This era encompasses August through October 2009, as the market rallied.
How to differentiate between future estimates and past results.
Points out the impotence of the Chicago and Neoclassical schools. It is still true today.
Explains why agents should extra-cautious if they are thinking about buying life insurance policies in the illiquid secondary market.
The Fed is too large and powerful. How to reduce it?
A truly classic article that anticipated what some ETF providers would do, seeking out the best opportunities rather than trying to float at spot.
A definitive article on the asset-liability mismatch involved in university endowment management.
The rating agencies are fair dealers with occasionally bad models.
Don’t think about the present, think about what that the future is likely to be, and how you disagree with it.
Replace modern portfolio theory with a model based on contingent-claims pricing.
Risk does not exist in abstract. Rather, we face specific risks. Wise managers evaluate the risks versus the rewards.
Good ETFs are:
- Small compared to the pool that they fish in
- Follow broad themes
- Do not rely on irreplicable assets
- Storable, they do not require a “roll” or some replication strategy.
- not affected by unexpected credit events.
- Liquid in terms of what they repesent, and liquid in what they hold.
On why pension plans were likely to run into the difficulties they are presently in.
Why bond ETFs and index funds are more complex than those dealing with stocks.