Practical analysis for investment professionals

Drivers of Value


Is the Euro Uninvestable? The FX Question du Jour

A reduction of the ECB's balance sheet and a serious effort to achieve positive real interest rates will be key to ensuring a turnaround in the fortunes of the EUR/USD.

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

Book Review: Purpose and Profit

The importance of ESG factors has been accelerated by the COVID-19 pandemic, making George Serafeim's book essential reading.

Equity Risk Premium Forum: The Stock/Bond Correlation Switch-Up

"Has the hedge property overtaken the investment property of fixed-income assets?"

ESG Criteria: Global Asset Managers Expand Their Embrace

ESG factors are even more important to global asset managers today than they were a year ago, according to the latest Index Industry Association (IIA) survey.

A Natural Capital Approach to Sustainable Investing: A Tribute to Pitta

The pitta bird is a rare sight in tropical forests, even to the trained eyes of birdwatchers. Yet there she was, perched on the window of my condo, in a busy metropolis.

Book Review: The Case for Long-Term Value Investing

Jim Cullen presents the value strategy and explains how to apply it in any type of market.

Equity Risk Premium Forum: Gloom Looms?

“How many here think the next 10-year equity returns are going to be below the long-run average? I certainly do. Is there anyone here who doesn’t?”

Outperformance Ain’t Alpha

Outperformance and alpha are not exactly the same thing. So, how do we explain the difference?