Department
Finance.
Investing, markets, and financial thinking.
Lately on the shelf
30 of 598Marked to Model
The Fed's instrument panel has no gauge for fiscal risk.
Find Your Fascination
On the benefits of reading. The post Find Your Fascination appeared first on A Wealth of Common Sense. ...
Treasury convenience yield and inflation
The convenience yield associated with Treasury securities is dynamic, meaning the price of safety associated with this safe asset is constantly changing with the macro environment. This important paper, "Inflation and Treasury Convenience,” on the macro dynami…
Clippings 15 ~ Slipping and sliding
There are some things that have gone up in this edition, but number that are down a lot, including software, the PEG ratio, short funds, IPOs, corporate spreads, and energy inventories.
No momentum factor after accounting for cross-sectional liquidity
What causes momentum, or what is associated with momentum? A new paper suggests that there is a strong link between liquidity and momentum, and that changes in liquidity precede momentum gains. The paper, titled “Momentum Returns and the Role of Liquidity Impr…
Research links: unbundling asset management
Tuesdays are all about academic (and practitioner) literature at Abnormal Returns. You can check out last week’s edition including a look at...
The Problem with Optionality
I’ve seen a lot of discussions this year around maximizing freedom and optionality. For example, consider this tweet: If you ever get up $1M in cash Buy a new modern apartment in the UAE for like $550k (you have zero property tax). Once you own it, it’s actual…
10 Tuesday AM Reads
My morning reads: • What 125 Years of Data Really Tell Us: Behind the Balance Sheet’s deep dive into 125 years of market returns — what the data actually shows vs. what people think it shows. The survivorship bias in historical return data is larger than most…
Will the Natural Gas Spike Make the Euro Fall?
The lesson from 2022 is that this spike in natural gas is too small to pull the Euro down
Keep your politics out of your investments
I keep telling everyone that you should keep your politics out of your investment portfolio.
Adviser links: compounding humanity
Mondays are all about financial adviser-related links here at Abnormal Returns. You can check out last week’s links including a look at...
The Best Charity of the Next 50 Years Might Be a Company
Nan Ransohoff (Head of Public Goods at Stripe) recently published a sharp piece on what she calls the third wave of American philanthropy: the tidal change coming as AI wealth becomes liquid and a generation of founders gives it away. It’s a generous, clear-ey…
Transcript: Lori Heinel, Global Chief Investment Officer at State Street Investment Management
The transcript from this week’s, MiB:Lori Heinel, Global Chief Investment Officer at State Street Investment Management, is below. You can stream and download our full conversation, including any podcast extras, on Apple Podcasts, Spotify, YouTube (video), You…
Valuation Frequency in Direct Real Estate: When More Frequent Isn’t More Informative
In direct real estate, a more frequently updated valuation can look more precise without actually being more informative.
How fast money is warping market logic
Another opinion piece from me at Reuters ROI.
Talk Your Book: Is Crypto Dead?
On today's Talk Your Book we speak with Grayscale's Krista Lynch we discuss the current sentiment surrounding crypto, Hyperliquid, building out the crypto infrastructure, what happened to Ethereum, stablecoins and more. The post Talk Your Book: Is Crypto Dead?…
10 Monday AM Reads
My back-to-work morning reads: • What Is Generation Jones And Why It’s Reshaping Succession Planning. Born between 1954 and 1964, now ages 62 to 72, disproportionately represented in CEO and board chair roles over much of the past decade. The term, coined by c…
Will Kevin Warsh Make a Mistake?
Markets put a 40 percent probability on a hike this week, which would be a big mistake
Graduating in the age of AI
My wife’s niece (my niece-in-law?) graduated from college in the US this year.
Now Show Japan
Some facts, figures and charts from Risk & Reward about Japan. The post Now Show Japan appeared first on A Wealth of Common Sense. ...
Sunday links: great technological upheaval
Lefsetz on Costco
I’m categorically against self-checkout. I mean I’m already doing all the work. But it’s even worse, the machines are so theft-avoidant that you’ve got to follow a specific routine, not only scanning the item, but placing it on a platform to register its weigh…
Update on oil prices, the blockade and the Canadian Dollar
A recording from Robin J Brooks's live video
Top clicks this week on Abnormal Returns
Thanks for checking in with us this weekend. Here are the most clicked on items on Abnormal Returns for the week ended...
10 Sunday Reads
Avert your eyes! My Sunday morning look at incompetency, corruption and policy failures: • Trump and prediction markets are building a society of suckers: The gamification of everything — politics, policy, sports — is producing a population that confuses betti…
Why is the Canadian Dollar so Weak?
The rise in global oil prices should have given the Canadian Dollar a big lift, but it didn't
Saturday links: serious randomized trials
Saturdays we catch up with the non-finance related items that we didn’t get to earlier in the week. You can check out...
Shadow government bond yields in the G10
A recording from Robin J Brooks's live video
MiB: Lori Heinel, Global Chief Investment Officer at State Street Investment Management
This week, I speak with Lori Heinel, Global Chief Investment Officer at State Street Investment Management. We discuss her unlikely journey from majoring in religious studies at Princeton to working in finance and investing. She tells us about her role as CIO…