The first of these two papers provides a comprehensive review of the several thousand papers written on ESG investing and investment performance, while the second looks at downside risk reduction.

With ever greater participation in superannuation, the accumulated sum held those entering retirement is often significant. But do older people have the cognitive ability and financial acumen to invest effectively?

Despite widespread criticism of the efficient markets hypothesis, development of comparably broad alternatives has been lacking. One promising direction is the adaptive markets hypothesis which seeks apply the concepts and methods of ecology and evolutionary biology to financial market dynamics.

These two papers relate to some interesting quirks of the finance industry. The first finds that the accuracy of currency forecasts is worse than could be achieved from random predictions. The second gives a different slant of the large increase in the size of the financial sector.

Hindsight can be a valuable source of learning. However, hindsight is undermined by a range of factors and hindsight bias clouds judgments in all areas of life - including investing.