Roger Ehrenberg

Think Carefully Before Macro Hedging Your Life/Work/Oil Exposures

Jordan/Josh/Malkiel, I didn't set out to prove anything. I set out to raise some very pragmatic, real-world issues as they relate to human behavior and the average retail investor. So whether or not the strategy has inherent theoretical logic is irrelevant to me. In fact, I specifically said that I thought it did right up front. But to be clear, I am not writing to the far-right tail of the investing world, i.e., the truly savvy, smart and dispassionate investor, so I didn't feel like addressing Shiller's argument from that perspective was either necessary or worthwhile. So there it is. Sorry if you are disappointed by my lack of completeness.

John, easy there, dude. It's not tension, it's passion. And my seeds have been and are adequately spread, thank you very much.

And finally Paul, as an old Oak Park denizen, son of a former Ford man and a product of the now-defunct Grace Hospital in Detroit (or Day-toi as we say), I've still got pride for both the Motor City and the Wolverines. Go Blue!