• The Undying Debt
    • “The French government currently honors a very unusual debt contract: an annuity that was issued in 1738 and currently yields C1.20 per year.”
  • Newton’s Speculations
    • “This paper presents extensive new evidence that while Newton was a successful investor before this event, the folk tale about his making large gains but then
      being drawn back into that mania and suffering large losses is almost certainly correct. It probably even understates the extent of his financial miscalculations.”
  • Early Venture Capitalists
    • “When they ran out of bodies, they drew lots to decide whom to shoot and eat. Only five of the 17 were eventually rescued. By then, they were so delirious that they did not understand what was happening.”
  • MPT & British Empire
    • “We examine the set of investment opportunities available to British investors, the developments in information transmission technology, and advances in financial and investment theory at the time. We use mean-variance optimization techniques to take into account the risk and return characteristics of domestic and international investments available to a British investor, and to quantify the benefits from international diversification.”