Will China's Shadow Banking System be its Ruin?
America's China Codependency
The Price All Investors Pay for Benchmarking
Jeremy Grantham's Favorite Book
Response to Larry Swedroe's Article, "How AQR's New Fund Adds Value"
Martin Wolf on the Financial Crisis: The Fire Next Time
How Risky are Stocks in the Long Run?
What is the risk that equity investments wont turn out as well in the long run as we would like them to? This is obviously a very important question. We are often assured that stock investments will eventually pan out because of mean-reversion. However, mean-reversion in securities prices is ill-defined, oversimplified and little more than a physics metaphor.