Practical analysis for investment professionals

Behavioral Finance


How Goals-Based Portfolio Theory Came to Be

Investing is never done in the abstract. Investing is — and always has been — goals-based.

Equity Risk Premium Forum: MMT, Looking Back, Looking Ahead

"There’s one aspect of MMT that I have some sympathy for: the notion that what we spend money on is far more important than how we finance it." — Cliff Asness

Fundamental Value Revisited? Three Investing Tips for “Absolutely Crazy” Conditions

What do we do in an environment where fundamentals begin to take a backseat to public policy?

Lessons in Behavioral Bias: The COVID-19 Equity Markets

The pandemic-era stock markets have been a showcase of behavioral biases in action.

Equity Risk Premium Forum: The Deficient Market Hypothesis

"If we thought of the equity premium as a fear premium," Rob Arnott says, "a lot of the so-called anomalies that we’ve talked about would not be anomalies at all."

Equity Risk Premium Forum: Don’t Bet Against a Bubble?

Cliff Asness, Rob Arnott, Roger G. Ibbotson, and other luminaries explore the nature of bubbles and the momentum factor.

Causality Techniques in Investment Management: Five Key Findings

What are the most widely used causality tests in the equity markets?

Alternative Investments: Predictable Uncertainty in Private Markets

While analytical judgment is considered universal in science, in finance investment decisions are derived from mental heuristics.

Bridging the Fundamental–Quant Divide

Where is the common ground between quant and fundamental investing?

Book Review: Better than Alpha

This book provides the insights and tools investors need to improve their investing outcomes.