Wednesday, March 23, 2016


GMO White Paper: The Stock Market as Monetary Policy Junkie: Quantifying the Fed's Impact on the S&P 500 - by James Montier and Philip Pilkington (LINK)
In this white paper, James Montier and Philip Pilkington take a fresh look at the Federal Reserve and the impact its somewhat unconventional monetary policies have had on stock prices. They posit that the fluctuation in valuations of the S&P 500 may very well come from the influence that the Fed’s anticipated announcements have on market sentiments or “animal spirits.” James and Philip constructed an alternative valuation framework they call the Monetary Policy-Adjusted CAPE (MPA-CAPE), which is a modification of Robert Shiller’s Cyclically-Adjusted P/E Ratio (CAPE), in order to try to gauge the impact that Federal Reserve policies are having on the S&P 500.
Latticework of Mental Models: Float (LINK)

Stop Associating Adam Smith with Laissez-Faire Economics (LINK)

Merryn Somerset Webb talks with Russell Napier, author of Anatomy Of The Bear (LINK)

Why Mindfulness Is Your New Secret Weapon [H/T @RobertCialdini] (LINK)
Related books: 
The Champion's Mind 
How Bad Do You Want It? 
The Mindful Athlete