BlackRock’s Fink Calls for Greater Disclosure
In yet another appeal, BlackRock’s Larry Fink called for companies to provide greater climate change related disclosure. Without partnering with the Transparency... Read More
Rebuilding Trust and Confidence in the Financial System
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The Transparency Task Force asked why does greater transparency restores trust and confidence in the financial system. The short answer: we “Trust”... Read More
Hedge Fund TCI Points Out Asset Managers’ Hypocrisy When it Comes to Disclosure
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First, it was TCW admitting asset managers had used investor funds to purchase trillions of dollars of opaque bonds they cannot value... Read More
Solving the Compliance Problem with ESG Disclosure Standards
Investors interested in ESG face a major obstacle: lack of disclosure. The Transparency Label Initiative solves the problem of how to get... Read More
Green Bonds and How the Transparency Label Initiative Works
I am frequently asked how do you determine if a specific investment discloses the information an investor needs in order to know... Read More
UK Regulator Wants Fund Managers to Warn Investors
The UK’s Financial Conduct Authority is issuing rules to require fund managers to warn investors if the fund invests in hard-to-sell assets.... Read More
Investment Returns, Timing and Opacity
The Transparency Label Initiative has the potential to significantly improve investors’ returns. Why? Timing. There is a big difference between blindly betting... Read More
ESG and the Transparency Label Initiative
As Environmental, Social and Corporate Governance (ESG) based investing continues to grow in importance, it faces a problem. The problem is how... Read More
“Liquidity Dies in Darkness”
Zero Hedge carried a very interesting post on the increasingly opaque debt markets. Its conclusion: Yet while passive investing dominates on the... Read More
Economists Discover It’s What You Know For Sure That Just Ain’t So
It has taken over a decade since the Great Financial Crisis started, but macroeconomists have discovered what they knew for sure about... Read More
If Investors …
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I am frequently asked “if investors want more information, why don’t they just ask for it?”. The short answer is investors do... Read More
Economists Know Nothing When It Comes to Financial Crises
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While still the Fed chair, Janet Yellen gave an interesting speech on October 14, 2016 in which she pointed out when it... Read More
Japanese Pension Fund in Vanguard of Rewarding Good Disclosure
Japan’s $1.36 trillion Government Pension Investment Fund (GPIF) is a leader in rewarding companies that provide good disclosure by buying more of... Read More
Opaque Securities and Certificate of Dumb Investment
Bloomberg’s Matt Levine recently wrote about what he calls a Certificate of Dumb Investment that investors should sign before buying certain investments.... Read More
It Takes A Model
The Economics profession’s obsession with mathematical models makes it incapable of addressing economic topics that are too difficult to model. The classic... Read More