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Adviser links: building an enduring franchise

Abnormal Returns

standarddeviationspod.com) Frazer Rice talks with Megan Gorman quthor of "All the Presidents' Money: How the Men who Governed America Governed Their Money." (blairbellecurve.com) Daniel Crosby talks behavioral finance with Greg Davies, Head of Behavioral Finance at Oxford Risk.

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Sunday links: a defining habit

Abnormal Returns

nytimes.com) Portland, Oregon's government is in turmoil. advisorperspectives.com) Many Americans don't have a good grasp of how government actually works. (rogersplanning.blogspot.com) Cities Detroit is experiencing an economic rebound. politico.com) Policy How foreign money, both legal and illegal, flows through Washington, DC.

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Longform links: the digital biosphere

Abnormal Returns

atlasobscura.com) Government John Lanchester, "The simplest way to imagine how hard it is to come up with the CPI is to ask how you would do it for yourself." wapo.st) Dave Eggers, "This is government-funded research to determine how the universe was created and whether we are alone in it.

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The Greatest Missed Opportunity of Our Lifetimes

The Big Picture

The US government? This goes back to Grover Norquists ‘ idea that the government should be made so small it could be “ drowned in a bathtub.” This is what happens to nations governed by 535 innumerate asshats… Previously : Time for a 50-Year U.S. They never bothered.

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Research links: incremental risks

Abnormal Returns

nber.org) On the value of better corporate governance. (insights.finominal.com) How do you account for 'catastrophic risk' in valuing a company? aswathdamodaran.blogspot.com) Using ChatGPT to forecast corporate investment. klementoninvesting.substack.com) Expected value only tells you so much about a bet. wsj.com)

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Tales from the Dark Side

The Big Picture

I reminded him that the Buy-side is regulated by the SEC, while the Sell-side is self-governed by an SRO. 1 In fact, the history of the NASD-R is one of an industry working hard to prevent close oversight by the government and to protect the largest of its members.

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Never Mix Payroll and Household Survey Data

The Big Picture

But the latest statistics show that nearly all jobs that are being created in California are government jobs. Between January 2022 and June 2024, total California jobs grew by about 156,000, with government jobs accounting for 96.5 percent of that growth. (De-empahsis