Consider the following market timing strategy, which we’ll call “daily momentum”: (1) If the market’s total return for the day, measured from yesterday’s close to today’s close, is positive, then  the market at today’s close and hold for one day. (2) If the market’s total return for the day, measured from yesterday’s close to … More Financial Backtesting: A Cautionary Tale

The fact can no longer be avoided: You are your phone. The pattern of smartphone use is the pattern of the self. This is who you are: The Wall Street Journal reports today that Silicon Valley lending startups are looking to base personal loan decisions on analyses of data from individuals’ phones. The apps running … More You Are Your Phone

I used to loathe hangovers. I used to keep my bedside table stacked with bananas, Pedialyte, do-­it-­yourself guides to bootleg saline. Home from nights out, I used to dis- and replace fluids with the verve of an undertaker. I tried every which way to delay the inevitable. Still I woke up hung over, of course. … More Letter of Recommendation: Hangovers