The title of this post is the actual title of a paper published by Farhi, E. et al.* The paper is a challenge to understand by lay readers; it provides technical information to engage experts.
In its July 30, 2020 edition, under the title A lost asset, the respected publication The Economist wrote an article about Emmanuel Farhi’s brilliant career.
Farhi recently died at age 41.
The scholars and academics among our members might be interested in reading the entire 8,000-word paper. The rest of us could simply spend a few minutes with it to appreciate the depth of knowledge that academics bring to a subject.
Our disclaimer below mentions the fact that we bring compressed investment convictions to our members. By following our methods, our members have outperformed over 90% of portfolios over the last two decades. They would likely continue to do so.
Understanding Farhi’s paper, even memorizing it fully, will not generate better returns.
*Caballero, Ricardo J., Emmanuel Farhi, and Pierre-Olivier Gourinchas. 2017. “The Safe Assets Shortage Conundrum.” Journal of Economic Perspectives, 31 (3): 29-46.
The Monday Morning Millionaire Program was designed to offer compressed investment convictions. Over the last two decades, the program has outperformed over 90% of portfolios including professionally managed ones.
The program does not provide any investment advice or endorsements.
With fewer than 300 words, members can read this post in less than five minutes. Following and studying the links imbedded in these posts would take longer. How members manage a post depends on their level of interest and investing knowledge.