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Today's investor is the equivalent of a physicist at the time of Galileo. Galileo's Laws revealed that a lead ball and a feather will fall at the same rate inside a vacuum. He could not deal with their behavior outside his celebrated vacuum jar where the nuisance of "friction" complicates matters and both fall at different rates and in different directions.

The Efficient Market Theory along with its apparatus including Black-Scholes pricing models is the equivalent in economics of Galilean physics. These theories assume via the axiom of Rational Expectations that investors know so much about the probability of future events that they can never make a mistake. The result? A theory that predicts market volatility 1/5 that which is observed, equity premia 1/6 of those observed, and so on...

It is high time for investors to have access to a theory that works well, makes sense, and correctly explains volatility. Just as physics needed to model friction, we need to be able to model mistakes-the principal source of volatility. This ideal has now been realized with the invention of the new theory of Rational Beliefs by Mordecai Kurz of Stanford University.

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SED's Services                              

For over two decades, we have provided a host of research services and products to high net worth individuals, hedge funds, pension funds, endowments, family offices, mutual funds, private equity groups, and investment banks. Because of the differing needs of our clients, we offer several levels of service. 

By subscribing to SED's Base-level Advisory Service, clients receive on an annual basis:

1. Periodic PROFILE Reports: These reports are our core product. Starting in 2008, our publications are emailed to clients typically 6 to 8 times per year. Each publication issue consists of two parts:

  • Research Essays: In these essays, we analyze topical investment issues in some depth. In doing so, we identify aspects of the topics at hand that are misunderstood by the consensus. As a result, we equip clients with the "inferential advantage" discussed on our home page, and that is so central to our entire research philosophy. Those interested can witness the unusual scope and depth of these essays by clicking on Good Reads.
  • "Woody's Worries": Written by the firm's president, these commentaries discuss current market developments, investment opportunities, and prospects for the economy and the markets. Once again, we highlight areas in which consensus forecasts are deficient.

2. Online Access to SED's e-Library: Each client is given access to SED's secure e-Library, which contains all the research essays we have published during the past two decades. The authors include the firm's President, H. "Woody" Brock, along with a host of market experts and economists picked because they are the best in their field. 

3. Online Access to "Good Listens": Some topics are best dealt with via live "On-Demand" lectures, equipped with arresting graphical aids. Utilizing this new research platform, clients can participate in lectures setting forth the true reasons why oil prices went from $9 to $140 per barrel between 1998 and 2008, why inflation during the same period remained very tame despite soaring oil and commodity prices, and why much of conventional wisdom about asset allocation is fallacious. For a sample of these discussion templates, please click on Good Listens.

Higher Level of Service: Higher levels of service include on-site visits by Dr. Brock once or twice per year during his scheduled trips around the world. These presentations/discussions stimulate thought about our latest research results and forecasts, and relate these issues to the clients own agenda. They can consist of in-house staff presentations, board meeting addresses, and client conferences.

 
Contact Us about SED's Services and Pricing

If you are interested in subscribing to our Advisory Service, or to learn about pricing, please contact our Administrative Office, Voice:+1-480-883-3200 or Email: Info@SEDinc.com.