Practical analysis for investment professionals

CFA Institute Annual Conference


C. Thomas Howard: “View the Markets as They Are”

C. Thomas Howard, an opponent of the efficient markets hypothesis, advocates for a radical departure from the idea of diversification at the core of a healthy portfolio.

Lie Detection in a Post-Truth World

"Everybody knows we are in a post-truth world," deception detection expert Pamela Meyer told delegates at the 70th CFA Institute Annual Conference in Philadelphia. "People will tell you anything." So what are the verbal and nonverbal clues indicating someone might be deceiving us?

Weekend Reads: Getting Better with Age

Wisdom from John Bogle, a look at cryptocurrencies, and an exploration of the state of farmland in the United States are among the topics covered in this week's Weekend Reads from Sloane Ortel.

Private Equity’s Demise Has Been Greatly Exaggerated

Private equity’s demise has been overreported, according to Claudia Zeisberger, founder of INSEAD’s Global Private Equity Initiative. Critics of private equity are not hard to find, and if you listen to them long enough, you’ll hear all kinds of stories that make your stomach turn. No doubt, there have been bad actors abusing the label of “private equity investment.” But private equity is a governance structure, not a business model or industry.

Forecasting Fixed-Income Default Rates

“Typically when the default rate is 1% or more above the Moody’s forecast, it is a good time to own distressed bonds," Martin Fridson, CFA, said. "Similarly, if the bonds are priced 1% or more below Moody’s, then the distressed bonds are priced too tightly (i.e., a signal to sell).”

10 Trends in Asset Stewardship

Rahki Kumar believes it is important for long-term investors to encourage long-term strategy at companies and for all investors to recognize the role they play in markets.

Invest-Tech: The Next Phase of Fintech Innovation

“All invest-tech rests on two pillars: data latency, which is the speed in acquiring or processing error-free inputs, and inferential depth, which is the profoundness and durable accuracy of insights,” says Ashby Monk.

Generating Alpha by Exploiting Market Anomalies

It's more a less a certainty that, net of fees, the average active investor will underperform the stock market. Yet empirical data also suggest that there are a number of market anomalies that have persisted over time, and disciplined investors can exploit them to generate outsized returns. Peter Berezin highlights some of the most compelling ones.

Peter Zeihan on Geopolitics: “A World That Will Fragment”

Geopolitical expert Peter Zeihan foresees simultaneous political crises that will erode local state authorities, unleashing violence and terrorism. Capital flight, driven by geopolitical concerns, will surely follow. “The result is a world that will fragment," he said. "The result is a breakdown in global trade.”

Energy Markets and Musical Chairs

Ten years ago, we thought the world was running out of oil, that China and other emerging market countries would have insatiable energy demand growth, and that production costs would generally rise over time. We were wrong. Energy expert Amy Myers Jaffe explains why.



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