Volume 18, No. 2, 2020 Charles Elkan View PDF… Read more
Insights
Insights: The Success Equation
Vol. 17, No. 4, 2019 Yu (Ben) Meng “Insights” features the thoughts and views of the top authorities from academia and the profession. This section offers unique perspectives from the leading minds in investment management. View PDF… Read more
Insights – Complete and Incomplete FinTech Platforms
Vol. 16, No. 2, 2018 Vasant Dhar and Roger M. Stein A major consequence of the Internet era is the emergence of complex “platforms” that combine technology and process in new ways that often disrupt existing industry structures and blur industry boundaries. These platforms allow easy participation that often strengthens and extends network effects, while… Read more
INSIGHTS – Mass Customization Versus Mass Production – How an Industrial Revolution is About to Take Place in Money Management and Why it Involves a Shift From Investment Products to Investment Solutions
Lionel Martellini Volume 14, Number 3, Third Quarter 2016 While mass production has happened a long time ago in investment management through the introduction of mutual funds and more recently exchange traded funds, a new industrial revolution is currently under way, which involves mass customization, a production and distribution technique that will allow individual investors… Read more
INSIGHTS: Limits on the Level of Demand a Country Can Afford
Jack Treynor Volume 13, Number 4, Fourth Quarter 2015 With home goods (e.g urban services) output equals demand; when demand increases we put older machines back to work. But the real wage depends on the productivity of the marginal home goods plant. Because money prices go up when the real wage goes down, an increase… Read more
Insights: Consumption, Investment and Insurance in the Game of Life
Volume 13, Number 3, (2015) Harry M. Markowitz Markowitz (1991) proposed the development of a “Game of Life” simulator in which portfolio selection was just one type of move in the financial actions of a subject household. Sherri Grabot’s invitation to Markowitz in the late 1990s to form and join the design committee of GuidedChoice… Read more
INSIGHTS: What Piketty Doesn’t Understand
Volume 13, No. 2, Second Quarter 2015 Jack Treynor  … Read more
INSIGHTS: Investment, Financial System, Real Output and Macro-Risk Management
Thomas S. Y. Ho and Sang Bin Lee Loan underwriting standards and quantitative easing are examples of macro-risk management tools that affect the financial sector, which in turn affects real sector outputs. And therefore asset returns, real sector outputs, financial sector, and macro-risk management are interrelated. This paper shows that investors need to understand these… Read more
INSIGHTS: Reserve Primary: Fools Rush in Where Wise Men Fear to Tread!
Ozgur (Ozzy) Akay, Mark D. Griffiths and Drew B. Winters This is a clinical analysis of the demise of the Reserve Primary Fund, the first ever money market fund. Reserve Primary was caught in a perfect storm of its own making when the financial markets went into a full-blown crisis mode with the bankruptcy of… Read more
INSIGHTS: Free Cash Flows, Valuation and Growth Opportunities Bias
Hersh Shefrin Analysts who base valuations on expected free cash flows are vulnerable to making biased assessments of terminal value because they fail to take into account the implications of disappearing growth opportunities during the terminal period. This leaves their valuations subject to “growth opportunities bias” (GOB). There are two sets of issues addressed in… Read more