· Brain Scans of Traders Show Link Between Lust for Sex and

Money

o http://www.michaelcovel.com/archives/000683.html

· Defining Risk by Glyn Holton

o http://www.riskexpertise.com/papers/risk.pdf

· Aristotle on Investment Decision Making by Abby Joseph

Cohen

· Dividends and the Frozen Orange Juice Syndrome by Peter

L. Bernstein

· Warren Buffet on Risk (bottom of page 6 through top of

page 12 from Berkshire Hathaway’s 2001 Annual Report)

o http://www.berkshirehathaway.com/2001ar/impnote01.html

· The Adaptive Markets Hypothesis: Market Efficiency from an

Evolutionary Perspective by Andrew W. Lo (this is really a
readable articles and an extremely good one)

o
http://web.mit.edu/alo/www/Papers/JPM2004.pdf#search='the%2
0adaptive%20markets%20hypothesis'

· The Early History of Portfolio Theory: 1600-1960 by Harry

Markowitz

o Slide version of his paper

§
http://www.business.uts.edu.au/qfrc/conferences/ppfim/download
s/harrymarkowitz_slides.pdf#search='the%20early%20history%2
0of%20Portfolio%20Theory'

· Normal Investors, Then and Now by Meir Statman

o
http://lsb.scu.edu/finance/faculty/statman/articles/normal%20inve
stors%20090704.pdf#search='the%20early%20history%20of%20
Portfolio%20Theory'

· Faces of Change: “These 30 People, through their ideas and

research, made huge contributions to the way money managers,
institutional investors and pension funds do business” from
Pensions and Investments October 27, 2003

· Seeking Return in a Low Return Environment by Richard

Meagher

· Estimating the Stock/Bond Risk Premium by Lacy Hunt

· The Economics of Short-Term Performance Obsession by

Alfred Rappaport

o
http://www.expectationsinvesting.com/TCO/EconomicsofShortTer
m.pdf#search='The%20Economics%20of%20ShortTerm%20Perfo
rmance%20Obsession'

· Determinants of Portfolio Performance-20 Years Later by L.

Randolph Hood

· Alpha Hunters and Beta Grazers by Martin Leibowitz

· Field of Investment Dreams (author uses baseball as

example of difficulty in using statistics to uncover talent) by FRP
Research

· Timeless Wisdom by John Bogle (the founder of Vanguard

and a major advocate for index mutual funds)

· Cut Your Gains by Warren Buffet

o
http://money.cnn.com/2006/03/05/news/newsmakers/buffett_fortu
ne/

· “The Arithmetic of Active Management” and “The Parable of

the Money Managers” by William F. Sharpe
o http://www.stanford.edu/~wfsharpe/art/active/active.htm

o http://www.stanford.edu/~wfsharpe/art/parable/parable.htm

· Invest in Businesses, Not Stocks by H. Bradlee Perry

· What’s Up with the Stock Market? By Jeremy Grantham from

the Greenwich Roundtable Quarterly (Vol. 2, #1, 2005)

· Global Macro Strategies by Dan Tapiero from the Greenwich

Roundtable Quarterly (Vol. 2, #1, 2005)

· Global Macro Strategies by Ray Dalio from the Greenwich

Roundtable Quarterly (Vol. 2, #1, 2005)

· What’s Wrong with Investment Performance by David

Babson

· Blinded by Theory? By Robert Arnott

o
http://www.rug.nl/economie/faculteit/medewerkers/SalomonsR/Ar
nott2004.pdf?as=pdf

o A slide version of hits paper:

§
http://www.cqa.org/uploads/papers/182170405141582057aae75.
ppt

· Demographics and Capital Market Returns by Rob Arnott

and Anne Casscells

o
http://www.researchaffiliates.com/pubs/pdf/demographics109591
6261.pdf#search='demographics%20and%20capital%20market
%20returns'

· Out of Step – Out of Money by H. Bradlee Perry

· Determining the Equity Risk Premium by Peter Bernstein

o See File 01 Attached

· The Equity Risk Premium by Barclays Bank

o See File 02 Attached

· Ditch the “Experts”; Grading Pundits and Prognosticators:

More Famous = Less Accurate from Fortune Magazine, February
6, 2006

· Total Integrated Risk Management: Insurance Elements by

John Mulvey, Salvatore Correnti and John Lummis

· What Risk Premium is Normal by Robert Arnott and Peter

Bernstein

o See File 03 Attached

· Bubble, Rubble, Finance In Trouble by Andrew W. Lo

o
http://www.alphasimplex.com/Papers/paper3.pdf#search='bubble
%2C%20rubble%2C%20finance%20in%20trouble'

· Emotions Still Run Wild by H. Bradlee Perry

· The Talent Myth: Are Smart People Overrated? Parts I and II

from David L. Babson & Company

· Popularity Is Still Perilous by from David L. Babson &

Company

· Risk – By Any Other Name by Michael Farrell

· Compound Interest: Timeless miracle of Time by Edwin

Everett

· Making Sense of Market Unpredictability by Edwin Everett

· The Great Disruption – Part II by Clayton Christensen,

Thomas Craig and Stuart Hart
· Living Legends: Words from The Wise moderated by Charley
Ellis

· The Behavioral Connection (Exploring the Connection

Between technical Analysis and Behavioral Finance) by Stephen
Brown and Hype and Algorithms by Nancy Opiela

· Rethinking the Rational Man (Is Modern Portfolio Theory Just

a Special Case with limited Significance?) by Susan Trammell

· The Biggest Mistakes We Teach by Jay Ritter

o
http://bear.cba.ufl.edu/ritter/work_papers/mistake.pdf#search='T
he%20Biggest%20Mistakes%20We%20Teach'

· Why Logic Often Takes a Backseat (The Study of

Neuroeconomics May Topple the Notion of Rational Decision-
Making) by Peter Coy

o
http://www.businessweek.com/magazine/content/05_13/b392609
9_mz057.htm

· The Fortune Tellers by Howard Kurtz

· Determinants of Portfolio Performance by Brinson, Hood and

Beebower (this is a classic and often referenced article in finance)

o
http://www.ivtb.nl/artikelen/DeterminantsofPortfolio.pdf#search='
Determinants%20of%20Portfolio%20Performance'

· The Myth of the Absolute-Return Investor by Barton Waring

and Laurence Siegel

· Derivatives Can Be Hazardous to Your Heath: The Case of

Metallgesellschaft by Franklin Edwards

o
http://www2.gsb.columbia.edu/faculty/fedwards/papers/Derivativ
esCanBeHazardous.pdf

· The Collapse of Metallgesellschaft: Unhedged Risks, Poor

Hedging Strategy, or Just Bad Luck? By Franklin Edwards and
Michael Canter

o
http://www2.gsb.columbia.edu/faculty/fedwards/papers/The_Colla
pse_of_Metallgescellschaft.pdf

· A Retrospective on Five Essential Truths from The Babson

Staff Letter

· “From Stock Selection to Portfolio Alpha Generation: The

Role of Fundamental Analysis” (Excellent article on how the true
pro’s invest in stocks)

o
http://www0.gsb.columbia.edu/ceasa/policy/ceasa_roundtable.pdf

· Note the next several are from “Efficient Frontier: An Online

Journal of Practical Asset Allocation”:

· Excellent collection of articles by William Bernstein, “Only

Two Centuries of Data”, When Risk and Return Become the
Same”, Efficiency, Rationality, and Arbitrage”, and “Of Markets,
Economies, and Populations”

o
http://www.efficientfrontier.com/ef/402.pdf#search='Only%20Two
%20Centuries%20of%20Data'

· Excellent collection of articles by William Bernstein, “How

Much Pie Can You Buy?”, “Riding for a Fall”, “Of Risk and Myopia”,
“So Long Valhalla, Hello Risk Premium”, and “Cowards’ Update”

o
http://www.efficientfrontier.com/ef/102.pdf#search='How%20Muc
h%20Pie%20Can%20You%20Buy'

· Excellent collection of articles by William Bernstein, “The

ETF vs. Open-End Index-Fund Shootout”, “The Societal Risk
Premium”, “The Retirement Calculator from Hell. Part III: Eat,
Drink, and Be Merry”, and “The Changing Landscape of Factor
Investing”

o
http://www.efficientfrontier.com/ef/901.pdf#search='The%20ETF
%20vs.%20OpenEnd%20IndexFund%20Shootout'

· “The Relentless Rules of Humble Arithmetic”, Remarks by

John C. Bogle, Founder and Former Chairman, The Vanguard
Group. Financial Analysts Journal; November/December 2005

o http://www.vanguard.com/bogle_site/sp20060101.htm

· “Rubble Logic: What Did We Learn from the Great Stock

Market Bubble?” by Clifford Asness

· Capital Ideas: From the Past to the Future” by Peter

Bernstein (a good updated summary of his famous “Capital
Ideas” book from the early 1990s)

· “Perspectives on the Equity Risk Premium” by Jeremy Siegel