U.S. stocks are expensive no matter how you slice is, says Oxford Economics, and could “come under pressure as geopolitical tensions escalate.” This according to a recent article in Bloomberg.…
Mauboussin on Popular Delusions and Myths
In a talk given in January to the Greenwich Roundtable (a non-profit organization that provides independent education for investors), Michael Mauboussin of Counterpoint Global debunked the following four investing-related myths:…
"Aswath Damodaran Says “Go Back to Basics” Regarding Valuations
In a speech he delivered at this year’s CFA Institute Annual Virtual Conference, NYU finance professor Aswath Damodaran said, “It is precisely times like these that matter most. You need…
Investors Require Focused Expertise from Advisors
A recent article from Brinker Capital discusses the concept of focused expertise and the importance for investors of finding it in a financial advisor. “The lines between knowing about, knowing…
Excess Returns, Ep. 27: Quality and Low Volatility: The Factors That Shouldn't Work
Investing factors that work over time typically do so for one of two reasons: they either produce an excess return by taking on additional risk or they benefit from the…
Value Stocks May Outperform for These 3 Reasons
A recent article in Advisor Perspectives suggests that the “potential return opportunity in a value-oriented equity strategy might be much larger than normal today” for the following three reasons: Long-term…
What GMO’s Ben Inker Says to Buy Instead of Stocks
Ben Inker, GMO’s head of asset allocation for over two decades, says that the recent stock market rally has priced in an “an optimistic resolution to the coronavirus crisis, while…
Six Tips from Oaktree’s Howard Marks
In a recent virtual interview with Bloomberg, Oaktree Capital Management co-chair Howard Marks, CFA, shared six thought processes that have guided his decades-long career in finance. “Two patterns stand out,”…
Small-Cap Value Gets an Apology
A recent article in Verdad Research defends small-cap value investing by arguing that “though the past few years have been painful for small-value investors, this is perhaps a once-in-a-century buying…
Black Swan Debate Fueled by AQR and a 3,612% Return
A recent Bloomberg article reports that the attention garnered by options-based hedge products that have “dominated the headlines for making a killing in the sell-off” has fueled a fierce debate…