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Bootstrapping honor

A society is a network of relationships, and in a healthy society those relationships consist of trust. Trust is an understanding of how another will behave in a given situation. It leads to smooth coordination of action, greater prosperity, and…

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Why momentum works

Summary: There's no free lunch. It is difficult to attract and retain investors to strategies that are uncorrelated with popular benchmarks. This "business risk" helps sustain the momentum premium, which is huge on a risk-adjusted basis. Furthermore, asset class level…

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How to win at stocks

Everyone loves stocks. Maybe because they were the first easily investable security. Maybe because betting on businesses satisfies our gambling instinct - everyone fancies himself a handicapper when it comes to things we can read about in the paper. You…

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