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Chasing last year’s top funds is seductive — and usually self-defeating. New evidence shows performance persistence is largely a mirage: most “winners” slip quickly, especially when markets get rough. Investors who keep costs low and own the market have far better odds of reaching their goals.

Warren Buffett built his fortune through active investing, yet tells his family to put 90% in index funds. Why? His 44-year record reveals the answer: from 1981-2002, he achieved statistically significant alpha. But from 2003-2024, his performance became indistinguishable from luck. Academic analysis shows even his early success was systematic factor exposure plus cheap leverage, not stock-picking magic. If Buffett couldn't sustain alpha in mature markets, your fund manager w

As gold soars to record highs in 2025, investors are asking the timeless question — is gold a good investment? History says otherwise. Drawing on 200 years of academic evidence, this article reveals how gold manias form, why even smart people get caught up in them, and why disciplined, diversified investors consistently come out ahead.

SJP's low-cost funds, charging 0.2%, look competitive — but total costs matter more. What existing and prospective SJP clients need to know about value.

Three retirement planning mistakes destroy wealth you'll never use. Nobel Prize winner Richard Thaler explains the defective telescope effect.

Stephen Yiu's fund returned 101% in three years. His advice to investors? Buy an index tracker instead—your odds of picking a winning active fund are "worse than a casino." Academic research reveals why even successful managers keep their own money in index funds. Here's how to escape the active management trap.

Welcome to Deep Dive, a new TEBI series where we take a closer look at the latest research shaping investing, cutting through complexity to show what really matters for investors. The first in the series looks at low-volatility investing. For 50 years, academics and investors argued about whether low-volatility stocks deliver superior returns. New research solves the paradox: both sides were right about different halves of the strategy. Here's what that means for your portfol

Private equity returns have collapsed as the $3.2 trillion exit crisis deepens. Why David Lloyd's sale to itself reveals an industry model that's fundamentally broken.

A new study shows alpha’s value is tiny. Even rare “winning” active funds add just basis points, often less than fees. Here’s why indexing wins.

Jonathan Clements, who died this week, was one of the most influential personal finance journalists of his generation. Through his columns, books, HumbleDollar, and his final act of generosity — the Getting Going on Savings Initiative — he leaves investors a lasting legacy of wisdom and generosity.

Retail access to private markets has exploded in recent years. Yet new research shows these products aren’t the safe diversifiers they appear. Hidden behind the glossy brochures are smoothed returns, conditional liquidity, and fees of 4–5% a year. Worse still, the evidence suggests that wealthier investors are offered higher-quality funds, while mass-market buyers are left with weaker versions.

The SPIVA persistence scorecard has become a lightning rod for debate. Robin Wigglesworth shows how active managers’ critique collapses under scrutiny — and why persistence is the Achilles’ heel of their case.

In this guest post, William Morris introduces the idea of explanation-based investing as a fresh alternative to the often-misunderstood term “passive investing.” He argues that what investors really need isn’t to be active or passive, but to understand the reasoning behind their choices. Clear explanations, grounded in evidence, can help people make better decisions and achieve stronger long-term outcomes.

Most investors vastly overestimate financial bubble frequency, but Yale research spanning three centuries reveals they occur in under 0.5% of market periods. Here's why crash fears damage wealth more than crashes themselves and what history teaches about staying invested during market booms.

A new study shows how equity duration reshaped markets after 1945, making stock-picking harder and strengthening the case for evidence-based investing.

Ever notice how financial bad news grabs your attention more than good news? There's a reason — it's called negativity bias — and it's costing investors real returns. Here's what the science says.

The S&P 500's concentration in the Magnificent Seven has critics worried about indexing risk. But Hendrik Bessembinder's research reveals why index concentration actually strengthens the case for passive investing: just 4% of stocks drive all market returns, and active managers consistently miss these winners. Historical data shows market concentration has been normal for 150 years, from railroads to tech giants.

Stablecoin risks could trigger financial crisis as £280bn market lacks regulation. Nobel laureate warns of taxpayer bailouts while academic research shows instability during stress periods.

University research accidentally proves FOMO investing destroys wealth rather than creating it. When search interest peaks for investment terms, returns consistently disappoint.

New research reveals buffer fund marketing promises don't match reality. AQR Capital Management's comprehensive study of 401 buffer funds shows these complex products consistently underperform simple stock-cash combinations whilst failing to deliver reliable downside protection. The median buffer fund charges 0.79% annually but trails reference assets by 0.07 in risk-adjusted returns, with performance worsening over time.