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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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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
Trading on a phone increases risk-taking, study finds
We’ve explained many times how trading individual stocks is a bad idea. Markets aggregate all known information about the value of a...
Robin Powell
Feb 2, 20212 min read
Three things to remember about emerging markets
Nothing stays the same in emerging markets. After all, the United States used to be considered an emerging market once. China still is,...
Robin Powell
Feb 2, 20217 min read
12 common mistakes people make with money
By JASON BUTLER Charlie Munger is 97 years old and has been Warren Buffett's business partner for five decades. Despite giving away vast...
Robin Powell
Feb 1, 20213 min read
Is equal weighting worth considering?
Just because the vast majority of indexers use market-cap-weighted funds, that doesn't mean that everyone has to. There are infinite ways...
Robin Powell
Jan 31, 20212 min read
How do target-date funds affect the markets?
By LARRY SWEDROE The rise of target-date funds (TDFs, also called “lifecycle funds”) has been one of the most significant innovations...
Robin Powell
Jan 29, 20216 min read
Does a well-paid job make you happy?
Securing a well-paid dream job can feel like the ultimate goal in life, but is it really the key to happiness? Your parents or your...
Robin Powell
Jan 28, 20213 min read
People need advisers because they're human
Life would so much simpler if, in matters of business and finance, we all acted perfectly rationally all of the time. But, as behavioural...
Robin Powell
Jan 27, 20214 min read
Will ETFs overtake mutual funds?
It's 28 years since the first exchange-traded fund was launched, and they've grown from strength to strength. It's a trend that shows no...
Robin Powell
Jan 25, 20214 min read
Could the Woodford blow-up have been prevented?
A new book on the Neil Woodford scandal is about to be published. Opinions are divided on exactly what went wrong, but the book, ,...
Robin Powell
Jan 23, 20216 min read
A mistake that costs investors $15 billion a year
New research suggests that active fund investors are typically confusing “fake” alpha (i.e. outperformance that’s simply down to factor...
Robin Powell
Jan 22, 20214 min read
We deceive ourselves about financial incentives
By JOACHIM KLEMENT In the world of business, I don’t think there is any job where in some instances the incentives for an employee or...
Robin Powell
Jan 19, 20214 min read
What happens AFTER fund managers crush it?
Investors and the media tend to pay close attention to a fund's recent performance. When a fund's short-term record is especially good,...
Robin Powell
Jan 18, 20216 min read
Woodford: Was the writing on the wall at Invesco?
A new book on the Neil Woodford scandal is about to be published. by journalist DAVID RICKETTS charts the rise and fall of a fund...
Robin Powell
Jan 16, 20215 min read
Do you really want to be a landlord?
It was January 2007. For the past several years, Bob had been reading about how hot the national real estate market was. He had also...
Robin Powell
Jan 15, 20216 min read
Four reasons why another Woodford scandal will happen
By ROBIN POWELL This article was originally written for the Suitable Advice Institute . The Woodford scandal is one of the bleakest...
Robin Powell
Jan 14, 20215 min read
Everything in one place
Do you have all your essential documents in one place? If you don’t, it may be a good idea to start the new year as you mean to go on,...
Robin Powell
Jan 13, 20212 min read
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