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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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Book-to-market: Is its explanatory power declining?
Traditionally, a company’s value is based on what’s known as the book-to-market ratio — or else the inverse, market-to-book. A company's...
Robin Powell
Aug 27, 20216 min read
Why young investors should embrace EBI
By YARIV HAIM The last 18 months have been something of a white-knuckle ride for many long-term investors. But for young investors —...
Robin Powell
Aug 26, 20214 min read
Which country will outperform next is irrelevant
We often read in the financial pages that such-and-such a country is due for a good run, or that another country is heading for a spell...
Robin Powell
Aug 25, 20212 min read
Tactical asset allocation vs static indexing: Who wins?
By LARRY SWEDROE Tactical asset allocation (TAA) is an investment strategy that gained its original popularity in the 1980s. The...
Robin Powell
Aug 24, 20214 min read
The Great Wealth Transfer: Are you ready for it?
While human beings’ life expectancy in developed economies is around 80 years these days, the longevity of the wealth they generate,...
Robin Powell
Aug 23, 20213 min read
If I can give up meat, you can too
Robin writes: As the latest report from the Intergovernmental Panel on Climate Change explains, it is unequivocal that human influence...
Robin Powell
Aug 21, 20212 min read
Why aren't women more involved in household financial decisions?
By LARRY SWEDROE An interesting and important question is: Do traditional gender identity norms constrain women’s influence over...
Robin Powell
Aug 20, 20214 min read
How do bad advisers manage their own money?
Do financial advisers who switch their clients' money in and out of different active strategies behave as badly with their own ...
Robin Powell
Aug 19, 20211 min read
Market power and systemic risk
Some firms face more, or less, competition than others. Firms that face less competition are said to have more market power than their...
Robin Powell
Aug 17, 20214 min read
We can't all be above average
Robin writes: Here's an interesting conundrum. As every TEBI reader knows, beating the market over the long term on a cost- and...
Robin Powell
Aug 16, 20212 min read
Investing's untapped market: people with simple needs
The wealth management industry has traditionally focused on serving wealthy individuals with complex needs. But, according to a new...
Robin Powell
Aug 14, 20213 min read
A duration-based explanation for equity factors
By LARRY SWEDROE The main objective of the asset pricing literature is to determine which characteristics are most important for...
Robin Powell
Aug 13, 20216 min read
Always seek a second opinion
The world is full of people telling you what to do with your money, whether it is a stranger in a bar, a well-meaning colleague at work,...
Robin Powell
Aug 12, 20214 min read
What degree of corruption is acceptable?
By JOACHIM KLEMENT A little while ago, I was reading an article in the Texas Observer on Mexican politicians moving the bribes they...
Robin Powell
Aug 11, 20213 min read
The 1% advice fee is toast
By ROBIN POWELL There was an excellent piece by Neal Templin on financial advice fees in the Wall Street Journal the other day. The...
Robin Powell
Aug 11, 20213 min read
Factor drift: what it is and how to tackle it
Over time the factor exposures inherent in stocks also tend to drift, and that can pose a problem for investors and portfolio managers....
Robin Powell
Aug 10, 20216 min read
Can you change your mind about money?
The biggest contribution you can make to your financial wellbeing could be reframing the way you think.
Robin Powell
Aug 9, 20213 min read
Don't be fooled by private equity returns
By LARRY SWEDROE Since its inception in the 1970s, the private equity (PE) industry has grown significantly. According to Preqin’s 2020...
Robin Powell
Aug 6, 20215 min read
Learn to profit from uncertainty
As an investor, there's no escaping from uncertainty. Right now, for example, there's uncertainty around inflation, how long prices will...
Robin Powell
Aug 5, 20215 min read
Institutional investors vs individuals: Who wins?
Alpha is a zero-sum game, so if there are losers, there must be winners. But are those winners more likely to be institutional investors...
Robin Powell
Aug 3, 20215 min read
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