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I have been thinking about an intriguing issue: Where do returns come from? No, not which Fama-French factors are a source of outperformance, but rather, in the real world, what is it that leads any given portfolio to achieve a satisfactory level of returns relative to all of the surrounding events? Its a nuanced and… Read More The post What Determines How Well Any Portfolio Performs? appeared first on The Big Picture.

The shift toward cheaper settings like outpatient clinics and homes is a worthy goal, but new research is showing us where we shouldn’t cut corners.

Many of the classic skyscrapers that define New York City’s skyline have their design roots in a monumental 1916 zoning law, which established “setback” requirements for buildings above a certain height. In the heart of the Financial District, the Equitable Building, a historic skyscraper that predates the law, remains a symbol of the excesses of… Read More The post New York City’s Iconic Skyline (1916 – Present) appeared first on The Big Picture.

It’s alarmingly easy for a total stranger to gain total control over the life of a senior citizen. We enlisted a group of celebrities to offer a warning about predatory behavior…in a legal guardian or a hippo.   Guardianship: Last Week Tonight with John Oliver Source: HBO   The post John Oliver on Guardianship appeared first on The Big Picture.

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Unless FIFA changes course, the risk of collusion will be much higher in future Cups.

Ranking What Helps or Hurts Investment Returns The key is knowing which ones are subject to human intervention. Bloomberg, June 11. 2018     What drives the returns of any investment portfolio? Specifically, from the moment someone starts saving for retirement, until the day they begin to take their required minimum distribution at age 70½, what… Read More The post Hierarchy of Portfolio Success appeared first on The Big Picture.

My back to work morning train reads: • Everyone Makes Investing Mistakes — Even Warren Buffett (Wall Street Journal) • Hedge funds have lost their dynamic creators of value lustre (Financial Times) • The ‘Fiduciary Rule’ May Sound Boring, But Its Collapse Threatens Your Retirement (Bloomberg) • What a Difference a Decade Makes (Morningstar) • Streamlined cars, designed to be fast,… Read More The post 10 Monday AM Reads appeared first on The Big Picture.

Audrey (Mila Kunis) and Morgan (Kate McKinnon), two thirty-year-old best friends in Los Angeles, are thrust unexpectedly into an international conspiracy when Audrey’s ex-boyfriend shows up at their apartment with a team of deadly assassins on his trail. Surprising even themselves, the duo jump into action, on the run throughout Europe from assassins and a… Read More The post The Spy Who Dumped Me appeared first on The Big Picture.

My easy like Sunday morning reads: • The Future for Factor Investing May Be Different Than its Backtested Past (Alpha Architect) • Social Security Is Still Pretty Secure (Fisher Investments) • The odd reality of life under China’s all-seeing credit score system (Wired) • How Iceland became the gun-loving country with no shooting murders (NBC News) see also Gun Studies: Permit Laws… Read More The post 10 Sunday Reads appeared first on The Big Picture.

Apologies if you’re expecting something totally serious, but come on, it’s Saturday… I recently wrapped up a work thing, so I’ve been poking around regarding new opportunities…obviously, in the course of doing so I’ve had to update my LinkedIn, resume/CV, etc., and the reality is that if you look closely it becomes clear that I … Continue reading "What I’ve Been Doing On My Non-Summer Vacation…"

The weekend is here! Pour yourself a mug of Seattle’s Best coffee, grab a seat by the pool, and get ready for our longer form weekend reads: • Inside the chaos of Donald Trump’s trade wars (Financial Times) • The Gatekeeper: If you want to make it big in health care, it’ll help to get past VC Lisa Suennen… Read More The post 10 Weekend Reads appeared first on The Big Picture.

It depends on whether you look at the level, the direction or the rate of change — three concepts that are often conflated.

amzn.to/2sCuSLr What if you became a rock star? Moby invited us to dinner at his vegan restaurant the Little Pine in Silver Lake. It was jumping. We got a table in the back and Moby asked me about me, which rarely happens. I like that people like to tell their stories, but when do I… Read More The post Moby’s Book appeared first on The Big Picture.

This week, we speak with Cal Turner Jr., retired CEO of Dollar General. He joined the family’s business in the early 1950s, sweeping floors and doing errands. He succeeded his father as president in 1977 and as chairman in 1988. At the time of his retirement in 2003, he had grown Dollar General into a New York Stock… Read More The post MIB: Cal Turner Jr., CEO of Dollar General appeared first on The Big Picture.

It’s not a scorecard, and reducing it won’t necessarily be good for jobs.

My end of week morning train reads: • The contrarian wisdom of George Costanza (Economist) • The NFL’s Next Billionaire Owner Won’t Be a Person (Institutional Investor) • Feynman’s Hack and the Map of the Cat (Safal Niveshak) see also When Everything Clicks: The Power Of Judgment-Free Learning (NPR) • «The swamp is alive and well» (Finanz und Wirtschaft) • Please don’t rate your waitress… Read More The post 10 Friday AM Reads appeared first on The Big Picture.

I must say, that I am unfamiliar with either this two-tone paint combination or the full quilted treatment of the interior, but it certainly is a lovely reno on what is a beautiful little fastback: The Tour de France was a prestigious title for Ferrari. From 1956 through 1959, less than one-hundred 250 GT’s would wear… Read More The post 1959 Ferrari 250 GT LWB Tour de France appeared first on The Big Picture.

Corruption Hits the Small Time - Paul Krugman Flat Yield Curve May Result in a More Aggressive Fed - Tim Duy Inflation forecasting in emerging market economies - VoxEU Measuring competition - Stumbling and Mumbling Why Cities Can’t Stop Poaching...

Household Net Worth, June 2018 click for ginormous chart Source: Financial Accounts of the United States – Z.1   This is an astonishing number! Fed Z1: The net worth of households and nonprofits rose to $100.8 trillion during the first quarter of 2018. The value of directly and indirectly held corporate equities decreased $0.4 trillion and… Read More The post Household Wealth = $100.8 Trillion Dollars appeared first on The Big Picture.

Smart Beta Performance Isn’t Worth the Cost The higher fees offset sporadically better returns. Bloomberg, June 8, 2018     Last summer, we looked at fundamental indexing, which is perhaps better known by the catchy marketing phrase “smart beta.”1  The practice uses metrics such as book value, earnings and dividend yield to assemble investment portfolios,… Read More The post Is Smart Beta Having Performance Issues? appeared first on The Big Picture.

I’m not quite sure why this is in the news again now (there was a paper critique I can read ok), but it is so let’s take a look at it. Here’s the setup: In 2005, she [Warren], along with David Himmelstein, Deborah Thorne and Steffie Woolhandler, published a paper in the journal Health Affairs … Continue reading "Causal Friday: But What About All The People Who Didn’t Declare Bankruptcy?"

It’s not just sports franchises: Tax incentives to lure companies tend to help politicians, but they don’t really make economic sense.

So here’s something that sounds kind of boring: Contingent and Alternative Employment Arrangements Summary Contingent and Alternative Employment Arrangements Summary Freedom of Information Act  |  Privacy & Security Statement  |  Disclaimers  |  Customer Survey  |  Important Web Site Notices Source: www.bls.gov/news.release/conemp.nr0.htm …but hear me out. In the last few years, people have been talking about … Continue reading "What I’m Reading Today: So, About The Gig Economy…"