Daily Papers

What makes good video representations for video understanding, such as anticipating future activities, or answering video-conditioned questions? While earlier approaches focus on end-to-end learning directly from video pixels, we propose to revisit text-based representations, such as discrete action labels, or free-form video captions, which are interpretable and can be directly consumed by large language models (LLMs). Intuitively, different video understanding tasks may require representations that are complementary and at different granularities. To this end, we propose versatile action models (Vamos), a learning framework powered by a large language model as the "reasoner", and can flexibly leverage visual embeddings, action labels, and free-form descriptions extracted from videos as its input. We evaluate Vamos on four complementary video understanding benchmarks, Ego4D, Next-QA, IntentQA, and EgoSchema, on its capability to model temporal dynamics, encode visual history, and perform reasoning. Surprisingly, we observe that text-based representations consistently achieve competitive performance on all benchmarks, and that visual embeddings provide marginal or no performance improvement, demonstrating the effectiveness of text-based video representation in the LLM era. We perform extensive ablation study and qualitative analysis to support our observations, and achieve state-of-the-art performance on three benchmarks.

A fundamental challenge in robot navigation lies in learning policies that generalize across diverse environments while conforming to the unique physical constraints and capabilities of a specific embodiment (e.g., quadrupeds can walk up stairs, but rovers cannot). We propose VAMOS, a hierarchical VLA that decouples semantic planning from embodiment grounding: a generalist planner learns from diverse, open-world data, while a specialist affordance model learns the robot's physical constraints and capabilities in safe, low-cost simulation. We enabled this separation by carefully designing an interface that lets a high-level planner propose candidate paths directly in image space that the affordance model then evaluates and re-ranks. Our real-world experiments show that VAMOS achieves higher success rates in both indoor and complex outdoor navigation than state-of-the-art model-based and end-to-end learning methods. We also show that our hierarchical design enables cross-embodied navigation across legged and wheeled robots and is easily steerable using natural language. Real-world ablations confirm that the specialist model is key to embodiment grounding, enabling a single high-level planner to be deployed across physically distinct wheeled and legged robots. Finally, this model significantly enhances single-robot reliability, achieving 3X higher success rates by rejecting physically infeasible plans. Website: https://vamos-vla.github.io/

We develop a tool that extracts emotions from social media text data. Our methodology has three main advantages. First, it is tailored for financial context; second, it incorporates key aspects of social media data, such as non-standard phrases, emojis and emoticons; and third, it operates by sequentially learning a latent representation that includes features such as word order, word usage, and local context. This tool, along with a user guide is available at: https://github.com/dvamossy/EmTract. Using EmTract, we explore the relationship between investor emotions expressed on social media and asset prices. We document a number of interesting insights. First, we confirm some of the findings of controlled laboratory experiments relating investor emotions to asset price movements. Second, we show that investor emotions are predictive of daily price movements. These impacts are larger when volatility or short interest are higher, and when institutional ownership or liquidity are lower. Third, increased investor enthusiasm prior to the IPO contributes to the large first-day return and long-run underperformance of IPO stocks. To corroborate our results, we provide a number of robustness checks, including using an alternative emotion model. Our findings reinforce the intuition that emotions and market dynamics are closely related, and highlight the importance of considering investor emotions when assessing a stock's short-term value.