Debt cartel in action

This paper handles the skewness in the distribution of stock market returns, noting that traditional capital pricing models assume normal distributions. The traditional method is in error.  What kind of sphere are we ockaing when we are skewed? A sphere in motion.

But, on a related note, here is a quote about prior studies noting the point at which excess returns are obtained.  Government action, but more accurately, a cringed fence decision by the debt cartel setting the term down the line.  This is the three color problem, this carter that gets the excess returns pay an entry fee, ultimately, because they become liable if the three color trade fail, government needs bailing.

The point of the sandbox regarding the debt cartel is great, we can do that, and allow fair and free entry to the three color trade, using personal contracts between thumbprint and the Fed bot, make the debt cartel work efficiently fir everyone, automate it.

These results [ on skewness in stock market returns] complement recent time series evidence regarding the stock market risk premium. Savor and Wilson (2013) show that approximately sixty percent of the cumulative stock market return premium accrues on the relatively few days where macroeconomic announcements are made. Lucca and Moench (2015) show that half of the equity premium in U.S. markets since 1980 accrues on the day before Federal Reserve Open Market Committee (FOMC) meetings. Related, Cieslak, Morse, and Vissing-Jorgensen (2016) document that the entire equity premium since 1994 has accrued in even weeks after FOMC meetings.