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Introducing our new portfolio review service for professionals

    The vast majority of pensions funds, charities, endowments and other institutional portfolios have underperformed the market for decades. The way to stop the rot is to have an independent portfolio review, reduce fees and complexity, and increase diversification. From today, that’s precisely what TEBI is offering.   As anyone who’s read The...

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How to own the next Netflix

  By YARIV HAIM and ALISTAIR MEADOWS   There have been a number of major disruptions in markets of late. Here are a few examples. Having been seen as a path to guaranteed riches in recent years, new share issues (IPOs) have seen...

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Does passive investing encourage companies to collude?

  By CRAIG LAZZARA   The critics of passive investing are nothing if not creative. One of their objections to the growth of index funds stems from the putative problem of “common ownership.” The argument is that index funds’ ownership of many of...

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You can’t predict market movements. 2019 is a case in point

  This is a guest post from DIMENSIONAL FUND ADVISORS   The year 2019 served up many examples of the unpredictability of markets. Interest rates that US policy-makers expected to rise fell instead. American consumers’ confidence weakened as the year began [1], and...

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Just how efficient are equity markets?

  By LARRY SWEDROE   A large body of evidence demonstrates that the ability of active managers to generate alpha (outperform risk-adjusted benchmarks) has been rapidly declining. For example, Mike Sebastian and Sudhakar Attaluri, authors of the 2014 study Conviction in Equity Investing,...

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Why new investors have irrational fears

  By ANDREW HALLAM   Imagine this: You’ve just booked an airline ticket. But then you see a cheaper flight online. The second flight’s departure time is much more convenient – and you could change your ticket without paying an extra fee. It...

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Bogle was right. Character counts

  Vanguard founder Jack Bogle was famous for explaining investing to ordinary people. But he devoted just as much time and energy later in life to imparting wisdom to fellow financial professionals. Bogle’s overriding message for his peers was arguably the importance of...

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