….The theory of cognitive dissonance—the extreme discomfort of simultaneously holding two thoughts that are in conflict—was developed by the social psychologist Leon Festinger in the 1950s. In a famous study, Festinger and his colleagues embedded themselves with a doomsday prophet named Dorothy Martin and her cult of followers who believed that spacemen called the Guardians…
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Good performance, mediocre results or even downright ugly returns. When it comes to hedge funds, it scarcely matters. Even as some investors begin to sour on these high-priced stock pickers, the top fund managers still haul in enormous paychecks. The 25 best-paid hedge fund managers earned a collective $11 billion in 2016, according to an…
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We live in an age of unrelenting change. That, at least, is what we are told by a consulting industry that thrives on a gospel of disruption, and journalists who overgeneralise from the earthquake in their own profession. Anecdotal evidence of volatility is easy to find: the financial crisis; the cultural dominance of inventions such…
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You think…… A habitually healthy eater, Frank Hu stocks his refrigerator with fresh fruits and vegetables, fish, and chicken. His pantry holds brown rice, whole grains, and legumes, and his snack cabinet has nuts and seeds. He eats red meat only occasionally, rarely buys white bread, soda, bacon, or other processed meats. He’ll purchase chips…
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Losing money is one of the loneliest feelings. It was Oct 22nd, 2008. Lehman Brothers, the investment bank, had filed for bankruptcy the month before. The markets were panicking. A thousand people surrounded me, almost all of us slouched in our seats, staring at computer screens. I had eight, all flashing prices of assets that…
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Source – Bloomberg
Whilst I was in New York and LA last year I took to looking at the price of real estate in the US. The US real estate market is fascinating for anyone who has an interest in the way price distributes itself in various sectors. Real estate in Manhattan is staggering expensive, yet you can…
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In 2009, shortly after the global markets had suffered their worst crisis for 90 years, Alexis Stenfors was working as a currency trader for Merrill Lynch in London. With 15 years’ experience, he was good at his job and he prided himself on his ability to read the markets. His view was that the whole…
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