Commodities for the Long Run?
If you focus only on returns and covariances over a one-year investment horizon, you may conclude that commodities have no place in an investment portfolio. The efficiency of ...
economics
In Search of the Elusive Neutral Interest Rate
Interest rates move markets worth trillions of dollars, influence politics, impact the value of currencies, and even affect our grocery bills. Central bank press conferences ...
Preserving the Dollar: The Role of CBDCs in Securing Economic Stability for Future Generations
Younger generations in the United States and other developed nations increasingly worry about economic trends that threaten to jeopardize their financial futures. The United States ...
Book Review: Shocks, Crises, and False Alarms
Shocks, Crises, and False Alarms: How to Assess True Macroeconomic Risk. 2024. Philipp Carlsson-Szlezak and Paul Swartz. Harvard Business Review Press. Good macroeconomic ...
Is Widespread Crypto Adoption Inevitable?
We are on the cusp of a major shift in financial, political, and social power from Baby Boomers toward Millennials that, combined with digitization and monetary policy shifts, will ...
Measuring Corporate Impact: The Gold Is in the Details
Measuring corporate impact is time-consuming and resource intensive. Until recently, I worked at UN PRI and witnessed first-hand the significant challenges investors, employees, and ...
What Do Experts Really Know? Embracing the Unknown
“As we know, there are known knowns; there are things we know we know. We also know there are known unknowns; that is to say, we know there are some things we do not know. But there ...
Small Caps, Large Caps, and Interest Rates
It’s often claimed that small-cap stocks are more interest-rate sensitive than their large-cap counterparts because of their reliance on outside financing. This seems plausible. But ...
Private Equity: In Essence, Plunder?
Statistically, there is an increased risk of failure with private equity ownership. PE portfolio companies are about 10 times as likely to go bankrupt as non-PE-owned companies. ...
From Sandpiles to Angel Investments
This article explores the dynamics of angel investing through the lens of celebrated mathematical theories of self-organized criticality (SOC) and fractal behavior. Return ...
Opportunities in the Evolving Cannabis Consumption Market
Few people have managed to avoid noticing the increasing popularity of cannabis consumption. However, if you walk down the street and catch a whiff of that grassy, pungent smell, you ...
Momentum Investing: A Stronger, More Resilient Framework for Long-Term Allocators
Momentum investing remains a cornerstone of systematic equity strategies, and our recent research shows it is one deserving of allocators’ full attention. In our latest review ...
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