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The widening valuation spread between growth and value

  Valuation spreads between growth and value stocks are the widest they have been since the turn of the Millennium. So what does this mean for investors? As this article from DIMENSIONAL FUND ADVISORS explains, low valuations mean value stocks currently have higher expected returns. But Dimensional’s own research shows that trying to time...

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For sports fans & active investors, hope springs eternal

Active investors. Human beings aren’t cut out to be investors. Evolutionary instincts that serve us well most of the time let us down badly when we let them loose on our pension portfolios.  The harmful emotions that attract most attention are fear and...

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Something for the weekend

  SOMETHING FOR THE WEEKEND   Please excuse a slightly abbreviated version of SFTW this week.. I’m off to that temple of football Villa Park, where I fear that Manchester United are about to puncture the bubble of pre-season positivity that’s been growing...

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Investors of the world unite

  One of the things I enjoy most about my work promoting evidence-based investing is the camaraderie of like-minded people around the world. World unite. This is a global battle we’re fighting, to teach people, wherever they live and however little they have...

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Charley Ellis: Why active managers extract value from investing

  For me, Charley Ellis is one of the investing world’s great consumer campions. In the mid-1970s, he became the first industry insider to acknowledge that most active fund managers fail to beat their benchmarks and that investors are far better off using...

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Something for the weekend

  SOMETHING FOR THE WEEKEND   Ah, the joys of England in August.. The sun’s shining, school’s out and the Poms are thrashing Australia at cricket. But none of those things will last for long, so let’s enjoy them while we can.. along...

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Video: Don’t assume outperformance is down to skill

“Men resist randomness, markets resist prophecy.” Maggie Mahar   The need to make sense of things is a basic human instinct. We want to feel we understand what’s happening around us. So we create our own order. We invent narratives and look for...

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