(Not) boring finds for 2019
As the end of the year (and decade!) is nigh, we thought we’d join the year-in-review fervour, and curate a list of our top 10 favourite links from 2019. From calls to adjusting behaviours in the investment management industry, to why statistical literacy matters, and explanations around yield curves and interest rates—these 10 finds offer a gamut of perspectives to keep you curious.
Wishing you and yours the very best in 2020!
Baillie Gifford – Riding the gravy train
A compelling assessment of the investment management industry and appeal for a different set of approaches and behaviours from asset managers towards fees, risks, and reward.
Of Dollars and Data – The errors that I don’t see
Why putting in the time to recheck your information can give you an edge: “you can build a reputation where you are known and trusted for your accuracy…[and] having a reputation for being accurate will only increase in value.”
Collaborative Fund – Five lessons from history
Important investing lessons we can learn from history, and the argument that the more generally a lesson can be applied, the better.
A helpful overview of, at times, a convoluted topic.
The Irrelevant Investor – It’s hard to think long-term
Why it’s hard, but important, to remember to think long-term: “most investors have way more time than they realize.”
“A single statistic, or its misuse, can help upend a nation.” A powerful article on the importance of statistical literacy in an age where data can raise more questions than it answers.
CFA Society India – Behavioural biases and pitfalls: Stories on how investors go astray and how to overcome them [video, 1 hr 21 min]
A video on ways to be aware of and avoid behavioural biases in investing. Features Morgan Housel, partner at Collaborative Fund and former columnist for The Motley Fool and The Wall Street Journal, and moderated by Kalpen Parekh, President of DSP Investment Managers Pvt. Ltd.
The New Yorker – The invention of money
From Marco Polo to Victorian banking, tracing how paper money became central to modern trade and finance—and the little we’ve learned.
Oaktree Capital – Latest memo from Howard Marks: Mysterious
An insightful memo from Howard Marks on the rise of negative interest rates, their impact, and an effort to clarify their “mystery.”
“Some people think we have negative rates because central bankers want them, some think it’s because the market sets them, and some think it’s some of each. “Did interest rates fall, or were they pushed?” asks Grant’s. Given all the above, no one should feel the reasons for negative rates are fully understood…At minimum, negative rates mean there’s increased uncertainty, and thus we have to proceed with more trepidation. Whatever we knew in the past about how things worked, I think we know less when rates are negative.”
The lure of predicting the future has always been a draw. But how has betting impacted development in formal mathematics? A short, unique historical look into our relationship with probability.