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Articles of Interest

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

Danica Patrick: You May Not Drive A Racecar, But You Still Need Life Insurance

  • October 10th, 2016
  • Forbes

Since her early 20s, Danica Patrick has driven a racecar for a living, speeding 200 miles per hour around a crowded track bordered by concrete walls. It’s dangerous. Really dangerous. And she recognizes that. “There are things that happen in the car that you can’t plan for and that are out of your control, like… Read More

The Dangerous Educational Gap

  • October 10th, 2016
  • ETF

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

Consumer Loan Investing Comes Into Focus

  • October 10th, 2016
  • ETF

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

This Is What Makes Muni Bonds Attractive

  • October 10th, 2016
  • ETF

At one point near the end of July, using data from Bloomberg, the 10-year Treasury note was yielding 1.47% and 10-year AAA-rated municipals were yielding a virtually identical 1.46%. From a tax perspective, given their federal tax exemption (and for most residents buying their own state’s bonds, a local tax exemption as well) we would… Read More

When Risk Offers No Rewards

  • October 10th, 2016
  • ETF

Idiosyncratic (also referred to as nonsystematic) risk is specific to a single asset or to a small group of assets. Idiosyncratic risk has little or no correlation with market risk. Therefore, it can be substantially mitigated or eliminated by sufficiently diversifying a portfolio. Because it can be mitigated, investors aren’t rewarded with higher expected returns… Read More

Why Momentum Is Struggling

  • October 3rd, 2016
  • ETF

Momentum is the tendency for assets that have performed well (poorly) in the recent past to continue to perform well (poorly) in the future, at least for a short period of time. Mark Carhart, in his 1997 study “On Persistence in Mutual Fund Performance,” was the first to use momentum, together with the three Fama-French… Read More

What a 12-Year-Old Ukulele Player Teaches Us About Authenticity In Our Work

  • October 3rd, 2016
  • BSP Author

What vocational lessons could we possibly learn from the 12-year-old viral sensation who just won America’s Got Talent? I don’t watch reality television contests, because as a rule, the best participants rarely participate and when they do, they almost never win. But quite randomly, a 12-year-old ukulele player named Grace VanderWaal, inspired me to break my… Read More

What A 12-Year-Old Ukulele Player Teaches Us About Authenticity In Our Work

  • October 3rd, 2016
  • Forbes

What vocational lessons could we possibly learn from the 12-year-old viral sensation who just won America’s Got Talent? I don’t watch reality television contests, because as a rule, the best participants rarely participate and when they do, they almost never win. But quite randomly, a 12-year-old ukulele player named Grace VanderWaal, inspired me to break… Read More

Trend Following Works the Weakest After Financial Crises

  • October 3rd, 2016
  • BSP Author

Time-series momentum examines the trend of an asset with respect to its own past performance. This is different than cross-sectional momentum (often referred to as Carhart momentum), which compares the performance of an asset with respect to the performance of another asset. Research into time-series momentum has found it to be persistent across both time… Read More

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