Portfolio Management
Markets frequently fail, despite their pristine reputation among capitalists. One way is the many actions taken by buyers and sellers to tilt a transaction in their favor. These visible hands create asymmetries between the parties. Jason Voss, CFA, explains.
Retail investors, with their varied illusions about wealth, are the weakest link in the financial services ecosystem, Shreenivas Kunte, CFA, observes.
The appearance of a new valuation paradigm awakens childhood fears in Will Ortel, who parses them with the help of the Annual Ben Graham Value Investing Conference IV.
“Emerging market equities [have] a history of headlines — mostly negative — and volatility,” said Devan Kaloo, head of global emerging markets equities at Aberdeen Asset Management. Yet there is reason for optimism, especially for those value investors who dive deeply into the fundamentals, which may be turning positive, Kaloo told attendees at the 70th CFA Institute Annual Conference.
Is the potential value of family-controlled businesses overlooked by investors or are these firms better off ignored? A panel at the Ben Graham Value Conference IV, hosted by CFA Society New York, discussed these firms and why they might be worth investing in. Robert Del Mauro explores key takeaways.
Global macro is as much an exercise in navigating the political economy as it is an alternative investment strategy. Practitioners must recognize its limitations and remember that change is the one constant.
In the final analysis, can we truly measure the emissions of our portfolio? Or understand what the actual “carbon footprint” is? No, not really, says Christopher K. Merker, CFA, but it is becoming easier.
Have the advances in technology, computing power, and data made the markets more efficient? It’s “not clear,” according to Nobel laureate Eugene Fama.
Larry Cao, CFA, discusses Campbell R. Harvey's definition of blockchain; Lauren Foster describes the continuing debate between Robert J. Shiller and Jeremy Siegel; Dougal Williams, CFA, suggests investors focus on shooting par in the investment market; Martin Fridson, CFA, reviews The End of Accounting and the Path Forward for Investors and Managers; and Mimmi Kheddache Jendeby provides some investing lessons from Epictetus, in the top Enterprising Investor posts from June.
Your Complete Guide to Factor-Based Investing is invaluable to practitioners who wish to design optimal portfolios. The authors define basic terms and discuss practical issues of implementation.