Guest Lecture by Andrew Redleaf Financial Markets (ECON 252) -Year 2008 Andrew Redleaf, a Yale graduate and manager of Whitebox Advisors, a hedge fund, discusses his experience with financial markets. He addresses one of the fundamental questions in finance--whether or not markets are efficient--and concludes that although they don't seem to be efficient, beating the market is very difficult. Mr. Redleaf discusses his thoughts about psychological barriers that make markets inefficient. He also comments on his beliefs regarding risk management and how people are compensated for mitigating risks, rather than for taking on risk as is often perceived. He ends by answering several questions from students. 00:00 - Chapter 1. The Markets Are Not Efficient 10:15 - Chapter 2. Psychological Factors of Market Inefficiency 25:57 - Chapter 3. Rewards Are for Risk-Mitigating, Not Risk-Taking 33:14 - Chapter 4. Issues in the Current U.S. and Global Economies 43:41 - Chapter 5. Questions: Cash and Bonds as Default Investments 01:04:35 - Chapter 6. Speculating on Backdated Options Complete course materials are available at the Open Yale Courses website: http://open.yale.edu/courses This course was recorded in Spring 2008.
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Lec 1-Year 2008 Finance and Insurance as Powerful Forces in Our
Lec 2 -Year 2008 - The Universal Principle of Risk Management: Pooling
Lec 3 -Year 2008 - Technology and Invention in Finance
Lec 4 -Year 2008 - Portfolio Diversification and Supporting Financial
Lec 5 -Year 2008 - Insurance: The Archetypal Risk Management
Lec 6 -Year 2008 - Efficient Markets vs. Excess Volatility
Lec 7 -Year 2008 - Behavioral Finance: The Role of Psychology
Lec 8 -Year 2008 - Human Foibles, Fraud, Manipulation, and Regulation
Lec 9 -Year 2008 - Guest Lecture by David Swensen
Lec 10 -Year 2008 - Debt Markets: Term Structure
Lec 12 -Year 2008 - Real Estate Finance and its Vulnerability to Crisis
Lec 13 -Year 2008 - Banking: Successes and Failures
Lec 15 -Year 2008 - Guest Lecture by Carl Icahn
Lec 16 -Year 2008 - The Evolution and Perfection of Monetary Policy
Lec 17 -Year 2008 - Investment Banking and Secondary Markets
Lec 18 -Year 2008 - Professional Money Managers and Their Influence
Lec 19 -Year 2008 - Brokerage, ECNs, etc.
Lec 20 -Year 2008 - Guest Lecture by Stephen Schwarzman
Lec 21 -Year 2008 - Forwards and Futures
Lec 22 -Year 2008 - Stock Index, Oil and Other Futures Markets
Lec 23 -Year 2008 - Options Markets
Lec 24 -Year 2008 - Making It Work for Real People: The Democratization
Lec 25 -Year 2008 - Learning from and Responding to Financial Crisis I
Lec 26 -Year 2008 Learning from and Responding to Financial Crisis II