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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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Can active managers time factor exposures?
By LARRY SWEDROE One of the advantages active managers tout is that they have the opportunity to adjust factor exposures, taking...
Robin Powell
Feb 26, 20213 min read
Three reasons for active managers to feel positive
By CRAIG LAZZARA For at least five years , we’ve noticed that, despite historical performance, active managers regularly proclaim that ...
Robin Powell
Feb 25, 20212 min read
The odds of outperforming through active management
By LARY SWEDROE My good friend Bill Schultheis, author of The Coffeehouse Investor (it was a privilege to write the foreword to an...
Robin Powell
Feb 24, 20214 min read
Which is best for corporate bonds — active or passive?
Robin writes: Here at TEBI, we're not huge fans of corporate bonds. The reason is we like to keep things simple. Equities should make up...
Robin Powell
Feb 23, 20216 min read
Do financial marketplaces provide enough protection?
There's been a huge growth in recent years in online marketplaces. An online marketplace is a type of e-commerce website where product...
Robin Powell
Feb 22, 20214 min read
Who should carry the can for the Woodford blow-up?
To quote the author of an excellent new book on the Neil Woodford scandal, “the cast of players in (his) spectacular rise and crashing...
Robin Powell
Feb 20, 20214 min read
The implications for investors of shrinking markets
Smaller companies are staying private for longer, with a sizeable decline in IPOs over the last two decades. So what are the implications...
Robin Powell
Feb 19, 20214 min read
Woodford underlines the need for proper financial advice
This article by ROBIN POWELL was originally published by the Suitable Advice Institute. It’s easy to let our hearts rule our heads when discussing Neil Woodford. According to a new book, Woodford and his business partner extracted £11.5 million from his failed investment empire, and continued to charge fees even when his funds were suspended. Many of his investors lost life-changing sums of money. Now he’s issued a semi-apology and is in the process of setting up a new invest
Robin Powell
Feb 18, 20214 min read
FANMAG fans beware: nothing lasts for ever in investing
They used to be called the FAANG stocks, and are now better known by the acronym FANMAG. But the small number of large technology...
Robin Powell
Feb 15, 20215 min read
A Millennial’s guide to a secure financial future
“Don’t get mad, get informed” — Iona Bain’s motto from The Young Money blog is timely to say the least. Millennials like her have had a...
Robin Powell
Feb 13, 20213 min read
Does investor sentiment predict market movements?
By LARRY SWEDROE Investor sentiment refers to the general mood investors exhibit toward a particular market or asset. Sentiment can be an...
Robin Powell
Feb 12, 20218 min read
Attackers attack, defenders defend
The great Harry Markowitz once told me that when he learned that James Tobin had won the Nobel Memorial Prize in Economic Sciences ahead...
Robin Powell
Feb 11, 20212 min read
Should Bitcoin be in your portfolio?
What should you make of the big rise in the price of bitcoin last year? Should you be buying some, and if so, how much?
Robin Powell
Feb 11, 20213 min read
Can ANY adviser add consistent alpha?
As we’ve explained many times, very few managers succeed in beating the market in the long term, net of fees. But what about those who...
Robin Powell
Feb 10, 20219 min read
The price of friendship
Rick and Phil had been friends for over 30 years. It was their tradition to have lunch together to celebrate the New Year, and they did...
Robin Powell
Feb 9, 20217 min read
What does GameStop mean for market efficiency?
By CRAIG LAZZARA Recent headlines have reflected the extraordinary behavior of GameStop Corp.; the company’s stock rose from $18.84 at...
Robin Powell
Feb 8, 20212 min read
A value premium update for the not very interested
Mention the value premium to investors and chances are their eyes will glaze over. Most have never heard of it — and many who head of it...
Robin Powell
Feb 6, 20213 min read
The impact of Morningstar ratings on fund flows and returns
By LARRY SWEDROE Since capital flows impact security prices, an interesting question is whether non-fundamental correlated demand —...
Robin Powell
Feb 5, 20213 min read
Baroness Altmann: UK investors need better protection from the FCA
This article by ROBIN POWELL was originally published by the Suitable Advice Institute . It’s a constant source of frustration to...
Robin Powell
Feb 4, 20216 min read
What GameStop means and what it doesn't
Robin writes: Someone asked me yesterday why TEBI has written anything, or barely commented on, the GameStop saga. To be honest, like my...
Robin Powell
Feb 3, 20216 min read
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