I’ve been careful in my research on money not to call money a “store of value”. There’s a good reason for this which I will try to explain in this [ … ]
Category: Stuff You Should Read
Funding in an Endogenous Money System (Nerdy)
(I come across this topic quite a bit and I think it’s hard for some people to understand so I am going to get a little nerdy here and see [ … ]
The Difference Between Asset Price Inflation & Consumer Price Inflation
One of the more common responses to the fact that inflation is low is the idea that the inflation is all in asset prices. So, for instance, if someone were [ … ]
The Best Investment Strategy: DISCIPLINE
I was reading this article in the NY Times about a wide ranging diet study. They performed a meticulously controlled test to study what type of diet works best. Their [ … ]
Why Does Money Make Some People Miserable?
I have a general theory of happiness that can be roughly summarized as follows: “Human beings find happiness by finding affirmation in their existence.” Basically we are all wandering through [ … ]
Repeat After me: “Bonds Don’t Necessarily Lose Value When Rates Rise”
If you take a basic finance course the first thing you learn about bonds is that bond prices are inversely correlated to interest rates. So, when rates rise bonds prices [ … ]
The Appropriate Portfolio vs the Optimal Portfolio
Should we pursue appropriate portfolios or optimal portfolios?
Understanding Modern Portfolio Construction
My newest research paper, Understanding Modern Portfolio Construction, is available on SSRN. This paper is the culmination of years of work and I consider it to be the most important [ … ]
The Best Econ and Finance Research of 2015
SSRN published their top 10 papers of 2015 and my paper Understanding the Modern Monetary System came in at #6. I’m incredibly humbled to be on a list like this [ … ]