The superior performance of the financial services sector in the years leading up to the credit crisis was almost entirely due to luck rather than skill – and banks increasingly gambled on luck in an effort to keep up with their peers, a senior Bank of England official said.
Bank profits were due to ‘luck, not skill’
Small Lessons from a Big Crisis, Andrew G Haldane, BofE
The Bank of England does it. The Bank of Japan does it. So why can’t the Fed do it? Ben Bernanke spent the afternoon arguing before a House committee that ... [Link]
As the slow-motion train wreck which was Lehman Brothers unfolds once more before our eyes, if not in the pages of our mainstream media—who continue to proclaim against all available ... [Link]
Chers lecteurs, mon temps et mon énergie sont comptés et j'ai envie de parler de trois sujets, mais ne peut dans l'immédiat en traiter qu'un. Quelles sont vos préférences? J'hésite ... [Link]
Unlike most people who analyze investments, I think there are periods of time where domestic long-only investors may be consigned to low or even negative returns. As investors, we are ... [Link]
Tomorrow I will head for the Kauffman Foundation Economic Bloggers Forum. The program is very interesting and includes many panelists whom I frequently cite. I look forward to meeting and ... [Link]
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