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In bank stress tests, what’s worse: runs or lemons (the other kind)? Lemons via

Runs versus lemons: why US bank stress tests succeeded while Europe’s failed

US regulators chose to reveal detailed information to the public about the state of the banks. They were able to be so transparent, without triggering a run, because of a strong fiscal backstop.
Chipping away at casino strategies. clry2

Using a fund manager? You’d get the same results at a casino

The people who manage pensions and investments are locked in a constant battle to win our custom, often dazzling us with examples of how well they have beaten the market in the hope that this success will…

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