2c:null 2d:["$","title",null,{"children":"status network cost of capital | Andy Tudhope | Observable"}] 32:T2318,tBondData = JSON.parse(`{"dataset":{"id":120141,"dataset_code":"DGS10","database_code":"FRED","name":"10-Year Treasury Constant Maturity Rate","description":"Percent Not Seasonally Adjusted, For further information regarding treasury constant maturity data, please refer to http://www.federalreserve.gov/releases/h15/current/h15.pdf and http://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/yieldmethod.aspx. ","refreshed_at":"2019-02-27T00:31:25.067Z","newest_available_date":"2019-02-25","oldest_available_date":"1962-01-02","column_names":["Date","Value"],"frequency":"daily","type":"Time Series","premium":false,"limit":null,"transform":null,"column_index":null,"start_date":"2017-07-01","end_date":"2019-02-25","data":[["2019-02-25",2.67],["2019-02-22",2.65],["2019-02-21",2.69],["2019-02-20",2.65],["2019-02-19",2.65],["2019-02-15",2.66],["2019-02-14",2.66],["2019-02-13",2.71],["2019-02-12",2.68],["2019-02-11",2.65],["2019-02-08",2.63],["2019-02-07",2.65],["2019-02-06",2.7],["2019-02-05",2.71],["2019-02-04",2.73],["2019-02-01",2.7],["2019-01-31",2.63],["2019-01-30",2.7],["2019-01-29",2.72],["2019-01-28",2.75],["2019-01-25",2.76],["2019-01-24",2.72],["2019-01-23",2.76],["2019-01-22",2.74],["2019-01-18",2.79],["2019-01-17",2.75],["2019-01-16",2.73],["2019-01-15",2.72],["2019-01-14",2.71],["2019-01-11",2.71],["2019-01-10",2.74],["2019-01-09",2.74],["2019-01-08",2.73],["2019-01-07",2.7],["2019-01-04",2.67],["2019-01-03",2.56],["2019-01-02",2.66],["2018-12-31",2.69],["2018-12-28",2.72],["2018-12-27",2.77],["2018-12-26",2.81],["2018-12-24",2.74],["2018-12-21",2.79],["2018-12-20",2.79],["2018-12-19",2.77],["2018-12-18",2.82],["2018-12-17",2.86],["2018-12-14",2.89],["2018-12-13",2.91],["2018-12-12",2.91],["2018-12-11",2.89],["2018-12-10",2.85],["2018-12-07",2.85],["2018-12-06",2.87],["2018-12-04",2.91],["2018-12-03",2.98],["2018-11-30",3.01],["2018-11-29",3.03],["2018-11-28",3.06],["2018-11-27",3.06],["2018-11-26",3.07],["2018-11-23",3.05],["2018-11-21",3.06],["2018-11-20",3.06],["2018-11-19",3.06],["2018-11-16",3.08],["2018-11-15",3.11],["2018-11-14",3.12],["2018-11-13",3.14],["2018-11-09",3.19],["2018-11-08",3.24],["2018-11-07",3.22],["2018-11-06",3.22],["2018-11-05",3.2],["2018-11-02",3.22],["2018-11-01",3.14],["2018-10-31",3.15],["2018-10-30",3.12],["2018-10-29",3.08],["2018-10-26",3.08],["2018-10-25",3.14],["2018-10-24",3.1],["2018-10-23",3.17],["2018-10-22",3.2],["2018-10-19",3.2],["2018-10-18",3.17],["2018-10-17",3.19],["2018-10-16",3.16],["2018-10-15",3.16],["2018-10-12",3.15],["2018-10-11",3.14],["2018-10-10",3.22],["2018-10-09",3.21],["2018-10-05",3.23],["2018-10-04",3.19],["2018-10-03",3.15],["2018-10-02",3.05],["2018-10-01",3.09],["2018-09-28",3.05],["2018-09-27",3.06],["2018-09-26",3.06],["2018-09-25",3.1],["2018-09-24",3.08],["2018-09-21",3.07],["2018-09-20",3.07],["2018-09-19",3.08],["2018-09-18",3.05],["2018-09-17",2.99],["2018-09-14",2.99],["2018-09-13",2.97],["2018-09-12",2.97],["2018-09-11",2.98],["2018-09-10",2.94],["2018-09-07",2.94],["2018-09-06",2.88],["2018-09-05",2.9],["2018-09-04",2.9],["2018-08-31",2.86],["2018-08-30",2.86],["2018-08-29",2.89],["2018-08-28",2.88],["2018-08-27",2.85],["2018-08-24",2.82],["2018-08-23",2.82],["2018-08-22",2.82],["2018-08-21",2.85],["2018-08-20",2.82],["2018-08-17",2.87],["2018-08-16",2.87],["2018-08-15",2.86],["2018-08-14",2.89],["2018-08-13",2.88],["2018-08-10",2.87],["2018-08-09",2.93],["2018-08-08",2.96],["2018-08-07",2.98],["2018-08-06",2.94],["2018-08-03",2.95],["2018-08-02",2.98],["2018-08-01",3.0],["2018-07-31",2.96],["2018-07-30",2.98],["2018-07-27",2.96],["2018-07-26",2.98],["2018-07-25",2.94],["2018-07-24",2.95],["2018-07-23",2.96],["2018-07-20",2.89],["2018-07-19",2.84],["2018-07-18",2.88],["2018-07-17",2.86],["2018-07-16",2.85],["2018-07-13",2.83],["2018-07-12",2.85],["2018-07-11",2.85],["2018-07-10",2.87],["2018-07-09",2.86],["2018-07-06",2.82],["2018-07-05",2.84],["2018-07-03",2.83],["2018-07-02",2.87],["2018-06-29",2.85],["2018-06-28",2.84],["2018-06-27",2.83],["2018-06-26",2.88],["2018-06-25",2.87],["2018-06-22",2.9],["2018-06-21",2.9],["2018-06-20",2.93],["2018-06-19",2.89],["2018-06-18",2.92],["2018-06-15",2.93],["2018-06-14",2.94],["2018-06-13",2.98],["2018-06-12",2.96],["2018-06-11",2.96],["2018-06-08",2.93],["2018-06-07",2.93],["2018-06-06",2.97],["2018-06-05",2.92],["2018-06-04",2.94],["2018-06-01",2.89],["2018-05-31",2.83],["2018-05-30",2.84],["2018-05-29",2.77],["2018-05-25",2.93],["2018-05-24",2.98],["2018-05-23",3.01],["2018-05-22",3.06],["2018-05-21",3.06],["2018-05-18",3.06],["2018-05-17",3.11],["2018-05-16",3.09],["2018-05-15",3.08],["2018-05-14",3.0],["2018-05-11",2.97],["2018-05-10",2.97],["2018-05-09",3.0],["2018-05-08",2.97],["2018-05-07",2.95],["2018-05-04",2.95],["2018-05-03",2.94],["2018-05-02",2.97],["2018-05-01",2.97],["2018-04-30",2.95],["2018-04-27",2.96],["2018-04-26",3.0],["2018-04-25",3.03],["2018-04-24",3.0],["2018-04-23",2.98],["2018-04-20",2.96],["2018-04-19",2.92],["2018-04-18",2.87],["2018-04-17",2.82],["2018-04-16",2.83],["2018-04-13",2.82],["2018-04-12",2.83],["2018-04-11",2.79],["2018-04-10",2.8],["2018-04-09",2.78],["2018-04-06",2.77],["2018-04-05",2.83],["2018-04-04",2.79],["2018-04-03",2.79],["2018-04-02",2.73],["2018-03-29",2.74],["2018-03-28",2.77],["2018-03-27",2.78],["2018-03-26",2.85],["2018-03-23",2.82],["2018-03-22",2.83],["2018-03-21",2.89],["2018-03-20",2.89],["2018-03-19",2.85],["2018-03-16",2.85],["2018-03-15",2.82],["2018-03-14",2.81],["2018-03-13",2.84],["2018-03-12",2.87],["2018-03-09",2.9],["2018-03-08",2.86],["2018-03-07",2.89],["2018-03-06",2.88],["2018-03-05",2.88],["2018-03-02",2.86],["2018-03-01",2.81],["2018-02-28",2.87],["2018-02-27",2.9],["2018-02-26",2.86],["2018-02-23",2.88],["2018-02-22",2.92],["2018-02-21",2.94],["2018-02-20",2.88],["2018-02-16",2.87],["2018-02-15",2.9],["2018-02-14",2.91],["2018-02-13",2.83],["2018-02-12",2.86],["2018-02-09",2.83],["2018-02-08",2.85],["2018-02-07",2.84],["2018-02-06",2.79],["2018-02-05",2.77],["2018-02-02",2.84],["2018-02-01",2.78],["2018-01-31",2.72],["2018-01-30",2.73],["2018-01-29",2.7],["2018-01-26",2.66],["2018-01-25",2.63],["2018-01-24",2.65],["2018-01-23",2.63],["2018-01-22",2.66],["2018-01-19",2.64],["2018-01-18",2.62],["2018-01-17",2.57],["2018-01-16",2.54],["2018-01-12",2.55],["2018-01-11",2.54],["2018-01-10",2.55],["2018-01-09",2.55],["2018-01-08",2.49],["2018-01-05",2.47],["2018-01-04",2.46],["2018-01-03",2.44],["2018-01-02",2.46],["2017-12-29",2.4],["2017-12-28",2.43],["2017-12-27",2.42],["2017-12-26",2.47],["2017-12-22",2.48],["2017-12-21",2.48],["2017-12-20",2.49],["2017-12-19",2.46],["2017-12-18",2.39],["2017-12-15",2.35],["2017-12-14",2.35],["2017-12-13",2.36],["2017-12-12",2.4],["2017-12-11",2.39],["2017-12-08",2.38],["2017-12-07",2.37],["2017-12-06",2.33],["2017-12-05",2.36],["2017-12-04",2.37],["2017-12-01",2.37],["2017-11-30",2.42],["2017-11-29",2.37],["2017-11-28",2.34],["2017-11-27",2.32],["2017-11-24",2.34],["2017-11-22",2.32],["2017-11-21",2.36],["2017-11-20",2.37],["2017-11-17",2.35],["2017-11-16",2.37],["2017-11-15",2.33],["2017-11-14",2.38],["2017-11-13",2.4],["2017-11-10",2.4],["2017-11-09",2.33],["2017-11-08",2.32],["2017-11-07",2.32],["2017-11-06",2.32],["2017-11-03",2.34],["2017-11-02",2.35],["2017-11-01",2.37],["2017-10-31",2.38],["2017-10-30",2.37],["2017-10-27",2.42],["2017-10-26",2.46],["2017-10-25",2.44],["2017-10-24",2.42],["2017-10-23",2.38],["2017-10-20",2.39],["2017-10-19",2.33],["2017-10-18",2.34],["2017-10-17",2.3],["2017-10-16",2.3],["2017-10-13",2.28],["2017-10-12",2.33],["2017-10-11",2.35],["2017-10-10",2.35],["2017-10-06",2.37],["2017-10-05",2.35],["2017-10-04",2.33],["2017-10-03",2.33],["2017-10-02",2.34],["2017-09-29",2.33],["2017-09-28",2.31],["2017-09-27",2.31],["2017-09-26",2.24],["2017-09-25",2.22],["2017-09-22",2.26],["2017-09-21",2.27],["2017-09-20",2.28],["2017-09-19",2.24],["2017-09-18",2.23],["2017-09-15",2.2],["2017-09-14",2.2],["2017-09-13",2.2],["2017-09-12",2.17],["2017-09-11",2.14],["2017-09-08",2.06],["2017-09-07",2.05],["2017-09-06",2.1],["2017-09-05",2.07],["2017-09-01",2.16],["2017-08-31",2.12],["2017-08-30",2.15],["2017-08-29",2.13],["2017-08-28",2.16],["2017-08-25",2.17],["2017-08-24",2.19],["2017-08-23",2.17],["2017-08-22",2.22],["2017-08-21",2.18],["2017-08-18",2.19],["2017-08-17",2.19],["2017-08-16",2.23],["2017-08-15",2.27],["2017-08-14",2.22],["2017-08-11",2.19],["2017-08-10",2.2],["2017-08-09",2.24],["2017-08-08",2.29],["2017-08-07",2.26],["2017-08-04",2.27],["2017-08-03",2.24],["2017-08-02",2.27],["2017-08-01",2.26],["2017-07-31",2.3],["2017-07-28",2.3],["2017-07-27",2.32],["2017-07-26",2.29],["2017-07-25",2.33],["2017-07-24",2.26],["2017-07-21",2.24],["2017-07-20",2.27],["2017-07-19",2.27],["2017-07-18",2.27],["2017-07-17",2.31],["2017-07-14",2.33],["2017-07-13",2.35],["2017-07-12",2.33],["2017-07-11",2.37],["2017-07-10",2.38],["2017-07-07",2.39],["2017-07-06",2.37],["2017-07-05",2.33],["2017-07-03",2.35]],"collapse":null,"order":null,"database_id":118}}`)33:[] 30:{"id":"f91d2f62cbe8928c","slug":"status-network-cost-of-capital","title":"status network cost of capital","thumbnail":"6fb54a4796866e350d7cd3c9d7c19f8fa1653d8f36c61fe59999c9def36bc665","access_level":"public","create_time":"$D2023-05-31T10:49:36.925Z","update_time":"$D2023-05-31T10:51:30.824Z","view_time":null,"first_public_time":"$D2023-05-31T10:49:36.925Z","has_unpublished_edits":null,"fork":{"id":"a957c3920f0346e2","slug":"status-cost-of-capital","title":"status network cost of capital","owner":{"id":"705428abb61ef58b","login":"bgits","name":"Barry G"}},"stars":0,"starred":false,"owner":{"type":"team","id":"1b76ce59e47fe6c2","login":"andytudhope","name":"Andy Tudhope","avatar_url":"https://avatars-next.observableusercontent.com/19bd8c37a73a566bf2f3af0ade4755992ad0386c5c02b4c5c5b3dc508f7ddce2","tier":"starter_2024"},"version":1194,"publish_version":null,"role":null,"authored":false,"authors":[{"type":"individual","id":"acf17d2ec20142ab","login":"andytudhope","name":"Andy Tudhope","avatar_url":"https://avatars-next.observableusercontent.com/19bd8c37a73a566bf2f3af0ade4755992ad0386c5c02b4c5c5b3dc508f7ddce2","tier":null}],"members":[{"type":"individual","id":"acf17d2ec20142ab","login":"andytudhope","name":"Andy Tudhope","avatar_url":"https://avatars-next.observableusercontent.com/19bd8c37a73a566bf2f3af0ade4755992ad0386c5c02b4c5c5b3dc508f7ddce2","tier":null,"role":"editor"}],"comments":[],"custom_thumbnail":false,"trashed":false,"lapsed":null,"subscribed":null,"forks":1,"collection":null,"type":"notebook","body":{"titling":"auto","title":"status network cost of capital","cells":[{"id":942,"value":"md`# status network cost of capital`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":0,"value":"slide`Status Network\n\n****Cost Of Capital****`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":366,"value":"slide`The cost of capital is one approach to determining the appropriate discount rate to discount future value accrual against`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":1151,"value":"slide`Weighted Average Cost of Capital (WACC) is composed of the cost of equity and cost of debt`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":1156,"value":"slide`With no debt we focus on the cost of equity\n\nCost of Equity = Riskfree Rate + Beta * Risk Premium\n`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":370,"value":"slide`A primer can be found here: \n\nhttp://people.stern.nyu.edu/adamodar/pdfiles/eqnotes/dcfrates.pdf`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":363,"value":"slide`Market return expectations are needed to compute cost of equity\n\nVenture capital funds have delivered historical returns of ~17% per year https://www.cambridgeassociates.com/wp-content/uploads/2015/05/Public-USVC-Benchmark-2014-Q4.pdf \n\nexpectations for a young market are similar but the liquidity from day one may make expectations less due to the liquidity premium https://en.wikipedia.org/wiki/Liquidity_premium`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":958,"value":"slide`\"Studies that look at venture capital\nreturns over long period. Using data from 1984-2004, Venture Economics, estimated that the\nreturns to venture capital investors have been about 4% higher than the returns on traded\nstocks. We could attribute this difference to illiquidity and add it on as the “illiquidity\npremium” for all private companies.\" - Aswath Damodaran\n\nhttp://people.stern.nyu.edu/adamodar/pdfiles/country/illiquidity.pdf`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":1110,"value":"slide`More research is required into what is a proper illiquidity premium\n\nRoger Ibbotson has published research showing liquidity raises valuations thus lowering the expected rate or return\n\nhttp://www.investmentreview.com/files/2011/11/Roger-Ibbotson.pdf`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":937,"value":"illiquidityPremium = 0.01","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":967,"value":"privateVentureExpectations = 0.1767","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":908,"value":"md`### Perhaps a survey would better guage market return expectations?`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":186,"value":"marketReturnExpectation = privateVentureExpectations - illiquidityPremium","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":972,"value":"slide`Discounting private venture expectations of ${parseFloat(privateVentureExpectations * 100).toFixed(2)}% by the illiquidity premium of ${illiquidityPremium * 100}% we get our market return expectation of ${parseFloat(marketReturnExpectation*100).toFixed(2)}%`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":1169,"value":"slide`Owning a traded crypto asset means owning venture style risk assets + the option to sell. That option to sell is worth about 4% a year`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":376,"value":"slide`The beta coefficient is a measure of the volatility, or systematic risk, of an individual asset in comparison to the unsystematic risk of the entire market. \n\nBeta is used in the capital asset pricing model (CAPM), which calculates the expected return of an asset using Beta and expected market returns.\n\nA portfolio with low Beta assets will generate higher *risk adjusted* returns compared to a portfolio with high Beta assets, assuming the same returns.`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":372,"value":"slide`BTC is used as the benchmark index. \n\nIt has the most liquidity and longest history.`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":665,"value":"slide`Using a one year lookback: \n\nETH has a beta of ${parseFloat(ethBeta).toFixed(4)} \n\nSNT has a beta of ${parseFloat(sntBeta).toFixed(4)}`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":679,"value":"slide`Using Beta we can arrive at our cost of capital of **${parseFloat(statusCostOfEquity * 100).toFixed(1)}%**\n\n*This can be used for the discount rate*\n`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":668,"value":"slide`Using a lookback period of ${betaLookback} days, we can see how SNT Beta changes overtime`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":904,"value":"md`## If some price data is missing the calculations will be off. This notebook relies on the cryptocompare api, so data quality maybe an issue`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":347,"value":"md`### SNT Rolling Beta Against BTC`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":294,"value":"vz.layer(rule, line)\n .width(800)\n .plot()","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":382,"value":"md`### The biggest factor impacting cost of equity is beta`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":356,"value":"md`### Rolling cost of equity using CAPM formula`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":329,"value":"vz.layer(costEquityrule, costEquityLine)\n .width(800)\n .plot()","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":400,"value":"md`### SNT Price`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":397,"value":"vz.layer(sntPriceRule, sntPriceLine)\n .width(800)\n .plot()","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":722,"value":"slide`The market seems to support the hypothesis that a lower Beta lowers the cost of capital and therefore increases the Net Present Value of future value accrual\n`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":829,"value":"slide`By ploting the rolling Beta (${betaLookback} days lookback) against the SNT price change ${sntForwardNumberDays} days later we see that for every 1 unit increase in Beta we expect a ${forwardChangeRegression.m > 0 ? 'postive' : 'negitive'} change in price ${sntForwardNumberDays} days later. \n\nAn R-Squared of ${parseFloat(forwardChangeRsquared).toFixed(3)} indicates the Beta explains **${parseFloat(forwardChangeRsquared * 100).toFixed(2)}%** of the price movement.`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":554,"value":"vz.layer(rollingBetaRule, forwardPredictionline)\n .width(1000)\n .height(600)\n .plot()","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":911,"value":"md`### The shape of this plot suggests the relationship maybe non-linear and a polynomial regression may find a better fit`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":818,"value":"slide`In the hard sciences an R-Squared of ~30% would be consistent with randomness. \n\n*However*\n\nIn the social sciences such a relationship could be very meaningful.`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":815,"value":"slide`While this test was constructed based on the hypothesis that beta influences cost of capital, the exact parameters for lookback and look forward days may have led to overfitting and is worth more rigorous testing`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":848,"value":"slide`What impact would adding debt to the mix of capital have on the cost of capital?`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":879,"value":"md`#### Do any Status organizations write off debt interest as an expense, if so the cost of debt maybe less (~30% less?)`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":1173,"value":"md`#### Can / should a protocol ever have debt?`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":901,"value":"statusTaxRate = 0","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":850,"value":"viewof effectiveInterestRate = slider({\n min: 0, \n max: 0.2, \n step: 0.01, \n value: 0.015, \n title: \"Interest rate on debt taken on\", \n description: \"Default set to current Maker CDP rate\"\n})","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":852,"value":"viewof percentDebtCapital = slider({\n min: 0, \n max: 0.75, \n step: 0.01, \n value: 0.01, \n title: \"Percentage of capital that consists of debt\", \n description: \"Increments in percentages of 1\"\n})","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":1140,"value":"md`### Once debt is introduced we use leveredBeta instead of Beta`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":1127,"value":"leveredBeta = sntBeta * (1 + ((percentDebtCapital * 100) / ((1-percentDebtCapital) * 100)))","pinned":true,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":886,"value":"slide`Changing the amount of debt to ${percentDebtCapital * 100}% of capital at a ${effectiveInterestRate * 100}% interest rate changes the cost of capital from ${parseFloat(statusCostOfEquity*100).toFixed(2)}% to ${parseFloat(WACC*100).toFixed(2)}%\n\nA difference of $${costDifferenceDollars}`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":1121,"value":"slide`Higher leverage should have higher betas than with less debt. When using debt the WACC uses levered Beta instead of Beta\n\n(Levered Beta) = Unlev Beta (1 + (Debt/Equity Ratio))`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":863,"value":"totalDebt = percentDebtCapital * sntMarketCap","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":865,"value":"totalEquity = (1 - percentDebtCapital) * sntMarketCap","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":870,"value":"WACC = ((totalEquity / sntMarketCap) * statusCostOfLeveredEquity) + ((totalDebt / sntMarketCap) * effectiveInterestRate)","pinned":true,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":894,"value":"costDifferenceDollars = ((statusCostOfEquity - WACC) * sntMarketCap).toLocaleString()","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":342,"value":"md`### Number of days of price data to use`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":25,"value":"numberOfDays = 603","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":488,"value":"md`### Number of days to look back for calculating the rolling beta`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":222,"value":"betaLookback = 60","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":359,"value":"md`#### TODO - get the 10-year treasury yields over time instead of using fixed value`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":156,"value":"riskFreeRate = 0.007","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":980,"value":"startDate = \"2017-07-01\"","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":984,"value":"momentStartDate = moment(startDate, \"YYYY-MM-DD\")","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":1065,"value":"tBondData.dataset.data","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":1069,"value":"getTBondYield = date => tBondData.dataset.data.find(day => moment(date).isSameOrAfter(day[0]) )","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":999,"value":"currentDate= `${moment().year()}-${moment().month() + 1}-${moment().date()}`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":988,"value":"daysSinceIco = moment().diff(momentStartDate, 'days')","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":27,"value":"btcUrl = `https://min-api.cryptocompare.com/data/histoday?fsym=BTC&tsym=USD`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":202,"value":"ethUrl = `https://min-api.cryptocompare.com/data/histoday?fsym=ETH&tsym=USD`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":33,"value":"sntUrl = `https://min-api.cryptocompare.com/data/histoday?fsym=SNT&tsym=USD`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":854,"value":"marketUrl = \"https://min-api.cryptocompare.com/data/top/mktcapfull?fsym=SNT&tsym=USD\"","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":856,"value":"marketCaps = {\n return (await (await fetch(marketUrl)).json())\n}","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":858,"value":"sntCapInfo = marketCaps.Data.find(data => data.CoinInfo.Name === \"SNT\")","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":860,"value":"sntMarketCap = 159026695","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":1144,"value":"sntSupply = 6804870174.88 * 0.02335","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":1146,"value":"sntPrice = 0.02335","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":29,"value":"btcDailyPrices = {\n return (await (await fetch(btcUrl)).json())\n}","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":75,"value":"dates = btcDailyPrices.Data.map(day => day.time * 1000)","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":93,"value":"btcCloses = btcDailyPrices.Data.map(day => day.close)","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":172,"value":"btcPercentChange = getPercentChange(btcCloses)","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":79,"value":"datesLength = dates.length","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":204,"value":"ethDailyPrices = {\n return (await (await fetch(ethUrl)).json())\n}","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":206,"value":"ethCloses = ethDailyPrices.Data.map(day => day.close)","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":208,"value":"ethPercentChange = getPercentChange(ethCloses)","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":211,"value":"ethBeta = calculateBeta(ethPercentChange.slice(-365), btcPercentChange.slice(-365))","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":38,"value":"sntDailyPrices = {\n return (await (await fetch(sntUrl)).json())\n}","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":150,"value":"sntCloses = sntDailyPrices.Data.map(day => day.close)","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":177,"value":"sntPercentageChange = getPercentChange(sntCloses)","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":407,"value":"sntForwardChange = sntPercentageChange.map((change, idx) => {\n const start = idx + 1\n const end = idx + sntForwardNumberDays\n if (start >= sntPercentageChange.length || end >= sntPercentageChange.length) return 0\n const startClose = sntCloses[start]\n const endClose = sntCloses[end]\n return (endClose - startClose) / startClose\n})","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":606,"value":"md`## SNT beta based on previous year is ${parseFloat(sntBeta).toFixed(2)}`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":184,"value":"sntBeta = calculateBeta(sntPercentageChange.slice(-365), btcPercentChange.slice(-365))","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":216,"value":"sntEthBeta = calculateBeta(sntPercentageChange, ethPercentChange)","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":1148,"value":"ethCostOfEquity = calculateCostOfEquity(riskFreeRate, marketReturnExpectation, ethBeta)","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":190,"value":"statusCostOfEquity = calculateCostOfEquity(riskFreeRate, marketReturnExpectation, sntBeta)","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":1135,"value":"statusCostOfLeveredEquity = calculateCostOfEquity(riskFreeRate, marketReturnExpectation, leveredBeta)","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":221,"value":"sntRollingBeta = {\n return sntCloses.map((close, idx) => {\n if (idx < betaLookback) return 0\n let startIdx = idx - betaLookback\n return calculateBeta(sntPercentageChange.slice(startIdx, idx), btcPercentChange.slice(startIdx, idx))\n })\n}","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":324,"value":"statusRollingCostOfEquity = sntRollingBeta.map(beta => calculateCostOfEquity(riskFreeRate, marketReturnExpectation, beta))","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":495,"value":"sntForwardNumberDays = 30","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":753,"value":"regressionChartOffset = 0","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":535,"value":"rollingBetaRule = vz(rollingBetaData.slice(regressionChartOffset))\n .rule()\n .y('forwardChange')\n .x('rollingBeta')\n .point();","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":762,"value":"rollingBetaData.slice(regressionChartOffset).length","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":764,"value":"forwardChangeTrendline.length","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":550,"value":"forwardChangePredictionRule = vz(forwardChangeTrendline)\n .rule()\n .x('x')\n .y('y');","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":552,"value":"forwardPredictionline = forwardChangePredictionRule.copy().line().color('none');","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":541,"value":"forwardChangeTrendline = forwardChangeClean.map(data => ({ y: forwardChangePredictor(data[0]), x: data[0] }))","pinned":true,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":467,"value":"forwardChangeClean = rollingBetaData.map(data => [data.rollingBeta, data.forwardChange]).slice(regressionChartOffset)","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":422,"value":"forwardChangeRegression = simpleStatistics.linearRegression(forwardChangeClean)","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":537,"value":"forwardChangePredictor = simpleStatistics.linearRegressionLine(forwardChangeRegression)","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":501,"value":"md`### rSquared of forward change regression`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":460,"value":"forwardChangeRsquared = simpleStatistics.rSquared(forwardChangeClean, simpleStatistics.linearRegressionLine(forwardChangeRegression))","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":424,"value":"sntForwardChange.slice(betaLookback)","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":238,"value":"rule = vz(rollingBetaData)\n .rule()\n .x('date', 't')\n .y('rollingBeta');","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":292,"value":"line = rule.copy()\n .line();","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":334,"value":"costEquityrule = vz(rollingBetaData)\n .rule()\n .x('date', 't')\n .y('rollingCostEquity');","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":336,"value":"costEquityLine = costEquityrule.copy()\n .line();","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":393,"value":"sntPriceRule = vz(rollingBetaData)\n .rule()\n .x('date', 't')\n .y('sntPrice');","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":395,"value":"sntPriceLine = sntPriceRule.copy()\n .line();","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":68,"value":"fields = [\n {\n name: 'date',\n type: { name: 'date', unit: 'MILLISECOND' },\n nullable: false, children: []\n },\n { name: 'btcClose',\n type: { name: 'floatingpoint', precision: 'SINGLE'},\n nullable: false, children: []\n },\n { name: 'sntClose',\n type: { name: 'floatingpoint', precision: 'SINGLE'},\n nullable: false, children: []\n },\n { name: 'sntRollingBeta',\n type: { name: 'floatingpoint', precision: 'SINGLE'},\n nullable: false, children: []\n },\n { name: 'statusRollingCostOfEquity',\n type: { name: 'floatingpoint', precision: 'SINGLE'},\n nullable: false, children: []\n },\n { name: 'sntForwardChange',\n type: { name: 'floatingpoint', precision: 'SINGLE'},\n nullable: false, children: []\n }\n]","pinned":true,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":67,"value":"pricesTable = Table.from({\n schema: { fields: fields },\n batches: [{ \n count: datesLength,\n columns: [\n {name: \"date\", count: datesLength, VALIDITY: [], DATA: dates },\n {name: \"btcClose\", count: btcCloses.length, VALIDITY:[], DATA: btcCloses },\n {name: \"sntClose\", count: sntCloses.length, VALIDITY:[], DATA: sntCloses },\n {name: \"sntRollingBeta\", count: sntRollingBeta.length, VALIDITY:[], DATA: sntRollingBeta },\n {name: \"statusRollingCostOfEquity\", count: statusRollingCostOfEquity.length, VALIDITY:[], DATA: statusRollingCostOfEquity },\n {name: \"sntForwardChange\", count: sntForwardChange.length, VALIDITY:[], DATA: sntForwardChange }\n \n ]\n }]\n})\n","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":277,"value":"rollingBetaData = (function () {\n const arr = [];\n for (const x of pricesTable) {\n const date = x.get(0)\n const sntPrice = x.get(2)\n const rollingBeta = x.get(3)\n const forwardChange = x.get(5)\n const riskFreeRate = getTBondYield(date)\n const rollingCostEquity = rollingBeta ? calculateCostOfEquity(riskFreeRate[1]/100, marketReturnExpectation, rollingBeta) : null\n if (rollingBeta) arr.push({ date, sntPrice, rollingBeta, rollingCostEquity, forwardChange, riskFreeRate })\n }\n return arr;\n}())","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":188,"value":"calculateCostOfEquity = (riskFree, marketReturn, beta) => riskFree + beta * (marketReturn - riskFree)","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":170,"value":"getPercentChange = prices => prices.map((price, i) => {\n if (!i) return 0\n let yesterdaysPrice = prices[i-1]\n return (price - yesterdaysPrice) / yesterdaysPrice\n})","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":182,"value":"calculateBeta = (priceChanges, indexPriceChanges) => {\n return simpleStatistics.sampleCovariance(priceChanges, indexPriceChanges) / simpleStatistics.variance(indexPriceChanges)\n}","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":45,"value":"Table = arrow.Table","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":40,"value":"arrow = require('https://bundle.run/apache-arrow@0.3.1')","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":179,"value":"simpleStatistics = require('simple-statistics')","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":4,"value":"import {secret} from \"@tmcw/secret\"","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":609,"value":"import {slide, slide_style} from \"@mbostock/slide\"","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":875,"value":"import {slider} from \"@jashkenas/inputs\"","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":982,"value":"moment = require('moment')","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":1055,"value":"$32","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":611,"value":"slide_style","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":236,"value":"vegaEmbed = require(\"vega-embed@3\")","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"},{"id":234,"value":"vz = {\n const vz = await require('@gjmcn/vizsla');\n vz.Vizsla.prototype.plot = function(opt) {\n return vegaEmbed(this.prep(), opt);\n };\n return vz;\n}","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","providerMetadata":"$undefined","attachments":"$undefined","output":"$undefined","database":"$undefined"}],"files":"$W33","stdlib":"1"}} 31:"$30:body"