I suppose such a question should really just be phrased as a rhetorical since it is a given that the majority seem to be dribbling idiots with the IQ of a turnip. The reason for this tirade is a series of news reports I heard this morning whilst heading to my regular Wednesday morning yoga…
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Apparently financial advisers give shit advice because that’s the advice they give themselves….. Abstract A common view of retail finance is that conflicts of interest contribute to the high cost of advice. Using detailed data on financial advisors and their clients, however, we show that most advisors invest personally just as they advise their clients.…
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Apropos all the post- dictive self congratulatory tug fest that seems to be going on within the finance industry particularly within the financial media I offer the top things I learnt last week. Market go up and market go down. If you cannot understand that as a basic premise then being involved in markets is…
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At the end of each year I have a ritual. LB and I write down what we consider finds of the year. These finds can be anything from a new place for lunch, to a new person who has entered your lives to anything in between. The only requirement is that it made life better…
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Apparently not… Abstract Using facial width-to-height ratio (fWHR) as a proxy for testosterone, we show that high-testosterone hedge fund managers significantly underperform low-testosterone hedge fund managers after adjusting for risk. Moreover, high-testosterone managers are more likely to terminate their funds, disclose violations on their Form ADVs, and display greater operational risk. We trace the underperformance…
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Thats right – the company that invented the digital camera and was then send belly up by it is becoming a crypto business. What could possibly go wrong……
According to the media and no doubt fuelled by press releases from the industry itself, superannuation funds are run by geniuses.We know this because they have been trumpeting the fact that they have a a not so crappy year. Note, they have not had a brilliant year where the majority of funds out performed the…
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If you have ever wondered why the world seems to be run by complete and utter idiots consider this….. If you had to work out where to dig so that you didn’t cut off the water supply to an entire town, would you rely on a Ouija board for your answer? Probably not, but that…
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Abstract Using a novel data set of hedge fund manager automobile purchases, we show that, motivated by sensation seeking, hedge fund managers often take risk for personal and non-pecuniary reasons. In line with the sensation seeking view, managers who own powerful sports cars take on more investment risk but do not deliver higher returns, resulting…
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