January 2017 Data Update 2: The Resilience of US Equities!

If asked to list the biggest threats to US equities at the start of 2016, most people would have pointed to the Federal Reserve’s imminent r...

Almost time for class: My Line Up for the Spring Semester!

If you have been reading my blog for awhile, you should be familiar with the routine at the start of every semester. If I am teaching that s...

Narrative and Numbers: How a number cruncher learned to tell stories!

When I taught my first valuation class in 1986 at New York University, I taught it with numbers, with barely a mention of stories. It was on...

January 2017 Data Update 1: The Promise and Perils of "Big Data"!

Each year, for the last 25 years, I have spent the first week playing Moneyball, with financial data. I gather accounting and market data on...

Active Investing: Seeking the Elusive Edge!

In my last post, I pointed to the shift towards passive investing that has accelerated over the last decade and argued that much of that sh...

Active Investing: Rest in Peace or Resurgent Force?

I was a doctoral student at UCLA, in 1983 and 1984, when I was assigned to be research assistant to  Professor Eugene Fama, who wisely aband...