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Articles of Interest

On the Performance of Long-Serving Active Mutual Fund Managers

  • October 31st, 2016
  • BSP Author

Given its importance to so many investors, it’s not surprising that there has been a tremendous amount of research into the performance of actively managed mutual funds. An overwhelming body of evidence has demonstrated that the vast majority of active funds underperform their appropriate risk-adjusted benchmarks, even before considering the impact of taxes. In addition,… Read More

Do Upside and Downside Capture Ratios Predict Mutual Fund Performance?

  • October 31st, 2016
  • BSP Author

The importance of actively managed mutual funds in the financial sector has led to substantial research focused on their performance. The overwhelming evidence is that it’s very difficult, if not impossible, to identify ahead of time the shrinking percentage of active managers who will outperform in the future. Among the reasons for the difficult nature… Read More

Diversification Is Key to Factor Investing

  • October 31st, 2016
  • BSP Author

As my co-author, Andrew Berkin, and I explain in our forthcoming book, “Your Complete Guide to Factor-Based Investing,” no matter how strong the evidence regarding the persistence and pervasiveness of an investment factor’s return premium, there’s some chance that the factor will experience long periods of underperformance. You can see the evidence of this in… Read More

‘Free Lunch’ Investing Takes Time To Cook

  • October 31st, 2016
  • ETF

As the director of research for The BAM Alliance, I’ve been getting lots of calls recently from investors questioning their international equity investments. This hasn’t been a surprise, as any time an asset class does poorly, a significant number of investors will question why they own that asset. One particular inquiry I received addressed the… Read More

Hedge Funds Fail Across Asset Classes

  • October 31st, 2016
  • ETF

Hedge funds began this year coming off their seventh-straight year of trailing U.S. stocks (as measured by the S&P 500 Index) by significant margins. What’s more, for the 10-year period ending 2015 (one that included the worst bear market in the post-Depression era), the HFRX Global Hedge Fund Index managed to return just 0.1% a… Read More

The Dangerous Education Gap

  • October 17th, 2016
  • BSP Author

A large body of research on the behavior of individual investors has demonstrated that low levels of financial knowledge, in addition to biases in the selection and processing of information, drive suboptimal financial choices. Among the findings from the literature are: Men tend to be more financially literate than women, independent of country of residence,… Read More

You Won’t Get Fooled Again: Understanding the Availability Bias in Investing

  • October 17th, 2016
  • BSP Author

You’re no fool. But let’s imagine for a second that a major public figure said something—something false—over and over (and over) again. Regardless of its questionable veracity, is there a chance you’d be more likely to believe the proclamation simply because you’ve heard it often and recently? Like it or not, the answer is an… Read More

Investing in Consumer Loans Comes More Into Focus

  • October 17th, 2016
  • BSP Author

Online peer-to-peer (P2P) lending is emerging as a provider of credit to individuals as well as small businesses, with the potential to benefit borrowers (by reducing the high cost of bank credit, credit card debt and payday loans) and lenders (by providing opportunities to earn higher yields). A significant hurdle for investors, however, is the… Read More

How Your Own Biases Are Hurting Your Portfolio

  • October 10th, 2016
  • Forbes

You’re no fool. But let’s imagine for a second that a major public figure said something—something false—over and over (and over) again. Regardless of its questionable veracity, is there a chance you’d be more likely to believe the proclamation simply because you’ve heard it often and recently? Like it or not, the answer is an… Read More

Is Momentum Really Dead?

  • October 10th, 2016
  • ETF

Earlier this week, we examined a study that sought to determine whether the publication of academics’ findings on the momentum factor have led to a disappearing premium. To review, Steven Dolvin and Bryan Foltice, authors of the 2016 study “Where Has the Trend Gone? An Update on Momentum Returns in the U.S. Stock Market,” found… Read More

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