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Before answering that question it is probably wise to draw the attention to two little known facts that will help to understand what we’re actually talking about:

1. The European asset management market is dominated by institutional investors: roughly 75% of all assets are...

Finally, I finished my PhD. While it was an enjoyable process and I really learned a lot on the way, it felt like ages. I wanted so much to finish the Ph.D. before my second child was born. Now he is almost a year old. A big thank you to my wife, Joanna, for all the support and my gratitude...

The Belgian national financial newspaper, De Tijd, published on 3 Feb 2012 an interview with me in which the...

The core idea of Maslowian Portfolio Theory explained very short and simple.

Much research has been devoted to a better understanding of financial markets. Much less studies are available about how to adapt an investment portfolio to the needs of a person.

Actually,...

In this very short paper, I try to summarize the importance of coherent risk measures using clear examples.

The paper should be readable for everyone, and more in particular should be a pleasure to read for people who do not like mathematics that much … and btw, it is only four...

Niels Bohr once said that if all humanity would be lost and we were to pass only one sentence to the next generation that we should pass the information that matter is composed of atoms. Now humanity has built up almost hundred years more history, and with that hindsight I would prefer...

When Poland in 1999 reformed its pension system it displayed –despite some important mistakes that we will elaborate further– not only a courageous vision, but created a system that is inherently healthy and was an important investment in all the future generations. Pensions were...

This paper aims to present concrete recommendations to individual investors and in- vestment advisers about what portfolios should be held by private persons and how to construct these portfolios. Starting from the theoretical foundations that are based on the “Hierarchy of Human Needs” (as...

I spent almost a decade in Poland, and live the last two years in Dublin, one of Europe’s financial centres. This allows me almost the viewpoint from an outsider on Poland. Poland is both a cherished example in Europe and an economy that worries its European partners.
Poland was...

“The tax payer has been funding the banks more than enough! No more money for banks! Make the rich pay!” It’s en euphemism to state that similar points of view are the common denominator in the press that reports on the dramas since the Global Meltdown in 2008.
There are a few problems...

Poland was the ONLY country in the EU to avoid recession in 2009. In 2010 we expect again the record level in Europe (around 2% GDP growth). How was such an economic top performance possible?

Probably the most important aspect was that Poland had a relative low debt ratio (about 50%...

In our economic system it is essential to take responsibility for your own financial well being. Where under certain protective economic systems the state will care for the individual to a large extend, these systems tend to come with loads of disadvantages. We’re all happy to live in a...

In the wake of their public face off in 2008 where during 6 hours and 45 minutes they were unable to consolidate any trades, the London Stock Exchange (LSE) announced that will upgrade it’s .NET TradeElect (Windows based) systems to the (MilleniumIT Linux) based platform. Following...

Looking for safe investments? Government bonds!

But is that really so? And if not, what tools do we have to assess and compare the risks? Is there an issue with Greece, Ireland, Italy, Portugal and Spain (the “GIIPS countries”)?

First of all there are the rating agencies. They...

This paper aims to present a risk classification that can be used for all investment funds and that is close to what the investor perceives as “risk”. The method further tries to use as few arbitrary parameters as possible and the assumptions are limit to the maximal extend. We...