23 August 2018
“There is a profound conflict of interest built into the [fund management] industry’s structure, one that grows out of the fact that (mutual fund) companies are independently owned, separate from the funds themselves, and managers profit by maximising the funds under management because their fees are based on assets, not performance.”
- Louis Lowenstein, The Investor’s Dilemma.
17 August 2018
Markowitz did not explicitly state that risk and volatility (variance) are the same thing. But as a result of his article, the financial industry would go on to treat volatility and risk as synonymous, and the financial regulators would then join them in that erroneous belief.
9 August 2018
Walras hijacked a bunch of principles from the realm of physics and then
misapplied them to a grotesquely oversimplified model of his own economy. Economics was,
plainly and simply, born out of physics envy.
On the wealth, and poverty, of nations