Hedging equity portfolios against the risk of large drawdowns is notoriously difficult and expensive. Holding, and continuously rolling, at-the-money put options on the S&P 500 is a very costly, if reliable, strategy to protect against market sell-offs. Holding ‘safe-haven' US Treasury bonds,...

In the late stages of long bull markets, a popular question arises: What steps can an investor take to mitigate the impact of the inevitable large equity correction? However, hedging equity portfolios is notoriously difficult and expensive. We analyze the performance of different tools that...

Books reviewed: Edited by C. Kirkpatrick, R. Clarke and C. Polidano - Handbook on Development Policy and Management Jane A. Pryer - Poverty and Vulnerability in Dhaka Slums: The Urban Livelihoods Study Richard Lynn and Tatu Vanhanen - IQ and the Wealth of Nations Edited by Sara Oldfield - The...