Blockchains And Cryptocurrencies: Why They Matter And How They Work

To answer the key question first: Yes, blockchains and cryptocurrencies will be extremely important to real-world enterprises — soon. Full article PDF

Quantitative Easing to Quantitative Tightening

QT is a fundamental shift in the macro-economic framework, and comes at a time when almost all government and corporate debt levels are at historic highs. It demands re-evaluation of portfolio construction precisely because it is not, and cannot, be accounted for by standard investment formulas and models. Full article PDF

Private Equity For Individual Investors: Historical Impediments and New Opportunities

Stephen L. Kessler Award
The research is clear: private equity typically generates better returns than the public markets. Full article PDF

The Upside of the Downsides of Modern Portfolio Theory

Stephen L. Kessler Award “Modern” Portfolio Theory doesn’t account for central bank actions, geopolitical surprises, extreme duration risk… or many other factors affecting today’s markets. Here’s what to do about it. Full article PDF

The ETF Liquidity Mirage

“Wall Street Turns to ETFs to Sidestep Illiquidity in Bond Market” ran a recent Bloomberg headline. Because the ability to trade individual bonds is degrading, the story reported, investors are piling record dollars into global bond ETFs. So Wall Street, in its wonderful way, has invented a…Full article

The Return of Volatility Means the Good, Bad & Ugly Will Be Revealed

For several years of steadily rising prices across all asset categories, investing was like bowling with gutter guards: Everyone showed solid scores in every frame. Monotonous gains pushed measured volatility to historic lows. But Full article

Risk Parity: The Real Culprit Behind The Market’s Madness

Stocks have been murdered, and China seems to have been caught red-handed. But some financial luminaries are pointing to a surprising defendant: the risk-parity strategy pioneered by hedge fund manager Ray Dalio. Who’s guilty? Full article


The Alternative Answer

Making investment decisions today is incredibly diffcult. With interest rates at historic lows, and the Fed about to unwind quantitative easing, bonds carry a lot of risk for little reward. At the same time, stocks look fully valued (or overvalued) by nearly every traditional measure… and if the Fed does tighten, history indicates big problems ahead for equities.

Three Moves Ahead

“Three Moves Ahead” shows how classic chess strategies address the #1 problem of Information Age executives: how to move quickly in the face of incalculable complexities and unexpected change. This witty and novel guide, written for non-players, is packed with scores of real-world examples showing how top CEOs use Grandmaster techniques to win on Wall Street.