References

Pierre Bourdieu. “The Forms of Capital”. In: Handbook of Theory and Research for the Sociology of Education. Ed. by John G. Richardson. New York: Greenwood Press, 1986, pp. 241–258. isbn: 9780313235290.

Jacek Tittenbrun. “Pierre Bourdieu’s Theory of Multiple Capitals: A Critique”. In: SSRN Electronic Journal (2018). doi: 10.2139/ssrn.3101351. url: https://ssrn.com/abstract=3101351.

James H. Austin. “The Varieties of Chance in Scientific Research”. In: Medical Hypotheses 5.7 (1979), pp. 737–742. doi: 10.1016/0306-9877(79)90035-5.

James H. Austin. Chase, Chance, and Creativity: The Lucky Art of Novelty. New York: Columbia University Press, 1978. isbn: 9780231044660.

National Center for Education Statistics. Annual Earnings by Educational Attainment. url: https://nces.ed.gov/programs/coe/indicator/cba/annual-earnings.

Bureau of Labor Statistics. Measuring the value of education. 2018. url: https://www.bls.gov/careeroutlook/2018/data-on-display/education-pays.htm.

Federal Reserve Bank of St. Louis. Education, Income, and Wealth. 2017. url: https://research.stlouisfed.org/publications/page1-econ/2017/01/03/education-income-and-wealth.

Statista. Median household income in the United States in 2022, by educational attainment of householder. 2022. url: https://www.statista.com/statistics/233301/median-household-income-in-the-united-states-by-education/.

Liang Zhang, Xiangmin Liu, and Yitong Hu. “Degrees of Return: Estimating Internal Rates of Return for College Majors Using Quantile Regression”. In: American Educational Research Journal (Mar. 2024). issn: 1935-1011. doi: 10.3102/00028312241231512. url: http://dx.doi.org/10.3102/00028312241231512.

Karen E Dynan, Jonathan Skinner, and Stephen P Zeldes. “Do the rich save more?” In: Journal of political economy 112.2 (2004), pp. 397–444. url: https://scholar.harvard.edu/files/kdynan/files/200052pap.pdf.

Erik Brynjolfsson, Bharat Chandar, and Ruyu Chen. Canaries in the Coal Mine? Six Facts about the Recent Employment Effects of Artificial Intelligence. Tech. rep. Stanford Digital Economy Lab, 2025. url: https://digitaleconomy.stanford.edu/publications/canaries-in-the-coal-mine/.

Robert D. Putnam. Bowling Alone: The Collapse and Revival of American Community. 2001. isbn: 0743203046. url: https://www.amazon.com/Bowling-Alone-Collapse-American-Community/dp/0743203046.

Raj Chetty et al. “Social capital I: measurement and associations with economic mobility”. In: Nature 608.7921 (Aug. 2022), pp. 108–121. issn: 1476-4687. doi: 10.1038/s41586-022-04996-4. url: https://www.nature.com/articles/s41586-022-04996-4.

Raj Chetty et al. “Social capital II: determinants of economic connectedness”. In: Nature 608.7921 (Aug. 2022), pp. 122–134. issn: 1476-4687. doi: 10.1038/s41586-022-04997-3. url: http://dx.doi.org/10.1038/s41586-022-04997-3.

Claire Midgley et al. “When Every Day Is a High School Reunion: Social Media Comparisons and Self-Esteem”. In: Journal of Personality and Social Psychology 121.2 (2021), pp. 285–307. doi: 10.1037/pspi0000336.

Anton Cheremukhin, Paulina Restrepo-Echavarria, and Antonella Tutino. Marriage Market Sorting in the U.S. Working Paper 2023-023. Revision C, September 2024. Federal Reserve Bank of St. Louis, 2023. doi: 10.20955/wp.2023.023. url: https://research.stlouisfed.org/wp/more/2023-023.

Robert Plomin and Sophie von Stumm. “The new genetics of intelligence”. In: Nature Reviews Genetics 19.3 (2018), pp. 148–159. issn: 1471-0064. doi: 10.1038/nrg.2017.104. url: https://www.nature.com/articles/nrg.2017.104.

K. Paige Harden and Philipp D. Koellinger. “Using genetics for social science”. In: Nature Human Behaviour 4.6 (2020), pp. 567–576. issn: 2397-3374. doi: 10.1038/s41562-020-0862-5. url: https://www.nature.com/articles/s41562-020-0862-5.

Hans Fredrik Sunde, Espen Moen Eilertsen, and Fartein Ask Torvik. “Understanding indirect assortative mating and its intergenerational consequences for educational attainment”. In: Nature Communications 16 (2025), p. 5264. issn: 2041-1723. doi: 10.1038/s41467-025-60483-0. url: https://doi.org/10.1038/s41467-025-60483-0.

Matthew R. Robinson, Aaron Kleinman, Mariaelisa Graff, et al. “Genetic evidence of assortative mating in humans”. In: Nature Human Behaviour 1.1 (2017), p. 0016. issn: 2397-3374. doi: 10.1038/s41562-016-0016. url: https://www.nature.com/articles/s41562-016-0016.

Augustine Kong et al. “The nature of nurture: Effects of parental genotypes”. In: Science 359.6374 (2018), pp. 424–428. doi: 10.1126/science.aan6877. url: https://www.science.org/doi/10.1126/science.aan6877.

Martin A. Isungset et al. “Social and genetic associations with educational performance in a Scandinavian welfare state”. In: Proceedings of the National Academy of Sciences 119.25 (2022), e2201869119. doi: 10.1073/pnas.2201869119. url: https://doi.org/10.1073/pnas.2201869119.

Kathryn Paige Harden. The Genetic Lottery: Why DNA Matters for Social Equality. Princeton University Press, 2021. isbn: 9780691190808. url: https://press.princeton.edu/books/hardcover/9780691190808/the-genetic-lottery.

James J. Lee, Robbee Wedow, and Aysu Okbay. “Gene discovery and polygenic prediction from a genome-wide association study of educational attainment in 1.1 million individuals”. In: Nature Genetics 50.8 (2018), pp. 1112–1121. issn: 1546-1718. doi: 10.1038/s41588-018-0147-3. url: https://www.nature.com/articles/s41588-018-0147-3.

W. David Hill et al. “Genome-wide analysis identifies molecular systems and 149 genetic loci associated with income”. In: Nature Communications 10.1 (2019), p. 5741. issn: 2041-1723. doi: 10.1038/s41467-019-13585-5. url: https://www.nature.com/articles/s41467-019-13585-5.

Adele Diamond and Daphne S. Ling. “Conclusions about interventions, programs, and approaches for improving executive functions that appear justified and those that, despite much hype, do not”. In: Developmental Cognitive Neuroscience 18 (2016). Flux Congress 2014, pp. 34–48. issn: 1878-9293. doi: https://doi.org/10.1016/j.dcn.2015.11.005. url: https://www.sciencedirect.com/science/article/pii/S1878929315300517.

Jennifer L. Etnier et al. “A meta-regression to examine the relationship between aerobic fitness and cognitive performance”. In: Brain Research Reviews 52.1 (Aug. 2006), pp. 119–130. issn: 0165-0173. doi: 10.1016/j.brainresrev.2006.01.002. url: http://dx.doi.org/10.1016/j.brainresrev.2006.01.002.

George E. Vaillant. Triumphs of Experience: The Men of the Harvard Grant Study. Belknap Press of Harvard University Press, 2012. isbn: 9780674059825.

Robert Waldinger and Marc Schulz. The Good Life: Lessons from the World’s Longest Scientific Study of Happiness. Simon & Schuster, 2023. isbn: 9781982166694.

Pierre Bourdieu and Jean-Claude Passeron. Reproduction in Education, Society and Culture. Sage, 1977. isbn: 9780803983205.

Annette Lareau. Unequal Childhoods: Class, Race, and Family Life. 2nd ed. University of California Press, 2011. isbn: 9780520271425.

Alberto Russo. “A Stochastic Model of Wealth Accumulation with Class Division”. In: Macroeconomics: Production & Investment eJournal (2014). url: https://api.semanticscholar.org/CorpusID:154885835.

Hyman P. Minsky. The Financial Instability Hypothesis. Working Paper 74. Levy Economics Institute of Bard College, 1992. url: https://www.levyinstitute.org/publications/the-financial-instability-hypothesis.

Amelia Warren Tyagi Elizabeth Warren. All Your Worth: The Ultimate Lifetime Money Plan. Free Press, 2006. isbn: 9780743269889.

Ranjeet S. Mudholkar. “Your expenses should not exceed one-third of your net income”. In: The Economic Times (Nov. 2011). url: https://economictimes.indiatimes.com/analysis/your-expenses-should-not-exceed-one-third-of-your-net-income/articleshow/10863332.cms?from=mdr.

Aditi Godbole, Zubin Shah, and Ranjeet S. Mudholkar. “Preventing Household Bankruptcy: The One-Third Rule in Financial Planning with Mathematical Validation and Game-Theoretic Insights”. In: (Jan. 2025). url: https://arxiv.org/abs/2501.15557.

George S. Clason. The Richest Man In Babylon. 1926. isbn: 1954839499. url: https://www.amazon.com/Richest-Man-Babylon-Original-Classics/dp/1954839499.

Chanel Reynolds. What Matters Most: The Get Your Shit Together Guide to Wills, Money, Insurance, and Life’s "What-ifs". en. Harper, 2019. isbn: 9780062689436. url: https://www.amazon.com/gp/product/0062689436.

Historical Average Stock Market Returns for S&P 500 (5-year to 150-year averages). url: https://tradethatswing.com/average-historical-stock-market-returns-for-sp-500-5-year-up-to-150-year-averages.

Brian D. Singer Gary P. Brinson and Gilbert L. Beebower. “Determinants of Portfolio Performance II: An Update”. In: Financial Analysts Journal 47.3 (1991), pp. 40–48. doi: 10.2469/faj.v47.n3.40. eprint: https://doi.org/10.2469/faj.v47.n3.40. url: https://doi.org/10.2469/faj.v47.n3.40.

Burton G. Malkiel. A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing. W. W. Norton & Company, 2007. isbn: 9780393330335. url: https://www.amazon.com/Random-Walk-Down-Wall-Street/dp/0393330338/.

Hendrik Bessembinder. “Do Stocks Outperform Treasury Bills?” In: Journal of Financial Economics 129.3 (2018), pp. 440–457. doi: 10.1016/j.jfineco.2018.06.004.

John C Bogle. The Little Book of Common Sense Investing. en. Little Books. Big Profits. Nashville, TN: John Wiley & Sons, 2017. url: https://www.amazon.com/Little-Book-Common-Sense-Investing/dp/1119404509.

How Much Of Your Savings Can You Spend Each Year In Retirement? The Answer, Updated for 2018. url: https://www.forbes.com/sites/wadepfau/2018/01/10/william-bengens-safemax-updated-to-2018.

Nick Berry. PIN analysis. 2012. url: https://www.datagenetics.com/blog/september32012/index.html.

Yiwen Liu et al. “Persistent Financial Adversity and Cognitive Aging: A Life Course Investigation”. In: Innovation in Aging 10.8 (2026), igag054. doi: 10.1093/geroni/igag054.

Merton H. Miller and Daniel Orr. “A Model of the Demand for Money by Firms”. In: The Quarterly Journal of Economics 80.3 (Aug. 1966), p. 413. issn: 0033-5533. doi: 10.2307/1880728. url: http://dx.doi.org/10.2307/1880728.

Andy Reed et al. Improving Retirement Outcomes by Default: The Case for an IRA QDIA. Vanguard. July 2024. url: https://digital-assets.vanguard.com/corp/public-policy/policy-research/improving_retirement_outcomes_by_default_the_case_for_an_ira_qdia.pdf.

Andy Reed et al. Out of Sight, Out of Market: The IRA Cash Drag. Vanguard. Sept. 2024. url: https://corporate.vanguard.com/content/corporatesite/us/en/corp/articles/out-sight-out-market-ira-cash-drag.html.

Internal Revenue Service. Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans. url: https://www.irs.gov/publications/p969.

Lucian A. Bebchuk and Kobi Kastiel. “The Untenable Case for Perpetual Dual-Class Stock”. In: Virginia Law Review 103.4 (2017), pp. 585–631. url: https://virginialawreview.org/articles/untenable-case-perpetual-dual-class-stock/.

Steve Keen. The New Economics: A Sampler. Version 1.1, 19 April 2024. 2024. url: https://www.patreon.com/ProfSteveKeen.

Marijn A Bolhuis et al. The Cost of Money is Part of the Cost of Living: New Evidence on the Consumer Sentiment Anomaly. Working Paper 32163. National Bureau of Economic Research, 2024. doi: 10.3386/w32163. url: http://www.nber.org/papers/w32163.

Torben G. Andersen et al. “Modeling and Forecasting Realized Volatility”. In: Econometrica 71.2 (2003), pp. 579–625. doi: 10.1111/1468-0262.00418.

M. Dashti Moghaddam, Zhiyuan Liu, and R. A. Serota. “Distributions of Historic Market Data — Implied and Realized Volatility”. In: arXiv preprint arXiv:1804.05279 (2018). url: https://arxiv.org/abs/1804.05279.

B. J. Christensen and N. R. Prabhala. “The Relation Between Implied and Realized Volatility”. In: Journal of Financial Economics 50.2 (1998), pp. 125–150. doi: 10.1016/S0304-405X(98)00034-8.

David H. Bailey and Marcos López de Prado. “The Deflated Sharpe Ratio: Correcting for Selection Bias, Backtest Overfitting and Non-Normality”. In: The Journal of Portfolio Management 40.5 (2014), pp. 94–107. doi: 10.3905/jpm.2014.40.5.094.

Thomas N. Rollinger and Scott T. Hoffman. “Sortino: A ‘Sharper’ Ratio”. In: Red Rock Capital (2013). url: https://www.redrockcapital.com/Sortino__A__Sharper__Ratio_Red_Rock_Capital.pdf.

Con Keating and William F Shadwick. “A universal performance measure”. In: Journal of performance measurement 6.3 (2002), pp. 59–84. url: https://www.actuaries.org.uk/system/files/documents/pdf/keating.pdf.

Michalis Kapsos et al. “Optimizing the Omega ratio using linear programming”. In: Journal of Computational Finance 17.4 (2014), pp. 49–57. url: https://cs.uwaterloo.ca/~yuying/Courses/CS870_2012/Omega_paper_Short_Cm.pdf.

Sven Balder and Nikolaus Schweizer. “Risk aversion vs. the Omega ratio: Consistency results”. In: Finance Research Letters 21 (2017), pp. 78–84. issn: 1544-6123. doi: https://doi.org/10.1016/j.frl.2016.12.012. url: https://www.sciencedirect.com/science/article/pii/S1544612316304019.

Hendrik Bessembinder. “Extreme Stock Market Performers, Part III: What are their Observable Characteristics?” In: (2020). doi: 10.2139/ssrn.3657611. url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3657611.

Philippe Artzner et al. “Coherent Measures of Risk”. In: Mathematical Finance 9.3 (1999), pp. 203–228. doi: 10.1111/1467-9965.00068.

Hans F̈ollmer and Alexander Schied. “Convex and Coherent Risk Measures”. In: Encyclopedia of Quantitative Finance. Wiley, 2010. url: https://www.math.hu-berlin.de/~foellmer/papers/CVaR.pdf.

R. Tyrrell Rockafellar and Stanislav Uryasev. “Optimization of Conditional Value-at-Risk”. In: Journal of Risk 2.3 (2000), pp. 21–41. doi: 10.21314/JOR.2000.038.

Gary P Brinson, L Randolph Hood, and Gilbert L Beebower. “Determinants of portfolio performance”. In: Financial Analysts Journal 51.1 (1995), pp. 133–138. url: http://www.kaloramawealth.com/docs/Determ_Port_Perf.pdf.

Roger G. Ibbotson and Paul D. Kaplan. “Does Asset Allocation Policy Explain 40, 90, or 100 Percent of Performance?” In: Financial Analysts Journal 56.1 (2000), pp. 26–33. doi: 10.2469/faj.v56.n1.2327.

Miguel A Ferreira and Paulo M Gama. “Correlation dynamics of global industry portfolios”. In: Journal of Multinational Financial Management 20.1 (2010), pp. 35–47.

Andrew Ang, Joseph Chen, and Yuhang Xing. “Downside correlation and expected stock returns”. In: EFA 2002 Berlin Meetings Presented Paper. 2002, pp. 01–25.

Andrew Ang and Joseph Chen. “Asymmetric correlations of equity portfolios”. In: Journal of financial Economics 63.3 (2002), pp. 443–494.

Yongmiao Hong, Jun Tu, and Guofu Zhou. “Asymmetries in stock returns: Statistical tests and economic evaluation”. In: The Review of Financial Studies 20.5 (2007), pp. 1547–1581.

Lorenzo Cappiello, Robert F Engle, and Kevin Sheppard. “Asymmetric dynamics in the correlations of global equity and bond returns”. In: Journal of Financial econometrics 4.4 (2006), pp. 537–572.

Les Gulko. “Decoupling”. In: Journal of Portfolio Management 28.3 (2002), p. 59. url: https://www.pm-research.com/content/iijpormgmt/28/3/59.

Brian J Scott, KA Stockton, and SJ Donaldson. “Global equity investing: The benefits of diversification and sizing your allocation”. In: Vanguard Research (February) (2019). url: https://www.vanguardmexico.com/content/dam/intl/americas/documents/mexico/en/global-equity-investing-diversification-sizing.pdf.

David M. Blanchett, Michael S. Finke, and Wade D. Pfau. Optimal Portfolios for the Long Run. SSRN working paper. Social Science Research Network, 2013. doi: 10.2139/ssrn.2320828. url: https://ssrn.com/abstract=2320828.

Asset Allocation in Tax-Deferred and Conventional Saving Accounts. url: https://www.nber.org/papers/w7192.

Joost Vandewege and Freddy Heylen. “Macroeconomic volatility and human capital formation”. In: (2005). url: http://fmwww.bc.edu/repec/mmfc05/paper84.pdf.

Dana Kiku, Ivan Shaliastovich, and Amir Yaron. “Volatility, the Macroeconomy and Asset Prices”. In: NBER Working Paper (May 2014). url: https://www.nber.org/papers/w18104.

Shlomo Benartzi. “Excessive Extrapolation and the Allocation of 401(k) Accounts to Company Stock”. In: The Journal of Finance 56.5 (2001), pp. 1747–1764. issn: 00221082, 15406261. url: http://www.jstor.org/stable/2697737 (visited on 05/11/2024).

Seokkeun Ha and Frank J. Fabozzi. “A lifetime allocation with human capital: implications for target date fund”. In: Journal of Asset Management 23.5 (Aug. 2022), pp. 365–375. issn: 1479-179X. doi: 10.1057/s41260-022-00278-w. url: http://dx.doi.org/10.1057/s41260-022-00278-w.

Kartik Athreya, Felicia Ionescu, and Urvi Neelakantan. “Stock Market Investment: The Role of Human Capital”. In: Finance and Economics Discussion Series 2015.0.065r1 (Dec. 2016). issn: 1936-2854. doi: 10.17016/feds.2015.065r1. url: http://dx.doi.org/10.17016/FEDS.2015.065r1.

Vladyslav Kyrychenko. “Optimal asset allocation in the presence of nonfinancial assets”. In: Financial Services Review 17.1 (2008), p. 69. url: https://citeseerx.ist.psu.edu/document?doi=06a4fdbb1dfda13520fefd0f71a3c75c9133dd9e.

Steven J. Davis and Paul Willen. “Occupation-Level Income Shocks and Asset Returns: Their Covariance and Implications for Portfolio Choice”. In: NBER Working Paper No. 7905 (2000). doi: 10.3386/w7905. url: https://www.nber.org/papers/w7905.

Hye Kyung Lee and Sherman Hanna. “Investment portfolios and human wealth”. In: Journal of Financial Counseling and Planning 6 (1995), p. 147. url: https://www.afcpe.org/wp-content/uploads/2018/10/vol617.pdf.

Sergey Aivazian and Mikhail Afanasyev. “The Models for Company’s Human Capital Estimation, Based on The Stochastic Frontier Approach”. In: Montenegrin Journal of Economics 8.0 (2012), p. 1. url: https://repec.mnje.com/mje/2012/v08-n01/mje_2012_v08-n01-a09.pdf.

Peng Chen et al. “Human Capital, Asset Allocation, and Life Insurance”. In: Financial Analysts Journal 62.1 (2006), pp. 97–109. doi: 10.2469/faj.v62.n1.4061. eprint: https://doi.org/10.2469/faj.v62.n1.4061. url: https://doi.org/10.2469/faj.v62.n1.4061.

Ivan F Beutler and Floyd W Yorgason. “The Home As A Wealth Preserving And Accumulating Asset: A General Formulation And Balance Sheet Application”. In: Financial Counseling and Planning 8 (1997), p. 1. url: https://www.academia.edu/download/76571247/vol819.pdf.

Marco Giacoletti. “Idiosyncratic Risk in Housing Markets”. In: The Review of Financial Studies 34.8 (2021), pp. 3695–3741. issn: 1556-5068. doi: 10.1093/rfs/hhaa122. url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2995323.

Chen Y Wu and Vivek K Pandey. “The impact of housing on a homeowner’s investment portfolio.” In: Financial Services Review 21.2 (2012). url: https://www.researchgate.net/profile/Vivek-Pandey-10/publication/280883725_The_impact_of_housing_on_a_homeowner’s_investment_portfolio/links/5ba92978299bf13e60490fbe/The-impact-of-housing-on-a-homeowners-investment-portfolio.pdf.

Harry Markowitz. “PORTFOLIO SELECTION*”. In: The Journal of Finance 7.1 (Mar. 1952), pp. 77–91. issn: 1540-6261. doi: 10.1111/j.1540-6261.1952.tb01525.x. url: http://dx.doi.org/10.1111/j.1540-6261.1952.tb01525.x.

Nassim Nicholas Taleb. The Black Swan: The Impact of the Highly Improbable. New York, NY: Random House, Apr. 2007. isbn: 9781400063512.

Ran Duchin and Haim Levy. “Markowitz Versus the Talmudic Portfolio Diversification Strategies”. In: The Journal of Portfolio Management 35.2 (Jan. 2009), pp. 71–74. issn: 2168-8656. doi: 10.3905/jpm.2009.35.2.071. url: http://dx.doi.org/10.3905/JPM.2009.35.2.071.

David B Chua, Mark Kritzman, and Sébastien Page. “The myth of diversification”. In: The Journal of Portfolio Management 36.1 (2009), pp. 26–35.

Jan-Hein Cremers, Mark Kritzman, and Sebastien Page. “Optimal hedge fund allocations: do higher moments matter?” In: (2004).

Timothy Adler and Mark Kritzman. “Mean–variance versus full-scale optimisation: In and out of sample”. In: Journal of Asset Management 7.5 (2007), pp. 302–311.

Brian M Rom and Kathleen W Ferguson. “Post-modern portfolio theory comes of age”. In: Journal of investing 3.3 (1994), pp. 11–17. url: https://www.actuaries.org/AFIR/Colloquia/Orlando/Ferguson_Rom.pdf.

Fischer Black and Robert B. Litterman. “Global Portfolio Optimization”. In: Financial Analysts Journal 48 (1992), pp. 28–43. url: https://people.duke.edu/~charvey/Teaching/BA453_2006/Black_Litterman_Global_Portfolio_Optimization_1992.pdf.

Thomas Idzorek. “A step-by-step guide to the Black-Litterman model: Incorporating user-specified confidence levels”. In: (2007), pp. 17–38. url: https://www.cis.upenn.edu/~mkearns/finread/idzorek.pdf.

Andrew Bevan. “Using the Black-Litterman Global Asset Allocation Model: Three Years of Practical Experience”. In: (1998). url: https://api.semanticscholar.org/CorpusID:18674090.

E. Robert Fernholz. Stochastic Portfolio Theory. New York, NY: Springer New York, 2002. isbn: 978-1-4757-3699-1. doi: 10.1007/978-1-4757-3699-1_1. url: https://doi.org/10.1007/978-1-4757-3699-1_1.

E. Robert Fernholz. “Portfolio generating functions”. In: Quantitative Analysis in Financial Markets (1999). doi: https://dx.doi.org/10.2139/ssrn.139549. url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=139549.

Denis Chaves et al. “Risk Parity Portfolio vs. Other Asset Allocation Heuristic Portfolios”. In: The Journal of Investing (2011). doi: 10.3905/joi.2011.20.1.108. url: https://www.pm-research.com/content/iijinvest/20/1/108.

David F Swensen. Unconventional Success: A Fundamental Approach to Personal Investment. en. New York, NY: Free Press, Oct. 2005. isbn: 9780743228381. url: https://www.amazon.com/Unconventional-Success-Fundamental-Approach-Investment/dp/0743228383/ref=sr_1_1.

Victor Haghani and James White. The Missing Billionaires: A Guide to Better Financial Decisions. Wiley, 2023. isbn: 9781119747918.

Hubert Dichtl, Wolfgang Drobetz, and Martin Wambach. “Testing rebalancing strategies for stock-bond portfolios across different asset allocations”. In: Applied Economics 48 (2014), pp. 772–788. url: https://api.semanticscholar.org/CorpusID:153632498.

Corey Hoffstein, Daniel Sibears, and Nathan Faber. “Rebalance Timing Luck: The Difference between Hired and Fired”. In: The Journal of Index Investing (2019). doi: 10.3905/jii.2019.1.070. url: https://www.pm-research.com/content/iijindinv/early/2019/04/25/jii20191070.

Wei Dai and Audrey Dong. Another Look at Timing the Equity Premiums. SSRN working paper. Social Science Research Network, 2023. doi: 10.2139/ssrn.4586684. url: http://dx.doi.org/10.2139/ssrn.4586684.

Yu Sung Ha et al. “Machine learning-based portfolio optimization: comparative analysis with the all-weather portfolio strategy”. In: Financial Innovation (2026). doi: 10.1186/s40854-026-00927-8. url: https://link.springer.com/article/10.1186/s40854-026-00927-8.

J. L. Kelly. “A New Interpretation of Information Rate”. In: Bell System Technical Journal 35.4 (1956), pp. 917–926. doi: 10.1002/j.1538-7305.1956.tb03809.x.

Edward O. Thorp. A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market. Random House, 2017. isbn: 9781400067961.

Nassim Nicholas Taleb. Antifragile: Things That Gain from Disorder. Random House, 2012. isbn: 9781400067824.

Robert C. Merton. “Lifetime Portfolio Selection under Uncertainty: The Continuous-Time Case”. In: The Review of Economics and Statistics 51.3 (1969), pp. 247–257. doi: 10.2307/1926560.

Jr. Schwed Fred. Where Are the Customers’ Yachts? or A Good Hard Look at Wall Street. Reissued by Wiley, 2006. New York, NY: Simon and Schuster, 1940. isbn: 9780471770893.

John L. Evans and Stephen H. Archer. “Diversification and the Reduction of Dispersion: An Empirical Analysis”. In: The Journal of Finance 23.5 (1968), pp. 761–767. doi: 10.1111/j.1540-6261.1968.tb00315.x.

Meir Statman. “How Many Stocks Make a Diversified Portfolio?” In: Journal of Financial and Quantitative Analysis 22.3 (1987), pp. 353–363. doi: 10.2307/2330969.

Thomas H. McInish and Robert A. Wood. “An Analysis of Intraday Patterns in Bid/Ask Spreads for NYSE Stocks”. In: The Journal of Finance 47.2 (1992), pp. 753–764. doi: 10.1111/j.1540-6261.1992.tb04408.x. url: https://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.1992.tb04408.x.

J. Doyne Farmer. “Market Force, Ecology and Evolution”. In: Industrial and Corporate Change 11.5 (2002), pp. 895–953. doi: 10.1093/icc/11.5.895.

Eugene F. Fama and Kenneth R. French. “The Cross-Section of Expected Stock Returns”. In: The Journal of Finance 47.2 (June 1992), pp. 427–465. issn: 1540-6261. doi: 10.1111/j.1540-6261.1992.tb04398.x. url: http://dx.doi.org/10.1111/j.1540-6261.1992.tb04398.x.

Eugene F. Fama and Kenneth R. French. “A five-factor asset pricing model”. In: Journal of Financial Economics 116.1 (Apr. 2015), pp. 1–22. issn: 0304-405X. doi: 10.1016/j.jfineco.2014.10.010. url: http://dx.doi.org/10.1016/j.jfineco.2014.10.010.

R. David McLean and Jeffrey Pontiff. “Does Academic Research Destroy Stock Return Predictability?” In: The Journal of Finance 71.1 (2016), pp. 5–32. doi: 10.1111/jofi.12365.

Campbell R. Harvey, Yan Liu, and Heqing Zhu. “… and the Cross-Section of Expected Returns”. In: The Review of Financial Studies 29.1 (2016), pp. 5–68. doi: 10.1093/rfs/hhv059.

Robert D. Arnott et al. “Reports of Value’s Death May Be Greatly Exaggerated”. In: Financial Analysts Journal 77.1 (2021), pp. 44–67. doi: 10.1080/0015198X.2020.1842704.

Andrew W. Lo. Adaptive Markets: Financial Evolution at the Speed of Thought. Princeton University Press, 2017. isbn: 9780691135144.

Alan Moreira and Tyler Muir. “Volatility-Managed Portfolios”. In: The Journal of Finance 72.4 (2017), pp. 1611–1644. doi: 10.1111/jofi.12513.

Scott Cederburg et al. “On the Performance of Volatility-Managed Portfolios”. In: Journal of Financial Economics 138.1 (2020), pp. 95–117. doi: 10.1016/j.jfineco.2020.04.015.

Andrea Frazzini, David Kabiller, and Lasse Heje Pedersen. “Buffett’s Alpha”. In: Financial Analysts Journal 74.4 (2018), pp. 35–55. doi: 10.2469/faj.v74.n4.3.

Myron J. Gordon. “Dividends, Earnings, and Stock Prices”. In: The Review of Economics and Statistics 41.2 (1959), pp. 99–105. doi: 10.2307/1927792. url: https://www.jstor.org/stable/1927792.

James A. Ohlson. “Earnings, Book Values, and Dividends in Equity Valuation”. In: Contemporary Accounting Research 11.2 (1995), pp. 661–687. doi: 10.1111/j.1911-3846.1995.tb00461.x. url: https://onlinelibrary.wiley.com/doi/10.1111/j.1911-3846.1995.tb00461.x.

Hendrik Bessembinder. Which U.S. Stocks Generated the Highest Long-Term Returns? Tech. rep. 1. Fall 2024 issue. 2024. doi: 10.2139/ssrn.4897069. url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4897069.

William D. Nordhaus. Schumpeterian Profits in the American Economy: Theory and Measurement. Working Paper 10433. National Bureau of Economic Research, 2004. doi: 10.3386/w10433.

Daylian M. Cain, George Loewenstein, and Don A. Moore. “The Dirt on Coming Clean: Perverse Effects of Disclosing Conflicts of Interest”. In: The Journal of Legal Studies 34.1 (2005), pp. 1–25. doi: 10.1086/426699.

Hendrik Bessembinder. “Extreme Stock Market Performers, Part IV: Can Observable Characteristics Forecast Outcomes?” In: (2020). doi: 10.2139/ssrn.3657612. url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3657612.

Shomesh E. Chaudhuri, Terence C. Burnham, and Andrew W. Lo. “An Empirical Evaluation of Tax-Loss-Harvesting Alpha”. In: Financial Analysts Journal 76.3 (2020), pp. 99–108. doi: 10.1080/0015198X.2020.1760064.

Jean-Philippe Bouchaud and Marc Potters. Theory of Financial Risk and Derivative Pricing: From Statistical Physics to Risk Management. 2nd ed. Cambridge University Press, 2003. isbn: 9780521819169.

Hayne E. Leland. “Who Should Buy Portfolio Insurance?” In: The Journal of Finance 35.2 (May 1980), pp. 581–594. issn: 1540-6261. doi: 10.1111/j.1540-6261.1980.tb02190.x. url: http://dx.doi.org/10.1111/j.1540-6261.1980.tb02190.x.

Hull, John. Options, Futures, and Other Derivatives, Global Edition. en. Pearson, June 2021. isbn: 1292410655. url: https://www.amazon.com/Options-Futures-Other-Derivatives-Global-dp-1292410655/dp/1292410655.

Robert C. Merton. “Theory of Rational Option Pricing”. In: The Bell Journal of Economics and Management Science 4.1 (1973), pp. 141–183. doi: 10.2307/3003143.

Roni Israelov and David Nze Ndong. A Devil’s Bargain: When Generating Income Undermines Investment Returns. SSRN working paper. Social Science Research Network, 2023. doi: 10.2139/ssrn.4580048. url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4580048.

N. El-Hassan, A. Hall, and I. Tulunay. “Methods and Analysis of Collar Strategies”. In: Journal of Applied Business and Economics 23.8 (Dec. 2021). issn: 1499-691X. doi: 10.33423/jabe.v23i8.4882. url: http://dx.doi.org/10.33423/jabe.v23i8.4882.

Zvi Bodie and Victor I. Rosansky. “Risk and Return in Commodity Futures”. In: Financial Analysts Journal 36.3 (1980), pp. 27–39. doi: 10.2469/faj.v36.n3.27.

David M Geltner et al. Commercial Real Estate Analysis and Investments. en. South-Western Educational Pub, Dec. 2006. isbn: 0324305486. url: https://www.amazon.com/Commercial-Real-Estate-Analysis-Investments/dp/0324305486.

Brian Ayash and Mahdi Rastad. “Leveraged buyouts and financial distress”. In: Finance Research Letters 38 (2021), p. 101452. doi: 10.1016/j.frl.2020.101452. url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3423290.

Mao-wei Hung and Leh-chyan So. “How Much Extra Premium Does a Loss-averse Owner-occupied Home Buyer Pay for His House?” In: The Journal of Real Estate Finance and Economics 45.3 (2012), pp. 705–722. doi: 10.1007/s11146-010-9293-9. url: https://ideas.repec.org/a/kap/jrefec/v45y2012i3p705-722.html.

Isaac T. Tabner. “Buying versus renting - Determinants of the net present value of home ownership for individual households”. In: International Review of Financial Analysis 48 (2016), pp. 233–246. issn: 1057-5219. doi: https://doi.org/10.1016/j.irfa.2016.10.004. url: https://www.sciencedirect.com/science/article/pii/S1057521916301545.

Gene Amromin, Jennifer Huang, and Clemens Sialm. “The tradeoff between mortgage prepayments and tax-deferred retirement savings”. In: Journal of Public Economics 91.10 (Nov. 2007). Earlier version circulated as NBER Working Paper 12502, August 2006, pp. 2014–2040. doi: 10.1016/j.jpubeco.2007.03.011. url: https://faculty.mccombs.utexas.edu/clemens.sialm/amromin_huang_sialm07.pdf.

Douglas P McCormick. Family inc. Nashville, TN: John Wiley & Sons, Mar. 2019. url: https://www.amazon.com/Family-Inc-Business-Principles-Maximize/dp/1119577411.

Helaine Olen and Harold Pollack. The index card. New York, NY: Portfolio, Mar. 2017. isbn: 0143130528. url: https://www.amazon.com/Index-Card-Personal-Finance-Complicated/dp/0143130528.

Peter Lazaroff. Making money simple. Nashville, TN: John Wiley & Sons, May 2019. isbn: 1119537878. url: https://www.amazon.com/Making-Money-Simple-Complete-Financial/dp/1119537878.

John J Vento. Financial independence (getting to point X). 2nd ed. Nashville, TN: John Wiley & Sons, Aug. 2018. isbn: 1119510341. url: https://www.amazon.com/Financial-Independence-Getting-Point-Comprehensive/dp/1119510341.

Robert T Kiyosaki. Rich dad poor dad. 25th ed. Scottsdale, AZ: Plata Publishing, May 2022. url: https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1612681123.

J L Collins. The simple path to wealth. North Charleston, SC: Createspace Independent Publishing Platform, June 2016. isbn: 1533667926. url: https://www.amazon.com/Simple-Path-Wealth-financial-independence/dp/1533667926.

William J Bernstein. The investor’s manifesto. en. Nashville, TN: John Wiley & Sons, Aug. 2012. url: https://www.amazon.com/Investors-Manifesto-Prosperity-Armageddon-Everything/dp/1118073762.

Sethi. I Will Teach You to be Rich. en. 2nd ed. Workman Publishing, May 2019. url: https://www.amazon.com/Will-Teach-You-Rich-Second/dp/1523505745.

Erik Wecks. How to manage your money when you don’t have any. North Charleston, SC: Createspace Independent Publishing Platform, June 2012. isbn: 1475044038. url: https://www.amazon.com/Manage-Your-Money-When-Dont/dp/1475044038.

Ben Carlson. A wealth of common sense. en. Ed. by Ben Carlson. Bloomberg. Nashville, TN: John Wiley & Sons, June 2015. isbn: 1119024927. url: https://www.amazon.com/Wealth-Common-Sense-Simplicity-Complexity/dp/1119024927.

Steven D. Levitt and Chad Syverson. “Market Distortions When Agents Are Better Informed: The Value of Information in Real Estate Transactions”. In: The Review of Economics and Statistics 90.4 (2008), pp. 599–611. doi: 10.1162/rest.90.4.599. url: https://www.nber.org/papers/w11053.

Mike Piper. Social Security Made Simple. 2022. isbn: 9781950967117. url: https://www.amazon.com/Social-Security-Made-Simple-Retirement/dp/1950967115.

Laurence J. Kotlikoff, Philip Moeller, and Paul Solman. Get What’s Yours - The Secrets to Maxing Out Your Social Security. 2016. isbn: 9781501144769. url: https://www.amazon.com/Get-Whats-Yours-Revised-Security/dp/1501144766.

Vicki Robin, Joe Dominguez, and Mr. Money Mustache. Your Money or Your Life. Penguin Books, 2008. isbn: 9780143115762. url: https://www.amazon.com/Your-Money-Life-Transforming-Relationship/dp/0143115766.

Wade D. Pfau. “Making Sense Out of Variable Spending Strategies for Retirees”. In: Journal of Financial Planning 28.10 (2015), pp. 42–51. issn: 1556-5068. doi: 10.2139/ssrn.2579123. url: http://dx.doi.org/10.2139/ssrn.2579123.

Sudipto Banerjee. Asset Decumulation or Asset Preservation? What Guides Retirement Spending? Issue Brief 447. Employee Benefit Research Institute, 2018. url: https://www.ebri.org/content/asset-decumulation-or-asset-preservation-what-guides-retirement-spending.

Sumit Agarwal et al. “The Age of Reason: Financial Decisions over the Life Cycle and Implications for Regulation”. In: Brookings Papers on Economic Activity 40.2 (2009), pp. 51–117. url: https://www.brookings.edu/wp-content/uploads/2016/07/2009b_bpea_agarwal.pdf.

Gilles E. Gignac and Marcin Zajenkowski. “Humans Peak in Midlife: A Combined Cognitive and Personality Trait Perspective”. In: Intelligence 113 (2025), p. 101961. doi: 10.1016/j.intell.2025.101961.

The Rothschild Archive. Two Hundred Years of Partnership: The 1810 Partnership Agreement. url: https://www.rothschildarchive.org/.

Niall Ferguson. The House of Rothschild: Money’s Prophets, 1798–1848. en. New York, NY: Viking, 1998. url: https://www.amazon.com/House-Rothschild-Moneys-Prophets-1798-1848/dp/0140240845.