Serious investment thinking that doesn’t take itself too seriously.

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The CEO

The CEO

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...
Real or crypto?

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...
How slot machines work…

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...
New angles in real estate research

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...