The Royal Commission

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The Royal Commission An investigation into Australia’s Financial Services finds a litany of abuses. BANKS often face conflicts of interest when it comes to advising their customers. The regulators who are supposed to stop these abuses are not always up to the job. But when wrongdoing does finally come to light, the penalties can be […]

Not so novel

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Bitcoin is fiat money, too. What Charles Kindleberger has to say about cryptocurrencies FINANCIERS with PhDs like to remind each other to “read your Kindleberger”. The rare academic who could speak fluently to bureaucrats and normal people, Charles Kindleberger designed the Marshall Plan and wrote vast economic histories worthy of Tolstoy. “Read your Kindleberger” is […]

Norway’s Sovereign-Wealth Fund Passes The $1 Trillion Mark

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The 5m-odd Norwegians own more than 1% of all the shares in the world The Economist A year earlier than expected, Norway’s sovereign-wealth fund, the world’s largest, surpassed $1trn in assets on September 19th. It had gained over $100bn in the past year, thanks in large measure to the global stockmarket rally in 2017: around […]

This MIT Economist Has a New Theory of Finance

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Andrew Lo wants you to realize that traders are animals. Bloomberg Every reigning theory of finance has holes. The efficient-markets hypothesis says markets are rational and self-regulating, but it doesn’t account for crashes and crises; behavioral finance blames market breakdowns on investors’ short-term thinking, but it fails to account for group dynamics or predict future […]