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The World is Flat (Sometimes)
Some of my favorite subjects in grade school were the accounts of famous global explorers such as Magellan and Columbus. The history of these pioneers usually has some attachment to the flat Earth...
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Bulls, Bears and Beta
I can’t take credit for the idea of this post, but I thought it was an interesting idea and worth some exploration. *** The original Capital Asset Pricing Model (CAPM) relates the expected return of an...
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The Most Important Thing
Investing consists of exactly one thing: dealing with the future. -Howard Marks Several years ago I was introduced to the writings of Howard Marks and have been a loyal follower ever since. The...
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Quantifying Risk: Volatility and Drawdown
Traditional financial theory has relied heavily on standard deviation or variance (the square of standard deviation) to quantify historic risk. Markowitz mean-variance optimization and the Sharpe ratio...
View ArticleMinsky’s Model of Mania
The word bubble, in the context of financial markets, gets thrown around a lot these days. Some of this is understandable considering the global economy was, and still is, recovering from the...
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