Biography
Paul McCaffrey is the editor of Enterprising Investor at CFA Institute. Previously, he served as an editor at the H.W. Wilson Company. His writing has appeared in Financial Planning and DailyFinance, among other publications. He holds a BA in English from Vassar College and an MA in journalism from the City University of New York (CUNY) Graduate School of Journalism.
In a wild year for markets and investing, what EI content most resonated with readers?
"There’s one aspect of MMT that I have some sympathy for: the notion that what we spend money on is far more important than how we finance it." — Cliff Asness
"Has the hedge property overtaken the investment property of fixed-income assets?"
"Wall Street wisdom is that QE is immensely powerful and is stoking financial bubbles. Academics say, 'I take your $100 bills, I give you back 10 $10 bills. Who cares?'"
Eric Sim, CFA, explains how human capital, financial capital, and social capital helped build his career in finance.
“How many here think the next 10-year equity returns are going to be below the long-run average? I certainly do. Is there anyone here who doesn’t?”
Does the equity risk premium (ERP) vary depending on the term structure? Does reversion to the mean dictate that it will decrease the longer the time horizon?
"The economic problem now is to control inflation and get to work on the supply side of the economy."
John H. Cochrane and Thomas S. Coleman discuss how the fiscal theory of the price level explains inflation.
"If we thought of the equity premium as a fear premium," Rob Arnott says, "a lot of the so-called anomalies that we’ve talked about would not be anomalies at all."