Practical analysis for investment professionals

Investment Philosophy


Equity Risk Premium Forum: The Deficient Market Hypothesis

"If we thought of the equity premium as a fear premium," Rob Arnott says, "a lot of the so-called anomalies that we’ve talked about would not be anomalies at all."

Equity Risk Premium Forum: Don’t Bet Against a Bubble?

Cliff Asness, Rob Arnott, Roger G. Ibbotson, and other luminaries explore the nature of bubbles and the momentum factor.

Progress in Economics

How has the consensus among economists on such issues as deficit spending and population growth shifted over the decades?

10 Years of Behavioral Finance: Thaler, Kahneman, Statman, and Beyond

Since its launch in 2011, Enterprising Investor has showcased the scholarship of behavioral finance’s top luminaries as well as its critics.

Book Review: Warren Buffett

This should not be a one-time read but rather a guide for the rest of one’s investing career.

Benchmarking Has Become Circular

Benchmarking a company against its peers tends to be the quickest path to mediocrity.

Quality Losses Matter More to Investors Than Quality Gains

How does the stock market collectively respond to quality losses versus quality gains?

Radical Uncertainty in Finance: The Origins of Probability Theory

How did modern society succumb to the illusion that uncertainty can be transformed into calculable risks?

What Is Your Belief System?

If you can isolate the beliefs that are truly influential in your professional work, you can improve your success rate significantly, says Jim Ware, CFA. Ask yourself, “What do I believe is true? And how does this affect my decisions and behavior?”

The Key to Great Investing

A number of different investing strategies are effective, but the key is not so much to find any one approach in particular, but to apply it with discipline, says Isaac Presley, CFA.