Practical analysis for investment professionals

Equity Investments


Time for a Low-Cap Diet?

The emergence of "Godzilla caps" has endangered many "well-diversified" portfolios, making concentration risk much greater than it appears, says James Stefurak, CFA.

Top Five Articles from March: Inflation, Manager Selection, Skill Ratio

The introduction of the Skill Ratio by Daniel Blais, CFA; Brodie Gay's examination of how inflation is underreported; and an exploration by Ziad Abou Gergi, CFA, of the manager-selection process, are among the top posts from March.

The Case for Further Stock Market Gains

The stock market often moves contrary to consensus forecasts, says Mark Armbruster, CFA. In the face of many stock market naysayers, there is a reasonable argument for further gains.

Managers or Analysts: Whose Tone Matters More on Earnings Calls?

The tone of analysts and managers on earnings calls can influence returns for investors. But the tone of analysts, in particular, is especially impactful for institutional investors, according to a recent study.

Skill Ratio: A New Measure for the (Lack of) Persistence in Active Management

Daniel Blais, CFA, introduces a new metric to help identify and differentiate those investment managers who achieve alpha through skill and those who generate it by luck.

Manager Selection: An Alpha Generator in Multi-Asset Portfolios

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.

Can Fundamental Momentum Diagnose Mr. Market?

Ben Graham, the father of modern value investing, introduced his Mr. Market analogy back in 1949. Nearly 70 years later, investors are still trying to anticipate Mr. Market's moods. Moshik Kovarsky and Paul Kovarsky, CFA, (no relation) think the Fundamental Momentum strategy can help.

Rupal J. Bhansali: Insist on the “And” Proposition

Rupal J. Bhansali of Ariel Investments says that contrarian value investors refuse to settle for sub-optimal compromises.

Navigating a China Dip

Visiting Hong Kong for the first time in two decades, Mark Harrison, CFA, sees evidence of breakneck economic transformation everywhere. But what happens when the music stops?

Leveraging Active Investing with Small-Cap Stocks

Elizabeth M. Lilly, CFA, thinks that small-cap stock investing is an excellent way to leverage active management. If you do the research.



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