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Hillfolio, the US robo bringing EBI to the masses

  One of the problems with financial advice in the US, Matt Hall told me when I interviewed him for the latest TEBI Podcast, is that “most of our industry is going after the $2 million-and-more clientele”. In my experience, it’s a problem that’s not just confined to the US. All around the world,...

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You wouldn’t wish typical hedge fund returns on anyone

  Consumers love a new product launch. Just look at the queues outside Apple Stores when a new iPhone comes out, or the enduring popularity of car magazines with their sneak peaks of the latest models. But launches of investment funds are different....

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Key takeaways from Auld Reekie

  I’ve just returned from a fact-finding trip to Edinburgh. I’m going to be writing more about it at greater length in the coming weeks. Suffice it to say for now that I met three prominent and articulate advocates of active money management....

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Teaching people to trade stocks is like starting them on heroin — Munger

  Warren Buffett may be the most famous advocate of low-cost index funds, but his sidekick Charlie Munger has been just as insistent over the years that, for most people, indexing is the best way to invest. Munger, who’s now aged 95, gave...

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Should the Bond King keep his crown?

  Bill Gross, one of the world’s most famous and influential money managers, has retired at the age of 74. A specialist fixed income investor, nicknamed the Bond King, Gross is best known for co-founding Pimco Asset Management, and for managing the Pimco...

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What does, and doesn’t, help to predict fund performance?

  One of the questions that I and other advocates of evidence-based investing are often asked is, ‘What sort of evidence are you talking about?” Primarily I’m referring to academic research — evidence that’s truly independent, peer-reviewed, time-tested and based on robust data analysis....

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For investors, most financial television is worthless noise

  I remember asking the Nobel laureate Eugene Fama once about financial journalism. “Journalism?” He replied. “You mean pornography.” He then went on to tell me about the day he was invited to speak on a financial television channel (he didn’t say which...

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