| In pursuit of uselessness Last time I did a post on the philantrophy of Warren Buffet. In his conversations Buffet mentioned a philanthropist that no one else knew about and that was “Abraham Flexner”. I did some research on Flexner and learned that he truly did change the face of medicine in America, but Flexner also...|| 1 year 8 months|
| The Philanthropy of Warren BuffetThere's a video interview with Buffet from Forbes on philanthropy posted on YouTube. I jotted down some notes to share since the Oracle's philosophy is usually worth remembering:
On his kids: [quote]“My kids went to public schools, and their kids went to public school and that's how it...|| 2 years 9 months|
| Antifragility: Things that gain from disorderIf you haven't heard about it already, Taleb, the guy behind the Black Swan theory(or as they claim) is out with another book. Although I wasn't intending on buying the book initially, his Saturday essay (WSJ) was what finally convinced me. Then of course Felix Salmon came out with a review...|| 2 years 10 months|
| A lesson from Roman HistoryLast week I posted about the history of the Drachma and Greece.
Thought it would be interesting to share the history of the Roman empire and its currency. The following is based on a speech by Joseph R. Peden given in 2009.
Scholars have devoted a great deal of energy to examining the problem...|| 2 years 10 months|
| A brief history of the DrachmaIn 1827, when the modern Greek State was created, money transactions were carried
out mainly in Turkish coins, as well as in foreign currencies such as the Spanish Distilo. There was no Greek currency until 1828.
A national monetary system, based on silver, was established for the first time in...|| 2 years 10 months|
| Sell-side outperforms buy-side?I found this working paper very interesting on the HBS working knowledge website so thought I'd share.
The paper mentions that total $ spending is not too far apart on both sides:
"In 2006, U.S. and U.K. investment firms spent $7.7 billion on buy-side research versus $7.1 billion on sell-side...|| 2 years 11 months|
| A tragic hero of financial engineeringMost of you here are familiar with the Black-Scholes formula since it’s imbued in every possible textbook of corporate finance 101 under the sections of option pricing. The infamous black-scholes-merton formula was created by Nobel laureates (now unfortunately also blamed for the credit crunch) who...|| 2 years 11 months|
| Gallatin: A forgotten financier[part 2]This post is a continuation to last weeks: A forgotten Financier
There are two major achievements that deserve mention. First, there is Gallatin’s singular success in his pursuit of debt reduction. Gallatin took advantage of prosperous and relatively peaceful times to reduce the public debt...|| 2 years 11 months|
| Gallatin: A forgotten financierA lot of you who have an interest in economist history have probably heard of Alexander Hamilton, the first Treasury Secretary appointed by Washington, but many of you have probably never heard of Albert Gallatin and today I just wanted to pay homage to him.
Gallatin was born into a wealthy...|| 2 years 11 months|
| Volatility of an Impossible ObjectChristopher Cole of Artemis Capital Management has an excellent new piece of research out there and I just wanted to highlight some parts out of it today. He specifically targets traditional empirical views on things and mentions how the efficient frontier is no longer a valuable tool, and how fear...|| 2 years 12 months|