In a recent interview with CityWire, Research Affiliates chairman and founder Rob Arnott explains why value investing has suffered from the coronavirus pandemic but says it isn’t time to run…
Excess Returns, Ep. 21: Interview: Psychology and COVID-19 with Dr. Daniel Crosby
In this week’s episode we shift gears a little from our usual investing focus. We wanted to spend some time talking about the current COVID-19 crisis and its impact on…
S&P 500 Bear-Market Rallies: A Brief History
A recent article in Bloomberg discusses the recent market turmoil within the context of past market downturns, highlighting an ongoing debate about whether the worst of the downturn is over.…
Nine-Year Dividend Squeeze Coming for U.S. Investors
Investors in the U.S. will have to wait nine years for dividends to recover from the coronavirus-related downturn, according to a recent article in the Financial Times. The prediction is…
The Last 800 Years of Data Show No Bottom Yet
A recent Barron’s article discusses the current market downturn within the context of historical data going back to the 13th century—which shows there is “ample precedent for the current crisis.”…
Charlie Munger’s Phone Isn’t Ringing Off the Hook
In a recent article for The Wall Street Journal, columnist Jason Zweig recounts a recent interview with Berkshire Hathaway vice chairman Charlie Munger, who advised that now is the time…
A Look at the Impact of COVID-19 on Value Investing
By Jack Forehand, CFA On the surface, value investing is pretty simple. As a value investor, I want to buy stocks at a discount. I want to look at a…
Excess Returns, Ep. 20: The Limits to Lessons from Past Bear Markets
Whenever we are confronted with a bear market, we all want to figure out how it will play out. We want to know how big the decline will be. We…
Berkshire and Others Sitting on Piles of Cash
Warren Buffett’s Berkshire Hathaway is one of several behemoth companies (including Apple and Google parent Alphabet) “sitting on large cash positions that give them the wherewithal to ride out a…
For This Century, Stocks Lagging Bonds
In the race for returns since 1999, bonds are now outperforming stocks, according to a recent article in The Wall Street Journal. FactSet data shows that since December 31, 1999,…