Practical analysis for investment professionals
24 December 2012

My Top Five Articles from 2012: Exploding the Risk-Free Rate, Lie Detection, and More

Posted In: Best Of

As we exit 2012 I’d like to highlight a few of my favorite pieces written for the Enterprising Investor blog. Some were popular and some of them languished in obscurity, but all, I think, are worthy of a little of your most precious resource: your time.

Wow, did I learn a lot in 2012! Here are some of my favorite things I discovered while trying to keep my head above life’s waters:

  • Favorite quote of 2012: “A camel is a horse designed by a committee.”
  • Favorite investment lesson of 2012, courtesy of the wise Jim Butcher of Entegra Partners: “Often scenario planning will reveal a problem that triggers a prepared response. It is often the case that the problem that created the solution never materializes, but a problem similar to it does arise and the solution is then easily implemented.” In other words, be prepared for multiple possible futures, not just one forecasted outcome.
  • Thing that made me most proud to hold a CFA charter in 2012: “50 Ways to Restore Trust in the Investment Industry,” which was created by fellow charterholders and boldly presented to the public by our CEO John Rogers, CFA. Nice work!
  • Favorite book of 2012: Strings Attached: Untangling the Ethics of Incentives by Ruth W. Grant. This book is the first fresh look at incentives I have read in my two decades career in investing. Grant’s keen insight about incentives is that they should be evaluated as a form of power and not just as a way of altering the price-setting mechanism. Genius!
  • Favorite thing to worry about in 2012: What will come after the Great Recession, the European Sovereign Debt Crisis, and the Fiscal Cliff?

Please note that the content of this site should not be construed as investment advice, nor do the opinions expressed necessarily reflect the views of CFA Institute.

About the Author(s)
Jason Voss, CFA

Jason Voss, CFA, tirelessly focuses on improving the ability of investors to better serve end clients. He is the author of the Foreword Reviews Business Book of the Year Finalist, The Intuitive Investor and the CEO of Active Investment Management (AIM) Consulting. Voss also sub-contracts for the well known firm, Focus Consulting Group. Previously, he was a portfolio manager at Davis Selected Advisers, L.P., where he co-managed the Davis Appreciation and Income Fund to noteworthy returns. Voss holds a BA in economics and an MBA in finance and accounting from the University of Colorado.

Ethics Statement

My statement of ethics is very simple, really: I treat others as I would like to be treated. In my opinion, all systems of ethics distill to this simple statement. If you believe I have deviated from this standard, I would love to hear from you: [email protected]

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