Before its collapse in 2008, Lehman Brothers had been one of the most prominent investment firms in the United States. But after 158 years in business, what caused it to fail so suddenly? In a word: complexity. Lehman had been involved in the securitization of mortgages, a process that resulted in [...]
Lessons from Chicago
Last year, an unusual story made the news: The University of Chicago was reportedly looking to sell an entity known as the Center for Research in Security Prices (CRSP). The story came and went quietly, but it’s worth pausing to understand it. CRSP’s origins date back to the 1960s. Its initial goal [...]
Shifting tide
Over the past year, a new term has entered the lexicon: “Sell America.” The idea is that investors are losing confidence in the U.S. economy due to persistent deficits and concerns about other policy choices. Owing to these fears, some investors are pulling money out of U.S. stocks and reallocating [...]
Your Perfect Portfolio
What’s the best way to manage your investments? A new book titled Your Perfect Portfolio helps answer this question. I spoke this week with the author, Cullen Roche. A video of our conversation is also available here. Adam Grossman: The title is Your Perfect Portfolio with an emphasis on [...]
The value of the VIX
Listen to the financial news, and you’ll often hear reference to “the VIX.” But what exactly is the VIX, and how important is it? The VIX index is intended to be a measure of investor sentiment. For that reason, it’s often referred to as the market’s “fear gauge.” How can investor sentiment be [...]
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