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On a Constructive Theory of Financial Markets (Prologue)
Moffitt, Steven - 2017
This article is a prologue to the article "Why Markets are Inefficient: A Gambling 'Theory' of Financial Markets for … important background for that article - why gambling is important, even necessary, for real-world traders, the reason for the … superiority of the strategic/gambling approach to the competing market ideologies of market fundamentalism and the scientific …
Persistent link: https://www.econbiz.de/10012959081
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Dynamic Asset Allocation Based on Valuation and Momentum Applied to a Global All-Equity Portfolio
White, James - 2020
There has been considerable research into dynamic global tactical asset allocation (GTAA) strategies driven by simple measures of Valuation and Momentum applied to a baseline balanced portfolio of equities and fixed income (see Blitz and van Vliet 2008, Wang and Kochard 2011, Gnedenko and Yelnik...
Persistent link: https://www.econbiz.de/10012838940
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What Our Market Return Forecasts Really Mean : Convexity in Equity Returns and its Implications for Investment Sizing
Haghani, Victor - 2019
You're probably familiar, at least in passing, with the 'convexity' of long-term bonds - i.e. that yields dropping 1% produce a bigger price move than yields rising 1%. A significant amount of brainpower has gone into understanding all the ramifications of this convexity in the fixed income...
Persistent link: https://www.econbiz.de/10012902324
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When it Pays to Pay Capital Gains
Haghani, Victor - 2019
Persistent link: https://www.econbiz.de/10012890821
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A Penny Saved Is Two Pennies Earned
White, James - 2019
-free penny is worth two pennies of expected but uncertain income, a result born out by modern mathematical advances in the theory …
Persistent link: https://www.econbiz.de/10012899550
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When (If Ever) Has it Paid to Wait for a Stock Market Correction?
Haghani, Victor - 2017
Investors are periodically challenged with this question: with funds ready to invest, but faced with a market that is generally perceived to be expensive, is it better to wait for a market correction before investing? Many investors are certain that a correction must be around the corner, and...
Persistent link: https://www.econbiz.de/10012947040
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Rational Decision-Making under Uncertainty : Observed Betting Patterns on a Biased Coin
Haghani, Victor - 2016
become part of the basic education of anyone interested in finance or gambling.' …
Persistent link: https://www.econbiz.de/10012980760
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The Treasury Bill Risk Premium : Why T-Bills Are About as Risky as Stocks in the Long Term
White, James - 2020
These days it's become convention (reinforced by the media's treatment of wealth) to assess our net worth by tallying up the market value of our financial assets, even though it's more natural and useful to think of our wealth as a stream of dollars over time given the nature of our income and...
Persistent link: https://www.econbiz.de/10012834170
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George Costanza at it Again : The Leveraged ETF Episode
White, James - 2020
In understanding how leveraged ETFs perform, we'll uncover an important lesson relevant to all investing: how your choice of investment size can be more important than your choice of investment. To summarize, highly leveraged long and short ETFs provide a perfect illustration of how...
Persistent link: https://www.econbiz.de/10012835909
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The Equity Risk Premium : A Novel Perspective on the Past Fifty Years
White, James - 2020
The longest bull market in US stock market history is over. Uncertainty over the public health and economic impact of the coronavirus pandemic will keep markets extremely volatile, making it likely we'll touch a wide range of price levels in the months ahead. Amidst such uncertainty, it's a...
Persistent link: https://www.econbiz.de/10012839090