GARP
- 18th Risk Management Convention (Theme is “Connectivity and Stability”) will happen on March 7th and 8th in New York https://www.garp.org/#!/risk-convention
- How someone with quantitative background can pass FRM part one in a month (A rich man's guide) https://www.linkedin.com/pulse/how-someone-quantitative-background-can-pass-frm-part-sarfo “On the sixth day use Bionic Turtle’s basic package to review the topics you studied for in that week. BT study notes are concise and to the points and they give a review questions for each chapter to guide you to have some hands-on practice on some few questions to keep the stuff in your brain.”
- Cyber Education for Directors Gets Formal (The National Association of Corporate Directors seeks to fix a widely acknowledged governance deficit with a Carnegie Mellon-affiliated cybersecurity certification program) http://www.garp.org/#!/risk-intelli...EAK/cyber-education-for-directors-gets-formal Update signups here https://www.nacdonline.org/CyberCertificate
- Embezzlement in Plain Sight (Insider crimes often occur where least expected, a Hiscox study shows, and their costs are not measured only in dollars) http://www.garp.org/#!/risk-intelligence/detail/a1Z40000003KPmiEAG/embezzlement-in-plain-sight Report is here http://trtl.bz/hiscox-embezzlement
- Reward Trumping Risk? Japan’s Negative Interest Rates and the Resulting Fallout http://www.garp.org/#!/risk-intelli...pan-negative-interest-rates-resulting-fallout
- U.S. Chamber of Commerce Takes on the Arbiters of Systemic Risk http://www.garp.org/#!/risk-intelli...commerce-takes-on-arbiters-of-systematic-risk
- The Wells Fargo “Staff Scam”: More questions and fewer answers https://normanmarks.wordpress.com/2...-staff-scam-more-questions-and-fewer-answers/
- Wells Fargo to Eliminate Product Sales Goals, Aiming to Rebuild Trust (After last week’s firestorm over alleged cross-selling, CFO John Shrewsberry says the bank is spending additional $50 million a year to monitor sales tactics) http://www.wsj.com/articles/wells-fargo-cuts-all-sales-goals-as-it-seeks-to-rebuild-trust-1473766077
- What you need to know if you were harmed by Wells Fargo (by CFPB) http://www.consumerfinance.gov/about-us/blog/what-you-need-know-if-you-were-harmed-wells-fargo/
- How Regulation Failed with Wells Fargo http://www.newyorker.com/business/c...-points-to-the-failure-of-regulation?mbid=rss
- How Wells Fargo’s High-Pressure Sales Culture Spiraled Out of Control http://www.wsj.com/articles/how-wel...es-culture-spiraled-out-of-control-1474053044
- BIS Quarterly Review, September 2016 https://www.bis.org/publ/qtrpdf/r_qt1609.htm
- Fed Proposes Ban on Merchant Banking, a Practice With Little Risk http://www.nytimes.com/2016/09/14/b...hant-banking-a-practice-with-little-risk.html
- The Collapse of Lehman Revisited: Eight Years of Progress Toward a Stronger Economy and Financial System http://trtl.bz/dept-us-treasury-dodd-frank-at-six-years Here is the report (”Dodd-Frank at six Years, Reforming Wall Street and Protecting Main Street”) http://trtl.bz/2cPhxri
- Banks should hire McKinsey, says McKinsey http://ftalphaville.ft.com/2016/09/15/2174986/banks-should-hire-mckinsey-says-mckinsey/ Here is their report http://trtl.bz/2cX1BFb
- Deutsche Bank Tumbles as DoJ Claim of $14 Billion Rebuffed https://www.bloomberg.com/news/arti...asked-to-pay-14-billion-in-u-s-probe-wsj-says “Germany’s largest lender confirmed that it had started negotiations with the Justice Department to settle civil claims over the bank’s issuing and underwriting of residential mortgage-backed securities from 2005 to 2007. The Wall Street Journal reported the $14 billion claim on Thursday. Bank of America Corp. paid $17 billion to reach a settlement in a similar case in 2014, the biggest such accord to date. Goldman Sachs Group Inc. agreed to a $5.1 billion settlement with the U.S. earlier this year, including a $2.4 billion civil penalty and $875 million in cash payments, to resolve U.S. allegations that it failed to properly vet mortgage-backed securities before selling them to investors as high-quality debt. The settlement included an admission of wrongdoing.”
- Retail Banks Ain’t What They Used to Be http://www.marketplace.org/2016/09/13/world/retail-banks-aint-what-they-used-be
- It Might Take Longer Than You Think For The Future Of Banking To Arrive (How long until blockchain technology makes banking faster?) https://www.fastcompany.com/3063746...you-think-for-the-future-of-banking-to-arrive
- Bank Risks and Bond Systems by Matt Levine https://www.bloomberg.com/view/articles/2016-09-16/bank-risks-and-bond-systems
- The John Bogle Expected Return Formula http://awealthofcommonsense.com/2016/09/the-john-bogle-expected-return-formula/
- The VIX and its derivatives http://voxeu.org/article/vix-and-its-derivatives
- S&P 500 Gets Its First New Sector Since the Dot-Com Era [Real Estate] http://www.wsj.com/articles/real-estate-gets-its-own-home-in-the-s-p-500-1474018202
- The Perils of the Ultra-Long View on Bonds https://www.bloomberg.com/view/articles/2016-09-15/the-perils-of-the-ultra-long-view-on-bonds
- The alchemists who turn negative bond yields into profit (Canny investors can make the most of the dollar rise offsetting the yen loss) https://www.ft.com/content/e82b8210-79c0-11e6-97ae-647294649b28
- Leverage ratio emerging as crux of post-post-crisis reform https://www.bloomberg.com/enterprise/blog/leverage-ratio-emerging-crux-post-post-crisis-reform/ “Yet just as many consider a leverage requirement as too simple, so critics view risk-based requirements as too lax, arguing it leaves the process open to gaming by institutions. Far from fading after the financial crisis, the tug-of-war between leverage vs. risk-based requirements has only gained steam in the post-reform era.”
- When Diligence is Not Given its “Due” http://blog.volkovlaw.com/2016/09/diligence-not-given-due/ “A due diligence inquiry of a potential third party is not a one time review – in fact, risk management requires continuous monitoring and assessment of third parties starting with the onboarding, operations, renewals, and other important times needed to review a third party’s operations. Viewed in this context, third party due diligence is actually a continuous risk management loop that repeats itself over time.”
- Are Investors More or Less Willing to Take on Risk After a Big Money Loss? (It depends on whether the previous financial loss was a real one or a paper one, a new analysis suggests) http://www.wsj.com/articles/are-inv...ake-on-risk-after-a-big-money-loss-1473645722
- At the Intersection of Insurance and Flood Risk http://www.brinknews.com/at-the-intersection-of-insurance-and-flood-risk/
- The odds of human extinction, “mother of all tail risks” http://ftalphaville.ft.com/2016/09/12/2174613/the-odds-of-human-extinction-mother-of-all-tail-risks/
- Investors Flee Heavily Indebted Mongolia (Once a market darling, high-yielding, commodity-rich nation turns into pariah) http://www.wsj.com/articles/investors-flee-heavily-indebted-mongolia-1473634125
- Oceans Are Absorbing Almost All of the Globe’s Excess Heat http://www.nytimes.com/interactive/2016/09/12/science/earth/ocean-warming-climate-change.html
- Louisiana's Extreme Rainfall Isn't So Rare Anymore (According to NOAA, climate change has as much as doubled the odds for the kind of heavy downpour that flooded parts of the Central Gulf Coast) http://www.citylab.com/weather/2016...-rare-anymore-thanks-to-climate-change/499643
- Companies Might Have to Disclose Their Carbon-Related Risks (New regulations could require firms to disclose risks tied to climate change) http://www.wsj.com/articles/companies-might-have-to-disclose-their-carbon-related-risks-1473820113
- Wall Street’s Insatiable Lust: Data, Data, Data http://www.wsj.com/articles/wall-streets-insatiable-lust-data-data-data-1473719535
- A Technical Primer On Causality https://medium.com/@akelleh/a-technical-primer-on-causality-181db2575e41#.2orwewb96
- How I Rewired My Brain to Become Fluent in Math (The building blocks of understanding are memorization and repetition) http://nautil.us/issue/40/learning/how-i-rewired-my-brain-to-become-fluent-in-math-rp “The problem with focusing relentlessly on understanding is that math and science students can often grasp essentials of an important idea, but this understanding can quickly slip away without consolidation through practice and repetition.” Barbara Oakley teaches “Learning How to Learn,” a fun and informative course that I took two years ago and that I very much enjoyed; it is one of Coursera’s most popular courses ever https://www.coursera.org/learn/learning-how-to-learn
- Going Deeper into Regression Analysis with Assumptions, Plots & Solutions https://www.analyticsvidhya.com/blog/2016/07/deeper-regression-analysis-assumptions-plots-solutions/
- Susan Athey on Machine Learning, Big Data, and Causation http://www.econtalk.org/archives/2016/09/susan_athey_on.html Great podcast, recommended! Here is her paper “The State of Applied Econometrics - Causality and Policy Evaluation” by Susan Athey and Guido W. Imbens (July 2016) http://trtl.bz/2cFfsyH
- Why IRR Is The Most Important VC Performance Metric (That’s Also Nearly Impossible To Use) https://mattermark.com/irr-important-vc-performance-metric-thats-also-nearly-impossible-use/
- Everything You’ve Ever Wanted To Know About VC Returns (But Were Afraid to Ask) https://mattermark.com/about-venture-capital-returns-valuations/
- Gini-Type Measures of Risk and Variability: Gini Shortfall, Capital Allocations, and Heavy-Tailed Risks http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2836281
- What can you learn from Exposure [Magazine]? http://www.rms.com/blog/2016/09/09/what-can-you-learn-from-exposure/ “… we have created a new magazine called Exposure, which is ready for you to download. The aim of Exposure magazine is to bring together topics of special interest to catastrophe and risk management professionals, and recognize the vast area that individuals involved in risk management must cover today. There is also a theme that we believe unites the risk community, and that is the belief that ‘risk is opportunity,’ and the articles within Exposure magazine reflect that this is a market seeking to avoid surprises, improve business performance, and innovate to create new opportunities for growth.” Here is the 13 page issue http://trtl.bz/exposure-mag-0831
- How 'Superforecasters' Think About the Future https://www.bloomberg.com/view/articles/2016-09-14/how-superforecasters-think-about-the-future
- Book Review: Environmental Finance and Investments https://blogs.cfainstitute.org/inve...review-environmental-finance-and-investments/
- The CFA Institute’s Claritas has changed names and it now called the “CFA Institute Investment Foundations” (https://www.cfainstitute.org/programs/claritas/Pages/index.aspx). In a huge shift and epic gift, the institute has made the course of study FREE to read! We uploaded the chapters to the Resources section https://forum.bionicturtle.com/resources/categories/cfa-investment-foundations-certificate.15/
- What are the GIPS [Global Investment Performance] standards? http://www.longspeakadvisory.com/what-are-the-gips-standards/
- Point http://a16z.com/2016/09/13/point/ Fascinating business concept!
- Securitization accounting: Tenth edition (A new update on the landscape of securitization) http://www2.deloitte.com/us/en/pages/risk/articles/securitization-accounting-insights.html This was published in February but I just noticed it http://trtl.bz/2cAOUN5
- 16 Definitions on the Economics of VC http://a16z.com/2016/09/11/vc-economics/ “Today, VC firms exist by the grace of limited partners (LPs) who invest some of their own funds into specific VC funds. They do this because as part of their desire to maintain a diversified portfolio, VC is intended to produce what investment managers refer to as alpha — excess returns relative to a specific market index.”
- What investors should know about R star http://blogs.ft.com/gavyndavies/2016/09/11/what-investors-should-know-about-r-star/ “Conceptually, it is a fairly straightforward idea. R* is the real short term interest rate that would pertain when the economy is at equilibrium, meaning that unemployment is at the natural rate and inflation is at the 2 per cent target.”
- There is no r* http://www.philosophyofmoney.net/there-is-no-r/
- Survivorship Bias Explained http://awealthofcommonsense.com/2016/09/survivorship-bias-explained/ “Long Term Capital Management is a perfect example of how hubris can derail even the most brilliant of investors.”
- Companies Move to Reprice Employees’ Stock Options (Stock-option exchanges surged in popularity during market busts, when many options became underwater) http://www.wsj.com/articles/companies-move-to-reprice-employees-stock-options-1473721243
- The Swiss and negative rates: how is the experiment going? https://www.ft.com/content/bcc092fc-7743-11e6-a0c6-39e2633162d5
- Paradise Lost: Why the Good Times Are Over for Global Bonds http://www.wsj.com/articles/paradise-lost-why-the-good-times-are-over-for-global-bonds-1473857231
- Fairness Opinions: Fix them or Flush them! http://aswathdamodaran.blogspot.com/2016/09/fairness-opinions-fix-them-or-get-rid.html
- CorpGov Roundup: Key Issues Facing Boards in EMEA and Countries Review Corp Gov Codes https://blogs.cfainstitute.org/mark...-in-emea-and-countries-review-corp-gov-codes/
- Cognitive bias cheat sheet (Because thinking is hard) https://betterhumans.coach.me/cognitive-bias-cheat-sheet-55a472476b18#.4m94657hy
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