[ad_1] Introduction Ted Theodore first wrote about value versus momentum stocks way back in 1984, but almost 40 years later, there still is no real consensus among investors or academics on what is driving either strategy. That’s not due to a lack of research. Thousands of papers have scrutinized equity […]
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[ad_1] Special thanks to Vlad Zamfir and Jae Kwon for many of the ideas described in this post Aside from the primary debate around weak subjectivity, one of the important secondary arguments raised against proof of stake is the issue that proof of stake algorithms are much harder to make […]
[ad_1] Yvette’s inbox dings at 3:02 pm on 13 May 2038. It’s the list of trades executed by the algorithms that day. A quick review raises no red flags, which is good because she is headed into a sign-on meeting with a new client. “I need this money in the […]
[ad_1] Warning: this post contains crazy ideas. Myself describing a crazy idea should NOT be construed as implying that (i) I am certain that the idea is correct/viable, (ii) I have an even >50% probability estimate that the idea is correct/viable, or that (iii) “Ethereum” endorses any of this in […]
[ad_1] “David was, simply, the best at what he did. He was to endowments what Jack Bogle was to funds — none better as a person or professional.” — Steven M. Galbraith David Swensen, who passed away last week, was among the most influential investors of his generation. As chief […]
[ad_1] Special thanks to Andrew Miller for coming up with this attack, and to Zack Hess, Vlad Zamfir and Paul Sztorc for discussion and responses One of the more interesting surprises in cryptoeconomics in recent weeks came from an attack on SchellingCoin conceived by Andrew Miller earlier this month. Although […]
[ad_1] Editor’s Note: Our Enterprising Investor podcast features intimate conversations with some of the most influential people from the world of finance. This post highlights some key talking points from a conversation between the show’s host, Mike Wallberg, CFA, MJ, and Campbell Harvey, PhD. In this episode of Enterprising Investor podcast, […]
[ad_1] One of the issues inherent in many kinds of consensus architectures is that although they can be made to be robust against attackers or collusions up to a certain size, if an attacker gets large enough they are still, fundamentally, exploitable. If attackers in a proof of work system […]
[ad_1] What follows is a hypothetical conversation between two fictional investment professionals, US-based Bob Smith and his colleague Sandra Mueller, who works in Frankfurt. Their topic: international equity investing and diversification. Bob Smith: Hi Sandra. How are You? Sandra Mueller: Hi Bob. Good, thank you. All is well here in […]
[ad_1] I was woken by Vitalik’s call at 5:55 this morning; pitch black outside, nighttime was still upon us. Nonetheless, it was time to leave and this week had best start on the right foot. The 25-minute walk in darkness from the Zug-based headquarters to the train station was wet. […]
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