Sparring over global valuation

Challenging orthodoxy invariably invites criticism. Sometimes, the hypothesis survives the barrage and eventually supplants the existing convention after years of wrangling. Other times, it turns out the theory does not hold up and the idea withers away.

As such, it is little surprise a concept championed by Claudio Albanese, visiting professor of mathematical finance at King’s College London, has attracted strong criticism from parts of the quant community. The idea, outlined in an article