{"id":1510,"date":"2019-09-26T18:25:36","date_gmt":"2019-09-27T02:25:36","guid":{"rendered":"https:\/\/bayesianinvestor.com\/blog\/?p=1510"},"modified":"2023-02-12T09:47:15","modified_gmt":"2023-02-12T17:47:15","slug":"nifty-50-stocks","status":"publish","type":"post","link":"https:\/\/bayesianinvestor.com\/blog\/index.php\/2019\/09\/26\/nifty-50-stocks\/","title":{"rendered":"Nifty 50 Stocks"},"content":{"rendered":"<p>There are a number of investment ideas that pop up about once per generation, work well for years, and then investors get reminded of why they&#8217;re not so good, and they get ignored for long enough that the average investor doesn&#8217;t remember that the idea has been tried.<\/p>\n<p>The idea I&#8217;m remembering this month is known by the phrase <a href=\"https:\/\/en.wikipedia.org\/wiki\/Nifty_Fifty\">Nifty Fifty<\/a>, meaning that there were about 50 stocks that were considered safe investments, whose reliable growth enabled investors to ignore standard valuation measures such as price\/earnings ratios, dividend yields, and price to book value.<\/p>\n<p>The spirit behind the Nifty Fifty was characterized by this line from a cryonaut in <a href=\"https:\/\/www.imdb.com\/title\/tt0070707\/characters\/nm0000095\">Woody Allen&#8217;s Sleeper<\/a> (1973): &#8220;I bought Polaroid at seven, it&#8217;s probably up millions by now!&#8221;.<\/p>\n<p>There was nothing particularly wrong with the belief that those were good companies. The main mistakes were to believe that their earnings would grow forever, and\/or that growing earnings would imply growing stock prices, no matter how high the current stock price is.<\/p>\n<p>I&#8217;ve seen a number of stocks recently that seem to fit this pattern, with Amazon and Salesforce mostly clearly fitting the stereotype. I also ran into one person a few months ago who believed that Amazon was a good investment because it&#8217;s a reliable source of 15+% growth. I also visited Salesforce Park last month, and the wealth that it radiated weakly suggests the kind of overconfidence that&#8217;s associated with an overpriced stock market.<\/p>\n<p>I took a stab at quantifying my intuitions, and came up with a list of 50 companies (shown below) based on data from <a href=\"https:\/\/www.aaii.com\/stock-investor-pro\">SI Pro<\/a> as of 2019-09-20, filtered by these criteria:<\/p>\n<ul>\n<li>pe_ey1 &gt; 30 (price more that 30 times next year&#8217;s forecast earnings)<\/li>\n<li>mktcap &gt; 5000 (market capitalization more than $5 billion)<\/li>\n<li>prp_2yh &gt; 75 (price more than 75% of its 2 year high)<\/li>\n<li>rsales_g5f &gt; 50 (5 year sales growth above the median stock in the database)<\/li>\n<li>sales_y1 &lt; 0.33333*mktcap (market capitalization more than 3 times last year&#8217;s sales)<\/li>\n<li>yield &lt; 3 (dividend yield less than 3%)<\/li>\n<li>pbvps &gt; 5 (price more than 5 times book value)<\/li>\n<li>epsdc_y2 &gt; 0 (it earned money the year before last)<\/li>\n<\/ul>\n<p>I did a half-assed search over the past 20 years, and it looks like there were more companies meeting these criteria in the dot com bubble (my data for that period isn&#8217;t fully comparable), but during 2005-2015 there were generally less than a dozen companies meeting these criteria.<\/p>\n<p>The companies on this list aren&#8217;t as widely known as I&#8217;d expected, which weakens the stereotype a bit, but otherwise they fit the Nifty Fifty pattern of the market seeming confident that their earnings will grow something like 20% per year for the next decade.<\/p>\n<p>There were some other companies that arguably belonged on the list, but which the filter excluded mainly due to their forward price\/earnings ratio being less than 30: BABA (Alibaba Group Holding Ltd), FB (Facebook), and GOOGL (Alphabet). Maybe I should have used a threshold less than 30, or maybe I should take their price\/earnings ratio as evidence that the market is evaluating them sensibly.<\/p>\n<p>This looks like a stock market bubble, but a significantly less dramatic one than the dot com bubble. The market is doing a decent job of distinguishing good companies from bad ones (much more so than in the dot com era), and is merely getting a bit overconfident about how long the good ones will be able to maintain their relative quality.<\/p>\n<p>How much longer will these stocks rise? I&#8217;m guessing until the next major bear market. No, I&#8217;m sorry, I don&#8217;t have any prediction for when that bear market will occur or what will trigger it. It will likely be triggered by something that&#8217;s not specific to the new nifty fifty.<\/p>\n<p>I&#8217;m currently short EQIX. I expect to short more of these stocks someday, but probably not this year.<\/p>\n<table>\n<tbody>\n<tr>\n<th>ticker<\/th>\n<th> company<\/th>\n<th> pe_ey1<\/th>\n<th> mktcap<\/th>\n<th> sales_y1<\/th>\n<th> yield<\/th>\n<th> pbvps<\/th>\n<\/tr>\n<tr>\n<td>AMT<\/td>\n<td>American Tower Corp<\/td>\n<td align=\"right\">    52<\/td>\n<td align=\"right\"> 100520<\/td>\n<td align=\"right\">7440.1<\/td>\n<td align=\"right\"> 1.7<\/td>\n<td align=\"right\"> 18.21<\/td>\n<\/tr>\n<tr>\n<td>AMZN<\/td>\n<td>Amazon.com, Inc.<\/td>\n<td align=\"right\">    54<\/td>\n<td align=\"right\"> 901016<\/td>\n<td align=\"right\">232887<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\"> 16.67<\/td>\n<\/tr>\n<tr>\n<td>ANSS<\/td>\n<td>ANSYS, Inc.<\/td>\n<td align=\"right\">  31.8<\/td>\n<td align=\"right\">18422.3<\/td>\n<td align=\"right\">1293.6<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\">  6.46<\/td>\n<\/tr>\n<tr>\n<td>AZPN<\/td>\n<td>Aspen Technology, Inc.<\/td>\n<td align=\"right\">  30.5<\/td>\n<td align=\"right\"> 8820.8<\/td>\n<td align=\"right\"> 598.3<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\">  22.2<\/td>\n<\/tr>\n<tr>\n<td>BFAM<\/td>\n<td>Bright Horizons Family Solutio<\/td>\n<td align=\"right\">  37.2<\/td>\n<td align=\"right\"> 9181.8<\/td>\n<td align=\"right\">1903.2<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\"> 10.21<\/td>\n<\/tr>\n<tr>\n<td>CMG<\/td>\n<td>Chipotle Mexican Grill, Inc.<\/td>\n<td align=\"right\">    48<\/td>\n<td align=\"right\">23067.9<\/td>\n<td align=\"right\">  4865<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\"> 15.04<\/td>\n<\/tr>\n<tr>\n<td>CRM<\/td>\n<td>salesforce.com, inc.<\/td>\n<td align=\"right\">  50.1<\/td>\n<td align=\"right\"> 134707<\/td>\n<td align=\"right\"> 13282<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\">  7.02<\/td>\n<\/tr>\n<tr>\n<td>CSGP<\/td>\n<td>CoStar Group Inc<\/td>\n<td align=\"right\">  49.3<\/td>\n<td align=\"right\">21878.4<\/td>\n<td align=\"right\">1191.8<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\">  6.74<\/td>\n<\/tr>\n<tr>\n<td>DASTY<\/td>\n<td>Dassault Systemes SE (ADR)<\/td>\n<td align=\"right\">  32.9<\/td>\n<td align=\"right\">37683.3<\/td>\n<td align=\"right\">  3839<\/td>\n<td align=\"right\">   1<\/td>\n<td align=\"right\">  7.05<\/td>\n<\/tr>\n<tr>\n<td>DXCM<\/td>\n<td>DexCom, Inc.<\/td>\n<td align=\"right\"> 110.3<\/td>\n<td align=\"right\">14132.9<\/td>\n<td align=\"right\">1031.6<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\"> 20.44<\/td>\n<\/tr>\n<tr>\n<td>EQIX<\/td>\n<td>Equinix Inc<\/td>\n<td align=\"right\">  70.2<\/td>\n<td align=\"right\">48264.7<\/td>\n<td align=\"right\">5071.7<\/td>\n<td align=\"right\"> 1.7<\/td>\n<td align=\"right\">  5.46<\/td>\n<\/tr>\n<tr>\n<td>ETSY<\/td>\n<td>Etsy Inc<\/td>\n<td align=\"right\">  61.7<\/td>\n<td align=\"right\"> 7115.6<\/td>\n<td align=\"right\"> 603.7<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\"> 16.42<\/td>\n<\/tr>\n<tr>\n<td>EW<\/td>\n<td>Edwards Lifesciences Corp<\/td>\n<td align=\"right\">  36.7<\/td>\n<td align=\"right\">44736.3<\/td>\n<td align=\"right\">3722.8<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\"> 13.06<\/td>\n<\/tr>\n<tr>\n<td>FICO<\/td>\n<td>Fair Isaac Corporation<\/td>\n<td align=\"right\">  36.5<\/td>\n<td align=\"right\"> 9275.5<\/td>\n<td align=\"right\">1032.5<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\"> 33.71<\/td>\n<\/tr>\n<tr>\n<td>FIVE<\/td>\n<td>Five Below Inc<\/td>\n<td align=\"right\">  33.6<\/td>\n<td align=\"right\"> 7152.1<\/td>\n<td align=\"right\">1559.6<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\"> 10.86<\/td>\n<\/tr>\n<tr>\n<td>FTNT<\/td>\n<td>Fortinet Inc<\/td>\n<td align=\"right\">  31.6<\/td>\n<td align=\"right\">13409.2<\/td>\n<td align=\"right\">1801.2<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\"> 11.93<\/td>\n<\/tr>\n<tr>\n<td>GDDY<\/td>\n<td>Godaddy Inc<\/td>\n<td align=\"right\">  67.2<\/td>\n<td align=\"right\">11976.7<\/td>\n<td align=\"right\">2660.1<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\"> 12.41<\/td>\n<\/tr>\n<tr>\n<td>GWRE<\/td>\n<td>Guidewire Software Inc<\/td>\n<td align=\"right\">  70.3<\/td>\n<td align=\"right\"> 8835.9<\/td>\n<td align=\"right\"> 652.8<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\">  5.84<\/td>\n<\/tr>\n<tr>\n<td>HEI<\/td>\n<td>Heico Corp<\/td>\n<td align=\"right\">  49.3<\/td>\n<td align=\"right\">15277.3<\/td>\n<td align=\"right\">1777.7<\/td>\n<td align=\"right\"> 0.1<\/td>\n<td align=\"right\"> 10.58<\/td>\n<\/tr>\n<tr>\n<td>HUBS<\/td>\n<td>HubSpot Inc<\/td>\n<td align=\"right\">  94.6<\/td>\n<td align=\"right\"> 6877.4<\/td>\n<td align=\"right\">   513<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\"> 10.93<\/td>\n<\/tr>\n<tr>\n<td>IAC<\/td>\n<td>IAC\/InterActiveCorp<\/td>\n<td align=\"right\">  38.3<\/td>\n<td align=\"right\">19642.5<\/td>\n<td align=\"right\">4262.9<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\">  6.51<\/td>\n<\/tr>\n<tr>\n<td>IDXX<\/td>\n<td>IDEXX Laboratories, Inc.<\/td>\n<td align=\"right\">  49.3<\/td>\n<td align=\"right\">23570.6<\/td>\n<td align=\"right\">2213.2<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\">138.03<\/td>\n<\/tr>\n<tr>\n<td>ILMN<\/td>\n<td>Illumina, Inc.<\/td>\n<td align=\"right\">  44.3<\/td>\n<td align=\"right\">44864.4<\/td>\n<td align=\"right\">  3333<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\">  10.5<\/td>\n<\/tr>\n<tr>\n<td>INTU<\/td>\n<td>Intuit Inc.<\/td>\n<td align=\"right\">  31.6<\/td>\n<td align=\"right\">70225.1<\/td>\n<td align=\"right\">  6784<\/td>\n<td align=\"right\"> 0.8<\/td>\n<td align=\"right\"> 18.67<\/td>\n<\/tr>\n<tr>\n<td>INXN<\/td>\n<td>InterXion Holding NV<\/td>\n<td align=\"right\"> 106.8<\/td>\n<td align=\"right\"> 5995.1<\/td>\n<td align=\"right\"> 620.2<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\">  7.95<\/td>\n<\/tr>\n<tr>\n<td>ISRG<\/td>\n<td>Intuitive Surgical, Inc.<\/td>\n<td align=\"right\">  38.8<\/td>\n<td align=\"right\">61020.9<\/td>\n<td align=\"right\">3724.2<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\">  8.44<\/td>\n<\/tr>\n<tr>\n<td>LULU<\/td>\n<td>Lululemon Athletica inc.<\/td>\n<td align=\"right\">  33.7<\/td>\n<td align=\"right\">25222.7<\/td>\n<td align=\"right\">3288.3<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\"> 16.36<\/td>\n<\/tr>\n<tr>\n<td>MA<\/td>\n<td>Mastercard Inc<\/td>\n<td align=\"right\">  30.1<\/td>\n<td align=\"right\"> 276768<\/td>\n<td align=\"right\"> 14950<\/td>\n<td align=\"right\"> 0.5<\/td>\n<td align=\"right\"> 55.23<\/td>\n<\/tr>\n<tr>\n<td>MASI<\/td>\n<td>Masimo Corporation<\/td>\n<td align=\"right\">  41.8<\/td>\n<td align=\"right\"> 8078.9<\/td>\n<td align=\"right\"> 858.3<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\">   7.8<\/td>\n<\/tr>\n<tr>\n<td>MDSO<\/td>\n<td>Medidata Solutions Inc<\/td>\n<td align=\"right\">  43.4<\/td>\n<td align=\"right\"> 5734.1<\/td>\n<td align=\"right\"> 635.7<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\">  8.35<\/td>\n<\/tr>\n<tr>\n<td>MELI<\/td>\n<td>Mercadolibre Inc<\/td>\n<td align=\"right\"> 285.4<\/td>\n<td align=\"right\">27306.2<\/td>\n<td align=\"right\">1439.7<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\"> 12.59<\/td>\n<\/tr>\n<tr>\n<td>MKTX<\/td>\n<td>MarketAxess Holdings Inc.<\/td>\n<td align=\"right\">  56.7<\/td>\n<td align=\"right\">12941.1<\/td>\n<td align=\"right\"> 435.6<\/td>\n<td align=\"right\"> 0.6<\/td>\n<td align=\"right\"> 18.93<\/td>\n<\/tr>\n<tr>\n<td>MPWR<\/td>\n<td>Monolithic Power Systems, Inc.<\/td>\n<td align=\"right\">  31.5<\/td>\n<td align=\"right\"> 6761.2<\/td>\n<td align=\"right\"> 582.4<\/td>\n<td align=\"right\">   1<\/td>\n<td align=\"right\">  9.44<\/td>\n<\/tr>\n<tr>\n<td>MTCH<\/td>\n<td>Match Group Inc<\/td>\n<td align=\"right\">  38.4<\/td>\n<td align=\"right\">22264.7<\/td>\n<td align=\"right\">1729.9<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\">105.51<\/td>\n<\/tr>\n<tr>\n<td>OLED<\/td>\n<td>Universal Display Corporation<\/td>\n<td align=\"right\">  45.5<\/td>\n<td align=\"right\"> 8622.8<\/td>\n<td align=\"right\"> 247.4<\/td>\n<td align=\"right\"> 0.2<\/td>\n<td align=\"right\"> 11.36<\/td>\n<\/tr>\n<tr>\n<td>PAYC<\/td>\n<td>Paycom Software Inc<\/td>\n<td align=\"right\">  51.3<\/td>\n<td align=\"right\">12812.8<\/td>\n<td align=\"right\"> 566.3<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\">  28.6<\/td>\n<\/tr>\n<tr>\n<td>PCTY<\/td>\n<td>Paylocity Holding Corp<\/td>\n<td align=\"right\">  47.6<\/td>\n<td align=\"right\"> 5150.5<\/td>\n<td align=\"right\"> 467.6<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\"> 17.01<\/td>\n<\/tr>\n<tr>\n<td>PEGA<\/td>\n<td>Pegasystems Inc.<\/td>\n<td align=\"right\"> 167.2<\/td>\n<td align=\"right\"> 5686.4<\/td>\n<td align=\"right\"> 891.6<\/td>\n<td align=\"right\"> 0.2<\/td>\n<td align=\"right\"> 10.14<\/td>\n<\/tr>\n<tr>\n<td>PEN<\/td>\n<td>Penumbra Inc<\/td>\n<td align=\"right\">   134<\/td>\n<td align=\"right\"> 5142.8<\/td>\n<td align=\"right\"> 444.9<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\">  11.3<\/td>\n<\/tr>\n<tr>\n<td>RMD<\/td>\n<td>ResMed Inc.<\/td>\n<td align=\"right\">  30.6<\/td>\n<td align=\"right\">19181.5<\/td>\n<td align=\"right\">2606.6<\/td>\n<td align=\"right\"> 1.2<\/td>\n<td align=\"right\">  9.33<\/td>\n<\/tr>\n<tr>\n<td>RNG<\/td>\n<td>RingCentral Inc<\/td>\n<td align=\"right\"> 139.4<\/td>\n<td align=\"right\">11062.4<\/td>\n<td align=\"right\"> 673.6<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\"> 30.93<\/td>\n<\/tr>\n<tr>\n<td>ROL<\/td>\n<td>Rollins, Inc.<\/td>\n<td align=\"right\">  43.6<\/td>\n<td align=\"right\">11383.4<\/td>\n<td align=\"right\">1821.6<\/td>\n<td align=\"right\"> 1.2<\/td>\n<td align=\"right\"> 15.04<\/td>\n<\/tr>\n<tr>\n<td>RP<\/td>\n<td>RealPage Inc<\/td>\n<td align=\"right\">  31.3<\/td>\n<td align=\"right\"> 6084.5<\/td>\n<td align=\"right\"> 869.5<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\">   5.3<\/td>\n<\/tr>\n<tr>\n<td>TAL<\/td>\n<td>TAL Education Group (ADR)<\/td>\n<td align=\"right\">  39.4<\/td>\n<td align=\"right\">21326.2<\/td>\n<td align=\"right\">  2563<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\">  8.45<\/td>\n<\/tr>\n<tr>\n<td>TECH<\/td>\n<td>BIO-TECHNE Corp<\/td>\n<td align=\"right\">  34.6<\/td>\n<td align=\"right\"> 7483.8<\/td>\n<td align=\"right\">   714<\/td>\n<td align=\"right\"> 0.6<\/td>\n<td align=\"right\">  6.52<\/td>\n<\/tr>\n<tr>\n<td>TREX<\/td>\n<td>Trex Company Inc<\/td>\n<td align=\"right\">  30.2<\/td>\n<td align=\"right\"> 5074.2<\/td>\n<td align=\"right\"> 684.3<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\"> 13.05<\/td>\n<\/tr>\n<tr>\n<td>TYL<\/td>\n<td>Tyler Technologies, Inc.<\/td>\n<td align=\"right\">  43.5<\/td>\n<td align=\"right\">10004.5<\/td>\n<td align=\"right\"> 935.3<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\">  6.98<\/td>\n<\/tr>\n<tr>\n<td>VEEV<\/td>\n<td>Veeva Systems Inc<\/td>\n<td align=\"right\">    62<\/td>\n<td align=\"right\">21366.2<\/td>\n<td align=\"right\"> 862.2<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\"> 15.27<\/td>\n<\/tr>\n<tr>\n<td>VRSK<\/td>\n<td>Verisk Analytics, Inc.<\/td>\n<td align=\"right\">  32.3<\/td>\n<td align=\"right\">25948.4<\/td>\n<td align=\"right\">2395.1<\/td>\n<td align=\"right\"> 0.6<\/td>\n<td align=\"right\"> 11.73<\/td>\n<\/tr>\n<tr>\n<td>ZAYO<\/td>\n<td>Zayo Group Holdings Inc<\/td>\n<td align=\"right\">  42.5<\/td>\n<td align=\"right\"> 7997.8<\/td>\n<td align=\"right\">  2578<\/td>\n<td align=\"right\">   0<\/td>\n<td align=\"right\">  5.95<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>There are a number of investment ideas that pop up about once per generation, work well for years, and then investors get reminded of why they&#8217;re not so good, and they get ignored for long enough that the average investor doesn&#8217;t remember that the idea has been tried. The idea I&#8217;m remembering this month is [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[18,1],"tags":[146],"class_list":["post-1510","post","type-post","status-publish","format-standard","hentry","category-investing","category-uncategorized","tag-bubbles"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p80O1l-om","_links":{"self":[{"href":"https:\/\/bayesianinvestor.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/1510","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bayesianinvestor.com\/blog\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bayesianinvestor.com\/blog\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bayesianinvestor.com\/blog\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/bayesianinvestor.com\/blog\/index.php\/wp-json\/wp\/v2\/comments?post=1510"}],"version-history":[{"count":2,"href":"https:\/\/bayesianinvestor.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/1510\/revisions"}],"predecessor-version":[{"id":1512,"href":"https:\/\/bayesianinvestor.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/1510\/revisions\/1512"}],"wp:attachment":[{"href":"https:\/\/bayesianinvestor.com\/blog\/index.php\/wp-json\/wp\/v2\/media?parent=1510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bayesianinvestor.com\/blog\/index.php\/wp-json\/wp\/v2\/categories?post=1510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bayesianinvestor.com\/blog\/index.php\/wp-json\/wp\/v2\/tags?post=1510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}