Big Picture Asset Pricing

This is a keynote talk I gave at the Global Banking and Finance Conference - XLRI Delhi NCR 2026. They asked me to think about current trends in asset pricing research. I chose to put some thoughts on that in the big picture, what have we been doing for the last 50 years. Why do stocks prices vary so bloody much? Why do stocks fall in recessions — or why is there a recession when stock prices fall? Why is there so much trading volume, often when prices are high? From supply and demand back to supply and demand, how do we think about asset prices? And what should an investor do about all of this?

Thanks much to the conference organizers for giving me the opportunity to put together these thoughts.

My talk starts at 1:27 in the YouTube video below.