Charles Gave Asks What Kind of Monetary Regime We’re In

Laurence Uncategorized

Are we in a Wicksellian or a Keynesian monetary regime? No, I’m not speaking a foreign language. Charles Gave, the legendary French investment manager, consultant, and onetime co-founder (with Hugh Eaton) of Cursitor-Eaton Asset Management, bases his macro forecasts and thus his investment strategy on the type of monetary and fiscal regime we’re in. According to Gave, there are two …

Fewer, Richer, Greener!

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Interviewed by Kathryn M. Welling Larry Siegel’s Highly Contrary, Surprisingly Practical Future Vision There’s no getting around it. For all his financial acumen, intellectual firepower and years of experience in trying to meld the minds of Wall Street to scholarly research, Larry Siegel remains both highly rational and a dogged optimist. Amazing. Larry is also a familiar face to faithful …

Niall Ferguson Says We’re Getting Worse at Dealing with Catastrophes (But He’s Wrong)

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Having suffered through the worst pandemic in a century, we are keenly attuned to catastrophe. Few people are better equipped to document the history of catastrophes and our response to them, for better or worse, than Niall Ferguson, the Scottish-American historian and documentary television star whose previous books have covered everything from The Ascent of Money to Colossus: The Rise …

How Did the World Go from Poor to Rich?

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After tens of thousands of years of living at a subsistence level, how did the world suddenly become so rich? By “suddenly” I mean in the last 250 years (I’m a long-term investor). However, even if you think in shorter time frames, the rise of China in the last 40 years, and of the United States, Europe, and Japan in …

Is the Endowment Model a Good Investment Strategy?

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4 articles from The Journal of Investing are included in this PDF: COMMENTARY: Problems with the Endowment Model by Richard M. Ennis COMMENTARY: The Endowment Model Is Just Active Management by Laurence B. Siegel REBUTTAL: The Endowment Model Defense That Wasn’t by Richard M. Ennis REBUTTAL: The Market Portfolio Is Bigger Than You Think by Laurence B. Siegel

The Asset Allocator: Economic Optimist Larry Siegel Doubts The Doomsayers

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May 11, 2021 7:00 AM ET CLICK ON RADIO TO HEAR PODCAST Summary “Fewer, Richer, Greener,” by Laurence B. Siegel, director of research for the CFA Institute Research Foundation, offers a relentlessly optimistic take on the future. In this interview, Siegel cites messenger RNA and the blockchain revolution as contemporary examples of innovation in a real economy he thinks will …

Michael Lewis on the Unlikely Trio That Defeated the Pandemic

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The saga of local public health officials tasked with fighting epidemic disease, and their clashes with national health authorities who didn’t care, was a perfect recipe for putting readers to sleep. But Michael Lewis made it into high drama. I couldn’t put it down. That’s about the worst opening for a book review that I can think of, but I …

Financial Folly, Religious Frenzy and the Delusions of Crowds

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What do financial folly and religious frenzy have in common? This question has not been carefully explored since Charles Mackay’s spectacular 1852 study, Extraordinary Popular Delusions and the Madness of Crowds. But, in a recent book, William Bernstein, a well-known economic historian, neurologist, and investment manager, makes the connection even more strongly than Mackay did. The title of his book, …

Don’t Give Up the Ship: The Future of the Endowment Model

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Endowment funds have long been thought to be the best-managed asset pools in the institutional investment world, employing the most capable people and allocating assets to managers, conventional and alternative, who can and do truly focus on the long run? But, after a decade of subpar performance, documented by Richard Ennis in this issue of the JOURNAL OF PORTFOLIO MANAGEMENT, …

Will Demographic Trends Drive Higher Inflation and Interest Rates?

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Powerful demographic trends will cause higher inflation and interest rates, and a reduction in inequality as labor reclaims its bargaining power in the global economy, argue two British authors in a persuasive book. That conclusion “caused a furor” when it came from the celebrated British economist and central banker Charles Goodhart, and Manoj Pradhan, a macroeconomist. It is the central …

Conversations with Frank Fabozzi

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Conversations with Frank Fabozzi is a fortnightly series of interviews with leading investment thinkers and practitioners conducted by Frank J. Fabozzi, editor of The Journal of Portfolio Management and a prominent Yale professor and author. Conducted in an informal and personal manner, Frank discusses what lessons his interviewees have learned from their experiences in the financial markets and any key …

Financial Folly, Religious Frenzy and the Delusions of Crowds

Laurence Articles

What do financial folly and religious frenzy have in common? This question has not been carefully explored since Charles Mackay’s spectacular 1852 study, Extraordinary Popular Delusions and the Madness of Crowds. But, in a recent book, William Bernstein, a well-known economic historian, neurologist, and investment manager, makes the connection even more strongly than Mackay. The title of his book, The …

Michael Lewis on the Unlikely Trio That Defeated the Pandemic

Laurence Articles

The saga of local public health officials tasked with fighting epidemic disease, and their clashes with national health authorities who didn’t care, was a perfect recipe for putting readers to sleep. But Michael Lewis made it into high drama. I couldn’t put it down. That’s about the worst opening for a book review that I can think of, but I …