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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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Even smart people make mistakes
Having started his practice in December 1999, Steve had been a registered investment adviser for more than 20 years and had substantially...
Robin Powell
Jan 12, 20214 min read
Is your star striker really a "top investor"?
By ROBIN POWELL It wasn’t so long ago that my favourite football team used to carry the name of a children’s hospice on its shirts....
Robin Powell
Jan 11, 20213 min read
The biggest investment lesson from 2020
Nobody could have predicted how last year would turn out. And no wise investor would have tried.
Robin Powell
Jan 11, 20213 min read
The problem with stocks like Tesla
Elon Musk became the world's richest person this week, with a net worth crossed $185bn. The Tesla and SpaceX entrepreneur was pushed into...
Robin Powell
Jan 9, 20217 min read
The definition of investor insanity
According to Greek mythology, Sisyphus was the son of Aeolus (the king of Thessaly). Sisyphus was a clever and evil man, who would waylay...
Robin Powell
Jan 8, 20213 min read
Ten market predictions to count on in 2021
Anyone familiar with The Evidence-Based Investor will know we’re highly sceptical about the value of financial market forecasts . And if...
Robin Powell
Jan 7, 20213 min read
The most over- and under-hyped benefits of ETFs
By BEN JOHNSON As an investment wrapper, exchange-traded funds have several beneficial characteristics. But I would argue that some...
Robin Powell
Jan 6, 20212 min read
Coming soon — a Darwinian cull of active management
By MARK NORTHWAY from Sparrows Capital It is always hard to know what will happen with markets. My colleagues and I at Sparrows are not...
Robin Powell
Jan 5, 20213 min read
Transparency is good for business for asset managers
By JOACHIM KLEMENT Fund managers around the world are increasingly facing new regulations that will require them to disclose more...
Robin Powell
Jan 4, 20213 min read
Social trading platforms are bad for your wealth
By LARRY SWEDROE As evidenced by the dramatic growth of Robinhood , many investors are now getting their investment ideas from others on...
Robin Powell
Jan 2, 20214 min read
How "Britain's Buffett" lost the plot
By ROBIN POWELL It’s a question that’s confounded investment commentators for the last year and a half: How did Neil Woodford, the fund...
Robin Powell
Dec 31, 20204 min read
Don’t leave a financial mess
Do you know if your grandparents, parents or adult children would leave a financial mess for you or others to sort out if they pass away...
Robin Powell
Dec 30, 20204 min read
How predictable are government bond returns?
By LARRY SWEDROE Government bonds represent about 30 percent of overall market capitalisations across asset classes. Guido Baltussen,...
Robin Powell
Dec 27, 20203 min read
US technology stocks are expensive. So what?
Markets always go up over time. Even though there is concentration risk in US tech stocks at the moment, it is unlikely to stay this way.
Robin Powell
Dec 24, 20203 min read
Investors tend to forget their mistakes
By JOACHIM KLEMENT One of the most common experiences every advisor and professional investor makes is that people readily remember their...
Robin Powell
Dec 23, 20202 min read
A lost decade for endowment returns
By LARRY SWEDROE In our book The Incredible Shrinking Alpha , Andrew Berkin and I presented the evidence demonstrating that the hurdles...
Robin Powell
Dec 22, 20203 min read
Why would anyone want a hedge fund ETF?
By LARRY SWEDROE In my opinion, the greatest anomaly in finance is that despite the miserable aggregate performance of hedge funds, the...
Robin Powell
Dec 18, 20205 min read
The risks investors worry about
By JOE WIGGINS Vaccines have a behavioural problem. If they are effective then they can eradicate a risk from our lives. The successful...
Robin Powell
Dec 16, 20204 min read
Beware spectacular success stories
As regular TEBI readers know, active funds that outperform the market over the long term are vastly outnumbered by those that fail to...
Robin Powell
Dec 15, 20203 min read
The siren song of outperformance
We live in a world where a lot of things are judged on relative performance. What parent, for instance, isn’t thrilled when their toddler...
Robin Powell
Dec 12, 20203 min read
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