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Investor demographics: how wealth, age and gender affect decisions

      By LARRY SWEDROE   To determine whether investor demographics provide information as to the holdings of their portfolios, Sebastien Betermier, Laurent Calvet, Samuli Knüpfer and Jens Kvaerner, authors of the February 2022 study What Do the Portfolios of Individual Investors Reveal About the Cross-Section of Equity Returns?, examined the stockholdings of 365,000...

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You wouldn’t put money on a horse at odds like these

  The fund shops make picking a winning fund seem so easy. Just choose from this list of top funds that we’ve carefully selected for you, they seem to be saying, and you’ll be fine. The reality is very different. Horse. Telegraph Money...

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The Scrabble index — and why it spells trouble for active managers

  This might sound like a wind-up, but bear with me; it isn’t. Climb aboard a time machine and travel back to New Year’s Day 1964. You’ve got $200 to invest. OK, the first retail index fund is still a mere twinkle in...

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Sprechen Sie evidence-based investing?

  It’s funny, you’d expect evidence-based investing to be popular in Germany. The efficiency and elegant simplicity of indexing, you’d have thought, combined with the academic rigour underpinning it, would particularly appeal to German tastes. Yet German investors are just as much in...

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What useful function do investment consultants serve?

  One of the more welcome aspects of the recent announcement by the Financial Conduct Authority of its review of the value provided by UK asset managers is that the study will include the role of investment consultants. These are typically employed by...

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The lies investors tell themselves

  Human beings tell little white lies all the time. I do. You do (and if you tell me you don’t I swear I can see your nose growing!). It’s not just others we try to fool. We constantly lie to ourselves —...

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#SFTW: Watchdog to investigate UK fund industry, don’t get your hopes up

SOMETHING FOR THE WEEKEND Watchdog. There was a big development in the UK this week, with the Financial Conduct Authority announcing a review of the value (or lack of it) provided by the asset management industry. There’s been plenty written on this, but...

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