Enterprising Investor
Practical analysis for investment professionals

Financial History


What Price Risk? Unpacking the Equity Risk Premium

Stocks are a good wager over the long term, on favorable odds. But stocks remain a bet, and investors must grasp how much returns can vary over long time horizons.

Venture Capital: Lessons from the Dot-Com Days

Start-up valuations have yet to fully reflect the market's ongoing downdraft. The correction could prove as protracted as that of the dot-com crash. 

Book Review: Markets in Chaos

Should history teach or merely inform? This question lies at the heart of Markets in Chaos, a broad yet succinct historical overview of macroeconomic crises around the world and across time.

Investing in U.S. Financial History: Three Principles, Three Excerpts

The "Paradox of Speculation" -- how securities speculation drives both pain and progress -- is among the key lessons of financial history.

Decoupling Correlations: Global Markets since COVID-19

An examination of global stock market indices since 2015 reveals one clear takeaway: Every single index's average correlation with all other indices has fallen.

Book Review: Investing in U.S. Financial History 

Mark J. Higgins, CFA, CFP's epic book offers invaluable context for forecasting the direction of the economy and the market.

Book Review: The Paradox of Debt

Dick Cheney said that “Reagan proved that deficits don’t matter.” Richard Vague suspects that Cheney may well have been right.

Fed Chair Congressional Testimony: Has the Market Played Favorites?

How have the markets responded to congressional testimony from recent Fed chairs? Have they shown a preference or distaste for any one in particular?