Practical analysis for investment professionals

risk management


Book Review: Asset Allocation

William Kinlaw, Mark Kritzman, and David Turkington offer advice on a wide range of asset allocation topics, backing up their recommendations with solid quantitative analysis.

Why Invest in Stocks?

Equities are not necessarily more risky than such "safe" assets as US Treasuries. 

Hedging the Interest Rate Hiking Cycle

Amid rampant inflation and rising interest rates, how can we protect ourselves from interest rate volatility, from anticipated and unanticipated hikes?

China’s Enterprise Annuities: “Long-Term Money, Short-Term Investment”

The operation of enterprise annuities in China suffers from a "long-term money, short-term investment" mindset.

The Russia–Ukraine War and Other Geopolitical Risks

The spillover effect of the Russia-Ukraine War will increase food prices and geopolitical risk throughout the world.

Time-Varying Risk Premia: Cochrane’s “Discount Rates”

"Discount rates vary a lot more than we thought. Most of the puzzles and anomalies that we face amount to discount-rate variation we do not understand."

On Investment Objectives and Risks, Clear Communication Is Key, Part 3

Portfolio Pi and Portfolio Eta are new decision metrics that connect investment objectives and risks.

On Investment Objectives and Risks, Clear Communication Is Key, Part 2

Standard deviation fails to characterize risk in a way that matters to most investors.

On Investment Objectives and Risks, Clear Communication Is Key, Part 1

Identifying investment objectives and achieving stakeholder buy-in is the critical first step in connecting these objectives to portfolio construction.

Book Review: Boom and Bust

This book is an achievement not only for its historical detail but also for supplying a unifying framework that can be applied to any future bubble event.



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