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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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Factors DO work, but don't time them
By LARRY SWEDROE Academic research has found that valuation metrics (for example, the earnings yield (E/P) or the CAPE 10 earnings...
Robin Powell
Mar 18, 20225 min read
Market forecasts: why we just can't stop ourselves
Human beings love to make predictions. Who’ll win the Premier League? What about the next general election? How will the UK fare at this...
Robin Powell
Mar 16, 20227 min read
Explaining value and momentum with macroeconomic risks
By LARRY SWEDROE Value and momentum are two of the most powerful explanatory factors in finance. Research on both has been published for...
Robin Powell
Mar 16, 20224 min read
Retail investors pay up to 60 times more than institutions
One of the more regrettable aspects of the UK asset management industry is the unequal treatment of retail and institutional investors....
Robin Powell
Mar 15, 20223 min read
Marina Ovsyannikova, we salute you
By ROBIN POWELL War brings out the worst in us, but also the best. Every night, on our television screens, we see what happens when evil...
Robin Powell
Mar 15, 20223 min read
Lessons for investors in mental strength from a cricketing icon
Robin writes: There are valuable lessons investors can learn from top sportspeople. None of them has anything to do with technical...
Robin Powell
Mar 12, 20223 min read
Should investors fear a yield curve inversion?
By LARRY SWEDROE It’s not as if investors did not have enough to worry about with Russia invading Ukraine, but with inflation being much...
Robin Powell
Mar 11, 20229 min read
Ten ways to handle headline anxiety
“ Doom-scrolling ” is becoming a habit right now. No sooner had we learnt to live with the pandemic than the long-dormant inflation dragon...
Robin Powell
Mar 10, 20223 min read
Money lessons from the Ukraine crisis
It's almost two weeks since Russia began its invasion of Ukraine — the largest conventional military attack in Europe since World War II....
Robin Powell
Mar 9, 20225 min read
More evidence that specialised ETFs are best avoided
There has been a large increase in recent years in the number of specialised ETFs that offer exposure to different investment themes. But...
Robin Powell
Mar 8, 20226 min read
Mutual funds: The less you understand, the more you pay
Research shows a link between how complex fund material is and higher fees charged to investors.
Robin Powell
Mar 7, 20223 min read
Introducing Index Funds the Musical
So, the countdown is on for the 94th Academy Awards: the Oscars ceremony is just three weeks away. Here at TEBI we’ve finally overcome...
Robin Powell
Mar 6, 20222 min read
Disposition effect hampers active managers, study shows
By LARRY SWEDROE In their 1985 study, The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence , Hersh...
Robin Powell
Mar 4, 20224 min read
Fama: It’s Putin who’s irrational, not the markets
By ROBIN POWELL As most investors know, the markets hate uncertainty, and the world seems more uncertain now than it ever has done in...
Robin Powell
Mar 3, 20223 min read
Why the S in ESG is no longer silent
The momentum behind environmental, social and governance (ESG) investing has become seemingly unstoppable in recent years, a fact...
Robin Powell
Mar 2, 20225 min read
Should investors fear rising public debt?
Public debt is on the increase around the world, and, with large deficits projected for the foreseeable future, it's likely that...
Robin Powell
Mar 1, 20227 min read
Alternative investments have been useless since 2007
Alternative investments are suddenly all the rage, with both institutional and retail investors increasing their exposure. Alternative...
Robin Powell
Feb 28, 20225 min read
The percentage of outperforming funds fell again in 2021
The year-end 2021 instalment of the Morningstar Active/Passive Barometer has just been published, and it shows that fewer than half of...
Robin Powell
Feb 26, 20227 min read
Climate alphas as predictors of future returns
By LARRY SWEDROE As Sam Adams and I demonstrate in our book Your Essential Guide to Sustainable Investing , researchers have found that...
Robin Powell
Feb 25, 20225 min read
You cannot control the uncontrollable
By ROBIN POWELL Before I discovered evidence-based investing, I used to dread days like today, when global stock markets tumble. A...
Robin Powell
Feb 24, 20223 min read
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