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Market Snapshot

In 2025, the online advertising marketing size was ~500B. Notables:

• North America has the largest revenue share of over 34%.
• By platform, mobile leads at 59% of revenue share.
• The top 3 are: Google ($214B), Meta ($196B), and Amazon ($68B)

Mental Attitude While Learning

Distinguish Mere Facts From Conclusions or Opinions

Discriminate between mere statements of facts, necessary conclusions which follow therefrom, and mere opinions which they seem to render reasonable. There’s no need to perform an experiment to verify that the atomic weight of oxygen is 16. That the sum of the angles of a plane triangle equals two right angles is not a mere fact, but an inevitable truth.

Tracking on the Internet

When the browser requests a third-party resource embedded on a web page, the snippet below is a subset of the HTTP headers sent by the browser to the third party.

Notes

Mediocristan vs Extremistan: In Extremistan, one single observation can disproportionately affect the outcome.

If finance were Gaussian, then the 2008 crash (more than 20 std) would take place every several billion lifetimes of the universe. In the last 50 years, the 10 most extreme days in finance markets represent half the returns.