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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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Steve Nash played 18 seasons in the National Basketball Association (NBA), where he was an eight-time All-Star and a seven-time All-NBA...
Robin Powell
Apr 6, 20213 min read
Europe's active managers failed the test in 2020
We reported the other day on the latest Active/ Passive Barometer from Morningstar. The semi-annual scorecard used to focus exclusively...
Robin Powell
Apr 5, 20214 min read
The risks in buying individual stocks
By LARRY SWEDROE When it comes to investing, we need to distinguish between two very different types of risk: good risk and bad risk....
Robin Powell
Apr 2, 20216 min read
US active managers flopped again in 2020 — Morningstar
If you work in financial services or the financial media and you're not yet familiar with the Morningstar Active/ Passive Barometer, it's...
Robin Powell
Apr 1, 20216 min read
After Cowspiracy and Seapspiracy, is it time for Fundspiracy?
It’s ten years since I first started writing about the skeletons in the closet of the investing industry. In that time, I’ve often...
Robin Powell
Mar 31, 20214 min read
The ESG momentum trade is fraught with danger
ESG stocks have enjoyed a stellar run, and sustainable investment funds continue to report healthy inflows. In the long term, ESG...
Robin Powell
Mar 30, 20213 min read
Sustainable investing is about returns we may never notice
By JOE WIGGINS At its heart, the shift towards sustainable investing is driven by the disconnect between the attempt of companies to...
Robin Powell
Mar 28, 20214 min read
Do investors allocate optimally to ETFs?
The tax benefits, along with their low costs, has led to the dramatic growth of exchange-traded fund (ETF) assets. Assets under management...
Robin Powell
Mar 26, 20215 min read
Bernstein: Free trading is like giving chainsaws to toddlers
William Bernstein is one of the most intelligent and widely read people I’ve met. He’s also a brilliant writer; is surely one of the...
Robin Powell
Mar 25, 20215 min read
Do we become better investors as we age?
Do older investors earn higher returns than younger investors? Intuitively, you may have thought so, given their greater experience and...
Robin Powell
Mar 23, 20219 min read
Latest figures offer little comfort for Canada's stockpickers
Beating the index over meaningful timeframes — over, say, 20, 25 or 30 years — is extremely challenging. Only a very small proportion of...
Robin Powell
Mar 22, 20212 min read
Indexed annuities: Have you been framed?
By LARRY SWEDROE You are the commanding officer of 600 troops surrounded by the enemy. After careful analysis, you determine you have two...
Robin Powell
Mar 19, 20216 min read
The impact of style bias on the latest SPIVA data
By CRAIG LAZZARA from S&P Dow Jones Indices Last week S&P Dow Jones Indices released its SPIVA U.S. Year-End 2020 Scorecard . As has...
Robin Powell
Mar 18, 20212 min read
Money is only one aspect of retirement planning (2/2)
Just as a successful career requires careful planning, so does a successful retirement — and we're not just talking about ensuring you...
Robin Powell
Mar 17, 20218 min read
Money is only one aspect of retirement planning (1/2)
There are so many new books on money, investing and retirement being published that it’s hard to keep track. In many cases the advice...
Robin Powell
Mar 16, 202112 min read
Woodford — a tale of complacency, incompetence and deceit
There was a brilliant review of Owen Walker 's account of the Woodford scandal, Built on a Lie , in The Times on Saturday by Edward...
Robin Powell
Mar 15, 20212 min read
Should endowments persist with private investments?
Warren Buffett, 2019 Annual shareholders meeting of Berkshire Hathaway Since its inception in the 1970s, the private equity (PE) industry...
Robin Powell
Mar 12, 20214 min read
Are YOLO traders undermining efficient markets?
Arguably the most significant investment trend during the pandemic has been the rise of amateur trading, particularly among young people....
Robin Powell
Mar 11, 20214 min read
Don’t let the stock market distract you
The stock market seems a bit manic at the moment, so what should investors do?
Robin Powell
Mar 10, 20213 min read
Market efficiency and the case of Pete Rose
By LARRY SWEDROE . In 1998, when Charles Ellis wrote his famous book Winning the Loser’s Game , about 20 percent of actively managed...
Robin Powell
Mar 9, 20215 min read
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