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 Economic Advisory Service
                                - What Clients Receive -             

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 annual Base-level Advisory Service, clients receive on an annual basis:

1. Periodic PROFILE Reports: These reports are our core product. Our publications are emailed to clients typically six times per year. 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.

2. On-site Personal Visits: Our annual Base-level Advisory Service includes periodic on-site visits by Dr. Brock 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.

3. 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. 

4. Online Access to "Good Listens": Some topics are best dealt with via live "On-Demand" lectures, equipped with arresting graphical aids. For a sample of these discussion templates, please click on Good Listens.

Speaking Engagements and Conference Appearances

As a celebrated public speaker, he is well known for his ability to take complex and counter-intuitive concepts and make them easily comprehensible to a broad range of people. His speaking engagements have included audiences such as the World Economic Forum in Davos, International conference organizations, The Aspen Institute, Board of Directors of corporations and banks, high net-worth family offices, private equity groups, and hedge fund conferences.

If you or your organization is interested in having Woody speak at your next event, please contact us for his availability and fee schedule.

Sample presentations:

PortfolioConstruction Forum Conference Video Presentation, August 2012 (duration: 22 min.

ADC Forum Presentation on The Lost Decade, March 22, 2012 (duration: 9 min.)

ADC Forum Presentation on Beyond Democratic Capitalism, March 22, 2012 (duration: 13 min.

Sample Client Presentation, October 13, 2011 (duration: 70 min.)

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: