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Losing Money to Preserve Capitalism: Can We Afford to Continue Bailouts?...
A major and ancient tenet of capitalism is the importance of losses to preserving the efficiency of markets. Yet modern banking system bailouts fly in the face of this perennial philosophy. Read more →
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Losing Money to Preserve Capitalism: Can We Afford to Continue Bailouts?...
Modern banking system bailouts fly in the face of the ancient capitalist philosophy of losses signaling market risks. In addition, financial bailouts tend to escalate in size and damaging effects with...
View ArticleTake 15: The Importance of Financial Crises: Past and Present (Video)
Robert F. Bruner, Dean of the Darden School of Business at the University of Virginia, discusses the importance of financial crises. Dean Bruner discusses the 2008 crisis through the historical lens of...
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Did the Gold Standard Work? Economics Before and After Fiat Money
Suddenly gold is being proposed as a cure-all for the weakening dollar, allowing it to retain its place as the international reserve currency — a trophy taken, not without a fight, from the British...
View ArticleTake 15: Detecting Asset Bubbles Before They Burst (Video)
Vikram Mansharamani, a lecturer at Yale, discusses five lenses for identifying historical asset bubbles that then burst and provides examples of where his lenses point to a bubble (China) and where...
View ArticleAn Hour with Mike Mayo: Part 1 (Podcast)
A conversation with Mike Mayo about how investors should analyze financial institutions, the present state of the industry, and the surprising tack he adopted to gain access to company management. Also...
View ArticleWhat Happens to the Market if America Goes to War?
Mark Armbruster, CFA, reviews historical capital markets performance during times of war. Read more
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Book Review: GDP: A Brief But Affectionate History
Should anyone other than a statistician care about the fine points of calculating gross domestic product? In GDP: A Brief but Affectionate History, economist Diane Coyle offers a striking example of...
View ArticleFinancial History: How to Learn from It
We are part of the history that future generations will study and we owe it to ourselves and the clients we serve to thoughtfully consider lessons from the past when making decisions that will impact...
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Book Review: Heroes and Villains of Finance
This book introduces the reader to 50 noteworthy personages in numerous facets of finance, from before the Common Era to the present day. The author covers a wide and diverse history of characters that...
View ArticleJPMorgan Chase and the London Whale: Understanding the Hedge That Wasn’t
How exactly does one "hedge" a book of commercial loans — JPMorgan’s traditional banking business — by writing protection on other companies’ paper, thereby gaining loss exposure to these other loans?...
View ArticleThe Decline in Stock Listings Is Worse than You Think
The decline in stock listings in the United States has been well documented for some time now, but commentators seem to be missing a larger and potentially more alarming story: Equity listings...
View ArticleBook Review: Inside the Yield Book: The Classic That Created the Science of...
The third edition of Inside the Yield Book builds on the previous editions with valuable insights into duration targeting. The authors convey their mathematically elegant findings with the same clarity...
View ArticleTomáš Sedlácek: The Junction of Moral Values and Economic Choices
Tomáš Sedlácek moves beyond mere criticism to propose that accepting the sociological roots of economics can improve its practice. That is, once we acknowledge the underlying values hidden in...
View ArticleLiving with Risk: The COVID-19 Iceberg
Utilitarian calculus is not the right lens through which to view the COVID-19 dilemma. It is the only lens.
View ArticleCapitalism Is Dead, Long Live Debtism
Should a loan that one neither intends nor is required to repay be considered debt or equity?
View ArticleModern Variants of Capitalism, Part 1: Classical Capitalism and Shareholder...
Today, capitalism knows four configurations, Sebastien Canderle writes. The two examined here are inherited and adapted from previous eras.
View ArticleBook Review: Boom and Bust
This book is an achievement not only for its historical detail but also for supplying a unifying framework that can be applied to any future bubble event.
View ArticleTop 10 Posts from 2021: The Buffett Indicator, GameStop, Inflation!
What articles most resonated with readers in 2021? Aswath Damodaran on the COVID crucible, career tips from Eric Sim, CFA, and more.
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