In a recent Bloomberg article, columnist Barry Ritholtz wrote that the yield-curve inversion that occurred earlier this month begs the question: “What might trigger the next recession and what might…
Excess Returns, Ep. 12: The Pros and Cons of Trend Following
To say that the track record of market timers in general is dismal would be an understatement. There are so many factors that impact market returns that getting them all…
The New Decade’s Best Performing Stocks Will Be Different Than the Last
An article in CNBC highlighted the best- and worst-performing stock sectors over the past ten years and shared insights regarding what to expect in the decade ahead. Over the past…
The Often-Misunderstood Yale Model
An article in Institutional Investor discusses the long-admired Yale Model and its decades-long record of achievement under the supervision of David Swensen, focusing on the sometimes overlooked but essential components…
The Mormon Church and Its $100 Billion Secret
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.…