Lance on Feb 12 2008 | Filed under: Absolute Return, Asset Allocation, Relative Return, Risk
The whole world of economics is enormously more complex than the world of physics. And therefore the teaching of business schools, including Yale’s, is unrealistic. Even though economics is a very old subject, it has not truly come to grips with the main difficulty, which is the inordinate practical importance of a few extreme events.
-Benoit [...]
Lance on Jan 07 2008 | Filed under: Wealth, philanthropy
Over at the Wall Street Journal’s Wealth Report, Robert Frank notes:
Government outlays on physical infrastructure have declined to 2.7 percent of the gross domestic product, he says, from 3.6 percent in the 1960s. Philanthropic giving, in contrast, has jumped to nearly 2.5 percent of GDP.
This leads him to wonder:
With privatization all the rage, why not [...]
Lance on Jan 07 2007 | Filed under: Humor, Taxes, Uncategorized, tax policy
Via Professor Greg Mankiw:
Suppose that every day, ten men go out for beer and the bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this:
The first four men (the poorest) would pay nothing.
The fifth would pay $1.
The sixth would pay $3.
The [...]
Wall Street Journal- Wealth Wall Street Journal Economic News Wall Street Journal-Market news Wall Street Journal-Hedge Funds Abnormal Returns