Practical analysis for investment professionals

Investment Industry


Book Review: The Index Revolution

Author Charles Ellis, CFA, contends that structural changes in the US market have eliminated the prospect of outperforming average market returns, after fees, through active management. The causes include the rise in institutional and high-speed machine trading and changes in regulation. Active management may still pay off in low-efficiency markets, such as high-yield bonds and emerging market debt. The book does not address findings that the most active stock pickers who take large but diversified positions unlike the index weightings beat their benchmarks.

How to Read Financial News: Tips from Portfolio Managers

Reading obscure financial information may look and feel like productive work, but most of this content has little chance of leading to better results, says Robert Martorana, CFA. So portfolio managers must learn to read fast and quickly detect nonsense.

Book Review: Genealogy of American Finance

In addition to tracing the histories of America’s 50 largest financial corporations, this richly illustrated coffee-table book spotlights many of the important economic events that influenced the evolutions of those institutions.

UK Active Fund Managers: Analyzing Their Value

Every day investors are inundated with noise — almost all of it irrelevant — about what they should do. Then, when there really is something important — information that will genuinely help you achieve better returns — it often gets drowned out. Such is the case with a recent study on the merits of active fund management.

Book Review: The Handbook of Market Design

This handbook provides an insightful set of articles on the impact of economics and game theory on the development of structures to solve market design problems. Bringing together the latest research in this growing field, the editors provide a detailed overview on how market mechanisms can be used to solve problems of matching and exchange.

Are Financial Advisers Supposed to Get Paid?

While financial advisers worry about competing with low-cost robo-advisers, some argue even those fees are too high. That begs the question: are advisers supposed to get paid?

Book Review: Asset Management

This highly engaging book will be warmly received by a wide audience. Anyone teaching entry-level finance should consider adopting it, and practitioners will be well rewarded by a close reading. It belongs on the front shelves of pension and endowment managers, who should read and reread the chapters on hedge funds, real estate, commodities, and private equity.

A View to the Future: Changes in the Investment Industry

By 2030, investment management will be transformed by megatrends that are already reshaping the industry, according to a new study.

Finance Shouldn’t Think Small

It's time to think ambitiously about the services that investment professionals can provide in the future.

Will Passively Managed Assets Continue to Grow Relative to Actively Managed Assets in 2015?

While actively managed funds still account for 83% of global assets under management according to recent Morningstar data, passively managed funds have been gaining ground in recent years. This prompted us to ask CFA Institute Financial NewsBrief readers if they expected this trend to continue in 2015.



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