Demographics is Destiny

They say demographics is destiny, and they aren’t wrong. But that doesn’t mean we can just buy and sell stocks according to the flows of demographic change–the world is much more complicated! To incorporate demographics in a financial analysis, we need to think beyond buying and selling. We need to get multidimensional.

How Leverage Boosts Returns–and Risk

Leverage is best thought of as a kind of non-riskless liquidity that depends on credit availability. Not enough credit, bets are limited; too much credit, bets can quickly turn against one. The solution to this for most retail investors is simply not to invest on...