Topical Commentary:

'Sophisticated' may mean a trap - Financial Times - July 30, 2007
'... sophisticated risk-management systems may well be a trap as they were in 1997-98. First, they may create undue complacency, lulling institutions into thinking that they can "manage" the risk. Second, the sophisticated risk-management techniques almost inevitably involve selling risky assets when market risk increases...'   I

Hedging Your Hedge-Fund Bet - Barrons - July 31, 2006
Investor, Beware! People overvalue hedge funds because of behavioral quirks.
What should they do? Short Them

No Need to Take Over Fannie and Freddie - Financial Times - Aug. 25, 2008      

It is unconscionable that banks are now abusing their rescuers - Financial Times - May 23, 2008

What Winston might have said about mark-to-market - Financial Times - March 20, 2008

Pension corporation is making big bet and putting taxpayers’ money at risk  
Financial Times - February 21, 2008

Articles and Working Papers:

What Can We Learn From Housing Futures - June 24th, 2008

Working Paper: The Impact of Expected Return Uncertainty on Long Horizon Risk and Allocation Decisions

Working Paper: Understanding and Fostering Important Financial Innovations     


Risk and Time Horizon March 26, 2008
Wharton - University of Pennsylvania: Lecture to graduate class on Financial Time Series

Causes of the Credit Crisis and Possible Solutions Feb. 23, 2009
Wharton - University of Pennsylvania, Lecture to graduate class

Chicago Quantitative Alliance -"Real Estate Meets Modern Portfolio Theory" Las Vegas, April 2008

Real Estate Derivatives World Conference, April 25, 2007

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