Private wealth managers are often challenged to help reluctant clients make investment decisions in nondiscretionary accounts. Investors may be hesitant, or even too eager, about the price and timing of specific investments. This investor behavior challenges wealth managers on a daily basis. We...

Our thesis is that the reason many of us today are inclined toward socialism (explicit cooperation) and against laissez-faire capitalism (implicit cooperation) is because the first type of behavior was much more genetically beneficial during previous generations of our species. There is,...