Practical analysis for investment professionals

bonds


Why Invest in Stocks?

Equities are not necessarily more risky than such "safe" assets as US Treasuries. 

Time-Varying Risk Premia: Cochrane’s “Discount Rates”

"Discount rates vary a lot more than we thought. Most of the puzzles and anomalies that we face amount to discount-rate variation we do not understand."

Dow 36,000! Crypto $3 Trillion! Charting a Wild Decade in Finance

Dow 36,000, crypto, Brexit, GameStop, pandemic. Imagine you uttered these terms back in the autumn of 2011, when Enterprising Investor first launched. What would they have evoked?

Book Review: The Caesars Palace Coup

Max Frumes and Sujeet Indap provide a fascinating inside account of the distressed debt markets, including the strategies, the colorful personalities, and the complex relationships.

Did Corporate Bond ETFs Kill the “Alpha Stars”?

The race for scale among active managers in response to low-cost ETF competition may be self-defeating.

Concentration Risk on the Buy-Side of Credit Markets: The Causes

What are the effects of buy-side concentration on the structure of the corporate bond market?

Vineer Bhansali: Negative-Yielding Bonds and Options

Anything that you want to price in finance has three key inputs, Vineer Bhansali says.

Vineer Bhansali: What’s Wrong with Negative Yields?

A negatively yielding bond violates a very basic, fundamental principle: the time value of money.

Volmaggedon, Decarbonizing Everything: Financial Analysts Journal Editor’s Snapshot

Financial Analysts Journal managing editor Heidi Raubenheimer, PhD, CFA, provides a synopsis of the latest issue.

Fixed-Income Allocations: Where To?

How should investors shift their fixed-income portfolios amid the US economic recovery?