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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...
The man with the big picture — Barry Ritholtz (Part 1)
Even for someone who’s usually at his desk at 4.30 in the morning, Barry Ritholtz manages to squeeze rather a lot into his working life. He runs Ritholtz Wealth Management, a firm with $175 million in assets; he’s an accomplished author; and...
The scores from Europe are in — and it’s nul points for active managers
It’s funny.. Every time the results are pretty much the same, but for nerdy investment journalists like me, there’s still a frisson of excitement when S&P Dow Jones releases its SPIVA scorecard. SPIVA stands for S&P Indices Versus Active Funds, and the...
Why the investing industry loves complexity
I was contacted the other day by a company asking if The Evidence-Based Investor would like to feature some research it had done into a new system of investing which it plans to bring to market. I was happy to take a...
#SFTW: Shopping lists are fine for groceries, not for stocks
SOMETHING FOR THE WEEKEND Shopping Jim Cramer has one of the most famous faces on US television. A former hedge fund manager and best-selling author, he’s now a full-time celebrity who imparts his stock-picking expertise to anyone who will listen. And they do....
Warning — this man could seriously damage your wealth
Jim Cramer has one of the most famous faces on US television. A former hedge fund manager and best-selling author, he’s now a full-time celebrity who imparts his stock-picking expertise to anyone who will listen. And they do. The CNBC presenter is...
Having your cake and eating it — the myth of downside protection
There are all sorts of myths that it suits the fund industry to perpetuate, perhaps the most insidious of which is that active funds are better than passive in bear markets. Index funds, we keep being told, fall with the markets whereas...
