

Suppose you own a substantial number of shares – say, $500,000 worth – in Acme Corp, a manufacturer of home furnishings. And being a shareholder, you decide to attend the corporation’s annual meeting. You arrive early for a good seat, eager to hear what Acme’s...
The CEO

Real or crypto?
An exercise in drawing parallels. The first cryptocurrency ETFs have recently been launched. This article briefly examines the concept of parallel markets (in particular that of a liquid proxy for an illiquid asset) and asks whether there are lessons to be learned for...
Real or crypto?

How slot machines work…
…and why you should think twice before playing them. Originally published September 2021. The gaming industry is big business in the US, contributing an estimated $240b to the economy each year, while generating $38b in tax revenues and supporting 17 million...
How slot machines work…

Ukraine and the financial markets
The winners and losers so far. It’s two weeks since the world woke up to the dreadful news of a Russian attack on Ukraine. Notwithstanding the incalculable costs in terms of human lives, as well as human capital and physical infrastructure, we’ve seen much...
Ukraine and the financial markets

New angles in real estate research
Originally published November 2021. An impromptu decision reveals new angles in real estate research. A few years ago, I heard of a survey in which people were asked what language they would most like to learn. I expected the result to be Mandarin or Spanish...
New angles in real estate research