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Honest investing means finding a balance between approaches which imply we know everything and those which imply we can’t know anything. It means humility.
We think there are three – and only three – paths to finding this balance. One is the heart of what we are trying to achieve with Epsilon Theory.
ET In Full
The way I see it, there are three reasons a person becomes a liar: he believes that he must, he believes that he may, or he believes it serves a Greater Truth.
Take back your vote.
Take back your distance.
Take back your data.
How to make our way as citizens in a fallen world, with Clear Eyes and Full Hearts to make it better.
Peer group comparisons are the primary measuring stick of both baseball GMs and investment PMs. Here’s how they are used and (more often) abused.
We are wired to associate outcomes with the biggest single visible variance. This is a process-breaking flaw for general managers and portfolio managers alike.
In the first note from new Epsilon Theory contributor Peter Cecchini of Cantor Fitzgerald, Peter gives us a window into what a false sense of stability may mean for investors heading into the end of 2018.
Allocators and investors can learn a lot from professional baseball about how to structure incentives and compensation for portfolio managers. And how NOT to do it.