Larry Cao, CFA, discusses Campbell R. Harvey's definition of blockchain; Lauren Foster describes the continuing debate between Robert J. Shiller and Jeremy Siegel; Dougal Williams, CFA, suggests investors focus on shooting par in the investment market; Martin Fridson, CFA, reviews The End of Accounting and the Path Forward for Investors and Managers; and Mimmi Kheddache Jendeby provides some investing lessons from Epictetus, in the top Enterprising Investor posts from June.
Preferred stock index funds are a double-edged sword, says David Allison, CFA, CIPM. They are a simple, liquid, and low-cost way for investors to gain exposure to preferreds, but their simplicity makes them a blunt tool and harbors risks.
Investment professionals recognize that the markets are messy places, filled with less than rational participants. From their perspective, this can obviate any further discussion about the value of academic finance and its models. But this puts too high a threshold on the measure of academia.
By far the biggest hurdle to handicapping or investing is recognizing when basic conditions have changed, be they rule changes, unexpected weather, personal issues of the professionals, or any number of other fluctuations. From an investment viewpoint, I believe 2015 experienced such cumulative changes that made many of our old approaches less useful.
Is it just me, or does it seem that hardly a week goes by without another study or article about diversity in the workplace making headlines? I don't have the answer, but it did make me wonder whether I was suffering from “frequency illusion” or "recency illusion," also known as the Baader-Meinhof phenomenon.
If you're a regular reader of these roundups, you'll know that I love language. And hopefully by now you've also come to expect the unexpected when reading through my selections. This week's gem comes from Dwight Garner's review of a recently updated version of Marco Pierre White's White Heat.
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