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For this week’s episode (our longest to date), we get together with the legendary Professor Campbell R. Harvey and take a deep dive into a diverse range of topics that draw on his incredible breadth of knowledge and extensive research. Campbell is the Professor of International Business at Duke University and is also a Research Associate at the National Bureau of Economic Research. In 2016 he served as the President of the American Finance Association, and from 2006 to 2012 he occupied the incredibly demanding role of Editor for the Journal of Finance. One of his earliest achievements was identifying the inverted yield curve’s ability to predict a recession, a highly regarded metric that is near-ubiquitous in its implementation. For the first half of our conversation, we focus on his research in areas like skewness and emerging economies. We cover specific topics like the factor zoo, why it’s problematic, and how Campbell, along with his student Yan Lui, found through their research that approximately half of the published empirical research in finance at the time was, in fact, false. We also unpack his most downloaded paper entitled The Golden Dilemma and get into the intricacies of why gold is an unreliable inflation hedge. For the latter half of our conversation, we hear about Campbell’s latest book DeFi and the Future of Finance along with his most recent research. Discover how Campbell first became interested in the topic several years ago and decided to put together a course for his students. We also delve into the rise of decentralized finance (DeFi) and how we can expect it to shape global finance, trading, and the future of the internet. Join us today for this essential episode on everything from the pitfalls of academia, to emerging markets, to Bitcoin, and much more!
Books From Today’s Episode:
DeFi and the Future of Finance - amzn.to/3EL5x63
Links From Today’s Episode:
Rational Reminder on iTunes - itunes.apple.com/ca/podcast/t.... Rational Reminder Website - rationalreminder.ca/
Shop Merch - shop.rationalreminder.ca/
Join the Community - community.rationalreminder.ca/
Follow us on Twitter - / rationalremind
Follow us on Instagram - @rationalreminder
Benjamin on Twitter - / benjaminwfelix
Cameron on Twitter - / cameronpassmore
'The Variation of Economic Risk Premiums' - www.jstor.org/stable/2937686
'Conditional Skewness in Asset Pricing Tests' - Conditional Skewness in Asset Pricing Tests on JSTOR
'… and the Cross-Section of Expected Returns' - faculty.fuqua.duke.edu/~charv...
'The Golden Dilemma' - www.nber.org/system/files/wor...
Пікірлер: 29
This is the best talk on the topic and on the whole podcast I've seen so far!!! This man is incredible!
Outstanding interview and guest! Great work guys!!
Dear Ben+Cameron, I have been listening to your podcast for the past year now and have found the content to be highly educative and profoundly interesting. The guest you manage to bring to your show are truely experts of their field. Thank you for this amazing opportunity to learn. Your podcasts are amongst my favorite things I look forward to on my weekend! Also, I wanted to drop you a note here that this particular episode with Prof. Harvey was my all-time favorite (and I've listened to all of them). Keep on the great work! Cheers, Daniel
That part about misusing averages to make gold look better than what it is was an amazing insight. Then of how gold is only a good hedge if your time frame is longer than your life is quite profound. This is also why your investment horizon and hence your age is so important. Taking on risk towards the end of your life is bad even though in the long term the market average is on your side. In the long term you're also dead by the time the market recovers. You can't eat average, you spend down what you have at the moment in time.
Duke represent! Gotta bust out the popcorn for this one
One of the best podcasts (and quests) so far! :-)
Tremendous episode! Great work!
Super nice episode. So much valuable information. Thanks a lot!
Wow. I'm not even half in and already blown away. Great episode
Go Duke!
This is awesome! Thank you!
17.8k subscribers.... every month I come back and am shocked the number doesnt move for some of the best content on the internet
@rationalreminder
Жыл бұрын
+431 subscribers in the last 28 days. It moves up slowly.
@seanphurley
Жыл бұрын
@@rationalreminder I am not paying attention, doubtless it will compound since the fundamentals are there :) Quality always comes back
If you read transcript on defi you would think it's a Cathie Wood interview
I'm just glad he mentioned USDC instead of USDT when talking about USD stablecoins...
why now " for canadians" once again in the intro? I thought they change that.
@cameronpassmore1561
2 жыл бұрын
We recorded this episode before the change
@FFAs
2 жыл бұрын
@@robertwright8844 read above. They often record guest episodes ahead of time.
Love the transcript! How do you do it?
If someone is writing options on an underlying like the S&P 500. How will they underperform if there is a draw down? Wouldn’t that mean that the hedge they created has done it’s job and they are better off than someone who simply bought the stock and held?
… and the cross section of expected returns reminds me of Novy Marx’s sunspot paper. A reminder of why you can’t have tunnel vision when looking at stock data. I somewhat disagree that all investors should hold crypto. I think de fi will benefit the broad economy and show up in stock returns. If there was a cap weighted crypto index then it would make more sense for everyone to own crypto in a portfolio. As the technology progresses, hopefully de fi will be a safe enough alternative to earn interest and compliment bonds.
If gold is expected to be found in the future in nearby asteroids, then + or - some uncertainty, wouldn't that be priced in? I wouldn't pay a high price for gold if I believed that more would be mined soon.
Echo!
1:39:00 I used to just sent a US check to Europe....cost 1.15 for the stamp. The account had nothing in it till the receiving party told me they received it. I would then transfer funds to cover the check here in my bank. Perfect system...until their banks said more no US checks. Now I have to go to banks and credit unions to buy Euros and get nailed with the fees. It is a real job now. Hmmm, Will crypto change this?
@steare5034
2 жыл бұрын
At my German bank, I can transfer money free of charge within the SEPA-area (EU). To the USA, Canada or another third party country outside SEPA it costs € 12.50 (for up to € 12,500 transfered). All I have to do is go online and fill out the transfer form at the bank's website or app. I also can choose if I like to transfer € or $. The exchange rates are quite good as well. Checks are very uncommon in most parts of Europe. It costs € 10 or more to cash a check.
1:15:00 Very interesting. People will give advice to " sell " meaning solve all your problems. For real estate, Why sell something that is in demand if you are in the rental business. Funny, your video is clear, but my comment is not.