The biggest source of alpha is knowing when you're unlikely to have alpha
Where volatility transfers wealth
On monster grants, $1/year salaries, performance hurdles, and more
Bond vigilantes, corners, and bearers of bad news
It's useful to measure poverty, but its connotation is more stable than its denotation
People don't just happen to hate economically efficient taxes: they hate them for the reasons they're efficient
How do two companies work together when neither has a meaningful second-best option
It isn't quite the same thing as risk, but only in an inefficient market
A low cost to copy and arbitrary price discrimination makes it a tricky quasi-commodity
Policy can't trick, but it can persuade
