Women and Finance: Five Trends to Celebrate

International Women’s Day occurs every 8 March and honors women’s achievements around the world. In this spirit, I want to focus on the positive. In the area of women and finance, I highlight five trends where things are going right. Women are investing in their ideas, are getting started in investing (which is half the battle), […]
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Nouriel Roubini: The Mother and Father of All Bubbles

Nouriel Roubini is not known for his optimism. A perennial permabear who bears the moniker Dr. Doom, Roubini is rarely sanguine. That said, he correctly called the housing bubble in the lead-up to the global financial crisis, and his analysis, while rarely bullish, has shown remarkable accuracy over the years. So when Roubini talks, it’s […]
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10 Rules for Forecasting

The nice thing about being an investor is that the forces that drive the markets change all the time. However, there are different “market regimes” in which a major narrative dominates market action. Over the last 20 years of my career, there have been several ascendant market narratives: technology companies revolutionizing the world, followed by […]
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Aswath Damodaran on Acquisitions: Just Say No

Aswath Damodaran has a blunt message for companies considering an acquisition: “Don’t do it.” “I firmly believe that acquisitions are an addiction, that once companies start to grow through acquisitions, they cannot stop,” he told the audience at the CFA Institute Equity Research and Valuation Conference 2018. “Everything about the M&A process has all the […]
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Fixed-Income ETFs: A Rising Tide?

Given the volatility of equity markets, many investors are on the lookout for new fixed-income opportunities. As such, fixed-income exchange-traded funds (ETFs) have grown in popularity as investors have increasingly added them to their portfolios. For insight on the expanding use of these vehicles, among other trends, we recently spoke with Bill Ahmuty, who is […]
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Paul Volcker on Conflicts, Ethics, and the US Banking Industry

In his recent memoir, Keeping At It, Paul Volcker gave me greater perspective on the trials and tribulations of leading the US Federal Reserve and pursuing public policy. That’s hardly a surprise. Few public servants over the last several generations can rival Volcker’s breadth of experience or knowledge. After all, this is the man who stared […]
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Option-Implied Skewness and the Momentum Anomaly

What information does option-implied skewness contain, and how is it related to the momentum anomaly? Gurdip Bakshi, Nikunj Kapadia, and Dilip B. Madan created estimators for option-implied moments of the distribution of the returns to the underlying asset, and launched a broad and ongoing investigation of this distribution’s information content that focuses on the asymmetric third […]
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Howard Marks, CFA: Getting the Odds on Your Side

What are two of the most important things an investor needs to do to succeed? Manage risk and understand where we are in the market cycle, says legendary investor Howard Marks, CFA. He should know. Marks is co-chair and co-founder of Oaktree Capital Management, an investment firm with more than $120 billion in assets. Over his […]
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C-Suite Talks: Bill Browder

Bill Browder will be among the presenters at the CFA Institute European Investment Conference 2019 in Madrid on 25–26 November 2019.  Were it a work of fiction, Bill Browder’s story would stretch the bounds of credibility well beyond the breaking point. But as it happens, it’s all true: The scion of American communist royalty, he […]
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Book Review: Mastering the Market Cycle

Mastering the Market Cycle: Getting the Odds on Your Side. 2018. Howard Marks, CFA. Investors can gainfully spend their time researching three areas: Knowing the knowable, the fundamentals of an investment. Understanding value and being disciplined on the price they pay. Studying the investment environment we are in and appropriately positioning portfolios for it. This book […]
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