What a year! It’s “one for the books” – 2020 served up a host of trials and tribulations, including the impeachmentand acquittal of the President, a deadly global pandemic, mandatory shutdowns and a comatose global economy, riotsthat destroyed large swaths of U.S. cities, a return of communist expansion in Hong Kong, a projected $3.3 trillion […]
Dec. 2020 – Markets and Mayhem Read More »
Successful investing is unlike many other endeavors. Because investment outcomes can be random and unpredictable, learning moreand trying harder don’t necessarily lead to better results. Contrast that with activities in which working harder statistically leads to better results. Some people like running. The average runner might run a few times a week in the summer,
Nov. 2020 – The Limits of Investment Knowledge Read More »
As of the latest observation, the yield on “risk-free” three month T-Bills was just 0.11 percent. Rates are low across the yield curve, with the recent yield on the 10-year Treasury just 0.74 percent. For comparison, even during the extremely low rates of 2012, the yield on the 10-year bottomed around 1.5 percent. During the
Oct. 2020- Low Return Expectations: What can Investors Do Read More »
As in previous election years, investors are inundated with headlines and opinions regarding potential electoral outcomes and resulting implications for capital markets. This year, uncertainty regarding the potential health and economic impacts of a global pandemic has amplified the noise. Meanwhile, the ascent of social media has fanned the flames by all too often animating
Sept. 2020 -Elections, Markets, and Emotions Read More »
The composition of the Dow Jones Industrial Average (“the Dow”) has been changed. This will affect our hypothetical high yield Dow (HYD) investment strategy, though investors who follow the approach need not take action until the model’s next trading date (September 15). Charles Dow created the index in 1896 as a simple index based on
August 2020 – Changes to Dow and the HYD Strategy Read More »
Some people want to make investing a source of social change. Is that possible? If so, then what’s the best way to do that? Let’s look at theory andexisting research to see what options are available, and consider the costs and benefits of each. What is ESG? The acronym stands for Environmental, Social, and Governance.
July 2020 – What is ESG, and is it Right for You? Read More »
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Disclaimer of Warranties Read More »
A top-heavy stock market with the largest 10 stocks accounting for over 20% of market capitalization and a marquee technology firm perched at No. 1? This sounds like a description of the current US stock market, dominated by Apple and the other FAANG stocks,1 but it is actually a reference to 1967, when IBM represented
June 2020 – Large and In Charge? Giant Firms atop Market Is Nothing New Read More »
These have been challenging times for value stocks. Over the 10-year period ending March 31, 2020, the Fama/French US ValueResearch Index returned an annualized 5.06%, well behind the 13.04% achieved by the Fama/French US Growth Research Index.This performance divergence has resulted in a substantial widening of the price-to-book spread between value and growth stocks in
May 2020 – Spread the Word: What’s New with Valuation Ratios Read More »
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