Portfolio Management

The benefits of factor investing as stand-alone strategies are well documented. Less well known is the...

Investment advisors may be overestimating the risk of equities for longer-term investors. We analyzed stock market...

The efficient market hypothesis (EMH) says that active equity management is a waste of time. Because...

“Those who stand for nothing fall for anything.” Alexander Hamilton, first US Secretary of the Treasury...

Investors often choose diversified, multi-factor strategies to overcome the limitations of traditional cap-weighted benchmarks. These benchmarks...

In 1688, Joseph de la Vega wrote, “Profits on the exchange are the treasures of goblins....

The investment industry is undergoing a transformation that is largely attributable to technological advancements. Investment professionals...

The returns of investments are not completely random over time (i.e., do not follow a perfect...

A broad segment of the industry invests based on established factors such as value, momentum, and...

When we talk about stock returns, most people assume that individual stocks should yield positive returns....