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Tag Archives: Finance

On Cryptocurrencies

(This is an edited and expanded version of a talk I gave in Trento, Italy in June 2018, on a panel with Sheila Dow.) The topic today is “Digital currencies: threat or opportunity?” I’d like to offer a third alternative: New digital currencies like bitcoin are neither a threat or an opportunity. They do not raise any interesting economic questions and do not pose any significant policy problems. They do not represent any kind of technological advance on existing payment systems, which...

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8/6/20: 30 years of Financial Markets Manipulation

Students in my course Applied Investment and Trading in TCD would be familiar with the market impact of the differential bid-ask spreads in intraday trading. For those who might have forgotten, and those who did not take my course, here is the reminder: early in the day (at and around market opening times), spreads are wide and depths of the market are thin (liquidity is low); late in the trading day (closer to market close), spreads are narrow and depths are thick (liquidity is higher)....

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8/1/20: Creative destruction and consumer credit

My new article for @TheCurrency_, titled "Creative destruction and consumer credit: A Fintech song for the Irish banks" is out. Link: https://www.thecurrency.news/articles/6150/creative-destruction-and-consumer-credit-fintech-song-for-the-irish-banks.Key takeaways: Irish banks need to embrace the trend toward higher degree of automation in management of clients' services and accounts, opening up the sector to fintech solutions rather than waiting for them to eat the banks' lunch....

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Sunken Treasures

X Marks the Spot “First come the innovators, who see opportunities that others don’t. Then come the imitators, who copy what the innovators have done. And then come the idiots, whose avarice undoes the very innovations they are trying to use to get rich.”— Warren Buffet A great deal of investing comes down to a process of identifying innovators, scrutinizing imitators, and screening out idiots. This principle is applicable to everything from stock-picking to assessing management...

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The Road To ETFs

Jamie Catherwood is a Client Portfolio Associate at O’Shaughnessy Asset Management. Known as the ‘Finance History Guy’ on Twitter, Jamie posts articles and content on the history of financial markets. You can follow him at https://twitter.com/jfc_3_ There is no questioning the fact that Exchange-Traded Funds (ETFs) have revolutionized modern finance. But what led us to this invention? What were the ETFs of a thousand years ago? Are they really so different than today? Since...

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“On money, debt, trust and central banking”

The central point of my Jacobin piece on the state of economics was meant to be: Whatever you think about mainstream macroeconomic theory, there is a lot of mainstream empirical and policy work that people on the left can learn from and engage with — much more than there was a decade ago. 1  Some of the most interesting of that new work is from, and about, central banks. As an example, here is a remarkable speech by BIS economist Claudio Borio. I am not sure...

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3/10/18: Dumping Ice bags into Overheating Reactor: Bonds & Stocks Bubbles

Wading through the ever-excellent Yardeni Research notes of recent, I have stumbled on a handful of charts worth highlighting and a related blog post from my friends at the Global Macro Monitor that I want to share with you all.Let's start with the stark warning regarding the U.S. Treasuries market from the Global Macro Monitor, accessible here: https://macromon.wordpress.com/2018/10/03/alea-iacta-est/.  To give you my sense from reading this, two quotes with my quick takes:"Supply...

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As Seen On Forbes: The Market Bubble Helped Goldman Fix Its Image

As seen on Forbes by RIA’s Jesse Colombo: “Goldman Has Rehabbed Its Reputation And All It Took Was This Huge Bubble“: During the Global Financial Crisis and a few years after it, investment bank Goldman Sachs became Public Enemy #1 for its role in the mid-2000s housing bubble, mortgage crisis, and related scandals. The bank took on a reputation as a “great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.” In the...

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