Practical analysis for investment professionals

index funds


Top Five Articles from June: Blockchain, Shiller vs. Siegel, and Shooting Par

Larry Cao, CFA, discusses Campbell R. Harvey's definition of blockchain; Lauren Foster describes the continuing debate between Robert J. Shiller and Jeremy Siegel; Dougal Williams, CFA, suggests investors focus on shooting par in the investment market; Martin Fridson, CFA, reviews The End of Accounting and the Path Forward for Investors and Managers; and Mimmi Kheddache Jendeby provides some investing lessons from Epictetus, in the top Enterprising Investor posts from June.

Beat the Field by Shooting Par

"What if, instead of trying to beat the market, investors focused on outperforming other investors by earning investing’s equivalent to par?" asks Dougal Williams, CFA.

Where Active Management Can Win

Active fund management is alive, thriving, and adding value across trillions of dollars of assets worldwide.

Are Index Funds the Best Way to Own Preferred Stocks?

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.

Is Active Management Dead? Not Even Close

Rumors of active management's demise are greatly exaggerated, AthenaInvest's C. Thomas Howard tells Jason Voss, CFA, and he has the evidence to make his case and the tools to help change active management for the better.

Academic Finance as a Check on Pretensions

Investment professionals recognize that the markets are messy places, filled with less than rational participants. From their perspective, this can obviate any further discussion about the value of academic finance and its models. But this puts too high a threshold on the measure of academia.

Essential Listening: A Force of Nature

Jack Bogle recalls the origins of Vanguard Group and restaurateur Danny Meyer explains his no-tipping policy in the latest round of Essential Listening podcasts curated by Tadas Viskanta.

Seven Reasons Active Management Underperformed in 2015

By far the biggest hurdle to handicapping or investing is recognizing when basic conditions have changed, be they rule changes, unexpected weather, personal issues of the professionals, or any number of other fluctuations. From an investment viewpoint, I believe 2015 experienced such cumulative changes that made many of our old approaches less useful.

Weekend Reads: Behavioral Biases, Runner’s High, and Star Wars

Is it just me, or does it seem that hardly a week goes by without another study or article about diversity in the workplace making headlines? I don't have the answer, but it did make me wonder whether I was suffering from “frequency illusion” or "recency illusion," also known as the Baader-Meinhof phenomenon.

Weekend Reads for Finance Pros: Ben Graham, Toughness, and “The Whoosh”

If you're a regular reader of these roundups, you'll know that I love language. And hopefully by now you've also come to expect the unexpected when reading through my selections. This week's gem comes from Dwight Garner's review of a recently updated version of Marco Pierre White's White Heat.



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