It is no secret that I am not a fan of fund managers of any kind, be they the more exotic style of hedge fund that exists as an idiot tax for those who invest in them, the standard vanilla equity investment fund or the legally mandated rip off that are superannuation funds. My objection…
Most self-help books make exhausting demands of their readers. The endless list-making and inventorying. The frequent deployment of the encomium “Yay, you!” The tacit assertion that “journey” has not been overexposed as a result of the “Don’t Stop Believin’” glut. It’s easy to conclude, why can’t someone just write a self-improvement book called “Canceling Lunch”…
Turns out birds of a feather flock together on Wall Street, too: Male stock analysts tend to write more favorably about public companies headed by men than about companies led by women. White analysts favor firms run by white chief executives. And Republicans and Americans in general prefer companies helmed by people like them. It…
I have been thinking some more about the issue of short selling and the problem faced with the upward bias of equities. Armed with excel I decided to look at the average gain as a function of the average loss for the stocks in the S&P/ASX 200 – once I had the data it was…
BlackRock shook the world of active management on Tuesday when it announced that it had fired five of its 53 stock pickers. BlackRock will also move $6 billion of the $201 billion invested in traditional active management to quant strategies. The announcement may not sound earth-shattering, but it augurs a larger trend: Traditional active management…
From their earliest days, the loosely confederated research efforts that came to be known as behavioral economics spawned a large quantity of studies centered on securities investment. This was not because the field’s pioneers were especially interested in stocks and bonds, nor was the early research commonly underwritten by financial services firms. Rather, the hive…
I could say that I have posted this because I still maintain a child like fascination with dinosaurs – which I still do actually have. But in reality I just wanted an excuse to post the accompanying cartoon I found. It made its name by terrorising Earth at the end of the Late Cretaceous, but…
The last two minutes is particularly useful about updating internal beliefs.
People mislead themselves all day long. We tell ourselves we’re smarter and better looking than our friends, that our political party can do no wrong, that we’re too busy to help a colleague. In 1976, in the foreword to Richard Dawkins’s The Selfish Gene, the biologist Robert Trivers floated a novel explanation for such self-serving…
Someone bounced me the schematic below. I have no idea of its origin so cannot quote its source or even begin to consider its veracity. However, it does contain some points worth commenting on. This is a fairly blunt form of analysis and it does seem to simply look at the extremity of views…
This article is apparently doing the rounds and it purports to look at the supposedly new development of predatory short selling and uses the attack on Quintix by the US group Galucus as proof of this and along the way we get the usual dose of perceived wisdom from Gerry Harvey. Whenever such a piece on…
Abstract Using a new weekly blue-chip index, this article investigates the causes of stock price movements on the London market between 1823 and 1870. We find that economic fundamentals explain about 15 per cent of weekly and 34 per cent of monthly variation in share prices. Contemporary press reporting from the London Stock Exchange is…
1. We all want to be listened to. Everybody’s got a story, everybody wants to tell it, but too few people have the patience to extract it from them. If you listen to someone’s story, they’ll be your best friend forever. You’ll bond. Everybody’s got something to say, something you find of interest, everybody got…
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