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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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Trading stocks is like playing a Wimbledon champion
One of the most insidious aspects of sites like eToro and Robinhood is the impression they give that making money through trading stocks...
Robin Powell
May 10, 20222 min read
Bogle's legacy — folksy grandpa or investing punk rocker?
When punk rock arrived in New York and London in the mid-1970s, the prime movers talked of stripping away the bloated excesses of the...
Robin Powell
May 9, 20223 min read
Is there a January effect in small-cap stocks?
By LARRY SWEDROE The January effect is a seasonal anomaly in which small stocks have higher returns than in any other month. This...
Robin Powell
May 6, 20224 min read
How to Invest Part 2: Don’t chase performance
Fund industry advertising and much of what's written in the financial media encourages investors to chase performance. The impression...
Robin Powell
May 6, 20222 min read
Should you ditch bonds as inflation rises?
There are few more frightening phrases for investors than “inflationary spiral”, but the consensus among commentators is that’s precisely...
Robin Powell
May 5, 20222 min read
How to Invest, Part 1: Understand risk and return
People often ask me, how is The Evidence-Based Based Investor funded? The answer is, it’s partly down to having three strategic partners...
Robin Powell
May 4, 20222 min read
Should value strategies adjust for intangibles?
By LARRY SWEDROE The ability to interpret financial statements has been complicated by the dramatic shift from tangible investments (such...
Robin Powell
May 3, 20228 min read
Beware the lure of the familiar
When faced with choice and complexity, we instinctively prefer to focus on what we know and are familiar with. In many aspects of life,...
Robin Powell
May 3, 20224 min read
Is social media making markets more efficient?
By LARRY SWEDROE Social media has become an increasingly popular forum for market participants to post and exchange their opinions about...
Robin Powell
Apr 29, 20225 min read
Bitcoin is not an investment — I'm glad I sold it
By JONATHAN HOLLOW Fidelity, the US investment powerhouse, has announced that people saving for their retirement in 401(k) accounts will...
Robin Powell
Apr 28, 20226 min read
Why have large-cap growth funds performed so badly?
As someone who has spent many years studying fund performance, CRAIG LAZZARA from S&P Dow Jones indices expects to see most active...
Robin Powell
Apr 27, 20222 min read
Active versus passive all boils down to cost
Robin writes: I don't like talking about the active versus passive "debate". Anyone who has read the evidence will know that there isn't...
Robin Powell
Apr 26, 20225 min read
What does victory for Macron mean for stocks?
By ROBIN POWELL So, Emmanuel Macron has won the French election, becoming the first sitting president in 20 years to be re-elected. Of...
Robin Powell
Apr 25, 20224 min read
Do dividend-paying stocks hedge against inflation?
Amid fears over rising inflation and interest rates, many investors are looking to hedge against those risks. A commonly held view is...
Robin Powell
Apr 22, 20226 min read
Wealth management faces a future shock
Changes forced by the global pandemic, the geopolitical landscape, the evolution of technology, demographic dynamics and the increasing...
Robin Powell
Apr 21, 20224 min read
Consistent outperformance is a dangerous myth
By JOE WIGGINS There are few things the active fund management industry likes more than a tale of a manager consistently outperforming...
Robin Powell
Apr 20, 20224 min read
ESG strategies: do risk factors explain returns?
By LARRY SWEDROE The dramatic increase in interest in environmental, social and governance (ESG) investing has been accompanied by...
Robin Powell
Apr 19, 20223 min read
Is there an opportunity cost of responsible investing?
By LARRY SWEDROE Sustainable investors pursue not only financial return but also ethical satisfaction. The trend toward sustainability...
Robin Powell
Apr 15, 20223 min read
Is "just keep buying" sensible investment advice?
Stock markets inevitably rise and fall. Crashes, corrections, and recoveries are often short and sharp; and sometimes bull and bear...
Robin Powell
Apr 14, 20223 min read
Deep value: three reasons for investors to be cheerful
Deep value is an investment strategy that involves buying the cheapest stocks, based on their valuation multiple. If you like, it's a...
Robin Powell
Apr 12, 20224 min read
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