Practical analysis for investment professionals

Factor Investing


Outperformance Ain’t Alpha

Outperformance and alpha are not exactly the same thing. So, how do we explain the difference?

The US Investment Olympics: Smart Money, Crowd Intelligence, and AI

Can our Smart Money, Crowd Intelligence, and AI indices beat the S&P 500?

Fama and French: The Five-Factor Model Revisited

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

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?

Improving the Odds of Value Investing

So what is the value factor's key performance driver? Based on what evidence?

Should Fundamental Investors Give Up on Value Stocks?

For fundamental investors looking for mispricings, value stocks may be best ignored.

Book Review: Equity Smart Beta and Factor Investing for Practitioners

The authors provide practitioners with a comprehensive guide to equity smart beta investing.

Top 10 Posts from 2019: Damodaran, Marks, Shiller, and Buffett

The leading Enterprising Investor articles from 2019 feature insights from some of the top luminaries in all of finance.

Do Activist Investors Create Value?

Could activism be the answer for active fund managers?

Just a Little Higher? Antti Ilmanen on the Low-Return Challenge

How can investors adapt to a low-for-long rate environment? Antti Ilmanen proposed several potential strategies.