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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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No one sees their own blind spots
Welcome to a brand new series here on TEBI — with CARL RICHARDS. Carl is an expert on how we can improve our financial wellbeing by...
Robin Powell
Oct 1, 20203 min read
Don't aim too high
Something we observe again and again is that the rules that usually apply in middle-class society simply don't work in investing. Try...
Robin Powell
Sep 30, 20203 min read
Follow your own path
LOOK AT IT THIS WAY There once were two hikers. The first, Michael, wanted to do everything by the guidebook. If the book said to take...
Robin Powell
Sep 29, 20202 min read
What do intangibles tells us about future performance?
There are basically two types of company assets — physical assets such as land, vehicles, equipment and unsold stock, and non-physical...
Robin Powell
Sep 29, 20204 min read
Focus on one step at a time
By JASON BUTLER Never in all of history has it been easier to access information. We can watch documentaries and the news on TV and...
Robin Powell
Sep 28, 20203 min read
How persistent is outperformance in venture capital?
By LARRY SWEDROE Investors who believe in active management rely on the past performance of the managers they select. Unfortunately, when...
Robin Powell
Sep 25, 20207 min read
The problem with themes like robotics
Pick up any investment magazine, and chances are there'll be at least one article about a popular investment theme and how you might be...
Robin Powell
Sep 24, 20207 min read
Would Trump or Biden be better for stocks?
Is investing an art or a science? Those who insist it is the latter believe everything can be quantified and reduced to a model that...
Robin Powell
Sep 23, 20204 min read
Should you take voluntary redundancy?
By LESLEY GREGORY Having taken a big hit to its bottom line because of the COVID crisis, a friend’s employer recently opened a voluntary...
Robin Powell
Sep 23, 20204 min read
The story behind Index Fund Advisors
Mark Hebner is a true pioneer of evidence-based investing. He's the founder of Index Fund Advisors , one of the first financial advice...
Robin Powell
Sep 22, 20206 min read
Let's make EBI fun, Part 2
Sammy and David on set We recently featured a funny video on market efficiency , presented by the comedian Sammy Obeid. The video was...
Robin Powell
Sep 21, 20203 min read
Sport, investing and the paradox of skill
By LARRY SWEDROE Barry Bonds was arguably the best baseball player of his era. No one would consider him to have been lucky to generate...
Robin Powell
Sep 18, 20206 min read
How courageous is your fund manager?
Owning A and B will be uncomfortable Our investor has confidence in the analysts who recommended all four investments, and realises that...
Robin Powell
Sep 17, 20202 min read
Practitioners still pay too little attention to academia
By JOACHIM KLEMENT I recently read a paper that claimed that practitioner research has become increasingly more reliant on academic...
Robin Powell
Sep 16, 20203 min read
Investing shouldn’t be a gamble
Investors should understand the “gambler’s fallacy” and how it impacts our thinking.
Robin Powell
Sep 15, 20203 min read
Are you still playing by the old rules?
Our understanding of finance and investing has come a long way since the 1980s. But as JONATHAN CLEMENTS explains, there are many...
Robin Powell
Sep 14, 20203 min read
The names are never the same
By LARRY SWEDROE Paula had just inherited $5 million dollars. She was quite concerned about how she was going to manage this large sum of...
Robin Powell
Sep 11, 20206 min read
The best friend investors have never heard of
He’s arguably done more to advance the cause of ordinary investors than anyone except the late Jack Bogle. And the chances are you’ve...
Robin Powell
Sep 10, 20205 min read
Let's make EBI fun, Part 1
By ROBIN POWELL As any parent who's had to juggle paid work with home schooling during the lockdown will tell you, educating children...
Robin Powell
Sep 8, 20206 min read
Do you think you’re smarter than Terry Smith?
There are good times and bad times to be invested in stocks, but even a successful manager like Smith doesn’t try to time the market.
Robin Powell
Sep 8, 20203 min read
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