The lottery - an embarrassment to our state.

John Oliver rips the lottery - and pays particularly attention to North Carolina.

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Spoofing and and herd behavior

John Cochrane (of U. Chicago) has an enlightening post about the practice of spoofing (creating fake orders to lure other traders to do stupid things).   Suffice to say, Cochrane isn't a big fan of regulation that prevents traders from being dumb.   He's probably right.
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Indexing Pension Funds

This is a bit of a repost - but is relevant as we talk about fees. Back in February I wrote a white paper that was a back of the envelope analysis of the fees paid buy the pension fund, including some hidden fees such as trading costs.   You can read the paper here .    It was referenced in this article on Forbes  that talks about indexing pension funds.
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