In February, low-cost index fund manager Vanguard announced plans to offer a private equity fund. This according to an article in Bloomberg. “The move represents a surprising convergence of two…
Some Thoughts on Market Panics
By Jack Forehand (@practicalquant) When the market pulled back in early 2018, I had just started writing publicly. It was my first chance to write an article offering my take…
Australia’s Stock Market Top Performer Since 1900
A new study by Credit Suisse Group found that Australia has the world’s top-performing equity market since 1900 with stocks enjoying an annualized return of 6.8% per year since that…
One Investor’s Attempt to Revolutionize Private Equity
A recent article in Institutional Investor profiles San Francisco investor Ryan Caldbeck and his firm CircleUp, which plans to establish a quant fund for the private equity market. “While hedge…
Excess Returns, Ep. 14: Some Thoughts on the Struggles of Factor Investing in the Past Decade
The long-term evidence to support factor investing is compelling. Academic work has shown that factors like value and momentum have produced an excess return relative to the market over time.…
Growth Stock Investing Destroyed by Coronavirus
The coronavirus has called into question earnings forecasts for growth businesses, according to a recent article in Forbes that argues: “Do not expect a gentle adjustment to occur.” The article…
Highlights: Buffett’s Annual Letter to Shareholders
Berkshire Hathaway’s annual report included Warren Buffett’s much anticipated letter to shareholders. Here are highlights from the letter: Retained earnings. Buffett dedicated the first several pages of the letter to…
Berkshire Hathaway and a Buffett-less Future
As Warren Buffett approaches his ninetieth birthday, Berkshire Hathaway shareholders might be worrying about the company’s future, according to a recent article in Barron’s. But the article outlines several issues…
Hedge Fund Trader Made $2 billion in 2019 Without Clients
Although Michael Platt closed his hedge fund firm BlueCrest Capital four years ago, he continued to trade using his own wealth and managed to earn $2 billion in 2019. This…
The Value Premium is Smaller, but Not Dead
Although the value factor is one of the longest standing for stocks, the value premium has shrunk. This according to a recent article in AAII. The article notes that since…