Practical analysis for investment professionals

Financial History


Book Review: The Day the Markets Roared

Henry Kaufman shows that he was an innovator in the analysis of financial markets.

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.

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?

Living with Risk: The COVID-19 Iceberg

Utilitarian calculus is not the right lens through which to view the COVID-19 dilemma. It is the only lens.

Don’t Panic! Coronavirus, GDP, and Unemployment

This is no ordinary recession or depression, and it cannot be measured by ordinary means.

The Novelty of the Coronavirus: What It Means for Markets

Does market history offer any parallels to today's novel coronavirus crisis?

The Silent Depression: Trundling Is the New Booming

What do two speeches from the 1970s say about today's economy?

Financial Market History Can Help Today’s Investors

What do practitioners need to know about financial market history? Nathan Jaye, CFA, interviews David Chambers and Elroy Dimson, editors of Financial Market History: Reflections on the Past for Investors Today, for their insights on this question.

Top Five Articles from September: The Value Factor, Non-Retirement, Finance and Civilization

A defense of modern portfolio theory (MPT) by Nathan Erickson, CFA, CAIA, and Richard Stott; Nicolas Rabener's analysis of the value of factor investing; and an examination of the non-retirement phenomenon by Barbara Stewart, CFA, were among the leading posts from last month.

Finance: How It Made Civilization Possible

What is finance, where does it come from, and why does it matter? William N. Goetzmann addressed these questions in his presentation at the CFA Institute: 62nd Financial Analysts Seminar, leading participants on a tour through financial history.



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