Practical analysis for investment professionals

Drivers of Value


The Bezzle and the Central Banks

In today's bull market, the bezzle, or "inventory of undiscovered embezzlements," isn't stocked with Ponzi schemes and the like. Rather it is built on the notion that risky assets have become practically risk-free.

Four Principles to Sustaining a Desired Culture

Once we define the culture we aspire to build, our challenge and responsibility is to cultivate it over time. That process is far from automatic and has no finish line.

Shareholder Value vs. Shareholder Welfare

In whose interest should companies be run? Luigi Zingales shared his thoughts at the 2019 CFA Institute Seminar for Global Investors.

The Seven Asset Owner Approaches to ESG

What role do asset owners have to play in environmental, social, and governance (ESG) investing?

ESG Investing: Can You Have Your Cake and Eat It Too?

Do companies with high environmental, social, and governance (ESG) ratings outperform their lower-ranked counterparts?

Goals-Based Investing: Should It Be the Norm?

To paraphrase Richard Thaler, all finance is behavioral. In the same spirit, all investment management should be goals-based.

How to Read Financial News Redux: Separate the Narrative from the Noise

Sometimes old narratives cast a long shadow and obscure more than they reveal.

Return on Inertia (ROI): The Price of Standing Still

Wealth managers should give as much weight to return on inertia as they do return on investment, says April J. Rudin.

Three Mindsets of Great Investing Teams

What sorts of mindsets correlate with investment success and better decisions?

How Painful Can Factor Investing Get?

The last 18 months have not been kind to factor investors, and multi-factor products — with an almost 20% decline — have provided little relief.



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