An article on the WisdomTree blog reports that the decade ending September 2018 was the “single worst decade in history” for price-book as a factor-sort of the market and asks,…
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Rush Hour Traffic and Market Corrections
An article in CFA Institute highlights a “disappointing” statistic from a Gallup survey: “31% of investors would prefer to sit in gridlock than rebalance their portfolios,” and argues that “systematic…
Bill Gross Had the Right Idea
An article in Bloomberg by columnist Nir Kaissar offers insights on the career of “hall-of-fame” bond manager Bill Gross, who announced his retirement earlier this year after what the press…
Jim Grant on Bond's Bull Run
In a recent article for Barron’s, Grant’s Interest Rate Observer founder Jim Grant discusses the 35-year bull run of the bond market, noting that high interest rates at that time…
Takeaways from Berkshire's Annual Letter to Shareholders
Here are some highlights of Warren Buffett’s widely-anticipated annual letter to Berkshire Hathaway shareholders: Format Change While for thirty years the billionaire investing legend has opened with a paragraph concerning…
Five Questions: Machine Learning in Investing with Kevin Zatloukal
By Jack Forehand (@practicalquant) — Artificial intelligence and machine learning are going to change investing in many ways. The ability of computers to think, analyze data, and react more and…
Where Has All the Alpha Gone?
By Jack Forehand (@practicalquant) — Alpha has always been elusive in the stock market. Stock pickers have tried to produce it since the market has existed, but in aggregate they have…
Is the Art of Stock Picking Making a Comeback?
A recent article in the Financial Times reports that, since the fourth quarter of 2018, “value has outperformed growth by more than 2 percentage points” which may be signaling a…
New Study Shows Good Companies Often Make Bad Investments
Researchers at CFA Institute and Morningstar found that a “good reputation, strong competitive advantage and popular brands” may make for bad investment prospects, according to an article in CNBC.com. The…
Schumer and Sanders on Limiting Buybacks
In a recent article they co-authored for The New York Times, Democratic Senate leader Chuck Schumer and Vermont senator Bernie Sanders justify what they describe as “bold legislation” they plan…