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The roots of deglobalisation
I believe that heightened tensions with China and the supply chain disruptions of recent years will not lead to a period of deglobalisation. Rather, I…
Mar 28
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Joachim Klement
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The roots of deglobalisation
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What if it never happened?
Finance suffers from a replication crisis and it is well known that once a market anomaly has been described in the academic literature it tends to…
Mar 27
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Joachim Klement
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What if it never happened?
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The Trading Game
One of the early highlights in Gary Stevenson’s book “The Trading Game” is the description of how he won a trading game organised by Citigroup to land a…
Mar 26
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Joachim Klement
19
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The Trading Game
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Want to know which stocks I like?
Hi everyone I have a special announcement to make. I have been invited to write a couple of opinion pieces for Marketwatch. If you are interested more…
Mar 25
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Joachim Klement
15
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Want to know which stocks I like?
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Pricing climate risk
I have been writing about the outperformance of ‘green’ stocks vs. ‘brown’ stocks a long time ago and by now this green-minus-brown return difference…
Mar 25
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Joachim Klement
11
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Pricing climate risk
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Framing matters: Inequality edition
Most of us know that how you look at a problem influences how you assess it and what solutions you prefer. This framing effect can easily be shown by…
Mar 22
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Joachim Klement
20
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Framing matters: Inequality edition
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Memories of (dis)inflation
It’s by now a well-established finding that lifetime experiences of inflation shape our attitudes toward inflation and financial decisions more…
Mar 21
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Joachim Klement
16
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Memories of (dis)inflation
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Is the Fed losing its independence?
It is Fed Day (again) and the Fed will continue to monitor the path of inflation and set its interest rate target accordingly. One thing the Fed is not…
Mar 20
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Joachim Klement
15
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Is the Fed losing its independence?
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Persistence > performance
Earlier in the year, I showed the chart of analyst forecasts and how they struggle to get even the direction of equity returns (positive or negative…
Mar 19
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Joachim Klement
15
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Persistence > performance
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Home bias everywhere
We all know about home bias in investing, the tendency of investors to prefer domestic over foreign investments. But this familiarity bias isn’t just…
Mar 18
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Joachim Klement
10
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Home bias everywhere
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A waste of time and money
I am no fan of influencers. The last time I wrote about them I got some stick for calling them talent-free people with fewer brain cells than the money…
Mar 15
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Joachim Klement
14
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A waste of time and money
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Why quality stocks perform so well
In the smart beta world, companies with high profitability are often called ‘quality stocks’ as opposed to ‘junk stocks’ that are loss-making or have…
Mar 14
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Joachim Klement
17
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Why quality stocks perform so well
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