Black-Litterman update pushed

I get a little manic the last few days of working on these papers (which explains why I'm not sleeping now I guess). I just pushed some new content to the site, mostly in the form of an update to my Black-Litterman paper. I've added derivations for the BL master equation in the Bayesian space, but it's not too much work to plug in the B-L expressions, or just re-work them with the Black-Litterman variables as desired.

I've been reading an interesting book, "Advances in Portfolio Construction and Implementation" edited by Satchell and Scowcroft. For me the interesting chapters have been looking at State Preference theory and how by using ranking rather than absolute values you get more robust optimization results. I've built a bunch of code to do this, but still have the problem in the end of how to get back from rank space to show the results. Anyways, interesting book and has some chapters I didn't expect to see in it which was a pleasant surprise.