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- Investment + Risk Management
- Investment and Risk Management Expert Panel
- Jan Ericsson
- Kenneth Lester
- Laurent Barras
- Matthieu Bouvard
- Patrick Augustin
- Reuven Brenner
- Sujata Madan
- Vihang Errunza
Ever since France's defeat in 1870-1 in the Franco-Prussian war, when military strength was identified with numerical superiority, demography, language and culture have become permanent parts of, and, at times, the focus of French politics.
Authors: Augustin, Patrick; Tedongap, Romeo
Publication: Journal of Financial and Quantitative Analysis
Warren Buffett and Tech Stocks: Why Doesn't the Oracle's 'Common Joe' Portfolio Include Apple or Google?
With Mr. Buffett's annual celebration last weekend and some grumbling about his failure to beat the market in four of the last five years, people keep reminding me of a piece I wrote in 1996 for Dow Jones about Buffett's portfolio.
... Reuven Brenner holds the Repap Chair at McGill's Desautels Faculty of Management, serves on the Board of McGill's Pension Fund, and is a member of its investment committee. Brenner's last book is World of Chance (2008).
“And so, my fellow Americans, ask not what your country can do for you; ask what you can do for your country,” is the saying now famously associated with John F. Kennedy, though Oliver Wendell Holmes said it eight decades before.
This same statement is the precise recipe for the survival and success of family businesses too, though as far as I know, nobody put it quite this way: “And, so, my dear relatives, ask not what the business can do you for you; ask what you can do for the business.”
Demographic changes and increased mobility of people and ideas are posing significant challenges for global commerce, with even emerging economies struggling to match capital with talent. But, in spite of the glacial pace at which the West is adapting to the new realities, there may be cause for cautious optimism.
-Article by Reuven Brenner
Read full article: Quantum, April 2014
Along Highway 401 and over the Ontario border, Tyler Maxey and some of his MBA classmates at McGill University's Desautels Faculty of Management in Montreal are also learning by doing. Their modus operandi: investing other people's money. Since 2008, students have been running a registered fund management firm called Desautels Capital Management that has about $3 million in assets.
Milton Friedman, in his book Money Mischief, reported the well-known story of the monetary system of a small island in Micronesia. At the end of the 19th century, the inhabitants used stone wheels as a medium of exchange and as a store of wealth. The colonial government imposed "fees" on disobedient district chiefs by painting black crosses on these stone wheels, thus "confiscating" them. This induced the locals to change their ways and work harder, paving roads they were previously reluctant to pave, in order to have these marks erased and get their wealth back.
Finding a mutual-fund manager who can beat the market is tough. Winners flame out. Losers revive. The resurgent losers flame out again.
No wonder low-cost index-based exchange-traded funds and mutual funds—which seek only to mimic the return of a designated slice of the market—have eclipsed actively managed funds as the investment of choice for many people.
... One problem: Over long periods, few fund managers continue to outperform, says Laurent Barras, a finance professor at McGill University in Montreal.
"Hedge Fund Return Predictability Under the Magnifying Glass," Journal of Financial and Quantitative Analysis
Authors: Avramov, Doron; Barras, Laurent; Kosowski, Robert
Publication: Journal of Financial and Quantitative Analysis, August 2013
Author: Bouvard, Matthieu
Publication: Review of Financial Studies, January 2014
For years I’ve rejected the false choice that entrepreneurs are forced to make when it comes to the subjects of political science and comparative economics. First is the offer to buy in to the notion that there exists no natural connection between the underlying motivations and incentives which inspire entrepreneurs and their political and electoral choices.
Günter Bischof ist aus der österreichischen zeitgeschichtlichen Forschungslandschaft nicht mehr wegzudenken. Als Leiter des Centers Austria und Marshall Plan-Professor an der Universität von New Orleans bekleidet er einen wichtigen Außenposten der österreichischen Wissenschaft und der österreichisch-amerikanischen Beziehungen. Als Historiker leistet er wesentliche Beiträge zur Aufarbeitung des breiten Feldes der österreichischen und europäischen transatlantischen Beziehungen, insbesondere der Nachkriegsjahre. Die anlässlich seines 60.
Last night’s fight between Manny Pacquiao and Brandon Rios interested me from a boxing perspective but its real intrigue was what it suggests might be possible for another man – Floyd Mayweather, Jr.
... This is nothing new – in fact, gambling, centuries ago in Europe, was in the same position that boxing is in today– subsidizing another non-profitable sector. In their outstanding book A World Of Chance: Betting On Religion, Games, Wall Street, Reuven Brenner, Gabrielle A. Brenner and Aaron Brown write:
What is the common ground between the economic successes of the Netherlands in the XVII-XVIII centuries, nineteenth century England, twentieth century U.S. and, more recently, countries such as South Korea, Singapore and Israel? Although the question could be answered from different angles, fundamentally it can be inferred: in their own time, these countries promoted economic systems where resources were efficiently channeled to the most competent entrepreneurs and endeavors.
As the English Premier League season starts, punters play the odds despite the country's ban on wagers - and millions are taking the risk.