As a long-standing supporter of the “endowment model,” I’ve spent decades balancing my enthusiasm for active management and alternative investments against my theory- and evidence-based belief in indexing. But my advocacy of alternatives has been targeted to institutions and ultra-high net worth investors. The recent embrace of so-called liquid alternatives by ordinary Americans seeking to fund their retirement is deeply …
The Folly of Trying to Control Technology
Technological progress in the last two centuries, and especially in the recent past, has been nothing short of amazing. So why are we so unhappy? Why aren’t we all rich? Why are we so unequal in material success? Why is social unrest just as wrenching as it was in poorer times? When Daron Acemoglu speaks, I listen. Well on his …