What is the best way to hold more traditional stores of value, such as gold? Mark Harrison, CFA, and Keyur Patel explore the question in the latest edition of the In Practice series.
What can we learn from downloads of CFA Institute publications in 2017? Mark Harrison, CFA, sifts through the most popular CFA Institute Financial Analysts Journal articles as well as CFA Digest and In Practice summaries to uncover a few themes.
This comprehensive study of the structure, price dynamics, and valuation of exchange-traded funds (ETFs) addresses their current uses in various investment settings. It attributes the rapid growth of ETFs to factor-based investing and the rise of robo-advisers. The book is a fascinating deep dive into all categories of ETFs, including equity, fixed income, foreign currencies, and alternative investments, with a particular focus on issues of tracking and liquidity.
Post-financial crisis, the volume of outstanding bonds has grown. At the same time, however, consolidation among banks and broker/dealers has cut the number of market makers, and new regulations have reduced the capital these companies can commit to fixed-income inventories.
Jason Voss, CFA, shares his picks for Weekend Reads for Investors. This edition features stories about the dangers of exchange-traded funds (ETFs), a better way to think about and model the human brain, and how the notion of superhuman artificial intelligence (AI) is farfetched.
The ETF has been at the forefront of three major investment phenomena over the past two decades, and as a result has had a positive effect on the investment world, says Tadas Viskanta. The beauty of the ETF industry is its embrace of new ideas and strategies. Tamping down on that would only serve to make the investment world a less interesting place. So let's "Keep ETFs Weird."
Preferred stock index funds are a double-edged sword, says David Allison, CFA, CIPM. They are a simple, liquid, and low-cost way for investors to gain exposure to preferreds, but their simplicity makes them a blunt tool and harbors risks.
Emerging market investing offers great potential and yet is not without its risks, as was clearly demonstrated by the "taper tantrum" in 2013–14. So how can investors get the best of both worlds, reaping the benefits while containing the downside? A forthcoming book by Cornell University professor Andrew Karolyi seems to have revealed some of the answers.
Marketing an unproven trading strategy using theoretical results and tiny disclosures sounds underhanded, but it is fairly common in the investment industry.
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