The inevitable result of financial innovation gone awry, which it ALWAYS does, is that it ALWAYS ends up empowering the State. When too clever by half…
What if I told you that the dominant strategies for human investing are, without exception, algorithms and derivatives? I don't mean computer-driven i…
The problem with magical thinking run amok and its perpetuation of a fantasy world is that sooner or later the dream of the delusional king becomes a …
"So, in the interests of survival, they trained themselves to be agreeing machines instead of thinking machines. All their minds had to do was to disc…
I'd like an omelet, plain, and a chicken salad sandwich on wheat toast, no mayonnaise, no butter, no lettuce, and a cup of coffee. Now all you have to…
Margaret Bourke-White took this photo of the Garment District in 1930. Every single person on the street is wearing a hat. How did THAT behavior chang…
In some periods of history gold is money. In other periods of history gold is not. But gold is always something, and that something is defined by the …
Our times require an investment and risk management perspective that is fluent in econometrics but is equally grounded in game theory, history, and be…
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