Some Lesser-Known Low Volatility Explanations
If you read the academic literature on the low volatility anomaly, you find they are focused on the Ang, Hodrick, Xing and Zhang papers of 2...
The Perennial Urban Allure
Richard Florida is a popular speaker on city development. His theory is that hipsters and homosexuals generate the innovation of great citie...
Monetary Experts Highlight Financial Mechanism
There's an interesting video where several of the world's most esteemed monetary experts got together to honor ex Bank of England G...
Overpriced Chinese Warrants
An interesting article in the Feb 2013 Journal of Financial Markets notes the persistent overpricing of Chinese Warrants. Chang, Luo, Shi, a...
Innovation at Work
Alas, my favorite wrestler in this year's tournament, Minnesota's Dylan Ness, lost today, so I'm quite bummed. Last week he pull...
A New Low Vol Theory
Value and Size are common strategies based on the higher-than-average return to value and small cap stocks, and one can mention the value or...
Bubble in My Book is Over
Recently my book The Missing Risk Premium was pulled from production while some simple typos were corrected. Alas, this took weeks. In the ...
Beliefs: the Solution and Cause of our Problems
A well-known commenter suggested I be more open on a subject where I have a strong opinion. He makes the reasonable claim that it's unli...
What a Moderate Sounds Like
Tyler Cowen on a criticism about the Tea Party: Not altogether untrue On one level, I appreciate this kind of balanced observation; on anot...
When Smiling is Beta
After amateur wrestling, my favorite sport is MMA and last weekend's bouts were pretty good (winner Georges St. Pierre's face looked...
DeMuth's Affluent Investor Highlights Hindsight Bias
I received a copy of Phil DeMuth's Affluent Investor , which at around $11 is a bargain. Alas, advice books like these, for the layman,...
Krugman and Thought Crimes
Paul Krugman highlights his true colors in the NYT today : You can deny global warming (and may you be punished in the afterlife for doing s...
FX Carry Trade is Back
Uncovered interest rate parity suggests that currency returns should relate to interest rates in a pretty straightforward way. For example, ...
Taking Offense is not Righteous
Curiously, a former definition of impoliteness has become a new focal point for all sorts of political and psychological offense. I remembe...
Is Tampa Pension Fund Manager the Real Deal?
Some managers are above average: Jay Bowen's stock picking has made the Tampa Firefighters and Police Officers Pension Fund one of the...
Low Vol Makes Comeback in YTD Total Returns
In this year's bull market, low beta portfolios have been doing quite well. My own Minimum Variance Portfolio, taken using 50 constitue...
Chavez The Miracle Worker
Though I have not the slightest itch to murder anyone, I do read some obituaries with pleasure. Hugo Chavez was a typical tyrant, and I woul...
Why Do Top Income Shares Matter?
From a recent YouTube lecture by UC Berkeley economist Emmanuel Saez, he discusses income inequality. As an introduction he makes the follo...
Security Market Line in Bull and Bear Markets
Some note that if we are in bull markets, it is better to be in high beta stocks. I would agree that if you know you are in a bull market--t...
My Book Out of Print
My book is currently 'out of print' because I'm simply trying to correct some typos, and my publisher does not allow printing w...
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