Are hedge funds a good investment? To answer this question, we can look at three well known funds as case studies. The first is Renaissance Technologies. Renaissance was founded in 1982 by an academic named James Simons, who had been chair of the math department at Stony Brook University and, [...]
Chesterton’s Fence
In his 1929 book The Thing, British philosopher G.K. Chesterton introduced an idea that is now known as “Chesterton’s fence.” Here’s how he explained it. Imagine two people walking along a road when they discover a fence blocking the way for no apparent reason. As Chesterton tells it, the first [...]
A Frequent Debate
In the world of personal finance, people debate about everything. Among these arguments is the question of how to measure risk. In general, partisans on this topic fall into one of two camps. In the first group are those who believe risk can be quantified and distilled down to a single number. [...]
What the Data Says
In the investment world, there’s no shortage of data. But how useful is it? To help get to an answer, let’s consider these four questions: When the economy is strong, is that good for stocks? The simple answer is yes. According to textbook finance, the value of any company should represent the [...]
Missing Billionaires
In their new book, The Missing Billionaires, Victor Haghani and James White make an interesting argument. Looking at the number of millionaires in the United States in 1900 and doing some math, they estimate that there should be many more billionaires today—thousands more, in fact—than there are. [...]
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