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Christmas

It is Christmas once again, and across the world people will take a day - or longer - off work to spend time...

Balance sheets understate the scale of complexity in the financial system

JPMorgan and Deutsche Bank account for about 20 per cent of total global derivatives exposure. The risks associated with these exposures are largely netted out. But how well? Your guess is as good as mine, and probably not much worse than those in charge of these institutions.

To assess value it’s wise to escape the market crowd

The belief that an aggregate of casual opinions provides a better process of value discovery than a flow of informed judgment through close engagement by investors, is an article of faith rather than a matter of empirical evidence.

More Rembrandts than art dealers please

The National Trust announced that a painting of a raffish Dutch gentleman wearing a white feathered hat, on display at Buckland Abbey in Devon, is in fact a self-portrait by Rembrandt, worth £30m. But who created that £30m value, and when?

Why mean outcomes are often meaningless

There is never such a thing as a single true and fair view, only a range of possible outcomes. To assess a value from the mean outcome is as meaningless as the observation that the average person has 1.99 legs.

Philistines may carp but scientists should reach for the sky

Anthropology helps us understand the world, in ways that are helpful whether we are talking about the internal contradictions of communism or the pathologies of financial crises.

They may not find a Jobs – but Pisa tests lean...

To say comparisons of academic performance are always imperfect and open to revision is not to say they cannot be made at all.

Why London homes remain affordable – it is the buyers who...

The monetary rewards attached to different occupations and social positions change from one period of history to another. The houses remain, the backgrounds of their occupants change.

A currency is anything that two people agree is a currency

Money is a confidence game; its value depends entirely on the willingness of other people to accept it.

The market is not the best place to set a fair...

What happened at Enron, and in the banks, was that trading assets were marked to values that had been established not by people who knew about the contracts or the loans, but by the biased and ill-informed assessments of the traders.

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