2020

Nov. 2020 – The Limits of Investment Knowledge

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, …

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Sept. 2020 -Elections, Markets, and Emotions


Same Old Story

June 2020 – Large and In Charge? Giant Firms atop Market Is Nothing New


May 2020 – Spread the Word: What’s New with Valuation Ratios

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 …

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March 2020 – Financial Crisis and the Prudent Investor

This issue of Investment Guide is dedicated to guiding readers through the financial disruption resulting from the ongoing coronavirus pandemic. We begin by summarizing those portions of the federal government’s economic stimulus package that are most relevant to household investors. The article that follows, “Covid-19: Are Stocks on Sale?” provides a reminder of what drives …

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