I often quote Po’s line from the movie “Kung Fu Panda”: There is no secret ingredient. Every time there’s a major market crash, there’s someone out there who called it coming and ended up making a fortune. And inevitably, that person never duplicates the feat. In the 1987 crash, it was Elaine Gazarelli. She called… [Read More]
Blog
Felix Salmon, Thomas Friedman, and 401(k) plans
Last week, Thomas Friedman wrote a breathy column for the New York Times about how it’s a 401(k) world. The idea being that just as we have responsibility for our own retirement funds – which is good for some people – we have responsibility for more of our careers – which is also good for… [Read More]
Money Smart Week: Just save already, darn it
Money Smart Week has come to an end. The goal is great: to get people handling their money more responsibly. After all, money represents hours of work, and you should use your time for things you want and need. The key to financial security is to live on less money than you make, then get… [Read More]
Money Smart Week: Money, careers, and literature
This semester, I’m teaching a class at UIC on business, finance, and American culture. It’s a lot of fun to teach, and (I think) the students get a lot out of it. The class has started making their final presentations, and the first batch was really good. Three of the books assigned are The Jungle,… [Read More]
Money Smart Week: Cash flow versus return
I know about finance from several perspectives. I have a traditional academic background and teach traditional corporate finance (efficient markets, rational actors, time value of money). I worked for an investment company and two investment bank, so I have a real-world perspective (people are irrational, bubbles and crises are more common that you might think.)… [Read More]
