William N. Goetzmann is the Edwin J. Beinecke Professor of Finance and Management Studies and Faculty Director of the International Center for Finance at the Yale School of Management. He is an expert on a diverse range of investments. His past work includes studies of stock market predictability, hedge funds and survival biases in performance measurement. His current research focuses on alternative investing, factor investing, behavioral finance and the art market.
Professor Goetzmann has written and co-authored a number of books, including Modern Portfolio Theory and Investment Analysis (Wiley, 2014), The Origins of Value: The Financial Innovations that Created Modern Capital Markets (Oxford, 2005), The Great Mirror of Folly: Finance, Culture and the Crash of 1720 (Yale, 2013) and most recently, Money Changes Everything: How Finance Made Civilization Possible (Princeton, 2016). He teaches portfolio management, alternative investments, real estate and financial history at the Yale School of Management.
How the financial system works and how we interact with it has grown in complex ways and is a fascinating but nuanced topic. To guide us through the history of the economy is Professor William Goetzmann, who is an expert in finance, economics and art history, and whose research has been featured in top publications. As a highly respected scholar, he’s authored numerous books on topics such as real estate and behavioural finance. It is fair to say Professor Goetzmann’s work has left a significant impact on both academia and the world. In our conversation, we dive into financial market history and explore more than just broad market returns. We unpack the fascinating phenomenon of economic bubbles and booms, and how they have evolved and shaped the financial system. He also shares crucial insights from the past and advice for investors looking to leverage the market. And to wrap things up, Professor Goetzmann shares his views on money after digging deep into its historical roots. Tune in to unlock the secrets of the past and gain valuable insights for the future as we journey through the fascinating world of economic history. Tune in now!
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Money Changes Everything: How Finance Made Civilization Possible — https://amzn.to/3KqOYzX
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Prof. William Goetzmann — https://som.yale.edu/faculty-research/faculty-directory/william-n-goetzmann
‘History and the Equity Risk Premium’ — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=702341
‘The present value relation over six centuries: The case of the Bazacle company’ — https://www.sciencedirect.com/science/article/abs/pii/S0304405X18302836?via%3Dihub
‘A Century of Global Stock Markets’ — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=225683
‘Will History Rhyme?’ — https://jpm.pm-research.com/content/30/5/34
‘New evidence on the first financial bubble’ — https://www.sciencedirect.com/science/article/abs/pii/S0304405X12002541
‘Bubble Investing: Learning from History’ — https://www.nber.org/papers/w21693#:~:text=History%20is%20important%20to%20the,sample%20size%20for%20inference%20small.
‘Negative bubbles: What happens after a crash’ — https://onlinelibrary.wiley.com/doi/abs/10.1111/eufm.12164
‘Crash Beliefs From Investor Surveys — https://www.nber.org/papers/w22143
‘Crash Narratives’ — https://www.nber.org/papers/w30195