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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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Return signal momentum: a new strategy worth following?
There is a vast body of academic research on momentum as an explanatory factor in the cross-section of returns, beginning with the 1993...
Robin Powell
Jun 5, 20215 min read
Why people invest in cryptocurrencies
By JOACHIM KLEMENT No matter whether you are a fan of cryptocurrencies or not, they are here to stay and more and more investors are...
Robin Powell
Jun 4, 20212 min read
How to stop noise undermining your decisions
A woman, suffering from unexplained weight gain consulted her GP, who referred her to three different specialists. One concluded she was...
Robin Powell
Jun 2, 20212 min read
Is there a replication crisis?
By LARRY SWEDROE In recent years the field of empirical finance has faced challenges from papers arguing that there is a replication...
Robin Powell
Jun 1, 20215 min read
Cathie Wood and the risk of disruptive technologies
By LARRY SWEDROE As the chief research officer of Buckingham Wealth Partners, I’ve been getting lots of questions about investing in...
Robin Powell
May 28, 20212 min read
ESG: manufacturers, not energy companies, are the main culprits
By JOACHIM KLEMENT When it comes to ESG risks, investors are increasingly aware that they may cause significant costs to a company and...
Robin Powell
May 27, 20213 min read
The case for tracking the venerable Dow Jones
Most indexers choose the S&P 500 when seeking exposure to US equities. But is it possible to track the Dow Jones Industrial Average, the...
Robin Powell
May 26, 20213 min read
The all-important pension question
By JASON BUTLER I know it's a real challenge for many people today to earn a decent income, find affordable housing, build up savings and...
Robin Powell
May 25, 20213 min read
Advising on life's big changes
By ROBIN POWELL There is often a vast gulf between what people think financial advice is all about and what it actually is. The popular...
Robin Powell
May 24, 20214 min read
How to avoid foolish behaviour
By LARRY SWEDROE During my 25 years as the chief research officer at Buckingham Wealth Partners, I have witnessed investors make many...
Robin Powell
May 21, 20218 min read
Taking on the dependency problem
By JOACHIM KLEMENT If you are younger than 65 right now and live in a developed country, you have a problem. On the one hand, you know...
Robin Powell
May 20, 20213 min read
The endowment effect: why we hold assets we ought to sell
By LARRY SWEDROE The issue of holding or selling an asset is one of the more frequent risk management problems I am asked to address. I...
Robin Powell
May 18, 20213 min read
A diverse portfolio is a strong portfolio
By CRAIG LAZZARA We can think of an active equity portfolio as a combination of a benchmark (the S&P 500, for example) and a set of...
Robin Powell
May 17, 20212 min read
How can we explain momentum returns?
By LARRY SWEDROE Momentum, the tendency of past winner stocks to outperform past loser stocks over the next several months, is one of the...
Robin Powell
May 14, 20214 min read
Four lessons from an investing pioneer
By NICK MAGGIULLI Last week, David Swensen, the famed investment manager and Chief Investment Officer at Yale, died at the age of 67...
Robin Powell
May 13, 20214 min read
Be the change — a motto for a new generation of advisers
The financial advice profession gets a bad wrap, and, in many ways, rightly so. There’s still far too much focus on selling products and...
Robin Powell
May 11, 20216 min read
Why investing is more like golf than football
Every investor should know what game they are playing in the market.
Robin Powell
May 10, 20213 min read
Thematic funds: good stories, poor investments
Investment themes are very much in vogue. Pick up any investment magazine or the money section of a Sunday newspaper and you’ll see what...
Robin Powell
May 9, 20214 min read
SPAC or spam?
SPACs, or special purpose acquisition companies, have been one of Wall Street’s hottest products in the last year or so. But do they make...
Robin Powell
May 7, 20217 min read
Is value making a comeback?
Whisper it gently: value funds have been on a little winning streak. That's right, we haven't said that for a long time. So, is this the...
Robin Powell
May 5, 20216 min read
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