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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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Charles Ellis was right — market timing is a wicked idea

      Market timing is one of the most seductive notions investors have to contend with. How hard can it be, we ask ourselves, to sell when the market’s high and about to fall, and buy back in just as it hits...

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The lottery phenomenon in corporate debt

    The most basic principle of finance is that risk and ex-ante (expected) returns should be related. However, a large body of academic research (for example, here, here, here, and here) has found that individual investors (though not institutions) have an irrational...

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Active vs passive: which is better?

    The “active vs. passive debate” has raged on for a long time in the field of investing. Where actively managed funds aim to outperform the market through complex strategising, passive investing is more about matching market performance through tracking a specific...

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The LGPS could learn from Nevada about value for money

    Britain’s Local Government Pension Scheme is one of the biggest public pension schemes in Europe, and it wastes far too much money on third-party asset managers. It’s time for a radical reform of the system, writes ROBIN POWELL, and we should...

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Trying to invest like Warren Buffett? Forget it

    Search “how to invest like warren buffett” in Google and 17,300,000 results come up. We’re obsessed with discovering his secret. Yet Buffett himself has consistently said that, for most people, trying to invest like Warren Buffett is a thoroughly bad idea....

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The consequences of short squeezes

    Short selling – betting on a stock to fall in price by borrowing shares to sell them, hoping to buy them back at a future date at a lower price – is risky because losses are unlimited (unlike going long, where...

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