A recent article in The Wall Street Journal reports that over the past half a century, the Mormon Church “quietly built one of the world’s largest investment funds” now estimated…
How Value Investor Joel Greenblatt is Weathering Underperformance
Gotham Asset Management’s Joel Greenblatt sees better opportunities for value investing on the horizon, based on a recent study by his firm. This according to an article in Institutional Investor.…
Value Investors, Don’t Expect a “Massive” Comeback
A recent paper published by the Man Group’s quantitative investment unit (Man Numeric) suggests that while the value strategy may not be permanently broken, investors should not expect an impressive…
Chuck Royce: Small Stocks Poised for Rebound
In a recent interview with Barron’s, veteran stock picker Chuck Royce said that active management and value investing will survive, and small-caps are headed for a rebound. Here are highlights…
How Lessons from a Navy SEAL Can Make You a Better Investor
By Justin J. Carbonneau “War is a nightmare, war is awful, it is indifferent, devastating and evil. War is hell. But war is also an incredible teacher, a brutal teacher…
Excess Returns, Ep. 11: The Pitfalls of Back Testing
Back testing is one of the most misused tools in investment management. Almost every back test outperforms the market, but those same strategies often struggle when run with actual money.…
Dividend Growth: This Year’s List of Aristocrats
An article in the Motley Fool defines and provides this year’s list of Dividend Aristocrats—companies in the S&P 500 that have paid and increased their base dividends every year for…
Ken French: We Can’t Tell if Value Premium Has Disappeared
In a paper published last month, the team of Eugene Fama and Ken French—credited with identifying the value premium back in 1992—analyzed how the value factor has fared over the…
Retained Earnings a Better Measure than Book Value?
A new study suggests that the book-to-market ratio—long used by value investors to gauge the value of a company– should be replaced by the retained earnings-to-market ratio due to its…
Is Vanguard Getting Too Big for America’s Britches?
Fund manager Vanguard (AUM $6 trillion) has reshaped more than the rural Pennsylvania it calls home, according to an article in the Financial Times that discusses how the firm has…