Efficient Frontier
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William J. Bernstein

Links of the Month

A Fama-French Trilogy of Working Papers

Few processes are as critical to free market capitalism as the provision of capital to new enterprises; the nature, returns, and risks of these enterprises lie at the core of our economic system. A recent trio of papers from Fama and French speak to these issues:



A New Book by Kotlikoff and Burns

I normally don't go in for doom and gloom, but The Coming Generational Storm by economist Larry Kotlikoff and finance writer Scott Burns should be on every citizen’s bookshelf. The health and income needs of the baby boomer generation—the "pig in the python"—are going to soon tear through our society’s social fabric like a razor through silk, and it’s only a matter of time before the younger folks paying the bills throw up their hands and say "enough!"

Kotlikoff and Burns are equal-opportunity offenders, sparing neither Democrats, who never saw a social welfare scheme they didn’t like, nor beast-starving Republicans. Both authors are genuinely funny men; there are points in the book where you won’t know whether to laugh or cry. Buy it, read it, and enjoy it. You'll be informed and forearmed.

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