Hero Battles influenced their Brave Heroes summons, compared to 74.0% who say it did not. “If you could only get ONE of the new Brave Heroes, which one would you choose?”
“Which Brave Hero do you believe is the overall strongest?”
“Which Brave Hero do you believe is the overall weakest?”
“Which Brave Hero do you believe has the best art?”
“Which set of Brave Heroes is your favorite overall?”
23.6% feel positively or very positively about the addition of Jorge as the CYL4 GHB hero, compared to 33.0% who feel negatively or very negatively. 86.3% believe CYL5 should add further protections against vote botting, compared to 4.4% who do not. 70.1% believe CYL5 should require Nintendo Account sign-in to vote, compared to 12.6% who do not. ~ Feh Pass and Resplendent Heroes ~ 41.2% feel negatively about the addition of the Feh Pass (down 15.8% from the last survey), compared to 11.6% who feel positively (up 1.5% from the last survey). 46.1% are neutral (up 14.3% from the last survey). 40.2% have purchased the Feh Pass, compared to 59.8% who have not. This is a 9.5% increase compared to the last survey, following a 6.7% increase before that. Of those who have subscribed to Feh Pass, 17.4% have purchased Resplendent Heroes separately (up 12.9% from the last survey), compared to 82.6% who have not. “Which Resplendent Hero has your favorite art?”
“Which Resplendent outfit theme is your favorite?”
~ Miscellaneous ~ 15.8% feel positively about the introduction of Harmonized Heroes, compared to 31.3% who feel negatively. 29.5% have a Harmonized Hero, compared to 70.1% who do not. 14.6% feel positively or very positively about the Resonant Battles game mode, compared to 51.5% who feel negatively or very negatively. 4.6% say that the Resonant Battles game mode influenced them to pull for Harmonized Heroes, compared to 94.5% who say it has not. 34.8% believe the new Arena maps are better than the maps they replaced, while 7.4% believe they are worse, and 36.7% believe they are about the same. “How often do you use Auto Dispatch in Aether Raids?”
(34.3%) All of them, always
(0.2%) All of them, in Light Season
(3.6%) All of them, in Astra season
(24.3%) Only sometimes
(37.6%) I never use it
“IV Mango” is the preferred term for Trait Fruit according to 32.2% of respondents, followed by “IVcado” at 28.9%, “Fruit” at 7.6%, and “Dragonfruit” at 6.6%. The remaining 24.7% prefer to just call them Trait Fruit. 39.3% say they will use their first Trait Fruits on a Heroic Grails unit, while 32.9% say they will use them on a Summonable unit, and 1.3% say they will use them on an Askr unit. 58.7% prefer Stat Boosts for Legendary Heroes, compared to 26.3% who prefer Pair-Up. 56.5% generally prefer Regular Duo Heroes, compared to 8.8% who prefer Harmonized Duo Heroes. 1.8% say that the update that raised the minimum hardware/software required to play the game affected their ability to play FE:H, compared to 95.8% who say it did not. ~ Recurring Miscellaneous ~ “Which game do you want a New Heroes banner from the most?”
(26.0%) Three Houses (-1.9%)
(9.7%) Radiant Dawn (+0.5%)
(7.7%) Sacred Stones (+0.2%)
(7.5%) Awakening (-3.1%)
(6.4%) Genealogy of the Holy War (-1.3%)
(6.1%) Path of Radiance (-0.9%)
(6.0%) Gaiden / Shadows of Valentia (+2.7%)
(5.9%) TMS #FE (+1.9%)
(5.4%) Blazing Blade (+1.3%)
(5.0%) Fates (+1.0%)
(4.2%) Thracia 776 (+0.8%)
(2.4%) Binding Blade (+0.6%)
(0.8%) Shadow Dragon and the Blade of Light / Shadow Dragon (-1.0%)
(0.8%) Mystery of the Emblem / New Mystery of the Emblem (-1.1%)
“How much do you care about your rank in the following modes?”
(2.90/5.00 average) Arena
(2.82/5.00 average) Aether Raids
(2.48/5.00 average) PvE game modes with player ranking boards
(1.82/5.00 average) Arena Assault
“How have recent changes to FE:H changed your opinion on the game as a whole?”
(39.3%) My opinion was positive and has stayed positive
(5.7%) My opinion used to be negative, but has turned positive
(9.9%) My opinion used to be positive, but has turned negative
(5.1%) My opinion was negative and has stayed negative
~ Intelligent Systems Approval Ratings ~ The approval ratings are calculated by the proportion of Approve responses compared to the number of both Approve and Disapprove responses. Percent who approve of the way Intelligent Systems is handling:
74.6% - The addition of new heroes / characters to the game (+11.9)
69.4% - The gacha mechanics and summoning banners (+5.5)
59.2% - The story/plot (+9.4)
85.2% - Unranked PvE game modes (Hero Battles, Forging Bonds, Tactics Drills, Lost Lore, Hall of Forms) (-1.2)
50.7% - Ranked PvE game modes (Voting Gauntlets, Tempest Trials, Grand Conquest, Allegiance Battles, Rokkr Sieges, Mjolnir's Strike) (-2.6)
34.6% - Arena (-6.2)
48.0% - Arena Assault (+6.7)
45.8% - Aether Raids (+12.7)
40.5% believe Intelligent Systems cares about its Free to Play userbase (up 10.1% from the last survey), while 34.7% do not. This continues the upward trend from the previous survey, bringing us to 8.8% down from where we were before the February drop). 42.9% approve of the way Intelligent Systems is handling Fire Emblem: Heroes as a whole (up 14.8% from the last survey), while 16.9% disapprove. This continues the upward trend from the previous survey, bringing us to only 2.5% down from where we were before the February drop).
A NOTE ABOUT METHODOLOGY: The overall approval ratings question above has traditionally been the exact percent of Approve responses, as a proportion with both Neutral and Disapprove responses. Note that this is different than the way approval is calculated for individual modes (the proportion of Approve responses compared to the number of both Approve and Disapprove responses), where Neutral responses are excluded. The difference in calculation has continued this way in order to maintain comparability with previous survey results. For comparisons sake, the overall approval rating trend going by raw Approval percentage over the last 4 surveys is: 50.6% (Dec) -> 22.9% (Feb) -> 28.1% (Apr) -> 42.9% (Sept) Whereas the overall approval rating trend going by proportion of Approve/Disapprove with the Neutrals excluded over the last 4 surveys is: 82.2% (Dec) -> 41.0% (Feb) -> 51.3% (Apr) -> 71.7% (Sept).
~ Bonus Questions ~ “Who is your Favorite Hero added since the last survey?”
Dimitri (Brave) is the winner, followed by Edelgard (Brave), then Claude (Brave).
“What would be the best Harmonized Hero (a pair of two heroes from different games) and why?”: Rather than selecting a subset of responses this time, the link below is to a google sheet of almost all unique responses. I cleaned it up a little bit to remove “idk” type answers, duplicates, and partial string duplicates, so don’t worry if you don’t see your exact response in it. [Full Responses]. ~ Feedback ~ As always, I received lots of great feedback, both in your survey responses and in the thread itself. A heartfelt thank you to all participants for your encouragements and criticisms - these surveys wouldn’t be where they are without your feedback. But it’s not all serious; feedback messages also included:
“There once was a CYL4 banner / That hit my orbs hard like a hammer / The very next day / FloomMom Duo came our way / Now I'm stuck bartering with a loan planner”
“bonk, go to survey jail”
“Am I also allowed to put in "Norne and Azura" for a Harmonized Hero pair? No reason.”
“Brace yourself. Winter (armours) are coming!” “Brave Hector's refine has made me so very happy with it's inclusion. Go shove your bow up your butt Legendary Chrom.”
“Give me villager alts or give me death”
“I expect the next survey to come with +12 to attack, null follow up, and special cooldown reduction.”
“The true best Harmonized Hero would be Azura and Roy since it would make me uninstall the game and never want to play a gacha ever again”
“My headcanon for the dream storyline is that the evil fairies have the Summoner off picking up pebbles that look like orbs. Fredrickson would be proud.”
“Where's the most wanted unit to add to the game question so I can shout my want for Seteth into the void?”
“I no longer dab, for Legendary Seliph has finally appeared.”
And greetings from Argentina, the Bahamas, Brazil, Chile, Colombia, Finland, Germany, Greece, Hong Kong, Ireland, Russia, South Korea, Sweden, the UK, Vietnam, the Pacific Northwest, Alaska, Toronto, and St. Louis, as well as from many fictional locations!
And some personal/meta comments:
“Any chance we end up seeing another Super Serious Survey in the not-so-distant future?” -> I could not believe it’s been over a year since the last one! We’ll have to do one soon!
“Feels like the end of an era, not having to count all my five stars” -> I know, right? I may have it return in a side survey for the most hardcore of respondents at some point, since some people are asking about it and it would be good to get data on it every once in a while.
“I was looking through your Nornes skills and saw you haven't given her live for bounty yet! It's the best skill for her, what are you doing!?” -> I am a fraud :( I have given her Live for Honor though :P
“What do you hope for in FEH?” -> Norne alt, Resplendent Jaffar, and Shamir
Multiple people mentioned that they had returned after a long break and were surprised to see Norne instead of Azura! Welcome back!
I also missed a bunch of other possible Trait Fruit nicknames, which I knew would inevitably happen. Sorry!
Note: Please don’t ask me to feature your feedback comment; it’s the only guaranteed way to not have your comment added! Finally, the suggestion to have separate options for serious vs non-serious feedback was a good idea, I’ll try that out on the next survey! ~ Closing Remarks ~ If you missed out on responding to this survey when it was available, consider subscribing to FEHSurveys. This subreddit serves as a place to organize FE:H-related surveys, make new releases more visible, and make it easier for users to see when surveys are active. Thanks again to everyone who participated! I hope you find the results interesting, and if there’s anything else you think can be discovered from the data, let me know and I’ll do my best to oblige!
Once a year, this subreddit hosts a survey in order to get to know the community a little bit and in order to answer questions that are frequently asked here. Earlier this summer, several thousand of you participated in the 2020 Subreddit Demographic Survey. Only those participants who meet our wiki definition of being childfree's results were recorded and analysed. Of these people, multiple areas of your life were reviewed. They are separated as follows:
Career and Finances
Religion and Spirituality
Sexual and Romantic Life
Childhood and Family Life
State of the Subreddit
Our sample is redditors who saw that we had a survey currently active and were willing to complete the survey. A stickied post was used to advertise the survey to members.
The raw data may be found via this link. 7305 people participated in the survey from July 2020 to October 2020. People who did not meet our wiki definition of being childfree were excluded from the survey. The results of 5134 responders, or 70.29% of those surveyed, were collated and analysed below. Percentages are derived from the respondents per question.
18 or younger
19 to 24
25 to 29
30 to 34
35 to 39
40 to 44
45 to 49
50 to 54
55 to 59
60 to 64
65 to 69
70 to 74
82.25% of the sub is under the age of 35.
Gender and Gender Identity
Because the list contains over 120 countries, we'll show the top 20 countries:
Country of birth
90.08% of the participants were born in these countries. These participants would describe their current city, town or neighborhood as:
The top 10 industries our participants are working in are:
Education - Teaching
Admin & Clerical
Restaurant - Food Service
Note that "other", "I'm a student", "currently unemployed" and "I'm out of the work force for health or other reasons" have been disregarded for this part of the evaluation. Out of the 3729 participants active in the workforce, the majority (1824 or 48.91%) work between 40-50 hours per week with 997 or 26.74% working 30-40 hours weekly. 6.62% work 50 hours or more per week, and 17.73% less than 30 hours. 513 or 10.13% are engaged in managerial responsibilities (ranging from Jr. to Sr. Management). On a scale of 1 (lowest) to 10 (highest), the overwhelming majority (3340 or 70%) indicated that career plays a very important role in their lives, attributing a score of 7 and higher. 1065 participants decided not to disclose their income brackets. The remaining 4,849 are distributed as follows:
$0 to $14,999
$15,000 to $29,999
$30,000 to $59,999
$60,000 to $89,999
$90,000 to $119,999
$120,000 to $149,999
$150,000 to $179,999
$180,000 to $209,999
$210,000 to $239,999
$240,000 to $269,999
$270,000 to $299,999
$300,000 or more
87.85% earn under $90,000 USD a year. 65.82% of our childfree participants do not have a concrete retirement plan (savings, living will).
Religion and Spirituality
Faith Originally Raised In
There were more than 50 options of faith, so we aimed to show the top 10 most chosen beliefs.
None (≠ Atheism. Literally, no notion of spirituality or religion in the upbringing)
This top 10 amounts to 95.01% of the total participants.
There were more than 50 options of faith, so we aimed to show the top 10 most chosen beliefs:
None (≠ Atheism. Literally, no notion of spirituality or religion currently)
This top 10 amounts to 94.65% of the participants.
Level of Current Religious Practice
Wholly seculanon religious
Identify with religion, but don't practice strictly
Lapsed/not serious/in name only
Observant at home only
Observant at home. Church/Temple/Mosque/etc. attendance
Strictly observant, Church/Temple/Mosque/etc. attendance, religious practice/prayeworship impacting daily life
Single and dating around, but not looking for anything serious
Single and dating around, looking for something serious
Single and not looking
Is your partner childfree? If your partner wants children and/or has children of their own and/or are unsure about their position, please consider them "not childfree" for this question.
I don't have a partner
I have more than one partner and none are childfree
I have more than one partner and some are childfree
I have more than one partner and they are all childfree
Dating a Single Parent
Would the childfree participants be willing to date a single parent?
No, I'm not interested in single parents and their ties to parenting life
Yes, but only if it's a short term arrangement of some sort
Yes, whether for long term or short term, but with some conditions (must not have child custody, no kid talk, etc.), as long as I like them and long as we're compatible
Yes, whether for long term or short term, with no conditions, as long as I like them and as long as we are compatible
Childhood and Family Life
On a scale from 1 (very unhappy) to 10 (very happy), how would you rate your childhood? Figure 3 Of the 5125 childfree people who responded to the question, 67.06% have a pet or are heavily involved in the care of someone else's pet.
No, I am not sterilised and, for medical, practical or other reasons, I do not need to be
No. However, I've been approved for the procedure and I'm waiting for the date to arrive
No. I am not sterilised and don't want to be
No. I want to be sterilised but I have started looking for a doctorequested the procedure
No. I want to be sterilised but I haven't started looking for a doctorequested the procedure yet
Yes. I am sterilised
Age when starting doctor shopping or addressing issue with doctor. Percentages exclude those who do not want to be sterilised and who have not discussed sterilisation with their doctor.
18 or younger
19 to 24
25 to 29
30 to 34
35 to 39
40 to 44
45 to 49
50 to 54
55 or older
Age at the time of sterilisation. Percentages exclude those who have not and do not want to be sterilised.
18 or younger
19 to 24
25 to 29
30 to 34
35 to 39
40 to 44
45 to 49
50 to 54
55 or older
Elapsed time between requesting procedure and undergoing procedure. Percentages exclude those who have not and do not want to be sterilised.
Less than 3 months
Between 3 and 6 months
Between 6 and 9 months
Between 9 and 12 months
Between 12 and 18 months
Between 18 and 24 months
Between 24 and 30 months
Between 30 and 36 months
Between 3 and 5 years
Between 5 and 7 years
More than 7 years
How many doctors refused at first, before finding one who would accept?
None. The first doctor I asked said yes
One. The second doctor I asked said yes
Two. The third doctor I asked said yes
Three. The fourth doctor I asked said yes
Four. The fifth doctor I asked said yes
Five. The sixth doctor I asked said yes
Six. The seventh doctor I asked said yes
Seven. The eighth doctor I asked said yes
Eight. The ninth doctor I asked said yes
I asked more than 10 doctors before finding one who said yes
Primary Reason to Not Have Children
Aversion towards children ("I don't like children")
Current state of the world
Environmental (including overpopulation)
Eugenics ("I have 'bad genes'")
I already raised somebody else who isn't my child
Lack of interest towards parenthood ("I don't want to raise children")
Maybe interested for parenthood, but not suited for parenthood
Medical ("I have a condition that makes conceiving/bearing/birthing children difficult, dangerous or lethal")
Philosophical / Moral (e.g. antinatalism)
Tokophobia (aversion/fear of pregnancy and/or chidlbirth)
95.50% of childfree people are pro-choice, however only 55.93% of childfree people support financial abortion.
I'm a student and my future job/career will heavily makes me interact with children on a daily basis
I'm retired, but I used to have a job that heavily makes me interact with children on a daily basis
I'm unemployed, but I used to have a job that heavily makes me interact with children on a daily basis
No, I do not have a job that makes me heavily interact with children on a daily basis
Yes, I do have a job that heavily makes me interact with children on a daily basis
This section solely existed to sift the childfree from the fencesitters and the non childfree in order to get answers only from the childfree. Childfree, as it is defined in the subreddit, is "I do not have children nor want to have them in any capacity (biological, adopted, fostered, step- or other) at any point in the future." 70.29% of participants actually identify as childfree, slightly up from the 2019 survey, where 68.5% of participants identified as childfree. This is suprising in reflection of the overall reputation of the subreddit across reddit, where the subreddit is often described as an "echo chamber".
The demographics remain largely consistent with the 2019 survey. However, the 2019 survey collected demographic responses from all participants in the survey, removing those who did not identify as childfree when querying subreddit specific questions, while the 2020 survey only collected responses from people who identified as childfree. This must be considered when comparing results. 82.25% of the participants are under 35, compared with 85% of the subreddit in the 2019 survey. A slight downward trend is noted compared over the last two years suggesting the userbase may be getting older on average. 73.04% of the subreddit identify as female, compared with 71.54% in the 2019 survey. Again, when compared with the 2019 survey, this suggests a slight increase in the number of members who identify as female. This is in contrast to the overall membership of Reddit, estimated at 74% male according to Reddit's Wikipedia page [https://en.wikipedia.org/wiki/Reddit#Users_and_moderators]. The ratio of members who identify as heterosexual remained consistent, from 54.89% in the 2019 survey to 55.20% in the 2020 survey. Ethnicity wise, 77% of members identified as primarily Caucasian, consistent with the 2019 results. While the ethnicities noted to be missing in the 2019 survey have been included in the 2020 survey, some users noted the difficulty of responding when fitting multiple ethnicities, and this will be addressed in the 2021 survey.
As it did in the 2019 survey, this section highlights the stereotype of childfree people as being well educated. 2.64% of participants did not complete high school, which is a slight decrease from the 2019 survey, where 4% of participants did not graduate high school. However, 6.02% of participants are under 18, compared with 8.22% in the 2019 survey. 55% of participants have a bachelors degree or higher, while an additional 23% have completed "some college or university". At the 2020 survey, the highest percentage of responses under the: What is your degree/major? question fell under "I don't have a degree or a major" (20.12%). Arts and Humanities, and Computer Science have overtaken Health Sciences and Engineering as the two most popular majors. However, the list of majors was pared down to general fields of study rather than highly specific degree majors to account for the significant diversity in majors studied by the childfree community, which may account for the different results.
Career and Finances
The highest percentage of participants at 21.61% listed themselves as trained professionals. One of the stereotypes of the childfree is of wealth. However this is not demonstrated in the survey results. 70.95% of participants earn under $60,000 USD per annum, while 87.85% earn under $90,000 per annum. 21.37% are earning under $15,000 per annum. 1065 participants, or 21.10% chose not to disclose this information. It is possible that this may have skewed the results if a significant proportion of these people were our high income earners, but impossible to explore. A majority of our participants work between 30 and 50 hours per week (75.65%) which is slightly increased from the 2019 survey, where 71.2% of participants worked between 30 and 50 hours per week.
The location responses are largely similar to the 2019 survey with a majority of participants living in a suburban and urban area. 86.24% of participants in the 2020 survey live in urban and suburban regions, with 86.7% of participants living in urban and suburban regions in the 2019 survey. There is likely a multifactorial reason for this, encompassing the younger, educated skew of participants and the easier access to universities and employment, and the fact that a majority of the population worldwide localises to urban centres. There may be an element of increased progressive social viewpoints and identities in urban regions, however this would need to be explored further from a sociological perspective to draw any definitive conclusions. A majority of our participants (57.47%) were born in the USA. The United Kingdom (7.6%), Canada (7.17%), Australia (3.58%) and Germany (2.17%) encompass the next 4 most popular responses. This is largely consistent with the responses in the 2019 survey.
Religion and Spirituality
For the 2020 survey Christianity (the most popular result in 2019) was split into it's major denominations, Catholic, Protestant, Anglican, among others. This appears to be a linguistic/location difference that caused a lot of confusion among some participants. However, Catholicism at 30.76% remained the most popular choice for the religion participants were raised in. However, of our participant's current faith, Aetheism at 36.23% was the most popular choice. A majority of 78.02% listed their current religion as Aetheist, no religious or spiritual beliefs, or Agnostic. A majority of participants (61%) rated religion as "not at all influential" to the childfree choice. This is consistent with the 2019 survey where 62.8% rated religion as "not at all influential". Despite the high percentage of participants who identify as aetheist or agnostic, this does not appear to be related to or have an impact on the childfree choice.
Romantic and Sexual Life
60.19% of our participants are in a relationship at the time of the survey. This is consistent with the 2019 survey, where 60.7% of our participants were in a relationship. A notable proportion of our participants are listed as single and not looking (25.81%) which is consistent with the 2019 survey. Considering the frequent posts seeking dating advice as a childfree person, it is surprising that such a high proportion of the participants are not actively seeking out a relationship. Unsurprisingly 90.13% of our participants would not consider dating someone with children. 84% of participants with partners of some kind have at least one childfree partner. This is consistent with the often irreconcilable element of one party desiring children and the other wishing to abstain from having children.
Childhood and Family Life
Overall, the participants skew towards a happier childhood.
While just under half of our participants wish to be sterilised, 45.21%, only 12.2% have been successful in achieving sterilisation. This is likely due to overarching resistance from the medical profession however other factors such as the logistical elements of surgery and the cost may also contribute. There is a slight increase from the percentage of participants sterilised in the 2019 survey (11.7%). 29.33% of participants do not wish to be or need to be sterilised suggesting a partial element of satisfaction from temporary birth control methods or non-necessity of contraception due to their current lifestyle practices. Participants who indicated that they do not wish to be sterilised or haven't achieved sterilisation were excluded from the percentages where necessary in this section. Of the participants who did achieve sterilisation, a majority began the search between 19 and 29, with the highest proportion being in the 19-24 age group (35.85%) This is a marked increase from the 2019 survey where 27.3% of people who started the search were between 19-24. This may be due to increased education about permanent contraception or possibly due to an increase in instability around world events. The majority of participants who sought out and were successful at achieving sterilisation, were however in the 25-29 age group (37.9%). This is consistent with the 2019 survey results. The time taken between seeking out sterilisation and achieving it continues to increase, with only 50.46% of participants achieving sterilisation in under 3 months. This is a decline from the number of participants who achieved sterilisation in 3 months in the 2019 survey (58.5%). A potential cause of this decrease is to Covid-19 shutdowns in the medical industry leading to an increase in procedure wait times. The proportion of participants who have had one or more doctors refuse to perform the procedure has stayed consistent between the two surveys.
The main reasons for people choosing the childfree lifestyle are a lack of interest towards parenthood and an aversion towards children which is consistent with the 2019 survey. Of the people surveyed 67.06% are pet owners or involved in a pet's care, suggesting that this lack of interest towards parenthood does not necessarily mean a lack of interest in all forms of caretaking. The community skews towards a dislike of children overall which correlates well with the 87.81% of users choosing "no, I do not have, did not use to have and will not have a job that makes me heavily interact with children on a daily basis" in answer to, "do you have a job that heavily makes you interact with children on a daily basis?". This is an increase from the 2019 survey. A vast majority of the subreddit identifes as pro-choice (95.5%), a slight increase from the 2019 results. This is likely due to a high level of concern about bodily autonomy and forced birth/parenthood. However only 55.93% support financial abortion, aka for the non-pregnant person in a relationship to sever all financial and parental ties with a child. This is a marked decrease from the 2019 results, where 70% of participants supported financial abortion. Most of our users realised that did not want children young. 58.72% of participants knew they did not want children by the age of 18, with 95.37% of users realising this by age 30. This correlates well with the age distribution of participants. Despite this early realisation of our childfree stance, 80.59% of participants have been "bingoed" at some stage in their lives.
Participants who identify as childfree were asked about their interaction with and preferences with regards to the subreddit at large. Participants who do not meet our definition of being childfree were excluded from these questions. By and large our participants were lurkers (72.32%). Our participants were divided on their favourite flairs with 38.92% selecting "I have no favourite". The next most favourite flair was "Rant", at 16.35%. Our participants were similarly divided on their least favourite flair, with 63.40% selecting "I have no least favourite". In light of these results the flairs on offer will remain as they have been through 2019. With regards to "lecturing" posts, this is defined as a post which seeks to re-educate the childfree on the practices, attitudes and values of the community, particularly with regards to attitudes towards parenting and children, whether at home or in the community. A commonly used descriptor is "tone policing". A small minority of the survey participants (3.36%) selected "yes" to allowing all lectures, however 33.54% responded "yes" to allowing polite, respectful lectures only. In addition, 45.10% of participants indicated that they were not sure if lectures should be allowed. Due to the ambiguity of responses, lectures will continue to be not allowed and removed. Many of our participants (36.87%) support the use of terms such as breeder, mombie/moo, daddict/duh on the subreddit, with a further 32.63% supporting use of these terms in context of bad parents only. This is a slight drop from the 2019 survey. In response to this use of the above and similar terms to describe parents remains permitted on this subreddit. However, we encourage users to keep the use of these terms to bad parents only. 44.33% of users support the use of terms to describe children such as crotchfruit on the subreddit, a drop from 55.3% last year. A further 25.80% of users supporting the use of this and similar terms in context of bad children only, an increase from 17.42% last year. In response to this use of the above and similar terms to describe children remains permitted on this subreddit. 69.17% of participants answered yes to allowing parents to post, provided they stay respectful. In response to this, parent posts will continue to be allowed on the subreddit. As for regret posts, which were to be revisited in this year's survey, only 9.5% of participants regarded them as their least favourite post. As such they will continue to stay allowed. 64% of participants support under 18's who are childfree participating in the subreddit with a further 19.59% allowing under 18's to post dependent on context. Therefore we will continue to allow under 18's that stay within the overall Reddit age requirement. There was divide among participants as to whether "newbie" questions should be removed. An even spread was noted among participants who selected remove and those who selected to leave them as is. We have therefore decided to leave them as is. 73.80% of users selected "yes, in their own post, with their own "Leisure" flair" to the question, "Should posts about pets, travel, jetskis, etc be allowed on the sub?" Therefore we will continue to allow these posts provided they are appropriately flaired.
Thank you to our participants who contributed to the survey. This has been an unusual and difficult year for many people. Stay safe, and stay childfree.
Wall Street Week Ahead for the trading week beginning June 29th, 2020
Good Saturday afternoon to all of you here on StockMarket. I hope everyone on this sub made out pretty nicely in the market this past week, and is ready for the new trading week ahead. Here is everything you need to know to get you ready for the trading week beginning June 29th, 2020.
Fragile economic recovery faces first big test with June jobs report in the week ahead - (Source)
The second half of 2020 is nearly here, and now it’s up to the economy to prove that the stock market was right about a sharp comeback in growth. The first big test will be the June jobs report, out on Thursday instead of its usual Friday release due to the July 4 holiday. According to Refinitiv, economists expect 3 million jobs were created, after May’s surprise gain of 2.5 million payrolls beat forecasts by a whopping 10 million jobs. “If it’s stronger, it will suggest that the improvement is quicker, and that’s kind of what we saw in May with better retail sales, confidence was coming back a little and auto sales were better,” said Kevin Cummins, chief U.S. economist at NatWest Markets. The second quarter winds down in the week ahead as investors are hopeful about the recovery but warily eyeing rising cases of Covid-19 in a number of states. Stocks were lower for the week, as markets reacted to rising cases in Texas, Florida and other states. Investors worry about the threat to the economic rebound as those states move to curb some activities. The S&P 500 is up more than 16% so far for the second quarter, and it is down nearly 7% for the year. Friday’s losses wiped out the last of the index’s June gains. “I think the stock market is looking beyond the valley. It is expecting a V-shaped economic recovery and a solid 2021 earnings picture,” said Sam Stovall, chief investment strategist at CFRA. He expects large-cap company earnings to be up 30% next year, and small-cap profits to bounce back by 140%. “I think the second half needs to be a ‘show me’ period, proving that our optimism was justified, and we’ll need to see continued improvement in the economic data, and I think we need to see upward revisions to earnings estimates,” Stovall said. Liz Ann Sonders, chief investment strategist at Charles Schwab, said she expects the recovery will not be as smooth as some expect, particularly considering the resurgence of virus outbreaks in sunbelt states and California. “Now as I watch what’s happening I think it’s more likely to be rolling Ws,” rather than a V, she said. “It’s not just predicated on a second wave. I’m not sure we ever exited the first wave.” Even without actual state shutdowns, the virus could slow economic activity. “That doesn’t mean businesses won’t shut themselves down, or consumers won’t back down more,” she said.
In the second half of the year, the market should turn its attention to the election, but Sonders does not expect much reaction to it until after Labor Day. RealClearPolitics average of polls shows Democrat Joe Biden leading President Donald Trump by 10 percentage points, and the odds of a Democratic sweep have been rising. Biden has said he would raise corporate taxes, and some strategists say a sweep would be bad for business, due to increased regulation and higher taxes. Trump is expected to continue using tariffs, which unsettles the market, though both candidates are expected to take a tough stance on China. “If it looks like the Senate stays Republican than there’s less to worry about in terms of policy changes,” Sonders said. “I don’t think it’s ever as binary as some people think.” Stovall said a quick study shows that in the four presidential election years back to 1960, where the first quarter was negative, and the second quarter positive, stocks made gains in the second half. Those were 1960 when John Kennedy took office, 1968, when Richard Nixon won; 1980 when Ronald Reagan’s was elected to his first term; and 1992, the first win by Bill Clinton. Coincidentally, in all of those years, the opposing party gained control of the White House.
The stocks market’s strong second-quarter showing came after the Fed and Congress moved quickly to inject the economy with trillions in stimulus. That unlocked credit markets and triggered a stampede by companies to restructure or issue debt. About $2 trillion in fiscal spending was aimed at consumers and businesses, who were in sudden need of cash after the abrupt shutdown of the economy. Fed Chairman Jerome Powell and Treasury Secretary Steven Mnuchin both testify before the House Financial Services Committee Tuesday on the response to the virus. That will be important as markets look ahead to another fiscal package from Congress this summer, which is expected to provide aid to states and local governments; extend some enhanced benefits for unemployment, and provide more support for businesses. “So much of it is still so fluid. There are a bunch of fiscal items that are rolling off. There’s talk about another fiscal stimulus payment like they did last time with a $1,200 check,” said Cummins. Strategists expect Congress to bicker about the size and content of the stimulus package but ultimately come to an agreement before enhanced unemployment benefits run out at the end of July. Cummins said state budgets begin a new year July 1, and states with a critical need for funds may have to start letting workers go, as they cut expenses. The Trump administration has indicated the jobs report Thursday could help shape the fiscal package, depending on what it shows. The federal supplement to state unemployment benefits has been $600 a week, but there is opposition to extending that, and strategists expect it to be at least cut in half. The unemployment rate is expected to fall to 12.2% from 13.3% in May. Cummins said he had expected 7.2 million jobs, well above the consensus, and an unemployment rate of 11.8%. As of last week, nearly 20 million people were collecting state unemployment benefits, and millions more were collecting under a federal pandemic aid program. “The magnitude here and whether it’s 3 million or 7 million is kind of hard to handicap to begin with,” Cummins said. Economists have preferred to look at unemployment claims as a better real time read of employment, but they now say those numbers could be impacted by slow reporting or double filing. “There’s no clarity on how you define the unemployed in the Covid 19 environment,” said Chris Rupkey, chief financial economist at MUFG Union Bank. “If there’s 30 million people receiving insurance, unemployment should be above 20%.
This past week saw the following moves in the S&P:
The economy is moving in the right direction, as many economic data points are coming in substantially better than what the economists expected. From May job gains coming in more than 10 million higher than expected and retail sales soaring a record 18%, how quickly the economy is bouncing back has surprised nearly everyone. “As good as the recent economic data has been, we want to make it clear, it could still take years for the economy to fully come back,” explained LPL Financial Senior Market Strategist Ryan Detrick. “Think of it like building a house. You get all the big stuff done early, then some of the small things take so much longer to finish; I’m looking at you crown molding.” Here’s the hard truth; it might take years for all of the jobs that were lost to fully recover. In fact, during the 10 recessions since 1950, it took an average of 30 months for lost jobs to finally come back. As the LPL Chart of the Day shows, recoveries have taken much longer lately. In fact, it took four years for the jobs lost during the tech bubble recession of the early 2000s to come back and more than six years for all the jobs lost to come back after the Great Recession. Given many more jobs were lost during this recession, it could takes many years before all of them indeed come back.
The economy is going the right direction, and if there is no major second wave outbreak it could surprise to the upside. Importantly, this economic recovery will still be a long and bumpy road.
Nasdaq - Russell Spread Pulling the Rubber Band Tight
The Nasdaq has been outperforming every other US-based equity index over the last year, and nowhere has the disparity been wider than with small caps. The chart below compares the performance of the Nasdaq and Russell 2000 over the last 12 months. While the performance disparity is wide now, through last summer, the two indices were tracking each other nearly step for step. Then last fall, the Nasdaq started to steadily pull ahead before really separating itself in the bounce off the March lows. Just to illustrate how wide the gap between the two indices has become, over the last six months, the Nasdaq is up 11.9% compared to a decline of 15.8% for the Russell 2000. That's wide!
In order to put the recent performance disparity between the two indices into perspective, the chart below shows the rolling six-month performance spread between the two indices going back to 1980. With a current spread of 27.7 percentage points, the gap between the two indices hasn't been this wide since the days of the dot-com boom. Back in February 2000, the spread between the two indices widened out to more than 50 percentage points. Not only was that period extreme, but ten months before that extreme reading, the spread also widened out to more than 51 percentage points. The current spread is wide, but with two separate periods in 1999 and 2000 where the performance gap between the two indices was nearly double the current level, that was a period where the Nasdaq REALLY outperformed small caps.
To illustrate the magnitude of the Nasdaq's outperformance over the Russell 2000 from late 1998 through early 2000, the chart below shows the performance of the two indices beginning in October 1998. From that point right on through March of 2000 when the Nasdaq peaked, the Nasdaq rallied more than 200% compared to the Russell 2000 which was up a relatively meager 64%. In any other environment, a 64% gain in less than a year and a half would be excellent, but when it was under the shadow of the surging Nasdaq, it seemed like a pittance.
The US equity market made its most recent peak on June 8th. From the March 23rd low through June 8th, the average stock in the large-cap Russell 1,000 was up more than 65%! Since June 8th, the average stock in the index is down more than 11%. Below we have broken the index into deciles (10 groups of 100 stocks each) based on simple share price as of June 8th. Decile 1 (marked "Highest" in the chart) contains the 10% of stocks with the highest share prices. Decile 10 (marked "Lowest" in the chart) contains the 10% of stocks with the lowest share prices. As shown, the highest priced decile of stocks are down an average of just 4.8% since June 8th, while the lowest priced decile of stocks are down an average of 21.5%. It's pretty remarkable how performance gets weaker and weaker the lower the share price gets.
It's hard to believe that sentiment can change so fast in the market that one day investors and traders are bidding up stocks to record highs, but then the next day sell them so much that it takes the market down over 2%. That's exactly what happened not only in the last two days but also two weeks ago. While the 5% pullback from a record high back on June 10th took the Nasdaq back below its February high, this time around, the Nasdaq has been able to hold above those February highs.
In the entire history of the Nasdaq, there have only been 12 periods prior to this week where the Nasdaq closed at an all-time high on one day but dropped more than 2% the next day. Those occurrences are highlighted in the table below along with the index's performance over the following week, month, three months, six months, and one year. We have also highlighted each occurrence that followed a prior one by less than three months in gray. What immediately stands out in the table is how much gray shading there is. In other words, these types of events tend to happen in bunches, and if you count the original occurrence in each of the bunches, the only two occurrences that didn't come within three months of another occurrence (either before or after) were July 1986 and May 2017. In terms of market performance following prior occurrences, the Nasdaq's average and median returns were generally below average, but there is a pretty big caveat. While the average one-year performance was a gain of 1.0% and a decline of 23.6% on a median basis, the six occurrences that came between December 1999 and March 2000 all essentially cover the same period (which was very bad) and skew the results. Likewise, the three occurrences in the two-month stretch from late November 1998 through January 1999 where the Nasdaq saw strong gains also involves a degree of double-counting. As a result of these performances at either end of the extreme, it's hard to draw any trends from the prior occurrences except to say that they are typically followed by big moves in either direction. The only time the Nasdaq wasn't either 20% higher or lower one year later was in 1986.
In the mid-1980s the market began to evolve into a tech-driven market and the market’s focus in early summer shifted to the outlook for second quarter earnings of technology companies. Over the last three trading days of June and the first nine trading days in July, NASDAQ typically enjoys a rally. This 12-day run has been up 27 of the past 35 years with an average historical gain of 2.5%. This year the rally may have begun a day early, today and could last until on or around July 14. After the bursting of the tech bubble in 2000, NASDAQ’s mid-year rally had a spotty track record from 2002 until 2009 with three appearances and five no-shows in those years. However, it has been quite solid over the last ten years, up nine times with a single mild 0.1% loss in 2015. Last year, NASDAQ advanced a solid 4.6% during the 12-day span.
Tech Historically Leads Market Higher Until Q3 of Election Years
As of yesterday’s close DJIA was down 8.8% year-to-date. S&P 500 was down 3.5% and NASDAQ was up 12.1%. Compared to the typical election year, DJIA and S&P 500 are below historical average performance while NASDAQ is above average. However this year has not been a typical election year. Due to the covid-19, the market suffered the damage of the shortest bear market on record and a new bull market all before the first half of the year has come to an end. In the surrounding Seasonal Patten Charts of DJIA, S&P 500 and NASDAQ, we compare 2020 (as of yesterday’s close) to All Years and Election Years. This year’s performance has been plotted on the right vertical axis in each chart. This year certainly has been unlike any other however some notable observations can be made. For DJIA and S&P 500, January, February and approximately half of March have historically been weak, on average, in election years. This year the bear market ended on March 23. Following those past weak starts, DJIA and S&P 500 historically enjoyed strength lasting into September before experiencing any significant pullback followed by a nice yearend rally. NASDAQ’s election year pattern differs somewhat with six fewer years of data, but it does hint to a possible late Q3 peak.
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Friday 7.3.20 Before Market Open:
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Micron Technology, Inc. $48.49
Micron Technology, Inc. (MU) is confirmed to report earnings at approximately 4:00 PM ET on Monday, June 29, 2020. The consensus earnings estimate is $0.71 per share on revenue of $5.27 billion and the Earnings Whisper ® number is $0.70 per share. Investor sentiment going into the company's earnings release has 71% expecting an earnings beat The company's guidance was for earnings of $0.40 to $0.70 per share. Consensus estimates are for earnings to decline year-over-year by 29.00% with revenue increasing by 10.07%. Short interest has increased by 7.6% since the company's last earnings release while the stock has drifted higher by 8.0% from its open following the earnings release to be 0.9% below its 200 day moving average of $48.94. Overall earnings estimates have been revised lower since the company's last earnings release. On Thursday, June 11, 2020 there was some notable buying of 46,037 contracts of the $60.00 call expiring on Friday, July 17, 2020. Option traders are pricing in a 4.6% move on earnings and the stock has averaged a 8.4% move in recent quarters.
General Mills, Inc. (GIS) is confirmed to report earnings at approximately 7:00 AM ET on Wednesday, July 1, 2020. The consensus earnings estimate is $1.04 per share on revenue of $4.89 billion and the Earnings Whisper ® number is $1.10 per share. Investor sentiment going into the company's earnings release has 69% expecting an earnings beat. Consensus estimates are for year-over-year earnings growth of 25.30% with revenue increasing by 17.50%. Short interest has decreased by 9.4% since the company's last earnings release while the stock has drifted higher by 2.7% from its open following the earnings release to be 7.8% above its 200 day moving average of $54.91. Overall earnings estimates have been revised higher since the company's last earnings release. On Wednesday, June 24, 2020 there was some notable buying of 8,573 contracts of the $60.00 call expiring on Friday, July 17, 2020. Option traders are pricing in a 6.6% move on earnings and the stock has averaged a 3.0% move in recent quarters.
FedEx Corp. (FDX) is confirmed to report earnings at approximately 4:00 PM ET on Tuesday, June 30, 2020. The consensus earnings estimate is $1.42 per share on revenue of $16.31 billion and the Earnings Whisper ® number is $1.65 per share. Investor sentiment going into the company's earnings release has 61% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 71.66% with revenue decreasing by 8.41%. Short interest has increased by 10.4% since the company's last earnings release while the stock has drifted higher by 43.9% from its open following the earnings release to be 7.6% below its 200 day moving average of $140.75. Overall earnings estimates have been revised lower since the company's last earnings release. On Thursday, June 25, 2020 there was some notable buying of 1,768 contracts of the $145.00 call expiring on Thursday, July 2, 2020. Option traders are pricing in a 4.6% move on earnings and the stock has averaged a 7.7% move in recent quarters.
Conagra Brands, Inc. (CAG) is confirmed to report earnings at approximately 7:30 AM ET on Tuesday, June 30, 2020. The consensus earnings estimate is $0.66 per share on revenue of $3.24 billion and the Earnings Whisper ® number is $0.69 per share. Investor sentiment going into the company's earnings release has 66% expecting an earnings beat. Consensus estimates are for year-over-year earnings growth of 83.33% with revenue increasing by 23.99%. Short interest has decreased by 38.3% since the company's last earnings release while the stock has drifted higher by 6.3% from its open following the earnings release to be 6.4% above its 200 day moving average of $30.68. Overall earnings estimates have been revised higher since the company's last earnings release. On Thursday, June 11, 2020 there was some notable buying of 3,239 contracts of the $29.00 put expiring on Thursday, July 2, 2020. Option traders are pricing in a 4.7% move on earnings and the stock has averaged a 10.8% move in recent quarters.
Constellation Brands, Inc. (STZ) is confirmed to report earnings at approximately 7:30 AM ET on Wednesday, July 1, 2020. The consensus earnings estimate is $1.91 per share on revenue of $1.97 billion and the Earnings Whisper ® number is $2.12 per share. Investor sentiment going into the company's earnings release has 53% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 13.57% with revenue decreasing by 13.69%. Short interest has increased by 20.8% since the company's last earnings release while the stock has drifted higher by 25.2% from its open following the earnings release to be 5.2% below its 200 day moving average of $178.34. Overall earnings estimates have been revised lower since the company's last earnings release. On Tuesday, June 9, 2020 there was some notable buying of 888 contracts of the $195.00 call expiring on Friday, October 16, 2020. Option traders are pricing in a 3.1% move on earnings and the stock has averaged a 5.7% move in recent quarters.
Capri Holdings Limited (CPRI) is confirmed to report earnings at approximately 6:30 AM ET on Wednesday, July 1, 2020. The consensus earnings estimate is $0.32 per share on revenue of $1.18 billion and the Earnings Whisper ® number is $0.34 per share. Investor sentiment going into the company's earnings release has 39% expecting an earnings beat The company's guidance was for earnings of $0.68 to $0.73 per share. Consensus estimates are for earnings to decline year-over-year by 49.21% with revenue decreasing by 12.20%. Short interest has increased by 35.1% since the company's last earnings release while the stock has drifted lower by 56.7% from its open following the earnings release to be 44.0% below its 200 day moving average of $25.67. Overall earnings estimates have been revised lower since the company's last earnings release. On Thursday, June 4, 2020 there was some notable buying of 11,042 contracts of the $17.50 put expiring on Friday, August 21, 2020. Option traders are pricing in a 10.8% move on earnings and the stock has averaged a 6.7% move in recent quarters.
X Financial (XYF) is confirmed to report earnings at approximately 5:00 PM ET on Tuesday, June 30, 2020. The consensus earnings estimate is $0.09 per share. Investor sentiment going into the company's earnings release has 25% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 55.00% with revenue increasing by 763.52%. Short interest has increased by 1.0% since the company's last earnings release while the stock has drifted lower by 1.2% from its open following the earnings release to be 37.7% below its 200 day moving average of $1.47. Overall earnings estimates have been unchanged since the company's last earnings release. The stock has averaged a 4.9% move on earnings in recent quarters.
Acuity Brands, Inc. (AYI) is confirmed to report earnings at approximately 8:40 AM ET on Tuesday, June 30, 2020. The consensus earnings estimate is $1.14 per share on revenue of $809.25 million and the Earnings Whisper ® number is $1.09 per share. Investor sentiment going into the company's earnings release has 42% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 51.90% with revenue decreasing by 14.60%. Short interest has increased by 48.5% since the company's last earnings release while the stock has drifted higher by 2.4% from its open following the earnings release to be 23.4% below its 200 day moving average of $110.25. Overall earnings estimates have been revised lower since the company's last earnings release. Option traders are pricing in a 9.2% move on earnings and the stock has averaged a 8.2% move in recent quarters.
Methode Electronics, Inc. (MEI) is confirmed to report earnings at approximately 7:00 AM ET on Tuesday, June 30, 2020. The consensus earnings estimate is $0.77 per share on revenue of $211.39 million. Investor sentiment going into the company's earnings release has 45% expecting an earnings beat. Consensus estimates are for year-over-year earnings growth of 24.19% with revenue decreasing by 20.53%. Short interest has increased by 6.2% since the company's last earnings release while the stock has drifted lower by 1.7% from its open following the earnings release to be 9.0% below its 200 day moving average of $32.97. Overall earnings estimates have been revised lower since the company's last earnings release. Option traders are pricing in a 18.4% move on earnings and the stock has averaged a 8.1% move in recent quarters.
UniFirst Corporation (UNF) is confirmed to report earnings at approximately 8:00 AM ET on Wednesday, July 1, 2020. The consensus earnings estimate is $1.17 per share on revenue of $378.28 million and the Earnings Whisper ® number is $1.25 per share. Investor sentiment going into the company's earnings release has 44% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 52.44% with revenue decreasing by 16.63%. Short interest has decreased by 2.7% since the company's last earnings release while the stock has drifted higher by 14.1% from its open following the earnings release to be 8.4% below its 200 day moving average of $186.14. Overall earnings estimates have been revised lower since the company's last earnings release. The stock has averaged a 7.0% move on earnings in recent quarters.
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