Attempted DeLong Smackdown Watch
Hoisted from Comments: Daniel Davies writes:
Daniel Davies: Brad mate, a 1992 article about the structure of the money management industry is pretty dangerously out of date...
How so? People are still confusing two thing with having alpha:
- being overleveraged
- holding portfolios that are massively short implicit out-of-the-money puts
There is indeed little new under the sun...
