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How much passive investing is too much?
Warnings that index funds have broken the stock market all imply a threshold: a share of the market at which price discovery fails. Nobody making the argument names it. Owen Lamont, writing in the Financial Analysts Journal, argues that no such number exists short of complete passive ownership, and that what actually determines whether prices stay informative is who is left doing the trading. His case, the strongest peer-reviewed research against it, and what the performance
Robin Powell
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Don't stop buying now!
There are many highly technical books about saving and investing. This isn’t one of them. And that’s not a bad thing. In fact, NICK...
Robin Powell
Jul 4, 20223 min read
ESG investing: Is best-in-class the way to go?
By LARRY SWEDROE Sustainable investing has grown dramatically in the past decade. By 2020, environmental, social and governance (ESG)...
Robin Powell
Jul 1, 20225 min read
Is a recession coming? We may already be in one
Robin writes: An important concept for investors to grasp is that stock markets don't go up and down, hand in hand, with the health of...
Robin Powell
Jun 29, 20223 min read
Dividend announcements: What do they tell us about future returns?
By LARRY SWEDROE Nobel Prize-winning economists Franco Modigliani and Merton Miller are perhaps most famous for their proposition that,...
Robin Powell
Jun 28, 20226 min read
Overconfidence is a pension manager's worst enemy
By LARRY SWEDROE The first chapter in my book Investment Mistakes Even Smart People Make and How to Avoid Them is on overconfidence,...
Robin Powell
Jun 24, 20228 min read
The case for combining dividend strategies
By CRAIG LAZZARA Throughout this year’s market turmoil, dividend strategies have been among the most reliable sources of relative, if not...
Robin Powell
Jun 23, 20222 min read
Passive investors, active owners
Passive investors can't be active owners? Nonsense. As ROBIN POWELL explains, a growing number of financial technology firms are helping...
Robin Powell
Jun 22, 20222 min read
The Shiller CAPE 10: how to use it, not abuse it
The Shiller cyclically adjusted (for inflation) price-to-earnings ratio, referred to as the CAPE 10 because it averages the last 10...
Robin Powell
Jun 21, 20227 min read
Three things you need to know after recent market falls
Robin writes: Stock markets respond to news, and sometimes bad news comes thick and fast. That's just what's happened in the last couple...
Robin Powell
Jun 21, 20224 min read
How susceptible are you to financial bullshit?
One of the biggest leading indicators of people’s tendency to be swayed by bad investment advice is in their susceptibility to put their...
Robin Powell
Jun 20, 20223 min read
How profitable is retail options trading?
Academic research, including the 2015 study Does Realized Skewness Predict the Cross-Section of Equity Returns and the 2019 study...
Robin Powell
Jun 17, 20224 min read
Is this a new dawn for financial advice in Australia?
Amid market volatility and an accelerating transfer of intergenerational wealth, the need for sound financial advice has arguably never been greater. But Australia has been fighting a mass exodus of advisers from the profession. Now, at last, there is hope of a reversal. As one of the world’s most wealthy and developed economies, Australia has never been short of resources. It is one of the world’s top five producers of most of the globe’s key mineral commodities. And, accord
Robin Powell
Jun 15, 20224 min read
Can investors improve returns by reducing ESG risks?
By LARRY SWEDROE The increased popularity of ESG investing has been accompanied by a rise in research into the subject. The heightened...
Robin Powell
Jun 14, 20226 min read
Time horizon — the difference between us and the pros
Robin writes: As TEBI readers know, a fundamental problem (arguably the fundamental problem) with the investing industry is that the...
Robin Powell
Jun 13, 20225 min read
A tale of two small-cap universes
Small-cap stocks essentially come in two varieties — small growth and small value. So which type of small-cap has historically produced...
Robin Powell
Jun 10, 20224 min read
The resurgence of value has accelerated
For keen students of the financial markets, the resurgence of value has been one of the biggest stories of 2022 so far. As CRAIG LAZZARA...
Robin Powell
Jun 9, 20222 min read
Vanguard active or Vanguard passive: which is best?
Arguably the most reliable predictor of future fund performance is cost: the less you pay, the higher your net returns are likely to be....
Robin Powell
Jun 8, 20225 min read
Is fund management meant to be sexy?
What is the best thing that fund managers can do for investors?
Robin Powell
Jun 8, 20223 min read
What insider trades (and non-trades) tell us about future returns
When you hear the phrase “insider trading’, you might automatically think of illegally exploiting non-public information for personal...
Robin Powell
Jun 7, 20224 min read
Biotech returns: 30 years of disappointment
The biotechnology sector was billed as the next big thing in the early 1990s, and it remains one of the most popular investment “themes”...
Robin Powell
Jun 6, 20225 min read
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