It’s the Monday following the second leg of the Triple Crown and a whole bunch of people lost money betting on the Preakness. Like the stock market, the allure of [ … ]

Should we pursue appropriate portfolios or optimal portfolios?

If I had to pinpoint the biggest problem for most asset allocators I would probably say short-termism.  Short-termism is the tendency to judge financial markets in periods that are so short [ … ]

My newest research paper, Understanding Modern Portfolio Construction, is available on SSRN.  This paper is the culmination of years of work and I consider it to be the most important [ … ]

The Wall Street Journal recently noted that they will be closing the backdoor search loophole to their content thereby forcing readers to subscribe.  For those who aren’t aware of this [ … ]

We founded the concept of Countercyclical Indexing by answering some simple questions: Is a “balanced index” like a 60/40 stock/bond portfolio actually balanced? Does it make sense to rebalance back [ … ]

About once every 18 months I try to update my paper ” Understanding the Modern Monetary System” to account for important new understandings and potential evolutions in the monetary system. [ … ]

“The process by which money is created is so simple the mind is repelled.” – JK Galbraith There’s a reason why myth # 1 in my “biggest myths in economics” is [ … ]

Just letting readers know that I’ve updated the “Understanding Money” section on the Orcam website.  My goal is to make this a comprehensive section of the site helping people better [ … ]