Investing in China: Silk (Road) Purse or Sow’s Ear? An Interview with Scott Malpass and Jay Willoughby

Laurence Articles

In the recent past, American investors’ views on China have rotated from unblemished enthusiasm to substantial caution. From the radical reforms of Deng Xiaoping in 1978 until quite recently, we absorbed a flood of good news from China, punctuated by the awful Tiananmen Square massacre of thirty years ago: the country had the world’s highest economic growth rate, hundreds of …

The History and Future of Venture Capital Investing

Laurence Articles

Is venture capital a good investment? For long periods in the past, the best VC firms had spectacular returns, as their outside investors or “limited partners” — pensions, foundations, endowments, wealthy individuals – participated in the emergence of great companies such as Intel, Microsoft, Apple, and Amazon. But, going forward, can VC investors expect the same returns? Or are we …

Ten Years After – Reflections on the Global Financial Crisis

Laurence Articles

with Luis Garcia-Feijóo Welcoming Remarks by Andrew W. Lo: It is a pleasure and an honor for me to welcome you to this companion volume to the 2008 Financial Crisis: A Ten-Year Review, a conference that took place on 8–9 November 2018 at the NYU Stern School of Business in New York City. All of the key stakeholders related to …

Conference Roundup: “You must have a very successful dentist”: A Conversation with CIOs Linda Strumpf and Roz Hewsenian

Laurence Articles

On May 2, 2019 Linda Strumpf, who was chief investment officer of the Ford Foundation for 17 years as well as CIO of the Helmsley Trust after that, was interviewed by Roz Hewsenian, the current CIO of the Helmsley Trust, in a lunchtime “fireside chat” at the Foundation Financial Officers Group’s semiannual meeting, which took place in Philadelphia. Linda was …

Is Big Business Bad Business?

Laurence Articles

Why don’t we appreciate and celebrate big business more wholeheartedly? Why do so many of us regard it as unfair, monopolistic, manipulative, impersonal, and exploitative, to say nothing of inefficient? In Big Business: A Love Letter to an American Anti-Hero, the economist and free-range intellectual Tyler Cowen poses these questions and suggests a wide assortment of answers. The answer to …

Tyler Cowen: Economic Growth and the Debt We Owe to Our Distant Future

Laurence Articles

The chief goal of society should be to maximize wealth, according to Tyler Cowen, one of the most interesting men in the world. Like many accomplished people approaching late-middle age, Cowen has turned his attention to moral philosophy. In the slim volume, Stubborn Attachments: A Vision for a Society of Free, Prosperous, and Responsible Individuals, which can be read in …

Conference Roundup “Money Changes Everything”: The Many-Faceted Mind of Will Goetzmann

Laurence Articles

At the Q Group on April 15, 2019 the Yale professor William N. Goetzmann presented a paper, “How Alternative are Private Markets?” which revealed the side of Professor Goetzmann that is concerned with mainstream financial research. However, as his introducer, Andrew Ang, said, Goetzmann is also a prolific author, a filmmaker, an expert on the art of the Wild West …

Solving Global Poverty: Clay Christensen Says Disruption, Innovation Up To the Task

Laurence Articles

Disrupt. Innovate. If these words echo through your head like a familiar TV show theme song, you’ve been influenced — whether you know it or not — by Clayton Christensen. A Harvard professor, businessman, and guru of disruptive innovation, Christensen has altered our vocabulary, inspired a generation of startup entrepreneurs, and made a bundle on the speaking circuit at $100,000 …

Is Big Business Bad Business?

Laurence Articles

Why don’t we appreciate and celebrate big business more wholeheartedly? Why do so many of us regard it as unfair, monopolistic, manipulative, impersonal, and exploitative, to say nothing of inefficient? In Big Business: A Love Letter to an American Anti-Hero, the economist and free-range intellectual Tyler Cowen poses these questions and suggests a wide assortment of answers. The answer to …

How Paul Volcker Saved Our Country

Laurence Articles

When I had the pleasure of introducing Paul Volcker at a conference, I referred to him as “the man who saved the country.” This was not hyperbole. It is hard to remember the deep trouble we were in, more than 40 years ago, when inflation reached 13% in 1979. Times were terrible. A generation’s life savings, invested mostly in bonds, …

Combining Conventional Investing with a Lifetime Income Guarantee: A Blueprint for Retirement Security

Laurence Articles

by Thomas L. Totten and Laurence B. Siegel The central problem in achieving retirement security: Longevity risk Why is it so difficult to save for retirement in such a way that the retiree feels financially secure for the rest of his life? Why is so much effort spent on investment optimization, withdrawal rates, and other strategies designed to increase the …

How Paul Volcker Saved Our Country

Laurence Articles

When I had the pleasure of introducing Paul Volcker at a conference, I referred to him as “the man who saved the country.” This was not hyperbole. It is hard to remember the deep trouble we were in, more than 40 years ago, when inflation reached 13% in 1979. Times were terrible. A generation’s life savings, invested mostly in bonds, …

Clay Christensen: Disruption and Innovation Can Solve Global Poverty

Laurence Articles

Disrupt. Innovate. If these words echo through your head like a familiar TV show theme song, you’ve been influenced – whether you know it or not – by Clayton Christensen. A Harvard professor, businessman, and guru of disruptive innovation, Christensen has altered our vocabulary, inspired a generation of startup entrepreneurs, and made a bundle on the speaking circuit at $100,000 …

Tributes to Jack Bogle (1929-2019)

Laurence Articles

Collected by Ted Aronson, Larry Siegel and Robert Huebscher We’ve collected the following tributes to Jack Bogle from among the authors who contribute to Advisor Perspectives and other prominent individuals in the investment industry.

Building Portfolios for Households with Multiple Investment Goals

Laurence Articles

This is the second article in a series that aims to enhance the methodology by which financial planning is conceptualized and implemented. In the first article in this series, “Using Economic Balance Sheets for Financial Planning,” we showed that financial planners need to have balance sheet (“stock”) information, not just income and expense (“flow”) information, about households in order to …

Clay Christensen: Disruption and Innovation Can Solve Global Poverty

Laurence Articles

Disrupt. Innovate. If these words echo through your head like a familiar TV show theme song, you’ve been influenced — whether you know it or not — by Clayton Christensen. A Harvard professor, businessman, and guru of disruptive innovation, Christensen has altered our vocabulary, inspired a generation of startup entrepreneurs, and made a bundle on the speaking circuit at $100,000 …

Tyler Cowen: Economic Growth and the Debt We Owe to Our Distant Future

Laurence Articles

The chief goal of society should be to maximize wealth, according to Tyler Cowen. Pursuing that goal has delivered everything from nutritious and abundant food, to air conditioning and smartphones in the developed world, and those benefits are spreading rapidly to the developing world. The challenge is how societies can embrace and implement that goal. If those challenges are overcome, …