May 2, 2014
"If you sit in enough presentations from fund managers, it becomes obvious that, public industry statements notwithstanding, in many instances the mutual fund business (and the small investor) is being used as the cash cow that subsidizes the institutional business."

The Mutual Fund Observer, May 2, 2014.

March 26, 2014
"The costs of financial intermediation are excessive. But dispensing with knowledgeable intermediation completely is not, for most people, a good idea either."

Financial Times on crowdfunding. My stories, previously, at on product and debt funding. 

December 19, 2013
Bitcoin or not: Are virtual currencies the real deal?

April 22, 2013

My appearance in February on The ETF Store Show—a radio program produced by the ETF Store in Kansas City, Mo., on ESPN 1510, fulfilling my dream of following Mike & Mike on air. 

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April 20, 2013
Prior Art

For those (few) of you who follow my blog, it’s been quite a while since I’ve caught up on articles published elsewhere. So, this first post will just include links to some recent stories from Pensions & Investments and The Wall Street Journal

Hot market, ETF popularity hurting securities lending (sub) - This article took a look at the somewhat controversial area of securities lending, including pension funds that moved into ETFs for the additional income from lending. As ETFs increased in both assets and liquidity, demand to borrow dropped and had some funds reconsidering. ETFs also lend their underlying securities, a topic I covered in 2011.

Institutions’ resistance to active ETFs may ease (sub) - During the 20th anniversary celebration for SPY, many people began to ask the next question…when will active ETFs take hold? To truly catch on, it will take institutional-level faith in the product and, perhaps, a less transparent vehicle. Money-market mutual fund reform, however, could turn institutions and corporations to ultra-short active ETFs (which I during the 2012 hearings). 

Firms Try Varied Designs to Add ETFs - As asset managers look for more cost-efficient ways to offer their strategies across platforms, they have honed in on a few alternatives to launching entirely separate investment companies.

Qwafafew: Quants and Quaffs - On the lighter side, I worked with Rachel Louise Ensign on this amusing story about a group of quantitative analysts and their regular gatherings in New York and around the U.S.

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