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Glass-Steagall was wrong then and is wrong now
This week, Senators John McCain, Elizabeth Warren, Maria Cantwell, and Angus King introduced legislation to essentially reinstate the Glass-Steagall Act of 1933, which was repealed in 1999. It would...
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Fannie and Freddie should be abolished
The future of Fannie Mae and Freddie Mac is in the news with a speech by the President last week outlining his proposed reforms for the pair of housing finance giants. What role should the government...
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Yes, markets are efficient – *and* yes, stock prices are predictable
The Efficient Market Hypothesis (EMH) was famously defined by Fama (1991) as “the simple statement that security prices fully reflect all available information.” That is, you can’t open the Wall Street...
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Behavioral biases don’t affect stock prices
Most people are probably somewhat overconfident. Most people – myself surely included – probably typically overestimate their own talents, and they (we) are overly confident in the precision of their...
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The "Efficient Restaurant Hypothesis": a mental model for finance (and food)
I. The efficient market hypothesis says that you can’t pick out which stocks are undervalued versus which are overvalued. Likewise, I claim that you can’t pick out which restaurants are underpriced...
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