Practical analysis for investment professionals

Pat Light

25 Posts


Pat Light was an assistant editor at CFA Institute. Before joining the CFA Institute editorial staff, he worked as a teacher. Light has a bachelor's degree in English from Duke University.

Author's Posts
Innovative Research into Structured Credit Products (Podcast)

Asset-backed securities have been subject to heated debate since the financial crisis, but William F. Maxwell says that even though “so much of the financial crisis revolved around these asset-backed securities, . . . there’s almost no information out there on how these different products actually trade.”

If You Want Your Pension Done Right, Do It Yourself (Podcast)

“We really strongly believe that saving for retirement is not hopeless,” says Stephen C. Sexauer. “A lot of people have thought about this problem for a long time, and I think one of the things we did here was try to connect the pieces in a way the average person can use.”

Bogle on the Hidden Costs of Actively Managed Mutual Funds

“For years and years — decades, really — the standard of comparing costs in mutual funds has been to take their total expense ratio, . . . but there are an awful lot of costs involved in mutual funds that aren’t in the expense ratio,” John C. Bogle said, when discussing his latest research.

A Groundbreaking Look at University Endowment Performance (Podcast)

When finance professor Brad Barber’s investment subcommittee was tasked with deciding how to invest the endowment of the University of California, Davis, he quickly found that “there was really very little evidence on the performance of endowments.”

Demystifying the IRA Recharacterization Option (Podcast)

Navigating tax strategies can be particularly tricky to begin with, and the flurry of advice following the IRS’s relaxation of Roth IRA recharacterization rules (which removed the restrictions on higher-income individuals converting their IRAs) caused no small amount of confusion in the financial community.

Cam Harvey on the Controversies Surrounding Gold (Podcast)

Is gold an really an inflation hedge? Is it a safe haven in times of stress? Cam Harvey has investigated some of the common arguments made in favor of gold.

Finding Winners in Actively Managed Mutual Funds (Podcast)

Previous research has shown that the average actively managed mutual fund underperforms a low-cost index fund after accounting for fees and expenses, but a new paper quantifies the size of active positions and distinguishes between different types of active managers.

Tactical Portfolio Adjustments in a Crisis (Podcast)

The recent financial crisis saw a large-scale flight to quality, but Paul Pfleiderer’s recent research suggests that the optimal investor response in a crisis involves a surprisingly limited amount of portfolio turnover.

Meir Statman’s Proposal for Mandatory US Retirement Savings (Podcast)

The United States is experiencing a retirement crisis. Meir Statman suggests a potential long-term solution: mandating, instead of recommending, US retirement savings.

Industry-Based Alternative Equity Indices (Podcast)

Market capitalization is quite well established as the standard for index weighting, but new research suggests that industry-based weighting schemes have several advantages over traditional market-cap weighting.

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.