The Dumb Money Theory
How automatic retirement contributions may be reshaping market valuations.
Ideas in Progress
Thinking out loud, on purpose
The workshop floor. Some of these become essays, some become episodes, and some quietly fall apart. You are seeing them before I know which is which.
The Death of Price Discovery
What happens when passive investing overwhelms active decision making.
Follow the Incentives
A general framework for analyzing governments, corporations, and institutions.