Cheap exchange-traded funds (ETFs) and smart beta products are no substitutes for active management, says Ziad Abou Gergi, CFA. But the manager-selection industry needs to adapt to the changing environment and investors' price sensitivity.
Sloane Ortel and Thomas Brigandi's examination of the seven asset owner organizations shaping the market and a review of Richard Bookstaber's The End of Theory by Robert N. Farago, ASIP, are among the leading Enterprising Investor posts from February.
Revenue — perhaps the most important number in financial statements — and how it is calculated by nearly every public company across the globe is set to change. Sandra Peters, CFA, considers the impacts.
Here is a scenario: You are the portfolio manager of an active equity fund. You wake up one morning to the news that a labor strike is delaying flights at an airline in your portfolio.
Whatever their motivations, spin-offs can have a dramatic effect on the performance of the associated corporate bonds, so it is crucial that fixed-income investors conduct the necessary analysis. Nathan N.J. Grant, CFA, has some advice.
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