Archive for April, 2019


Volatility is Misunderstood

This headline in an article in the Financial Post is typical:  Are quiet markets gearing up for a burst of volatility?

The import of this article, and others, is that stock market volatility is both unusual and bad.

Neither is true.  Here’s why.

Deja-vu-all-over-again

As Nobel laureate Eugene Fama said, “There’s one robust new idea in finance that has investment implications maybe every 10 or 15 years, but there’s a marketing idea every week.”