Practical analysis for investment professionals

Philosophy


In Memoriam: David Swensen

With David Swensen's passing, the financial community has lost one of the most important investors of modern times.

Capitalism Is Dead, Long Live Debtism

Should a loan that one neither intends nor is required to repay be considered debt or equity?

Bernoulli’s Prisoner’s Dilemma: A Goals-Based Perspective

Can goals-based portfolio theory bridge normative and descriptive investment theories?

Ensemble Active Management: The Blueprint for Rescuing Active Management

Could EAM generate enough added alpha for active management to reclaim its edge over passive?

“ESG, Motherhood, and Apple Pie”? Seven ESG Policy Questions

Is there a performance penalty for ESG investing? Is it logical to lump E, S, and G together?

Book Review: The Joys of Compounding

The Joys of Compounding offers new opportunities to learn and re-learn critical lessons that will make us better investors and individuals.

Radical Uncertainty in Finance: Why Modern Finance Keeps Failing

We need to reject the mirage Modern Finance projects on the market and revive a commonsense approach to uncertainty.

Morgan Housel on Greed and Fear, Frugality and Paranoia

“Investing is not the study of finance,” Morgan Housel says. “Investing is the study of how people behave with money.”

Radical Uncertainty in Finance: The Origins of Probability Theory

How did modern society succumb to the illusion that uncertainty can be transformed into calculable risks?



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