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…
A Comeback for America’s Smallest Stocks
Despite grim economic news, share prices of small U.S. companies are rising rapidly and fueling a debate among investors about how much longer it can keep up. This according to…
The Balance Between What Is and What Should Be
I like it when things work out the way they should. It’s great when good things happen to people who deserve it. It’s great when the outcome of any situation…
After Fast Decline and Comeback, Assessing the Stock Market
More confusion than conviction seems to be the prevailing mood in the markets, according to a recent article in CNBC. “For investors, trying to gauge sentiment among other investors and…
How to Play a Value Stock Rebound
“If ever the time was ripe for the value trade to work, it is now.” This according to a recent article in Barron’s. The article notes that while counting on…
Excess Returns, Ep. 26: Interview: Systematic Value Investing with Wes Gray
Wes Gray is the founder of Alpha Architect, the author of Quantitative Value and Quantitative Momentum, and an expert in systematic investing. In this interview, we discuss: The recent struggles…
What Drives Outperformance at Endowments & Foundations?
A new study has found “no ‘systematic evidence’ that funds with dedicated CIOs perform any better than endowments without dedicated CIOs.” This according to a recent article in Institutional Investor.…