We examine the effects of incorporating a potential tax on carbon emissions into a value investment strategy. We show that in a portfolio optimization problem, a carbon tax at the stock level is mathematically equivalent to a carbon constraint at the portfolio level. Using this insight we derive...

This note considers the questions of: i) what exactly is an "edge" or advantage, ii) what is the value of an edge, and iii) what are the values of competing edges, when each could potentially tip the results either way in a competitive strategic game?These questions are considered in the context...

pt. ITHE RISE OF THE MARKET SOCIETY --1.Perspectives of Value -- Objective Value --2.Perspectives of Value -- Subjective Value --3.Money, Gold and the Age of Consent --4.From Magna Carta to Modern Money --5.The Future of Money --6.The Market Society and the Value of Nothing --pt. IITHREE CRISES...

In this chapter I survey the kinds of value that music can have, or the variety of ways in which music can be valued, and the relationships and correlations among those values or ways of valuing. First and foremost is music’s musical value, or the value of music as music, which is a species of...