dsquared (guest) meinte am 1. Aug, 18:55:
I wrote about this a year ago
the acid test being, of course, when did you ever see anyone try to explain a bull market in terms of people becoming *less* risk averse?http://commentisfree.guardian.co.uk/daniel_davies/2006/05/falling_stock_markets_and_risk.html
Eric Falkenstein antwortete am 2. Aug, 03:07:
I agree with you. Since theoretically risk is related to return, many people just assert that the Stochastic Discount Factor or Pricing Kernel just had a shock, but that is merely inferred from the change in price, and as you mentioned, it is usually applied only one way.
