Banking without Banks

2018-04-13T13:41:37+00:00

In recent months, Dr. Tiemann has been conducting research into the socio-economic and banking history of the California Gold Rush. He plans to produce a series of articles and, possibly, a book from that work. In this article, though, Dr. Tiemann examines the fascinating period just before the Gold Rush, when California’s economy suffered a severe shortage of cash and an absence of banks. Read about William A. Leidesdorff, a San Francisco merchant in the 1840s, who dealt with those handicaps by becoming, in effect, his own banker.

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The Irony of Bitcoin

2018-04-04T13:09:37+00:00

Dr. Tiemann reviews how Bitcoin, the new “crypto-currency,” works and shows that, while designed to not require the participation of banks or other trusted financial intermediaries, nevertheless, Bitcoin does require a form of verification that can be established by ordinary people, which is not yet available.

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The Store of Value Under Siege

2018-04-05T13:27:13+00:00

What is money? You might as well ask, “What is time?”  It’s one of those concepts we all think we understand until we really examine them. After all, we use money in its various form to buy things every day. But where does it come from? What does it represent? And most important of all, what stands behind our confidence that if we use our money to pay for something, the seller will accept it? This note answers all of those questions, and more.

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It’s a New Year — Now What?

2018-04-13T12:42:23+00:00

Increases in the market risk premium analyzed, with assessment of implications for individual investment strategies relative to risk tolerance and investment timeframes, as well as risks to corporations with and without access to capital, in their abilities to prosper and produce superior returns.

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Advancing the State of the Investment Art

2007-11-07T23:42:36+00:00

Reflections on the power of the dialectic within the academic approach for diagnosing and solving the vexing issues relating to investing for individuals. Further reinforcement for upholding the principle of working to best solve the specific individual needs of each investment client, rather than contorting clients' portfolios to fit into existing products.

The Peculiar Alchemy of Hedge Funds

2018-04-13T12:49:54+00:00

Shining a bright light into the dark caverns erected by hedge funds to assess where their gains come from and who actually gains from the under-acknowledged risks assumed by unregulated hedge fund managers. Explaining, in the process, why so many hedge funds suddenly collapse and why this could well become a more common occurance.

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Meet Ben Bernanke, the New Fed Chair

2018-04-13T12:59:35+00:00

A summary of the Federal Reserve’s shift in policy and transparency during the tenures of Paul Volker and Alan Greenspan. Discusses the changes in the Fed’s approach to monetary policy from managing money supply to managing short term interest rates. The new Fed Chair, Ben Bernanke, supports a Fed policy targeting inflation rather than interest rates or money supply. Reviews Mr. Bernanke’s credentials, his relationship with Congress and the market’s reaction to him since his nomination.

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