Practical analysis for investment professionals


Coiled Tight: Smaller Companies Are Primed for Outperformance

Small-cap companies are poised for a rebound. The sector is best approached through an active investment strategy where expertise and a deep understanding of the individual businesses and their risk-and-reward characteristics are necessary for success.

Investment Returns Are NOT Random

Are investment returns random across time as Burton Malkiel suggests in his book, A Random Walk Down Wall Street? There is notable disagreement on this topic. This research finds that practitioners may need to rethink their portfolio optimization routines.

Generational Wealth: Does the Apple Fall Far From the Tree?

There is strong evidence that most “rich families” will be poorer after several generations. Some of the reasons for this are systemic like taxes. But most factors that diminish a family’s wealth over generations are the choices that heirs make.

State Capitalism in Private Markets: Mission Creep

Governments relish mingling in markets. Yet, if past policies are any guide, taxpayers are being shortchanged.

Meir Statman: Your State of Mind Influences Your Investing Success

Meir Statman shares his insights on the broader aspects of financial well-being and its interconnection with life satisfaction.

Book Review: Trailblazers, Heroes, and Crooks

Stephen Foerster, CFA, extracts lessons from exceptional episodes in financial history that ordinary investors and seasoned professionals alike can put to profitable use. The bonus is that you'll be entertained from start to finish.

What Price Risk? Unpacking the Equity Risk Premium

Stocks are a good wager over the long term, on favorable odds. But stocks remain a bet, and investors must grasp how much returns can vary over long time horizons.

Equity Income Investing Redux

No doubt the past year has been difficult for equity income investors. But history, inherent biases, mean reversion, and the current market backdrop point to a comeback.

Book Review: Enrich Your Future

This engaging book is simultaneously memorable and humorous. The numerous sports analogies will have you smiling as you absorb Larry Swedroe's unforgettable investment precepts.

CAPE Is High: Should You Care?

A simple analysis shows that Robert Shiller's cyclically adjusted price-to-earnings ratio changed in the 1990s and that mean-reversion concerns may be misplaced. If CAPE changed three decades ago, however, there is nothing preventing it from doing so again.

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