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.
The primary focus of the renaissance investment management firm is delivering the best possible investment performance, not on scaling for scaling’s sake, C. Thomas Howard and Jason Voss, CFA, explain in the latest entry in The Active Equity Renaissance series.
Dismantling the finance industry’s closet indexing factory is a critical step in The Active Equity Renaissance, C. Thomas Howard and Jason Voss, CFA, observe.
Jason Voss, CFA provides his selections for Weekend Reads for Investors. This week's stories are critical of finance's love of squishy statistics, employers that keep their talented employees down, and the usefulness of GDP as an economic measure.
One modern portfolio theory (MPT) pillar that is unquestionably broken is the use of volatility, specifically standard deviation, as a measure of risk, Jason Voss, CFA, and C. Thomas Howard write in the latest edition of The Active Equity Renaissance series. This initial error in MPT's development is a major contributor to active investment management underperformance.
“I know you are afraid and you should be afraid. I will invest you in products that will not stir up your fears." This sentiment is applied over and over again in the investment industry in one form or another, by the "Cult of Emotion."
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