Practical analysis for investment professionals

Drivers of Value


The Power of Clicks, Likes, and Shares: Promote the Right Kind of Financial Content

Not all financial content creators on social media are created equal. A broad differentiation can be made between influencers, knowledge sharers, and aspiring thought leaders.

Why Your Portfolio Should Include Scarce Assets

Portfolios that include both productive and scarce assets can deliver similar performance to the S&P 500 with less risk than those that hold only productive assets.

Coiled Tight: Smaller Companies Are Primed for Outperformance

Small-cap companies are poised for a rebound. The sector is best approached through an active investment strategy where expertise and a deep understanding of the individual businesses and their risk-and-reward characteristics are necessary for success.

Generational Wealth: Does the Apple Fall Far From the Tree?

There is strong evidence that most “rich families” will be poorer after several generations. Some of the reasons for this are systemic like taxes. But most factors that diminish a family’s wealth over generations are the choices that heirs make.

State Capitalism in Private Markets: Mission Creep

Governments relish mingling in markets. Yet, if past policies are any guide, taxpayers are being shortchanged.

Equity Income Investing Redux

No doubt the past year has been difficult for equity income investors. But history, inherent biases, mean reversion, and the current market backdrop point to a comeback.

Book Review: Enrich Your Future

This engaging book is simultaneously memorable and humorous. The numerous sports analogies will have you smiling as you absorb Larry Swedroe's unforgettable investment precepts.

CAPE Is High: Should You Care?

A simple analysis shows that Robert Shiller's cyclically adjusted price-to-earnings ratio changed in the 1990s and that mean-reversion concerns may be misplaced. If CAPE changed three decades ago, however, there is nothing preventing it from doing so again.

AI to the Rescue? Overhauling the US Power Grid on the Path to Net Zero

Once known as secure and profitable investments, utilities are now viewed as enterprises fraught with financial risks. Investors should favor utilities that employ AI and other digital strategies to minimize damage from natural disasters.

Exploring the Indian Startup Frontier

India's startup ecosystem is booming. Investors have more options than ever.