Practical analysis for investment professionals

equities


Book Review: Expectations Investing

This revised and updated edition offers an insightful framework for identifying gaps between price and value.

Fama and French: The Five-Factor Model Revisited

How well has Fama and French's five-factor model explained returns?

Are Reindeer Good Stock Pickers?

Beating a passive benchmark is hard. And that's true for both reindeer and people.

Modern Variants of Capitalism, Part 2: Financial Capitalism

In financial capitalism, wealth is transaction-based rather than operational.

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?

Less Efficient Markets = Higher Alpha?

Shouldn't less efficient capital markets with greater information asymmetries offer more alpha opportunities?

Equal- vs. Market Cap-Weighted Portfolios in Stock Market Crashes

How have equal- and market-cap weighted US equity portfolios performed relative to one another during downturns?

Meme Stocks and Systematic Risk

How do meme stocks move relative to stock market indices and other meme stocks?

Myth-Busting: Equities Are an Inflation Hedge

How can investors hedge against inflation risk? Do equities offer any protection?

Low- or High-Volatility: Which Wins the Return Battle?

Are low-volatility or high-volatility strategies the better choice when it comes to equity returns?