I’ve noticed a trend in some economic circles that seems to stem from the Positive Money and MMT people – this idea that government “debt” is “equity”. While the taxonomy [ … ]
I’ve been careful in my research on money not to call money a “store of value”. There’s a good reason for this which I will try to explain in this [ … ]
(I come across this topic quite a bit and I think it’s hard for some people to understand so I am going to get a little nerdy here and see [ … ]
One of the more common responses to the fact that inflation is low is the idea that the inflation is all in asset prices. So, for instance, if someone were [ … ]
I was reading this article in the NY Times about a wide ranging diet study. They performed a meticulously controlled test to study what type of diet works best. Their [ … ]
I have a general theory of happiness that can be roughly summarized as follows: “Human beings find happiness by finding affirmation in their existence.” Basically we are all wandering through [ … ]
If you take a basic finance course the first thing you learn about bonds is that bond prices are inversely correlated to interest rates. So, when rates rise bonds prices [ … ]
Should we pursue appropriate portfolios or optimal portfolios?
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 piece of research I’ve published.