Jack’s Links

Fresh links are back in your eyedrums.

  • Controversial investments generally yield positive abnormal (risk-adjusted) returns using the Carhart four-factor model (beta, size, value and momentum). Screening them out produces suboptimal financial performance.
  • Scott Sumner has a post on free lunches: This is something that intelligent people shouldn’t have to be constantly reminded about, but alas, it is. Please keep in mind, everything needs to be paid for, and if you give something away for free, people will consume more of it than is efficient. See: water subsidies in California.

nearly 90% were in favor of making college free for students from lower income families

  • Speaking of terrible California policies, a blog from Alex Tabarrok on house prices and land use: the numbers really speak for themselves here, but I can never get over how the people who want affordable housing for everybody are the same people who turn around and push for zoning and regulation when it comes to building.

tokyo

 

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