Practical analysis for investment professionals
The Bizarro World of FAS 159

Do you remember the episode of Seinfeld titled “The Bizarro Jerry”? In this episode, which was based on Bizarro Superman, everything is backwards, i.e., up is down, down is up, in is out, out is in.

Well, financial institutions have… READ MORE ›

Take 15: Wall Street Revalued

Andrew Smithers discusses why the U.S. equity market is currently overvalued and argues that central banks should be encouraging a reduction in debt levels and quality growth over time, rather than rapid growth now.

Notes from the Field: CFA Institute Fixed Income Conference 2011

General Tenor: Bearish. Almost all of the speakers at the conference expressed concern about the direction of the global economy. Specifically, bearishness was expressed for:

The European sovereign debt crisis
The U.S. Congress’s political gridlock and inability to resolve the U.S…. READ MORE ›

European Sovereign Debt Crisis—What’s the End Game?

Why is Europe standing on the cliff’s edge? What went wrong? How did we get here?

These are simple questions with anything but simple answers. To help illuminate the issues, I hosted a live webinar on 11 October 2011 featuring… READ MORE ›

Is Jack Bogle Right? Are ETFs Destabilizing the Market?

Exchange-traded funds (ETFs), which offer investors diversification and liquidity at a low cost, have exploded in popularity in recent years and now represent a $1 trillion global market. Morningstar estimates that ETFs now account for at least a third… READ MORE ›

The Ethical Lessons of Rogue Trading

As Albert Einstein famously said, “Insanity is doing the same thing over and over and expecting a different result.” This quote comes to mind in the wake of the drama that has unfolded at UBS, where 31-year-old trader Kweku… READ MORE ›

Take 15: Rogers of Ariel Investments Is Bullish on Equities

John W. Rogers, Jr. discusses his 30 years of investment experience and compares today’s markets with those of the early 1980s.

How can China Rebalance from an Export and Investment Driven Economy to a Higher Consumption Share of GDP?

At the Australia Investment Conference in Sydney, Michael Pettis (pictured left), a professor at Peking University and senior associate at the Carnegie Endowment for International Peace, discussed READ MORE ›

Take 15: Synthetic Risk and Reward Indicator: Simplifying or Over-Simplifying Risk?

Paul D. Kaplan, CFA, shares his analysis of the Synthetic Risk and Reward Indicator (SRRI) that has been introduced by the European Commission for investment funds as a part of the UCITS.

Is It Déjà Vu All Over Again?

The Wall Street Journal has published a number of articles about Groupon, the ecommerce internet company that is planning to go public. A July 28th article focused on Groupon’s use of a… READ MORE ›



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