Included here are all of the articles written by Konstantin Litovsky for Dentaltown Magazine and White Coat Investor blog. We have also included a list of recommended books and other resources.
Dentaltown Magazine Publications
- Pooled vs. participant-directed 401(k) plans for small practice owners
- Debt repayment basics
- 401(k) vs. SIMPLE
Articles for White Coat Investor
- How to run a successful retirement plan for a medical or dental practice
- Improving Vanguard individual 401(k) with a customized plan document
- Part 1: All about small practice plan services and how to select the best small practice plan providers
- Part 2: All about small practice plan services and how to select the best small practice plan providers
- Group retirement plans: fix problems, improve your plan, minimize cost
- How to minimize retirement plan cost and fees
- How to set up the ideal retirement plan for your practice
Recommended Books
- “The Black Swan” by Nassim Taleb
- Exerpt from “The Black Swan” on the Bell Curve (PDF; Chapter 16. The Bell Curve, That Great Intellectual Fraud)
- “Fooled by Randomness” by Nassim Taleb
- “Misbehavior of Markets” by Benoit Mandelbrot
- “Investment Management: Portfolio Diversification, Risk, and Timing–Fact and Fiction” by Robert L. Hagin
Recommended Articles
- “Mild vs. Wild Randomness: Focusing on those Risks that Matter” by Benoit Mandelbrot (PDF)
- “Scaling in financial prices,” I – IV, by Benoit Mandelbrot – Part 1 (PDF)
- “Scaling in financial prices,” I – IV, by Benoit Mandelbrot – Part 2 (PDF)
- “Scaling in financial prices,” I – IV, by Benoit Mandelbrot – Part 3 (PDF)
- “Scaling in financial prices,” I – IV, by Benoit Mandelbrot – Part 4 (PDF)
- “A focus on the exceptions that prove the rule” by Nassim Taleb and Benoit Mandelbrot
- “The risks of severe infrequent events” by Nassim Taleb (PDF)
- “A crash course in investing: six lessons from the market meltdown” by Dougal Williams
- “The Mistakes We Make and Why We Make Them” by Meir Statman
- “Beyond Gaussian averages: redirecting international business and management research toward extreme events and power laws” by Pierpaolo Andrian
- H. E. Stanley (Boston University) Workshop Talk at Conference in Argentina (modern analysis showing S&P scalability) – PDF
- “What are Stock Investors’ Actual Historical Returns? Evidence from Dollar-Weighted Returns,” by Ilia D. Dichev:
Portfolio/Retirement Simulators
Monte Carlo (Gaussian) (note: these may not work on Firefox/Safari browsers):
- Flexible Retirement Planner
- Monte Carlo Retirement Calculator
- A simple, yet powerful calculator (Monte Carlo) using actual historical data developed by Vanguard.
For Further Reading
- Backtesting, flawed studies (many studies done incorrectly). Amit Goyal and Ivo Welch “A Comprehensive Look at The Empirical Performance of Equity Premium Prediction” (PDF)
- Mechanical filters and trading strategies (no consistent evidence in the past decade, more studies needed). The Profitability of Technical Analysis: A Review.
- Mean reversion (no consistent evidence). The Long-Term Risks of Global Stock Markets, Philippe Jorion (PDF)
- Fallacy of time diversification
- Power law/non-Gaussian, fat tails. Mandelbrot, B., “The Variation of Certain Speculative Prices” (PDF)
- Gabaix et al., Power Laws in Economics and Finance (PDF)
- Multifractal Model of Asset Returns. Mandelbrot, Fisher & Calvet 1997, “A Multifractal Model of Asset Returns” (PDF)
- Black Sholes is wrong. “Why We Have Never Used the Black-Scholes-Merton Option Pricing Formula”
- Costless Collar paper (asymetry in options pricing) (PDF)
- Can history be used to predict the future? Analysis can not predict earnings accurately. Even if you were able to predict earnings, profiting may be impossible (see page 75) of “Investment Management: Portfolio Diversification, Risk, and Timing–Fact and Fiction”
You are also welcome to read other articles on our blog.