CFA Equity Research and Valuation Conference
Stocks are the most volatile asset class in the short run — but the most stable asset class in the long run, according to Jeremy J. Siegel. The Wharton professor also warns that the CAPE ratio's pessimistic predictions are based on biased data.
The legacy of financial innovation was the subject of a recent panel discussion, where three leading practitioners assessed some of the most widely debated innovations of our time, including high-frequency trading, dark pools trading venues, and the Dutch auction model for initial public offerings.
“I’m a stock investor and express my views in individual securities, but I think some things have changed,” Steven Galbraith, managing partner at the hedge fund Herring Creek Capital, said at the 15th Annual Equity Research and Valuation Conference conference in Philadelphia. “You can no longer just look at the micro,” Galbraith said. “The visible hand and policy blunders are the primary risks for investors today.”