Practical analysis for investment professionals

Portfolio Management


The Post Ratings Agency World: An Interview with Invictus Group’s Kamal Mustafa

A powerful alternative to traditional credit ratings is the scenario-planning approach developed by Kamal Mustafa, CEO of Invictus Consulting Group.

Book Review: Managed Futures for Institutional Investors

Investment professionals thinking of offering managed futures should read this primer on the nuts and bolts of managed futures and conventional “how-to” guide to making money. It provides both the solid theoretical underpinnings of the asset class and the practical aspects of incorporating managed futures into a client’s portfolio.

Emerging Markets Conference: Experts Bullish on Africa, Lukewarm on China

Because many emerging markets are either commodity producers or exporters, it seemed likely to me that emerging markets would be beholden to the health of the developed (importing) world — which of course has massive excess debt. While this is certainly true for some markets, I was pleasantly surprised to learn that the scope of opportunity in emerging markets is much larger than I had expected.

Take 15: India: Rediscovery and Investment Outlook

Lord Meghnad Desai discusses his "rediscovered" historical perspective on India as well as the Indian economy, capital markets, and its people going forward and the implications for investment professionals.

Do Buy-Side Investment Recommendations Add Value?

Large sample studies of buy-side investment recommendations have been virtually impossible to execute due to a lack of data. But a new research paper relies on a novel data set compiled by the private social networking website SumZero to show that buy-side stock picks influence asset prices by bringing new information to the marketplace. The authors also find evidence of “wealth transfers” flowing from the broader institutional marketplace to the investment firms represented on SumZero.

Bankable Insights: Eight Lessons from Neuroeconomics for Money Managers

Unlike many behavioral finance pieces which simply contain behavioral admonitions, “Eight Lessons” actually contains prescriptions for overcoming common errors of judgment.

Volatility Harvesting: From Theory to Practice

We’ve all heard the old adage that diversification is the only free lunch in investing, but Paul Bouchey, CFA, debunked that notion at the CFA Institute Wealth Management 2012 conference in Miami. To be clear, Bouchey did not challenge the notion that we can reduce risk without sacrificing return through diversification. He did, however, call out another free lunch — volatility harvesting.

Setting the Record Straight on Asset Allocation

Evidence shows that the groundbreaking research on the importance of asset allocation has been poorly understood and widely misquoted. Practitioners of all stripes might benefit from a visit to the archives to better understand the evolution of asset allocation theory.

Generating Investment Ideas: Interview with Entegra’s Jim Butcher (Part 2)

In the second half of this interview with the CEO of Entegra Partners, Jim Butcher outlines the benefits of scenario planning, which he thinks is especially useful in these uncertain times.

Generating Investment Ideas: Interview with Entegra’s Jim Butcher (Part 1)

Scenario planning is a valuable tool for all financial professionals, ranging from those in corporate finance to those in investment management. Part one of an interview with ex-Morgan Stanely/Entegra Partners' Jim Butcher.



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