Growth, Value, and Skewness: Are Growth Stocks a Lottery-Like Bet?
Skewness in asset returns is a perplexing phenomenon and evokes different behavior from investors. Some show a preference for stocks with significant right skewness, which much like playing the lottery,…
The Witch of October Is Here: Remember Short-Term Pain = Long-Term Progress
The month of October strikes fear in the hearts of many Wall Street veterans — and for good reason. Over the last 123 years, 7 of the 10 worst days…
War and Ethics: What Are the Investment Community’s Responsibilities?
Russia’s invasion of Ukraine has had ramifications throughout the global investment community. There are the obvious repercussions: the rising volatility in the equity and commodities markets as well as spiking…
Book Review: Investing in the Era of Climate Change
Investing in the Era of Climate Change. 2022. Bruce Usher. Columbia University Press. The scientific consensus is that climate change is real, occurring now, and potentially catastrophic. As a result,…
How to Future-Proof Your Career: T-Shaped Skills
It is a logical truism that advancing our skills advances our careers. The challenge, however, is knowing where to focus our personal development so that it will have the maximum…
Is the Euro Uninvestable? The FX Question du Jour
The euro’s value relative to the US dollar (EUR/USD) recently dipped below parity for the first time since 2002. So precipitous and rapid has been the decline in EUR/USD over the…
The Inflation Game: War, Peace, and the Perils of Central Banking
“The descent is always more sudden than the increase; a balloon that has been punctured does not deflate in an orderly way.” — John Kenneth Galbraith I traveled with my family…
Equity Risk Premium Forum: MMT, Looking Back, Looking Ahead
For more insights on the equity risk premium from Rob Arnott, Cliff Asness, Mary Ida Compton, Elroy Dimson, William N. Goetzmann, Roger G. Ibbotson, Antti Ilmanen, Martin Leibowitz, Rajnish Mehra,…
Book Review: Purpose and Profit
Purpose and Profit: How Business Can Lift up the World. 2022. George Serafeim. HarperCollins Leadership. In Purpose and Profit: How Business Can Lift up the World, George Serafeim, the Charles…
New Breed of Private Capital Firms Will Face Performance Headwinds
Under the private equity fundraising model, every few years fund managers secure capital commitments with a 10-year duration and charge management and advisory fees during the lock-up period. While longer-dated…
