Peruse and enjoy Larry's gallery of publications below.
As a long-standing supporter of the “endowment model,” I’ve spent decades balancing my enthusiasm for active management and alternative investments against my theory- and evidence-based belief in indexing. But my advocacy of alternatives has been targeted to institutions and ultra-high net worth investors. The recent embrace of so-called liquid alternatives by ordinary Americans seeking to fund their retirement is deeply troubling.
Should investors build their own portfolios of bonds, or buy shares of bond funds? Is there an economic difference or just one of appearance? Are directly held bonds safer because they mature, and you get your money back? How should one decide?
Let’s ask the experts. Their differing views frame the question. Then, I’ll provide my answer.
Will artificial general intelligence (AGI) transform the experience of being human, opening up possibilities of knowledge, achievement, and prosperity that we can now barely conceive?
Or is AGI an existential threat to humanity, something to be feared and reined in?
Will the cloud drive massive increases in productivity and wealth — as the internet did before it? That is the central question asked by Mark Mills in his stunning new book, The Cloud Revolution.
Einstein’s theory of relativity advanced Newtonian physics. That did not mean Newton was wrong — only that his theories could be improved upon. In an ambitious new book, the economist Andrew Smithers rejects core “Newtonian” principles of economics, replacing them with radical departures from conventional wisdom.
But as I will explain, unlike Einstein, some of Smithers’ theories fail meet the standard of empirical verification.
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