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  • Book Review: The Future of Money

    Book Review: The Future of Money

    The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance. 2021. Eswar S. Prasad. ‎The Belknap Press of Harvard University Press. Today, you can’t turn on the television or the radio without hearing an ad for cryptocurrencies or crypto exchanges. Numerous celebrities are touting crypto trading platforms, including professional athletes LeBron James […] More

  • Pensions, Crypto, and Trust: Digital Assets and Retirement Funds

    Pensions, Crypto, and Trust: Digital Assets and Retirement Funds

    Retirement planning is the primary objective of retail investors. Indeed, 47% of respondents in the 2022 CFA Institute Investor Trust Study indicated saving for retirement was their most important investment goal. Yet the conventional pathway to retirement savings — the traditional stock and bond portfolio — is not as effective as it used to be. […] More

  • “Round-Tripping” Stocks and the Absurdity of Hedge Fund Fees

    “Round-Tripping” Stocks and the Absurdity of Hedge Fund Fees

    Hedge fund performance fees, I believe, are a rip-off for clients. Few phenomena illustrate this better than “round-tripping” stocks. These are stocks that, over the course of several years, for whatever reason, see enormous price gains only to fall back to about where they started. During the COVID-19 era, many companies have experienced such round-trip […] More

  • Book Review: Convertible Securities | CFA Institute Enterprising Investor

    Book Review: Convertible Securities | CFA Institute Enterprising Investor

    Convertible Securities: A Complete Guide to Investment and Corporate Financing Strategies. 2022. Tracy V. Maitland, F. Barry Nelson, CFA, and Daniel G. Partlow. McGraw Hill. Professionals who contemplate investing in, hedging, or issuing investment-grade or speculative-grade convertible bonds or preferreds in the public or private market in North America, Europe, or Asia will find just […] More

  • Women’s Wealth and Technology: Three Themes for the Future

    Women’s Wealth and Technology: Three Themes for the Future

    How will technology influence women’s wealth in the years ahead? I participated in a dynamic panel discussion on VoiceAmerica Business Channel: Technology Revolution Radio, hosted by Bonnie D. Graham on 20 July, that addressed this very question. My fellow panelists were three women leaders who are all passionate about the future of women’s wealth and […] More

  • Navigating Systemic Risks: Ukraine, Climate, and Crypto

    Navigating Systemic Risks: Ukraine, Climate, and Crypto

    “You cannot anticipate exactly how these risks or dangers are going to play out. . . . But we should be pretty assertive in insisting that we need certain principles, including enough capital buffers — that is, equity unencumbered by any kind of contingent debt or anything like that — that can really withstand shocks […] More

  • Angela Duckworth: The Power of Grit

    Angela Duckworth: The Power of Grit

    What’s more important to success — talent or effort? Most of us would say talent. But according to psychologist and bestselling author Angela Duckworth, most of us would be completely wrong. That’s one of the key takeaways from her bestselling book Grit: The Power of Passion and Perseverance. In an interview with Rosanna Lockwood at […] More

  • Book Review: The Revolution That Wasn’t

    Book Review: The Revolution That Wasn’t

    The Revolution That Wasn’t: Gamestop, Reddit, and the Fleecing of Small Investors. 2022. Spencer Jakab. Penguin Random House. In The Revolution That Wasn’t: GameStop, Reddit, and the Fleecing of Small Investors, Spencer Jakab, current editor for the Wall Street Journal and former stock analyst at Credit Suisse, describes the real winners and losers in the […] More

  • Cochrane and Coleman: How Do You Solve Inflation?

    Cochrane and Coleman: How Do You Solve Inflation?

    “[The fiscal theory of the price level] says that prices and inflation depend not on money alone . . . but on the overall liabilities of the government — money and bonds. In other words, inflation is always and everywhere a monetary and fiscal phenomenon.” — Thomas S. Coleman, Bryan J. Oliver, and Laurence B. […] More