At the annual meeting of the Daily Journal Corporation in February, board chair Charlie Munger said that there is only one person, other than partner Warren Buffett, that he trusts…
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A $3 Trillion Tsunami Looms
An article in MarketWatch warns that the mountain of corporate debt coming due by 2023—$3.3 trillion, representing 48% of all current outstanding commercial debt—could spell bumpy road ahead for the…
A Hedge Fund Performs by Staying Small
Managers of the Netherlands-based Plethora Precious Metals Fund say that the “key to getting monster-sized returns in mining equities is to be small,” according to an article in Bloomberg. Compared…
Lessons from a Quantitative Investing Conference – Part Deux
By Jack Forehand (@practicalquant) Last week, I had the privilege of attending Alpha Architect’s annual Democratize Quant conference for the second time. The conference brings together leaders in the fields…
Cost of Smart Beta Leads to Distorted Investor Expectations
An article in CFA Institute reports that, although academic research has touted the benefits of “smart-beta,” investing, this research “largely ignores transaction costs that reduce returns significantly.” The article offers…
Investor Options When Star Manager Leaves
Using the example of Henry Ellenbogen’s departure from T. Rowe Price at the end of this month, an article in Barron’s speaks to whether investors should “take your money and…
Higher Returns on Fewer Stocks: Vanguard Debunks "Best Ideas" Portfolio Philosophy
A recent study by a team at Vanguard contradicts the idea adopted by many investors and financial professionals that “broadly diversified portfolios are inferior to concentrated portfolios made up of…
Twin Momentum: A Combination of Fundamental & Price Momentum
By Justin J. Carbonneau (@jjcarbonneau) — An object at rest stays at rest and an object in motion stays in motion with the same speed and in the same direction…
Joel Greenblatt on the Future of Value Investing
In recent interview with CNBC, author, investor and Columbia University finance professor Joel Greenblatt talked about the challenges faced by value investors. “My students ask the same question,” he said,…
Will Continual Learning Trump Experience?
A new technology called continual learning (CL) enables computers to apply accumulated knowledge to make better decisions in the future and is considered “one of the hottest threads of artificial…