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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...
One-sided compensation has to end, warns Oxford professor
You know you’re getting on in years when even Oxford professors are considerably younger than you are. The particular professor I’m thinking of is the financial economist Ludovic Phalippou. I expect we’ll be hearing plenty more about him in the years to come....
Peter Westaway: A PhD in economics won’t make you a better investor (1/2)
Dr PETER WESTAWAY is chief economist and head of investment strategy for Vanguard Asset Management in Europe. He was previously chief economist for Nomura International and a senior official at the Bank of England. He has a PhD in economics and an MPhil...
Attention advisers — Investing The Evidence is going global
I had an email the other day from a financial adviser in North America. He wanted to congratulate me on our video documentary Investing: The Evidence. The film, described by Vanguard chairman Bill McNabb as “the best 45 on the subject of investing...
Passive investing is improving governance and profitability
As an advocate of passive investing, I’ve become a little cynical about all the scare stories surrounding index funds in recent years. We’ve heard, for instance, that they hinder efficient capital allocation and have a detrimental impact on price discovery. Critics have...
This is how desperate active managers have become
I’ve heard all sorts of suggestions for improving the performance of active fund managers, but here’s the strangest yet: give them a new pair of running shoes. If you think I’m joking, I’m not. Executives at Allianz Global Investors, the asset management branch...
Shhh! Don’t mention the funds that flopped
When I get frustrated, as I often do, at the fund industry constantly touting the “benefits” of active funds in the media, I have to remind myself that there are people who’ve been quietly presenting the evidence that they extract value for consumers...
