Nobody can establish who first used the phrase 'evidence-based investing', and no regulator defines it. Robin Powell, who was given the name by Larry Swedroe in 2015 and is sometimes wrongly credited with coining it, sets out what it actually means: four tests of what counts as evidence, borrowed from a medical parallel that hit the same crisis twelve years ago. Including where he goes further than a global tracker, and why he holds that position less firmly than he used to.
The United States now accounts for about 62 per cent of world stock market value. The last market this dominant was Britain in 1900, not America — and Britain's owners were rewarded through a century of decline, while Japan's were made to wait 34 years to break even. The difference was not size but the price paid at the peak. A look at what the long-run evidence says about US stock market dominance, and what it means for a globally diversified investor.
Robin Powell
Jun 138 min read
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