Happy to chat about my experience in quant trading, living in Chicago/London
Thanks for bringing this up Aidan. I raised this topic in both of my versions of the Historical Funding post, and I remain interested in doing this properly if and when I get sufficient time and data. What I have found so far is (a) accessing the bottom-up data for ~all relevant charities seems to be much more difficult than I would have imagined, and (b) I've floated this project to a few people and the interest seemed lukewarm (probably mostly due to their sense of intractibility).
Thanks! Small correction: Animal Welfare YTD is labeled as $53M, when it looks like the underlying data point is $17M (source and 2023 full-year projections here)
Both posts contain a more detailed breakdown of inputs, but in short:
If you expect to take in $3-6M by the end of this year, borrowing say $300k against that already seems totally reasonable.
Not sure if this is possible, but I for one would be happy to donate to LTFF today in exchange for a 120% regrant to the Animal Welfare Fund in December[1]
This would seem to be an abuse of the Open Phil matching, but perhaps that chunk can be exempt
So these are all reasons that funding upfront is strictly better than in chunks, and I certainly agree. I'm just saying that as a donor, I would have a strong preference for funding 14 researchers in this suboptimal manner vs 10 of similar value paid upfront, and I'm surprised that LTFF doesn't agree.
Perhaps there are some cases where funding in chunks would be untenable, but that doesn't seem to be true for most on the list. Again, I'm not saying there is no cost to doing this, but if the space is really funding-constrained as you say 40% of value is an awful lot to give up. Is there not every chance that your next batch of applicants will be just as good, and money will again be tight?
A quick scan of the marginal grants list tells me that many (most?)[1] of these take the form of a salary or stipend over the course of 6-12 months. I don't understand how the time-value of money could be so out of whack in this case—surely you could grant say half of the requested amount, then do another round in three months once the large donors come around?[2]
Thanks for posting this! My thoughts on "what's going on here?":
Perhaps there is room for more EAs to shift their giving to Animal Advocacy in response to the above, and/or more optimistically to find animal-centric messaging with as much mainstream appeal as GiveWell.