The Fitch Downgrade: The Principal–Agent Problem in Modern Finance
uttu “Complexity is like energy. It cannot be created or destroyed, only moved somewhere else. When a product or…
Investment
Does Bond Market Data Yield Equity Alpha?
Can stock investors benefit from corporate bond market data? Yes. In fact, equity portfolios constructed using bond momentum…
Why Equity Factors? A 4×4 Goal-Based Perspective
Our 4×4 Asset Allocation philosophy approaches every asset or strategy based on how it contributes to — or…
Debunking the Myth of Perfect Competition
“Every individual . . . intends only his own gain; and he is in this . . .…
The First US Real Estate Bubble and Three Lessons from the Mount Tambora Eruption
Mark J. Higgins, CFA, CFP, is the author, with Elliot Chambers, of “The Panic of 1819, Silicon Valley…
Quit to Win? Six Reasons Why Winners Quit
Binod Shankar, CFA, is the author of Let’s Get Real: 42 Tips for the Stuck Manager. Sometimes quitting…
Hospitals in Trouble: A Financial Playbook for Leaders and Investors
Hospitals are under pressure — from labor costs to ransomware, margin squeezes to misgovernance. This post explores the…
Crypto Rising? Beyond High Beta Equity and FTX
Introduction Traditional finance had two dominant perspectives on cryptoassets as 2022 drew to a close. Some saw bitcoin…
Crypto’s Unanswered Question: At What Price?
Franklin J. Parker, CFA, is the author of Goals-Based Portfolio Theory, published by Wiley. Last summer, I was…
Climate Change, Risk Management, and the Freedom to Invest Responsibly
Risk management is so simple a concept and so central to financial analysis that it feels superfluous to…