A new book by Charles Goodhart (London School of Economics) and Manoj Pradhan (Talking Heads Macro) argues that the prolonged period of near-zero interest rates may be coming to an…
If Everyone Buys a Boutique Asset Manager, There Goes the Alpha
Asset managers are “increasingly on the hunt for independent boutiques” in the search for alpha and to differentiate themselves “with actively managed strategies that can’t be easily replicated.” The problem,…
This Value Fund Likes Walmart Stock
A recent article in Barron’s profiles Pioneer Investments lead manager and value investor Jeff Kripke, who took over the firm’s 92-year-old flagship portfolio (the $6 billion Pioneer Fund) in 2015…
Harvard Economist Finds Surprising Pandemic Impacts at Both Ends of Wealth Spectrum
At the outset of the coronavirus pandemic, Harvard economist Raj Chetty and his team “dropped everything—including work on inequality in housing, higher education, and longevity—to document the pandemic’s lopsided impact.”…
What Bitcoin Taught Me About Risk & Reward In Investing & Life
In 2015, my firm Validea hired a technology consultant who was also building a company utilizing blockchain technology. At the time, the consultant suggested, “You know, you should take a…
Value Stocks and Why You’re Not Getting a Premium
A recent MarketWatch article outlines some reasons why investors are abandoning value investing, and offers insights on why they shouldn’t. “The long-term case for value stocks is easy to make,”…
More Dark Days for Dollar as U.S. Stocks Outperform
As investors continue to react to the effects that “massive American equity-market gains” are having on their portfolios, the dollar’s weakest quarter in a decade may get worse. This according…
Why Growth Investing Is Harder Than You Think (Ep. 47)
Growth investing has seemed easy in the past decade. Growth stocks have easily outpaced both value stocks and the market, which has led to great performance for many growth strategies.…
Time is On the Side of Endowment Hedge Fund Bets
A new study that examines over a century of returns of eight Ivy League and four non-Ivy League endowments shows the “critical advantage” of long-term strategy. This according to an…
The Truth About Robinhood Investors Vs. Wall Street Stock Pros
A new study shows that despite recent ridicule by Wall Street professionals that small retail investors have become “hyperactive,” “addicted to risk” and “hopelessly irrational,” as a group they have…